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Speaking at Spiritgrow

By Laura PorterSpeakingJuly, 2014December 29th, 20231 min read

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David Werdiger will be chairing a session on Spirituality and Money – spiritual principles for wealth creation – on 14 July, 2014. This is part of Spiritgrow’s lecture series on Money, Psychology and Politics.

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David Werdiger on Social Media

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Tech #entrepreneur, strategic thinker/advisor for #familybusiness #Author of https://t.co/0rOmY0yqRw Book me for #speaking through Linkedin.

David Werdiger @davidwerdiger ·

5 Sep

Purpose drives success—without it, survival is a struggle.
In family businesses, aligning purpose with strategy is the key to long-term growth.
https://davidwerdiger.com/family-office/the-purpose-of-family-business/

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David Werdiger @davidwerdiger ·

4 Sep

The "three-generation curse" isn’t just a myth—it’s a warning.
But your family business doesn’t have to be part of that story.
https://davidwerdiger.com/family-office/the-3rd-generation-trope/

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David Werdiger @davidwerdiger ·

3 Sep

Wealth isn’t always a blessing—it can be a burden.
The next generation faces overwhelming expectations and hidden anxieties.
https://ow.ly/3jHO50TcNXB

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David Werdiger @davidwerdiger ·

29 Aug

Planning to keep women in traditional roles?
https://davidwerdiger.com/family-governance/the-future-is-female/
Or is it time to shatter those glass ceilings?
Share your thoughts in the comments!

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Purpose drives success—without it, survival is a

Purpose drives success—without it, survival is a struggle.
In family businesses, aligning purpose with strategy is the key to long-term growth.

Family businesses have unique strengths, one of which is the ability to embed a strong sense of purpose into everything they do. But as the business evolves, so should its purpose.

Initially driven by wealth creation, a family business can—and should—transform its mission to reflect shared values. When purpose drives strategy, profitability follows. By aligning business practices with family values, you support both the business and the broader family mission.

A clear purpose can elevate a family business, turning challenges into opportunities for growth and longevity.

Is your family business purpose-driven? Have you discussed the impact of shared values on your business? Share your insights in the comments below!

Full article Here!
https://davidwerdiger.com/family-office/the-purpose-of-family-business/

The "three-generation curse" isn’t just a myth—it’s a warning.
But your family business doesn’t have to be part of that story.

Surviving beyond the third generation isn’t just about preserving a business; it’s about evolving it. Understanding your business's unique strengths and challenges is key to breaking the cycle.

The original study behind this idea didn’t compare family businesses to others, nor did it consider factors like innovation or industry dynamics. The real challenge isn’t just staying in business—it’s staying relevant.

Diversifying from a single operating business to a broader portfolio can be a game-changer for family longevity. Your family’s future doesn’t have to be bound by outdated generalizations.

Is your family business ready to defy the odds? What’s your strategy to outlast the “three-generation curse”? Share your thoughts in the comments below!

Full article here!
https://davidwerdiger.com/family-office/the-3rd-generation-trope/

Wealth isn’t always a blessing—it can be a bur

Wealth isn’t always a blessing—it can be a burden.
The next generation faces overwhelming expectations and hidden anxieties.

Jake Knight’s story illustrates a powerful truth: wealth can isolate as much as it empowers. His experience highlights a widespread issue within wealthy families—next-gen members often feel lost, not because of a lack of resources, but due to a lack of clarity and connection.

Open dialogue and peer support aren’t just beneficial; they’re essential. These conversations can be the difference between merely managing wealth and finding true purpose.

Family wealth should unite, not divide. Supporting the next generation in finding their own path is key to sustaining a lasting legacy. Let’s start those vital conversations now.

Do these challenges resonate with you or someone you know? Comment below with your thoughts on how the next-gen can navigate these complexities.

https://www.craincurrency.com/family-office-management/loneliness-next-gen-family-member-challenge-finding-purpose

Planning to keep women in traditional roles? Or i

Planning to keep women in traditional roles?

Or is it time to shatter those glass ceilings?

In wealthy families, traditional gender biases often result in daughters receiving less support for entrepreneurship compared to their male counterparts.

