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conflict resolution in family business Archives - David Werdiger

Pruning the Tree - Exit Strategy

Pruning the Tree

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As a tree grows, it is often helpful to prune some branches to make space for other branches to grow. As families grow generationally, “pruning” – allowing some family branches to exit – can be beneficial both to the main family group and to the group that chooses to exit. As families grow, so does the diversity of family members. Managing the diverse needs and expectations becomes much harder. Unless the family business is always…

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wealthy family vulnerability

Wealthy Family Vulnerability

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[reprinted with permission] There’s a fascinating story currently on Bloomberg about the Singh brothers – heirs to an Indian health-care empire – and their relationship with guru Gurinder Singh Dhillon. What makes this interesting is the financial relationship between them, and the dramatic fall in their fortune over the last few months. It brings to mind another story with plenty more still to happen – that of Clare Bronfman’s involvement with a New York self-help…

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wealth transition resilience

Wealth Transition Resilience

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#Intergenerational necessity, vulnerabilities, and resilience are typical factors addressed in determining wealth transition. However, adapting to the changing demands, expectations and opportunities in the disruption via #pandemic will epically force family businesses to rethink their strategies. The immediate need for #workfromhome, revised #familybusiness strategy, #riskassessment, and governance are paramount for pivoting to #nextgeneration and #futureofwork organizations. In the UK, the final report by the Intergenerational Commission speaks in terms of an intergenerational contract – “the principle that…

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Wealth Transfer Skiing

Your Kids Inheritance; SKIing

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Whether you choose to spend your kids inheritance, gift assets, or you prefer to hold money back for the kids, managing what you leave behind can be done a few different ways. There is no right way, and there should be no pressure to choose one direction or another. Your life, your money! Mass media will always jump on stories that seek to challenge and debunk commonly accepted narratives. CNBC is running a story suggesting…

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Family Advisor Transitioning

Advisor Transitioning

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With all the talk about intergenerational wealth transition, another very important topic doesn’t get the attention it deserves: transition of trusted adviser relationships. The baby boomer generation of advisers manage a third of all client assets, and they too have retirement plans. Firms need to manage the succession planning of these advisers, and this means both advisers and families need to manage the transition of the relationships. In my family, we’ve had relationships with banks,…

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Privilege and Diseases of Family Wealth

Privilege and Other Diseases of the Wealthy

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Consider This: How do you explain your family wealth to young children? At what do you start this process? How do you say ‘no’ to them and place limits on their spending when they reply “but we can afford it”? Affluenza and entitle-itis are some of the newest ‘diseases’ that afflict the wealthy, and of course there is always the ubiquitous ‘privilege’ that almost everyone is now obliged to check. In her book Uneasy Street:…

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Advisor succession family perspective

Advisor succession: family perspective

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I’ve written several times about the challenges of advisor succession, and now want to look at this from a family risk perspective. If your advisor is suddenly unable to work, is it the advisory firm’s problem, or yours? While the personal connection between a family of significant wealth and its advisors is important, succession arrangements on the advisor side can have a huge impact on the family. From a risk perspective, it’s important to avoid…

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The New Matriarchs

The New Matriarchs

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Change is in the winds. Women control more than 60% of personal wealth in the USA. While older generations hold a patriarchal view of wealth, only a third of their children held such views. Women family leaders, regardless of age, are challenging traditional gender roles.  The ecosystem is adapting to these changes, recognising that within the family office, there was a need to approach women differently than men. We are seeing initiatives to help women…

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Business Family Succession

Business Family Succession

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7 Principles of Equity and Fairness

Equity and Fairness – 7 Deadly Principles 

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Consider This: Are members of your family more driven by greed or envy? While neither are good attributes, what can you do to mitigate their risks? Greed and Envy are two of the ‘seven deadly sins’ and are relevant to material wealth. Economists adopt the fundamental principle that people seek wealth maximisation (a form of greed), but is this really the case? Because we live in communities and families, it can be argued that the…

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