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Values of a Successful Family Business

The Values of a Successful Family Business

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There is more to maintaining family wealth through generations than getting the best financial advisors and managers for operating assets. 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 assets, and…

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Strength of Family Business

The Strength of Family Business

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Family businesses aren’t just businesses that happen to be owned and/or managed by a family. Factors like a long-term perspective, and the multiple/overlapping roles of owners, employees and family members are both strengths and weaknesses. These factors mean that family businesses need another set of principles to help them stay strong. Because many stakeholders have multiple hats, separation of powers is very important. Everyone needs to understand what their roles are (employee, manager, owner, etc)…

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Family Business Succession

Family Business Succession

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

Family and business makes for a complex mix, essentially because of conflict of interest. At any time, those involved wear a mix of ‘hats’: family, owner and employee. This sometimes makes decision making very difficult: what comes first – family or business? Do we give family members a job even if they don’t deserve it?  What if they aren’t performing? How much do we pay them? At the appropriate time, do we gift the business…

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the two wolves

The Two Wolves

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Family wealth can be a double-edged sword. With few financial burdens or limitations, one can live a very comfortable life, use the family wealth and connections to create almost any career of life path, and make the world a better place through philanthropy and impact. But there is a dark side, particularly to inherited wealth: guilt and shame at ‘unearned privilege’ (I don’t like the term, but it works for this), how the wealth was…

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Family led philanthropy

Family Led Philanthropy

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Family philanthropy can be a very effective way to bridge generations and engage the rising generation. However, according to a recent poll from Key Private Bank, there are significant differences between parents and children on matters of giving. Most parents are not discussing philanthropy with their children, let alone agreeing on causes. 82% of advisors say very few clients involve the next generation in family philanthropy. Faith-based causes represent 73% of interest from parents, but…

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Public conflict resolution in family wealth

Public conflict resolution in family wealth

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The conflicts that take place within wealthy families are often on display through the media as a result of their public profiles (and because people want to read about them). For outsiders, they can be hard to understand: What are they fighting about? Surely there is enough there for everyone? But in fact, wealthy families have all the same family issues as others: sibling rivalries, favouritism, jealousy, power struggles, and the search for identity. The…

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Manage or Avoid Conflict

Manage or Avoid Family Conflict?

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What would you rather in your family: to manage conflict or avoid it completely? Before you jump to door number two, snap out of fairy tale land and accept that family conflict cannot be avoided. Conflict is a part of any relationship, and especially present in families, and even more so when significant assets are added into the mix. When family members are driven by self-interest, this leads to zero-sum dynamics. The ‘losers’ in any…

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queen elizabeth II - king charles III

QE2 -> C3

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The leadership transition from Queen Elizabeth II to King Charles III has been a fascinating insight into the preparation and execution of a succession plan. Within minutes of the announcement of her passing, the media was flooded with coverage, clearly well prepared in advance. Established protocols, known to insiders, were quickly put into place. Everyone was ready for this, yet when the moment came there was an outpouring of grief for one of the most…

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Generational attitudes to wealth

Generational Attitudes to Wealth

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Wealthy people broadly come in two flavours – wealth creators and wealth inheritors – and each have very different characteristics. Attitudes to money and wealth are usually established as we grow up and largely remain with us for the duration of our lives. Creators often grow up without a lot of money and therefore have different attitudes to spending and the value of a dollar, are uncomfortable talking about it with their children, and often…

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Transition or Separation

Transition or separation?

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Kenny Rogers sang of the importance of knowing “when to hold ’em, and when to fold ’em”. Any succession plan worth its salt isn’t just a plan of who will succeed whom in running the business. It also needs a “Plan B” for the scenarios where the chosen successor is unwilling or unable, where there is no successor, or where a generational transition of the business might lead to serious conflict. Some business founders/owners enjoy…

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