However, the landscape is shifting as 82% of women anticipate inheriting substantial wealth in the coming years, despite 41% still being excluded from financial decision-making.

As family businesses evolve, they have the opportunity to dismantle outdated gender roles and support female leadership.

Investment and advisory fields are also adapting, with millennials and women preferring investment strategies that address pressing social issues.

Given that many women will control significant wealth soon, there is a growing demand for female advisors who can offer consultative approaches that align with these values.

How is your family embracing the changing roles of women in wealth management?

Are you challenging gender biases or sticking to the old ways?

Share your thoughts in the comments—let’s drive progress together.

https://davidwerdiger.com/family-governance/the-future-is-female/

Are you avoiding tough conversations to keep the p

Are you avoiding tough conversations to keep the peace?

Or are you willing to acknowledge that silence only breeds distrust?

Effective communication is vital in family dynamics, especially during wealth transitions. Research shows that 60% of failed intergenerational wealth transfers are due to trust and communication issues.

Poor communication, whether through silence or dismissive attitudes, erodes trust and exacerbates conflicts. Families that avoid discussing sensitive topics risk allowing underlying issues to fester, creating a “Family Drama Vortex” of dysfunction.

Conversely, successful communication involves creating open spaces for difficult questions about wealth, purpose, and values.

Listening actively and addressing toxic interactions are crucial steps in rebuilding trust and improving family dynamics.

Given the complexity of these issues, seeking guidance from specialists rather than defaulting to traditional advisors like lawyers and accountants may be more effective.

How would you rate your family’s communication skills?

Are there topics you avoid discussing?

Share your experiences and insights in the comments below—let’s explore how we can improve family communication together.

Read full article here:
https://davidwerdiger.com/family-conflict-resolution/communication-isnt-important/

Is your family capital just about money? Or are y

Is your family capital just about money?

Or are you truly building a legacy across generations?

When a family accumulates immense wealth, the focus often shifts from merely increasing financial assets to exploring how that wealth can enrich lives. Families begin to question the purpose of their wealth, seeking to invest in areas that bring fulfillment, such as spiritual, relational, human, and social capital.

This shift requires a more profound understanding of wealth beyond money—encompassing values, relationships, and a commitment to making a positive impact on the world.

Wealth advisors play a crucial role in guiding families through this transformation, helping them to create plans that go beyond financial gains and address the broader aspects of family capital.

By doing so, families can build "total family wealth" that strengthens bonds, nurtures future generations, and contributes to a better world.

How is your family defining its legacy beyond financial wealth?

Join the conversation—share your thoughts and experiences in the comments below.

Are successful entrepreneurs born or made by their

Are successful entrepreneurs born or made by their families?

Or is it more about the environment you grew up in?

Not every entrepreneurship story is “rags to riches”.

Many high-flying entrepreneurs came from from upper-middle-class families. While they don’t owe their success entirely to mom and dad, without their parents’ help, be it financial or otherwise, they may have never gotten their ventures off the ground. Research has shown that 75% of entrepreneurs from 48 countries said that their family was involved in starting their businesses.

Family money and background plays a critical role when it comes to starting up a business. In some cases, it can provide a financial safety net in the case of failure. As much as economically, the family environment that has a big impact on the startup entrepreneur.

Entrepreneurial behaviour is driven by families, not just family businesses. Families can act entrepreneurially together to create growth, and foster entrepreneurship and positive impact in society.

This doesn’t happen by default. While the entrepreneurial spirit of the founder may be passed along to their children, the spirit and drive may dissipate in subsequent generations. Passing on the creativity and innovation of the founding generation across new generations is a challenge of the highest order

In some families, the elders were able to build intergenerational bridges to their grandchildren by mentoring them as young entrepreneurs. The value created in doing that is far more than financial.

We’d love to hear your thoughts!

Do you think family background is crucial for entrepreneurial success? Share your experiences and insights in the comments below!

Are blood ties the only ticket to influence in you

Are blood ties the only ticket to influence in your family business?

How does it matter to you?

