[Reprinted with permission] Different places around the world continue to deal with the challenges of COVID in different ways. Whether they are experiencing a second wave, or varying degrees of opening up, many of the challenges and opportunities are still present.

The issues that have arisen through the pandemic are primal, and place the fragility of life in sharp relief. Our instinctive responses also also primal: fight/flight/freeze, and we can remain locked in such states for a prolonged period.

One way to help move forward is for business owners to share their dilemmas with other business owners in similar situations. To do so (and obtain genuine benefit) requires a sense of communal trust and being prepared to share vulnerability (consider that most business owners will be experiencing similar to you).

Families in business together can move into action more quickly than most corporate entities because they’re more flexible, aren’t focused on the next quarter’s results, and understand the values that have made them successful over generations.

Leaders of family businesses that are effectively managing the crisis are prioritizing governance as an ‘essential service’ – adapting oversight of the enterprise under conditions of extreme uncertainty to ensure that family owners, board members, and executives remain aligned.

It is not surprising that many multigenerational family businesses are experiencing the pandemic differently from non-family businesses. Surprisingly few had deeper concerns about their survival and well-being as a family business. This is because multigenerational family businesses tend to define success in ways that go beyond short-term profits

In addition, the pandemic is accentuating the need for UHNW families to have a holistic, fully-integrated family office solution in place. This becomes even more critical when a family owns more complex assets and as the value and complexity of the balance sheet grows 

Prolonged self-isolation is also leading families to fast track their succession and estate planning.

Consider This: After several months of COVID, has your family done a review of your response, and your learnings? How have things changed/adapted? Where have you fallen short? What opportunities still remain?

Original articles: http://www.campdenfb.com/article/coronavirus-effect-mental-health-family-business-millennials-and-succession, https://www.forbes.com/sites/dennisjaffe/2020/03/24/how-family-businesses-can-respond-to-the-pandemic–collaboration-openness-and-sharing-the-burden/#27d3c8ed4e34, https://thriveglobal.com/stories/pandemic-creates-spectrum-of-opportunities-for-enterprising-families/, https://hbr.org/2020/05/what-family-businesses-need-to-adapt-to-a-crisis, https://nation.com.pk/24-Jun-2020/family-firms-and-covid-19, https://www.forbes.com/sites/nextavenue/2020/06/28/5-ways-family-businesses-can-adapt-to-covid-19/, https://hbr.org/2020/07/when-to-return-to-leading-your-family-business-during-a-crisis, https://insight.kellogg.northwestern.edu/article/family-businesses-experiencing-covid-19-crisis, http://www.campdenfb.com/article/why-succession-planning-pandemic-once-generation-opportunity-transfer-wealth

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 by signing into our newsletter https://DavidWerdiger.com. We will send you the archive links from there.

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#nextgensuccession #intergenerationalwealth #governance #leadershipdevelopment
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There are several good reasons why family enterprises should care about making active efforts toward gender equity. If they want family members to be involved, their talent pool is limited, so why waste 50% of their potential? A more diverse leadership team will reap the same benefits that have been noted in the non-family business world. Finally, family cooperation, collaboration and harmony are important to families, so excluding women from paths to leadership can lead to resentment and conflict.

In general, the family business world appears to be somewhat behind the corporate sector in explicitly considering issues of gender equity. There is variability across the world, and it is apparent that cultural norms play a strong role.

Some examples: only 7% of senior management positions in the 100 biggest firms held by German families are women, and the top people managing those firms are mostly male, German and advanced in age. In India, women-led family businesses have increased by 58% since 2007. In the US, married women 45 and younger are twice as likely as older married women to make the financial decisions in their families, which is partly due to women marrying at later ages than their parents’ generation (note that these studies are not directly comparable as they don’t all focus on family enterprises).

