organizational culture Archives - David Werdiger
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organizational culture Archives - David Werdiger

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Who Wants to be a Leader?
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360-degree human actionable intergenerational wealth planning practices business owner clearview financial media community conflict resolution in family business coronavirus covid19 E-Myth Revisited case study entrepreneurship Facebook family business family office family wealth future of work generational wars hnwi intergenerational intergenerational wealth language leadership marketing nextgen next generation NFL not for profit ok boomer organisational culture own a business not a job pandemic philanthropy Political pricing strategy Public Speaking satire shelter in place social commentary social distancing social media Sports succession planning succession planning best practices succession risk assessment superbowl USA

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

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360-degree human actionable intergenerational wealth planning practices business owner clearview financial media community conflict resolution in family business coronavirus covid19 E-Myth Revisited case study entrepreneurship Facebook family business family office family wealth future of work generational wars hnwi intergenerational intergenerational wealth language leadership marketing nextgen next generation NFL not for profit ok boomer organisational culture own a business not a job pandemic philanthropy Political pricing strategy Public Speaking satire shelter in place social commentary social distancing social media Sports succession planning succession planning best practices succession risk assessment superbowl USA
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Values are the Foundation of a Family Business The Values are the Foundation of a Family Business 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 why preserving wealth matters to the family and the world around us. That is the foundation upon which successful transition is built. To raise the next generation responsibly with wealth may require adapting the family’s middle-class orientation to add new strategies where solid values are taught and demonstrated. Large sums of money can have damage on children's ability to craft their own lives and break out of their parents' shadow. Full article https://davidwerdiger.com/2021/01/foundation-family-business/ When people base their self-worth on financial success, they experience feelings of pressure and a lack of autonomy. Few families who come to wealth have been prepared for these tasks. They often don’t know these new strategies are even necessary. That is where external advisors can be helpful. Consider This: Has your family articulated its values? Does that include the values of the rising generation? What is your family's approach to educating the rising generation with the appropriate values so they can be comfortable in their own skin and good custodians in the future? Actionable Generational Wealth Succession For more in-depth, thought-provoking discussion points and further commentary on family and business conflict resolution, access my Familosophy newsletter archives: www.transitionbook.co/member-area/ #familyoffice #wealthmanagement #conflictresolution #strategicmanagement #successionplanning #workfromhome #governance #leadershipdevelopment #familybusiness #entrepreneurship
How to Assess the Strength of Family Business in T How to Assess the Strength of Family Business in Times of Change 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) and the scope of each role. Full article https://davidwerdiger.com/2021/01/assess-family-business-strength/ Because family business transitions fail most often because of poor communication, a governance structure that includes independent director(s) is essential for mature family businesses. This helps the business and family stay true to its values, put policies in place to manage conflict, and maintain open communication and accountability. Good governance ensures that issues are dealt with in the appropriate forum at all times. Another reason for failure is lack of strategic renewal. External voices on a board can ensure regular strategic planning happens, established ideas are challenged, and all stakeholders' voices are heard. Consider This: Does your family operating business have a board? Does your family have a council (or similar), separate from the governance of any operating businesses? At family meetings, who is the chair? Does everyone who attends genuinely have a voice? Actionable Generational Wealth Succession For more in-depth, thought-provoking discussion points and further commentary on family and business conflict resolution, access my Familosophy newsletter archives: www.transitionbook.co/member-area/ #familyoffice #wealthmanagement #conflictresolution #strategicmanagement #successionplanning #workfromhome #governance #leadershipdevelopment #familybusiness #entrepreneurship
Our Children’s Heritage: Power, Health or Family Our Children’s Heritage: Power, Health or Family Education? There are many books of ancient Greeks which have been reproduced and are still relevant today. Aristotle, Plato, Socrates and many other prominent men from ancient Greece spoke or wrote words of wisdom many centuries ago that retain their deep and powerful today, at the end of 2020. In one of these remarkable works, ‘Peri Paidon Agogis’ meaning ‘On the Education of Children’ by Plutarch, a Greek philosopher in Roman times, we see the question: “People, where are you going? Doing everything to gain wealth, but not caring about your children, who will inherit it?” I found this to be an interesting opinion piece on health, wealth, the pandemic https://www.thenationalherald.com/opinions_columnists/arthro/our_children_s_heritage_power_health_or_family_education-1455580/ “Health is valuable, but changeable. Power is enviable, but vulnerable to sickness. From all the wealth in the world, only education is immortal and holy.” (Plutarch) Actionable Generational Wealth Succession For more in-depth, thought-provoking discussion points and further commentary on family and business conflict resolution, access my Familosophy newsletter archives: www.transitionbook.co/member-area/ #familyoffice #wealthmanagement #conflictresolution #strategicmanagement #successionplanning #workfromhome #governance #leadershipdevelopment #familybusiness #entrepreneurship
Rising Gen Entrepreneurship & ESG Successful entre Rising Gen Entrepreneurship & ESG Successful entrepreneurs are often control freaks. But they can’t control whether their children can take over the business or the assets and keep them growing. Entrepreneurs may be visionaries, but sometimes it takes an external advisor to identify choices that they might otherwise overlook. Transferring full control of an operating asset to children isn’t the only option. Neither is continuing the way things have always been done just for the sake of it. The drive towards impact and ESG investment is running in parallel with the generational wealth transition. The stereotype that it is just young people who are interested in ESG investing is quickly becoming out of date. Often, parents say that they support this investment choice but when they were setting up the business in the beginning, their focus was on profitability. A common interest in environmental, social and governance investing can help parents and advisors connect with the rising generation. Full article https://davidwerdiger.com/2021/01/esg-rising-gen/ That said, a change in investment approach driven by the rising generation can be a source of conflict, and needs to be handled judiciously. For effective wealth transition, it's important for families to learn how they can create value together through increased understanding of each other and a shared vision of their family’s future. Consider This: What has your family done to raise the next generation of entrepreneurs? Are you able to deal with "Dad: I have a great idea - can I have a million dollars to invest in it?" Has your family experienced intergenerational conflict over investment decisions? Actionable Generational Wealth Succession: For more in-depth, thought-provoking discussion points and commentary on family and business, access my Familosophy newsletter archives: www.transitionbook.co/member-area/ #familyoffice #wealthmanagement #conflictresolution #strategicmanagement #successionplanning #workfromhome #governance #leadershipdevelopment #familybusiness #entrepreneurship
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