Unless your family business is a “mom & pop corner store” (which is more akin to owning a job than owning a business anyway), you will need to have a mix of ‘blood’ and ‘non-blood’ people working in it.

As these businesses grow, professionalization and systemization become essential because relying solely on family can limit the business’s value to potential buyers. A key decision is whether to appoint a family or non-family CEO, particularly as founders look to retire. For non-family CEOs to thrive, they must understand and respect the family’s values, which the family needs to clearly communicate and uphold.

The challenge for any incoming CEO is to honor the existing culture while driving progress and ensuring inclusivity. Larger family businesses, with multiple branches and generations, face amplified kinship tensions, making it vital for family members to maintain individual identities and not be overshadowed by the family enterprise. External advisors or mentors can offer valuable, objective feedback, helping to navigate these complex dynamics.

It’s important to establish clear policies on how family members qualify for roles and have their performance evaluated. Additionally, having a board with external members and mentors provides a platform for family employees to discuss concerns, fostering a healthier and more productive environment.

How does your family handle leadership transitions? Let us know in the comments!

https://davidwerdiger.com/family-governance/blood-non-blood-family-members-in-family-businesses/

Caught up in growing your business? What if somet

Caught up in growing your business?

What if something happens to you?

Entrepreneurs, especially women, often procrastinate on creating succession plans.
Advisors need to prompt these crucial conversations.

Carol Schleif, Chief Investment Officer at BMO Family Office, reminds:
No matter how well you run your business, you won’t live forever. Start planning to pass it down.

A recent survey found that women business owners are substantially less likely to engage in succession planning compared to men.

Why the delay?
Both genders tend to stay in perpetual “growth mode,”
focusing on expanding the business while neglecting the inevitability of passing it on.

Succession planning is crucial for ensuring the business survives not only the founder’s death but also injury or incapacitation.

Schleif’s advice for overcoming procrastination:
Break the long-term goal into small, manageable pieces.
Assemble a dedicated team of accountants and lawyers, separate from those who helped build the business.

Just like property or casualty insurance,
create contingency plans for unexpected events.

Women business owners often delay planning out of concern for employees and customers.
Some opt for employee stock ownership plans, selling the business over time to employees.

For those passing businesses to family:
Focus on family governance and prepare children as both wealth and business inheritors.
Start with discussions about shared values and emotional aspects of the business.

How do you balance both priorities? Share your thoughts in the comments below!

https://www.investmentnews.com/planning/news/why-female-business-owners-often-need-a-nudge-when-it-comes-to-succession-planning-254586

Are you able to separate personal emotions from bu

Are you able to separate personal emotions from business decisions in your family business?

Family is (hopefully) for life. But when the family business starts to strain relationships,
an imbalance has crept in.

Family businesses are uniquely challenging
because of the overlap between family, business, and ownership—
a concept known as the "three-circle model."

Recently, Harvard researchers have introduced a fourth dimension: the boardroom.

Family members often wear multiple hats,
sitting in different circles or rooms.
But it’s crucial to recognize how these roles influence decisions.

Father or boss?
Director or cousin?

Open and trusting conversations are vital,
focused on the needs of the business and the expectations of the family.
These discussions should be grounded in core values
that bridge personal and professional life.

Each generation should ask themselves:
Why are we in this business?

Successful family businesses foster a sense of stewardship,
where all family members—regardless of role—feel responsible for the legacy.

Making these multiple roles work requires
clear boundaries between work time and family space.

Conflict is inevitable,
so rather than forcing "fake harmony,"
the key is to communicate effectively and engage in "constructive conflict."

A conscious separation of ownership and management is also helpful.
Avoid having "too many chefs in the kitchen."

Family members working in the business should be recruited
and evaluated just like any other employee.
And remember: "Don’t hire whom you can’t fire."

Consider this:

Do family members in your business understand the different hats they wear?

Have you ever had to manage a family member's performance?

Do you have governance structures in place to handle conflict?

Q: If the world’s two richest men cannot keep th

Q: If the world’s two richest men cannot keep their wives happy, what hope do we have?

A: No, that’s not a real question!

it’s a meme that circulated following the news of the divorce of Bill & Melinda Gates. Many people with wealth realise that money can’t make a wife (or anyone) happy, but that doesn’t stop them trying.