Another portion of the US study measured unconscious bias in the financial advising industry and found that while most advisors have “good intentions,” they are still more likely to make (incorrect) assumptions about the investment knowledge and risk appetite of women. Researchers used live eye tracking technology to measure how long a financial advisor spent making eye contact with each partner in a heterosexual couple and found that advisors, regardless of their gender, spent 60 percent of the meeting focusing on the male partner.

Consider This: Do the women in your family have roles in the family enterprise? Do they want to? Have they been asked? Are education opportunities within the family applied equally to males and females?

Original articles: https://www.forbes.com/sites/prudygourguechon/2019/01/16/how-family-businesses-can-take-the-lead-in-achieving-gender-equality/#4520f2916f6e, https://www.dw.com/en/german-family-owned-businesses-still-male-and-conservative/a-53739934, http://www.businessworld.in/article/Breaking-Through-The-Patriarchy-Women-Calling-The-Shots-In-Family-Business/02-08-2020-303553/, https://www.nbcnews.com/know-your-value/feature/younger-women-are-twice-likely-make-their-families-financial-decisions-ncna1238859

[reprinted with permission] full article repost

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 by signing into our newsletter https://DavidWerdiger.com. We will send you the archive links from there.

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#entrepreneurship

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This is the conundrum of wealth creator parents: they want to raise children to value the hard work that helped them create wealth, but at the same time pass them wealth that means they never need to work. Talk about mixed messages! 

In order to actually do this, one would have to live well below one’s means, and/or withhold access for children to the family wealth so that they can live it ‘tough’ for a period of time until they were deemed ‘ready’ for the wealth. This is not just difficult, it can have serious unwanted negative side effects.

Instead, it might be better to seek to instil the value of ‘stewardship’ within the family: that the family is blessed with wealth, and what comes hand-in-hand is the need for responsible and conscientious management of the family wealth towards a higher purpose than consumption.

One cannot start early enough with the right kind of messaging as attitudes to money and spending are formed as early as age five. Children are often aware of the family’s spending, but don’t always have a view of how much the family saves, invests, and gives back. We can prepare children for a successful relationship with money by telling family stories and talking about values.

Consider This: When did you find out your family was wealthy? How did you find out? Was that experience positive or negative? How does your family talk about wealth or answer questions from children about it?

Original articles: https://bigthink.com/the-present/ultra-wealthy-parenting-paradox/, https://www.fa-mag.com/news/helping-the-heirs-of-super-rich-families-become-global-stewards-69108.html, https://www.jdsupra.com/legalnews/are-you-living-in-the-shadow-of-wealth-6126950/, https://www.morganstanley.com/articles/family-wealth-planning-meaning-of-wealth, https://www.dmagazine.com/sponsored/2022/04/dollars-and-cents-having-the-talk-with-your-children/, https://www.wealthmanagement.com/estate-planning/whose-money-part-1-prepare-heirs

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 by signing into our newsletter https://DavidWerdiger.com. We will send you the archive links from there.

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Family philanthropy is the act of a collective rather than an individual. It is rooted in the values of a family, carrying forward its name and legacy, and engaging its members.

That makes it about a lot more than just writing cheques. It needs people from multiple generations working together, and that needs to be driven by a purpose and strategy.

Two important surveys indicate that this is not happening effectively. According to a global study, only 30% of family offices have documented strategies to deploy wealth in a truly meaningful way. In another study, 76% of respondents said they are likely to give to different causes and non-profits than their parents, but 82 percent of parents believe that they and their children share the same philanthropic goals!

Sometimes philanthropic priorities are driven by “wealth guilt”, for example fossil fuel dynasties where the rising generation are committed to climate change and sustainability. For some families, their giving can even be a form of reckoning with the source of their wealth. Seeing philanthropy as a rejection of their ancestors’ legacy is very negative.

There are signs of potential conflict and confusion within families over giving priorities. It’s important to get ahead of this by having family discussions about purpose and values, and using this to articulate a philanthropy strategy.

Consider This: What is your family’s philanthropic mission and strategy? How is it communicated within the family? If you don’t have one, how can you get the process happening? 

