Consider This: Are you (and your family) aware of both the direct and indirect ways wealth is transmitted? This can make for a good family discussion about the value and meaning of wealth.
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Consider this from two perspectives: the family and the individual. Do families demand that younger generations prove themselves in some way, perhaps before being allowed to join the family business or take some other role with respect to the family assets? The other side is the view of the younger family member. Being born into wealth can be a lodestone, especially the way ‘privilege’ is a dirty word in some circles. The world loves a…
This is a difficult topic to broach, and needs to be done only in appropriate settings – indeed, that might be the most important message of this topic. After the story of BMW heiress Susanne Klatten went public, she was slammed on social media. Her personal challenges – the responsibility, self-doubt, and being targeted by scammers – are real. But it’s very hard for anyone brought up without wealth to have any sympathy (and often it’s the reverse), so seeking it from ‘outsiders’ is almost a waste of time.
Having independent voices – around the board table, or generally advising the family – can be very helpful to unpack complex, multi-layered issues. They can also assist with the establishment of more formal (but not necessarily too formal) governance and dispute resolution processes.
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…
David co-wrote this article with Henry Brandts-Giesen for the https://www.lawsociety.org.nz/news/lawtalk/issue-931/perspectives-on-the-disclosure-of-information-to-beneficiaries-of-family-trusts/ about two different perspectives on information disclosures for https://www.lawsociety.org.nz/news/lawtalk/issue-931/perspectives-on-the-disclosure-of-information-to-beneficiaries-of-family-trusts/. He discusses the the humanistic perspective while Henry discusses the legal view of it. They put forward the trustee’s obligations and rights in this article. For additional in-depth, thought-provoking discussion points and commentary on family and business, sign-up to gain access to the archives of my Familosophy newsletter (formerly Family Matters): https://www.transitionbook.co/member-area/6cf3b890596 or book a call…
David was interviewed in Totalprestige Magazine to discuss his entrepreneurial journey, adapting to change, and his bestselling book Transition. In the in-depth interview, David discussed his own personal journeys: from working 60-hour weeks immersed in his own businesses (three of them) to life as a strategic adviser helping business owners and families, and from failing high school English to being a bestselling author. Diving head first into business seemed an obvious choice at the time, but…
Following the successful launch of his book Transition, David was interviewed for an article in CPA Australia’s magazine INTHEBLACK. “12 commandments of the family business” discusses the challenges of mixing family with business, particularly in the context of the estimated A$3 trillion wealth transfer taking place in Australia. Family business is a huge portion of the Australian economy, comprising 70 percent of businesses, and 50 percent of employees. Key success factors are vision, and governance….
I love my country and am proud to call myself an Australian. I have travelled around the world enough to have formed the view that our country is up there with the best in the world. Being an Australian is a strong aspect of my identity. I support the concerns of all citizens of our country, especially so called “ordinary people” (an awful term). Does all that make me a nationalist and a populist? By any dictionary…
We don’t really have any control over whether we have grandchildren and we have even less control over whether those grandchildren are Jewish. In this ELI Talk, David Werdiger recounts a conversation with a friend at shul that spurred his thoughts over what we do actually have control about when it comes to grandchildren and Jewish continuity. Drawing on the model of Jewish discourse and the latest in digital technology, ELI Talks capture, transmit, and…