In business, sometimes we decide to “throwing money at a problem”. That means directing significant resources (financial and otherwise) towards solving the problem.

In families, throwing money at a problem is taken more literally – directing liquidity to placate unhappy family members. The assumption is that it will “smooth things over”, but because it uses money as a proxy for the underlying problem, it doesn’t address the underlying problem.

The best this response can hope to achieve is to kick the problem down the road, i.e. defer dealing with it or pretend it doesn’t exist. However, consider that (a) the problem is not solved, and (b) in the meantime, the underlying family issues can continue to fester and can actually become worse.

Have you “thrown money” at a difficult family situation? Why?

What did you expect to happen as a result? What actually happened?

https://davidwerdiger.com/2021/05/wealth-happiness/

Q: How do we protect the next generation from blow

Q: How do we protect the next generation from blowing our money?

A: Stop right there. Whether you have created or inherited the wealth, the language of the question reeks of a power, control and mistrust dynamic.

Many families either hang on to their wealth or setup structures to prevent their children from “blowing it” (which is often controlling from the grave). Yes, it’s awkward having discussions about estate planning and family wealth, and who wants to talk about their own death?

A friend once said: “Procrastination is caused by fear. Don’t try to ‘learn’ how to stop procrastinating, find out what you’re really afraid of“. It might be fear of death, fear of losing control, fear that children will not do what you expect of them, fear that divorce might lead to a loss of the wealth, or something else (or all of the above). Understanding those fears is an important barrier to overcome.

Successful families have had a willingness to be open with each other about the wealth that they’ve created, and not wait until death to leave everything to their heirs. Legacy is about passing on values and life skills to the next generation. If that is done well, the money (while it may be significant) becomes secondary.

What are you waiting for?

What are you afraid of?

Are you noticing friction in your family office?

Are you noticing friction in your family office?

Common red flags for sustainability issues in family offices include:

1. Varying Needs of Various Principals: Generational differences in needs and asset allocation preferences can lead to friction and inefficiencies within the family office.

2. Different Throughput – Principals Bring Different Things: Variations in the level of involvement and contributions from different principals can result in imbalances in workload and responsibilities.

3. Discrepancies in Asset Holdings: Differences in the accumulation of assets among principals can create disparities in wealth and decision-making power, potentially leading to conflicts.

4. Disharmony Amongst Principals: Jealousy, mistrust, and conflicts among principals can indicate a lack of harmony and sustainability within the family office.

Recognizing these red flags early on and taking proactive steps to address them is vital for ensuring the long-term sustainability and success of the family office structure.

Please share in the comments if you've noticed any of these red flags.

Family Conflict Resolution: Megxit II: The Intervi

One of the biggest myths I’ve seen

One of the biggest myths I’ve seen

We have three non-family board members in their 70

We have three non-family board members in their 70s on our family board. How should we handle moving them on?

Usually, board composition falls to the chair. But in family boards, the chair may not have those skills, and it can therefore be helpful to bring in a specialist to assist with a regular review process.

Consider This:
1.) Do you track board tenure and skills for your family boards?
2.) Have you ever openly discussed board member’s plans to leave the board?

https://davidwerdiger.com/succession-planning/board-succession-strategy-q-a/

Do you believe profit and social impact can coexis

Do you believe profit and social impact can coexist in business? Why or why not?

Look into how the new generation of Family Office leaders is integrating social responsibility and ethical practices into wealth management. By addressing critical issues like climate change, poverty, and gender inequality, these leaders are transforming the traditional focus on profit into a powerful strategy that balances financial returns with positive social impact.

Have you witnessed businesses balancing profit with purpose?

Join the conversation and share your thoughts on how Family Offices can lead the way in conscious capitalism!

Read full article here
https://www.forbes.com/sites/nikeolakunri/2024/05/30/what-family-office-leaders-need-to-know-about-conscious-capitalism/

Educating the Rising Generation The Greek philoso

Educating the Rising Generation

The Greek philosopher Plutarch asked: “People, where are you going? Doing everything to gain wealth, but not caring about your children, who will inherit it?”

