succession planning best practices Archives - Page 2 of 7 - David Werdiger

Is Your Business Sale-Ready? by David Werdiger; Family Wealth Report - Wealth Briefing

How Sale-Ready Is Your Business? Three Essential Steps

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For a business founder, their ”investment” in the business is multi-dimensional: financial and emotional. Selling the business isn’t just an event, it’s a journey. So argues the author of this article, an author, advisor and figure in the wealth management industry. There is a lot of commentary at the moment about business owners selling and transferring what they have built. It is an emotional and challenging process and the field is littered with stories of…

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OK Boomer, Generation Wars, Next Gen, Succession, Caonflict Resolution, E-Myth, Ageism

Age Discrimination Is Bad — for the Bottom Line – OK Boomer!

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Ageism is the basis for much of today’s social justice activism: Older people are seen as the champions of outdated paternalistic and bigoted notions. ( “OK boomer!”) Have the Baby Boomers ruined the US economy (and the world) for the Millenials? That’s what Bruce Gibney asserts in his book A Generation of Sociopaths: How the Baby Boomers Betrayed America. Gibney lays blame on the Boomers that have; 1) controlled Congress for decades for the huge…

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3rd generation family business

Life Expectancy in 3rd and 4th Generation Businesses

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Andrew Carnegie is credited with the most infamous and requoted aphorism in family business. “Three generations from shirtsleeves to shirtsleeves” refers to the commonly held belief that in the lifecycle of family business empires, the third generation is where it all goes wrong. Increasing life expectancies have meant that for the first time in history, four generations are alive at the same time. This has important implications for the timing of the transition of family…

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Apples and Trees; An Intergenerational Family Relations Presentation by David Werdiger

Apples and Trees; An Intergenerational Family Relations Presentation

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I am speaking about “Apples & Trees” An intergenerational family relations presentation, at Dubai 2020 Edition – The Prestel & Partner Family Office Forum Collection. Would you like to attend? https://www.linkedin.com/events/dubai2020edition-theprestel-partnerfamilyofficefor/ The Palace Downtown Dubai, Downtown Dubai, Dubai, AE March 3, 2020, 9:00 AM – March 4, 2020, 5:30 PM To book David for your event, send inquiry here: https://davidwerdiger.com/request-for-speaking/ For additional in-depth, thought-provoking discussion points and commentary on family and business, sign-up to gain…

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Next Generation Succession Planning

Next Generation Succession

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According to Australian research, family businesses are ill prepared for succession planning, appointing a new CEO, or even a strategy for the future of the business. The first consideration is whether anyone in the family even wants to take over the business – plenty of children have no interest. Then, decide if the current owner(s) want to hand it over. Any successful transition needs both of those things at the outset. It might be better…

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In-Laws and Wealthy Families by David Werdiger

In-Laws and Wealthy Families

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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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Family Office Trends by David Werdiger

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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3 Entitlement Fixes

Transcend the Negative Impact of Transition Entitlement

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Transitioning a business is a once-in-a-lifetime event, and “entitlement” comes up in almost every family discussion, presentation or lecture I give. It has become almost a dirty word when it comes to family wealth – something to be avoided at all cost. “How can I prevent my children from becoming entitled?” is what most every parent wants to know. When it comes to family business, transcending the negative impact of entitlement can be achieved by…

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Can Money Buy Happiness? blog by David Werdiger

Can Money Buy Happiness?

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And does being ‘happy’ mean something different to those who have wealth and those who don’t? These are the questions considered in a recent research study. Most anyone who has wealth would find it obvious that the answer to the first question is a resounding ‘no’, but it takes the rigour of an academic to first define happiness (life satisfaction and a set of distinct positive emotions), and then examine the correlation between them and…

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