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covid19 Archives - David Werdiger

Family Business Conflict

Family Business Conflict

By Articles, Familosophy, Featured Posts, LinkedIn, original No Comments

You might think conflict in family business is predominately around business performance. Wrong. At the core, it’s most commonly about the ‘people’ side of things: ineffective communication, and not recognising the different needs, interests & capability of family members. Evolutionary psychology tells us that we behave more altruistically toward the relatives with whom we share the greatest genetic overlap, and more with our maternal than paternal relatives. This means as the family group grows deeper…

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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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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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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

By Articles, Familosophy, Featured Posts, LinkedIn, original No Comments

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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actionable intergenerational wealth planning practices, business owner, conflict resolution in family business, E-Myth Revisited case study, entrepreneurship, family business, family office, intergenerational wealth, next generation, nextgen, own a business not a job, succession planning best practices, succession risk assessment, ok boomer, generational wars, clearview financial media, hnwi, covid19, coronavirus, social distancing, future of work, shelter in place, 360-degree human, pandemic,

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Fear of Wealth Transfer

The Fear Concerning Wealth Transfer

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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…

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Defining Philanthropy: COVID & beyond

Defining Philanthropy: COVID & beyond

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Many families struggle with the ‘why’ of their wealth. Defining a philanthropic strategy is a great way for a family to articulate a purpose for their wealth. However, only 20% of families have a formal process for doing so. At the start of COVID, there was concern that financial pressure on families would lead to a reduction in philanthropy. But in a recent survey, 43% of respondents said that the pandemic had not altered the…

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