If the rising generation is supposed to take the responsibility of managing the family wealth, there should be enough time for them to learn and prepare. To avoid raising a bunch of “trust-fund kids”, the family needs to define clearly what they expect and invest time and resources to help ensure that outcome.

This is a double-edged sword: if communicated too early this may set too much expectation. Common thinking is that age 25 to 30 years is about the right age bracket for rising gens to learn about family wealth, and receive education and training about how to effectively manage and grow it.

Rising gen family members should be able to:

* Develop a clear vision of themselves and their personal goals, as well as the skills to successfully communicate them

* Spend the time to understand the family and business’s legacy and values

* Form a healthy and individuated identity alongside the family identity and long-term family relationships

Non-traditional educational resources are as necessary as they are helpful and worth the commitment they require.

There are excellent programs around that help young inheritors find purpose, meaning and joy as they navigate the complexities and opportunities of wealth. The goal is for them to gain a positive and empowered view of their role in relation to the family wealth. Rather than seeing themselves as heirs and consumers, they can become stewards and active partners.

Consider This: Does your family have/use any programs (formal or informal) for educating the rising generation? Can you answer the question “are we rich”? Have you had family discussions (formal or informal) about the what wealth means to different family members?

#familyoffice #wealthmanagement #conflictresolution #strategicmanagement #nextgensuccession #intergenerationalwealth #governance #leadership-development #entrepreneurship

Family Business Conflict Resolution Family busine

Family Business Conflict Resolution

Family business conflict is often over long-standing concerns relating to roles and contributions to the company as well as family issues like rivalry and jealousy, and can simmer just below the surface for decades. Nothing can undermine a successful family business faster than an unresolved conflict among its owners.

One thing that distinguishes conflict in family businesses is that the owners make the rules and therefore can also break them.

Because for most people, conflict is uncomfortable, families have a tendency to sweep them under the carpet rather than confront. Looming large is the rich history of other family arguments tearing successful businesses to pieces.

However, too little conflict can have an equally destructive impact. When the disagreement is too cold, there is quiet seething and avoidance rather than addressing the issues head on. Family members stick to light conversations and ignore the elephant in the room. They do not have the ability to maintain healthy debate and discussion over important issues.

What to do?

* Having more intimate financial discussions can actually bring your family closer

* Encourage family members to share their expectations and perspectives so that they have a collective understanding regarding the intergenerational transitions

* Clearly define management responsibility as separate and distinct from the ownership structure of the company.

* Put policies in place before they become personal issues.

Consider This: What are the simmering issues that are never discussed? What is the reaction when they are raised (if they are raised)? How do these elephants in the room impact the ability of the business to move forward and grow, and impact family relationships?

https://davidwerdiger.com/family-conflict-resolution/family-business-conflict-resolution/

For more in-depth and further commentary on family and business conflict resolution, access my Familosophy newsletter archives by signing into our newsletter https://DavidWerdiger.com.

#familyoffice #wealthmanagement #conflictresolution #strategicmanagement #nextgensuccession #governance #entrepreneurship

Four Steps For Family Offices To Start Managing Ri

Four Steps For Family Offices To Start Managing Risks

Modern family offices face a myriad of risks beyond just financial stability, including threats to reputation, physical security, and online presence. To navigate this complex landscape, it’s essential to understand the evolving nature of these risks and adopt a comprehensive risk management strategy. Regular risk assessments, a multi-layered security approach, and engaging specialized service providers can significantly enhance a family office's resilience. Building a proactive cybersecurity posture and fostering a culture of security awareness are also crucial steps in protecting the family's wealth and legacy.

Read full article here:
https://www.forbes.com/sites/francoisbotha/2024/06/02/four-steps-for-family-offices-to-start-managing-risks/

For more in-depth, thought-provoking discussion points and further commentary on family and business conflict resolution, access my Familosophy newsletter archives by signing into our newsletter https://DavidWerdiger.com.

#familyoffice #wealthmanagement #conflictresolution #strategicmanagement #nextgensuccession #intergenerationalwealth #governance #leadership-development #entrepreneurship

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