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own a business not a job

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 Office by Marriage

Family Office by Marriage

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How to deal with family members by marriage poses significant challenges to wealthy families. Should they be allowed to work in the family business? If so, should there be a ceiling on their authority (stock, voting rights, etc)? Do they have a seat/voice at family meetings? What if the only person in the rising generation with the skills to be involved in the family business is a child-in-law? What to do when a marriage is…

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navigating family office trends

Navigating Family Office Trends

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The family office space is constantly evolving. This is driven in part by the investment flavour of the month, global economic/political trends, wealth transition within families, the family follow-me-go-round (families looking at what others are doing), and the general competitive environment amongst FO offerings. Essentially, a family office is a set of services used by a wealth family to manage its wealth and other associated needs. There are no rules for how a FO can…

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transition planning letting go - image by kate sept2004 Canva Pro

Transition Planning – Letting Go

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“How do I transfer wealth to my children without spoiling them?” That would be the most common question I am asked, and for most people, stands at the heart of the challenge of wealth transition. But often this question masks what parents really want, e.g. “how do I get my children to do/be what I want?” That question is not about wealth, but about parental power and control. And when parents say “I don’t want…

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50:50 wealth custodian

50% wealth custodians

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Women are at least 50% of the population, yet historically have been poorly represented in the wealth industry – as custodians and managers of family wealth, in family business, and as advisors. But that is changing on all fronts. The percentage of wealth in the world held by women is steadily growing – as a result of inheritance (females generally outlive their husbands), divorce and entrepreneurship. In the Middle East, 20-40% of wealth is held…

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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

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

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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