succession risk assessment Archives - David Werdiger Skip to main content
Tag

succession risk assessment Archives - David Werdiger

The future of finance is women

The future is … female

By Articles, Familosophy, Featured Posts, In The News, LinkedIn, original No Comments

Research has shown that in HNW families, daughters were rarely encouraged nor received support to pursue entrepreneurship education. Entrepreneurial families often prepare their daughters and sons differently for their careers. Cultural factors and their associated gender biases may result in the problem being far more pronounced. Things are changing. Some 82 per cent of women from wealthy families expect to inherit substantial wealth over the next 20 years, but 41 per cent of women are…

Read More
Communications 2nd Generation

Communication isn’t important …

By Articles, Blog, Familosophy, Featured Posts, In The News, LinkedIn, original No Comments

Research has shown that 60 per cent of failed intergenerational family wealth transition are due to problems with trust or communication. Communication isn’t important in families. It is everything. If a family cannot communicate, it cannot function as a group. It’s that simple. What does poor communication look like? An absence or lack of communication (e.g. “it’s none of their business”, “they don’t need to know”, “we know what is best for them”) is patronising, infantilising,…

Read More
Family Business Money Talk

Family Business; Talk About Money

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

Money is one of the few remaining taboo topics for discussion, but in wealthy families, it’s something that eventually does need to be discussed. The challenge is to develop a greater comfort in discussing it. The first step towards this is to understand the reason for discomfort, and it is usually because discussions about money bring on fear: fear that there isn’t or won’t be enough, that the next generation might be spoilt by excess,…

Read More

Intergenerational Resilience

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

#Intergenerational necessity, vulnerabilities, and resilience are typical factors addressed in determining wealth transition. However, adapting to the changing demands, expectations and opportunities in the disruption via #pandemic will epically force family businesses to rethink their strategies. The immediate need for #workfromhome, revised #familybusiness strategy, #riskassessment, and governance are paramount for pivoting to #nextgeneration and #futureofwork organizations. In the UK, the final report by the Intergenerational Commission speaks in terms of an intergenerational contract – “the principle that…

Read More
wealth transfer

Mid-range and high-end intergenerational wealth transfer

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

Consider This: Are you (and your family) aware of both the direct and indirect ways wealth is transmitted? This can make for a good family discussion about the value and meaning of wealth. The US Federal Reserve have completed a study on how intergenerational wealth transmission can affect wealth concentration. The issue of “inequality” is a popular one – the notion that the rich are the primary beneficiaries of national economic benefit (at the expenses…

Read More
Fostering Entrepreneurship

Fostering Entrepreneurship

By Articles, Familosophy, Featured Posts, In The News, LinkedIn, original No Comments

Not every entrepreneurship story is “rags to riches”. Many high-flying entrepreneurs came from from upper-middle-class families. While they don’t owe their success entirely to mom and dad, without their parents’ help, be it financial or otherwise, they may have never gotten their ventures off the ground. Research has shown that 75% of entrepreneurs from 48 countries said that their family was involved in starting their businesses. Family money and background plays a critical role when it…

Read More
Family Business - Blood non-Blood

Family Business – blood non-blood

By Articles, Familosophy, Featured Posts, In The News, LinkedIn, original No Comments

Unless your family business is a “mom & pop corner store” (which is more akin to owning a job than owning a business anyway), you will need to have a mix of ‘blood’ and ‘non-blood’ people working in it. As any business matures and grows, there becomes a need for professionalisation and systemisation. While owners may put a high value on the people in the business (especially family), the true value created in any business…

Read More
2nd 3rd generation response to parents success

2nd & 3rd Generational Response to their Parents Success

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

Children tend to grow up with their parents as role models and therefore their benchmarks of success. Now, here is some real research on generational difference. According to a study by Oxford University academics, men who surpass their parents’ qualifications report lower levels of psychological stress, while those who do worse are more likely to feel depressed, lonely or sad. Women, however, have no such hangups. The study is quite extensive – using European Social…

Read More
Generational labels in family business

Generational Labels in Family Business

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

The millenial impact research has illuminated a much more caring generation than generally believed, one that is complex in their depth of passion toward causes. http://www.themillennialimpact.com/about The ongoing debate about ‘generation wars’ will never stop, but here’s an interesting take on this from Slate Magazine, which claims that research on generations is flawed. Statements like “baby boomers are selfish” and “millennials are narcissists” abound, but where is the science to support this, it asks. While…

Read More
Transition of Trusted Adviser Relationships

Transition of Trusted Adviser Relationships

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

The rising generation stands to inherit significant wealth, and families are spending much effort and expense to ensure that they are well prepared to become effective custodians of that wealth. However, it’s important for families to also consider the services required to help manage that wealth: advisors. In any family, at some point in time, the wealth will shift from one generation to another. When someone inherits wealth, it becomes ‘theirs’. This contrasts with advisor…

Read More