How to maintain family wealth through generations? Get the best financial advisors and managers for operating assets? Other things are more important. Families of wealth must learn how to work together in the sharing of assets. A key part of that is to integrate their wealth management with their values. That means the values need to be articulated within the family. Then, the family needs clear and open dialogue discussing values as well as financial…
The family office space is constantly evolving. This is driven in part by the investment flavour of the month, global economic/political trends, wealth transition within families, the family follow-me-go-round (families looking at what others are doing), and the general competitive environment amongst FO offerings. Essentially, a family office is a set of services used by a wealth family to manage its wealth and other associated needs. There are no rules for how a FO can…
Ahead of the 2019 AFL Grand Final, David was interviewed in The Age about the challenge of observing the Jewish Sabbath when it “clashes” with the biggest day in sport, especially when his team Richmond will be playing. [The Age]. David also wrote about this two years ago when Richmond played in a grand final that fell on Yom Kippur.
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….
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…
David Werdiger spoke at the Pie Funds 2016 Investor Conference in Auckland in March 2016. David spoke about understanding entrepreneurship, how much money is ‘enough’, asset allocation strategies that include exposure to entrepreneurial risk, and the additional dimensions of risk for a family office.
David will be scholar in residence at the forthcoming kosher cruise through Alaska this coming July. Operated by Norwegian Cruise Lines, the cruise leaves from Seattle and travels up through the beautiful Alaskan glaciers. David will speak daily during the cruise with extended lectures on Shabbat, as well as informal opportunities for discussions, most likely while sitting on the deck enjoying a fine glass of red wine and taking in the majestic views. For bookings and further…
David will deliver a keynote address at the marcus evans PWM APAC Summit to be held on November 2-4, 2015 in Kuala Lumpur. He will share his insights as a second generation family member and entrepreneur in “Finding Balance: Striking a Balance between Investment and Philanthropy”: Redefining family legacy to achieve both wealth creation and social value Understanding entrepreneurial risk to build a sustainable and secure investment portfolio Managing the new forms of risk in a family office context For more information, see here…
David Werdiger is keynote speaker at Private Wealth Network’s Entrepreneurial Risk Forum, held in Brisbane, Sydney, Melbourne, Perth and Auckland. He addresses the role of ‘entrepreneurial risk’ in the private investment portfolio. Often families, having realised in whole or in part, the value of their investment in a successful family enterprise, seek to invest in new entrepreneurial endeavours. How important is “entrepreneurial risk” as an investment category? Asset allocation strategy vs opportunistic investing In-sourcing vs outsourcing…
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![Common Challenges in Family Business
Studying failure is far better than studying success because it's easier to avoid doing the wrong things than mimic the good that other are doing. Here are some of the ways things can go awry:
Families and businesses don’t grow at the same rate. From the third (and sometimes second) generation onwards, the family often grows faster than the business. What happens if many family members look to the business for employment or supplementary income?
Many owners maintain control by appointing only family members or close friends to their boards. This lead to the common problem of familiarity - where personal issues seep into the business, and where friends and family may tell the owner(s) what they want to hear instead of what they need to hear.
Policies regarding in-laws are a huge challenge and families tend to have polarizing views as to whether they are in favour or totally against. Whatever the policy, it's important to welcome and evaluate in-law children as a spouse, not as an employee. It can be very difficult to remain business partners following a divorce - the worst-case scenario is that it the business needs to be sold to split the proceeds.
A recent study found that more than half of family businesses lack a succession plan. In too many family businesses, succession discussions are forced in that parents not wanting to inflame sibling rivalries leave it to the last possible moment to work through. A crisis, such as a major illness, is often the catalyst for a discussion that is by then often too late.
[reprinted with permission] full article repost
Actionable Generational Wealth Succession
For more in-depth, thought-provoking discussion points and further commentary on family and business conflict resolution, access my Familosophy newsletter archives: www.transitionbook.co/member-area/
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