https://d2saw6je89goi1.cloudfront.net/uploads/digital_asset/file/595162/Horizons-September-2019-David_Werdiger.pdf Case Study: A wealth originator dies leaving a second generation son in charge of the operating business and family fortune. A mix of 2nd and 3rd generation family members are employees but a 3rd-Gen college grad, never having worked in the family business, proposes a new business venture and asks the family to invest. Read this Horizons Article on how best-selling author David Werdiger describes a resolution-construct to navigate between the conflicting agendas and…
![COVID Challenges & Opportunities
[Reprinted with permission] Different places around the world continue to deal with the challenges of COVID in different ways. Whether they are experiencing a second wave, or varying degrees of opening up, many of the challenges and opportunities are still present.
Families in business together can move into action more quickly than most corporate entities because they’re more flexible, aren’t focused on the next quarter’s results, and understand the values that have made them successful over generations.
Leaders of family businesses that are effectively managing the crisis are prioritizing governance as an 'essential service' - adapting oversight of the enterprise under conditions of extreme uncertainty to ensure that family owners, board members, and executives remain aligned.
It is not surprising that many multigenerational family businesses are experiencing the pandemic differently from non-family businesses. Surprisingly few had deeper concerns about their survival and well-being as a family business. This is because multigenerational family businesses tend to define success in ways that go beyond short-term profits.
In addition, the pandemic is accentuating the need for UHNW families to have a holistic, fully-integrated family office solution in place. This becomes even more critical when a family owns more complex assets and as the value and complexity of the balance sheet grows.
Actionable Generational Wealth Succession:
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