ok boomer Archives - Page 2 of 4 - David Werdiger
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ok boomer Archives - Page 2 of 4 - David Werdiger

Perspectives on the disclosure of information to beneficiaries of family trusts

Legal and Non-Legal Perspectives on the issue of Disclosure to Beneficiaries of Family Trusts

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I thought I would re-share this co-written article last year with me and Henry Brandts-Giesen for the https://www.lawsociety.org.nz/news/lawtalk/issue-931/perspectives-on-the-disclosure-of-information-to-beneficiaries-of-family-trusts/ about two different perspectives on information disclosures for https://www.lawsociety.org.nz/news/lawtalk/issue-931/perspectives-on-the-disclosure-of-information-to-beneficiaries-of-family-trusts/. I discuss the the humanistic perspective while Henry discusses the legal view of it. They put forward the trustee’s obligations and rights in this article. Original Article: https://www.lawsociety.org.nz/news/lawtalk/issue-931/perspectives-on-the-disclosure-of-information-to-beneficiaries-of-family-trusts/ For additional in-depth, thought-provoking discussion points and commentary on family and business, sign-up to gain access to the archives of…

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Transition or Plan B?

Transition or Plan B?

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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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Finanxial Advisors leaving the market

Succession – for advisors

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Financial advisors are an ‘old’ bunch – with an average age in their mid-50s and a big bulge of advisors now in their 60s and 70s. If that didn’t already pose a risk to their clients, the COVID-induced recession means that many of them will leave sooner than expected – either by choice or otherwise – and may choose to retire completely in the current economic environment. Merrill Lynch, perhaps in response to both issues,…

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Family Business During Crisis

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During a crisis, having a family business can be a double-edged sword. On one hand, there are often family elders with experience in overcoming previous recessions, support from the family unit, and the fact that family businesses tend to be more risk averse and therefore in a better position to weather the storm. But some of those very attributes can also manifest as weaknesses. For example, family businesses have a concern for a wide range…

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The Flipside to Wealth

The Flipside to Wealth

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This is a difficult topic to broach, and needs to be done only in appropriate settings – indeed, that might be the most important message of this topic. After the story of BMW heiress Susanne Klatten went public, she was slammed on social media. Her personal challenges – the responsibility, self-doubt, and being targeted by scammers – are real. But it’s very hard for anyone brought up without wealth to have any sympathy (and often it’s the reverse), so seeking it from ‘outsiders’ is almost a waste of time.

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Unexpected Wealth by David Werdiger

Unexpected Wealth

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Coming into wealth suddenly – such as through inheritance or a windfall liquidity event of a family business – can carry serious risks. The rapid change in financial circumstance can lead to poor decision-making, a loss of perspective, and social isolation. It can lead to a dysfunctional relationship with money/wealth. In the case of inheritance, there can be mixed or conflicting emotions of loss and gain. It can be like winning the lottery, and research…

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Family Values under COVID-19 Pressure by David Werdiger

Family Values Under COVID-19 Pressure

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Imagine this scenario: a family owns an operating business, with a non-family member as CEO. In response to COVID-19, the CEO takes the necessary actions to ensure the business’s survival. That might mean cutting staff, closing stores, or putting harsh terms on suppliers/customers. The business is stabilised and able to return to a stable footing through the crisis. But something is amiss – there is a discomfort among family members about some of the specific…

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Family Governance

Family governance: why? when?

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When family wealth is controlled or owned by a single person (usually the wealth creator), things are simple. But at some point, the wealth will likely pass to more than one person – the wealth creator’s children. In respect of the family wealth, the members of the family are bound together through three circles of involvement: family, business and ownership. That adds a huge degree of complexity, as no decision gets made in isolation. Strong…

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Entrepreneurial Legacy

Entrepreneurial Legacy

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Most wealth is created through entrepreneurship: taking a risk to start a business, and growing that business. Some families with generationally “old” money (i.e. more than 3-4 generations removed from the wealth creator) may have their family wealth in passive assets, and the entrepreneurial spirit that created it is long gone from memory, sometimes irretrievably lost. For families that hold (or acquire) operating assets, it’s important to maintain that entrepreneurial spirit in subsequent generations, but…

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Family Business Advisor

What Advice do you Need?

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When it comes to advisors, I have two simple rules: Get good advisors Listen to them Family advisors need additional skills because they must work with the various members or governance structures of a family, and key people & structures may change with time. They need to know about communication, in order to help the family members themselves communicate well. They need to understand family dynamics, and get to know the ins and outs of…

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