Further reading: https://www.campdenfb.com/article/multigenerational-philanthropy-aligning-family-values-impact, https://www.philanthropy.com/article/wealthy-donors-want-their-giving-to-be-different-than-their-parents-new-study-says, https://www.wealthmanagement.com/high-net-worth/four-lessons-patagonia-founder-yvon-chouinard-giving-away-company, https://ssir.org/articles/entry/the_future_of_family_philanthropy, https://www.jta.org/2022/07/25/united-states/their-fortunes-come-from-oil-heres-how-these-jewish-philanthropies-deal-with-climate-change

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 by signing into our newsletter https://DavidWerdiger.com. We will send you the archive links from there.

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Studying failure is far better than studying success because it’s easier to avoid doing the wrong things than mimic the good that others are doing. Here are some of the ways things can go awry:

Families and businesses don’t grow at the same rate. From the third (and sometimes second) generation onwards, the family often grows faster than the business. What happens if many family members look to the business for employment or supplementary income?

Many owners maintain control by appointing only family members or close friends to their boards. This lead to the common problem of familiarity – where personal issues seep into the business, and where friends and family may tell the owner(s) what they want to hear instead of what they need to hear.

Policies regarding in-laws are a huge challenge and families tend to have polarizing views as to whether they are in favour or totally against. Whatever the policy, it’s important to welcome and evaluate in-law children as a spouse, not as an employee. It can be very difficult to remain business partners following a divorce – the worst-case scenario is that it the business needs to be sold to split the proceeds.

Working with relatives is a double-edged sword: it can generate much higher levels of trust and commitment, but it can also lead to tensions, festering resentments and open conflict. “It’s difficult when your dad isn’t only your dad, but your boss too.”

A recent study found that more than half of family businesses lack a succession plan. In too many family businesses, succession discussions are forced in that parents not wanting to inflame sibling rivalries leave it to the last possible moment to work through. A crisis, such as a major illness, is often the catalyst for a discussion that is by then often too late.

Consider This: Do you see any of these issues occurring within your family business? Is there a forum where you can discuss and seek to resolve or mitigate such challenges? Are there barriers to getting help in the first place?

Original articles: https://www.forbes.com/sites/dennisjaffe/2019/09/12/equal-partnerships-in-a-family-business-a-disaster-waiting-to-happen/#558f03764f6b, http://www.mondaq.com/australia/x/875598/wills+intestacy+estate+planning/A+rise+in+family+business+disputes+as+generational+succession+gets+messy, https://www.forbes.com/sites/iese/2019/12/27/five-rules-to-prevent-conflicts-in-family-businesses/#5aec82906662, https://hbr.org/2020/01/is-it-time-to-leave-the-family-business, https://www.bbc.com/worklife/article/20200204-how-to-leave-a-family-business, https://hbr.org/2020/02/should-your-family-business-have-a-no-in-laws-policy, https://www.roi-nj.com/2020/03/25/industry/breaking-up-is-hard-to-do-divorce-among-family-business-owners-can-be-complicated-and-have-far-reaching-consequences/, https://www.forbes.com/sites/francoisbotha/2020/06/30/avoid-the-common-pitfalls-of-family-business-boards/amp/, https://www.heraldgoa.in/Business/In-Business/4-bad-omens-of-the-family-business-curse/164281, https://www.forbesindia.com/article/family-business/how-to-tackle-a-split-in-the-family-business/62871/1

[reprinted with permission] full article repost

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 by signing into our newsletter https://DavidWerdiger.com. We will send you the archive links from there.

#familyoffice #wealthmanagement #conflictresolution #strategicmanagement #nextgensuccession #intergenerationalwealth #governance #leadershipdevelopment
#entrepreneurship

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In times of chaos, economic uncertainty, and the crushing burden to lead the family’s assets out of the fire, the need for governance grows even stronger. 

Too many families consider family governance as a side dish – a pesky bug that wants to take away all the attention and resources from the main priorities which are revenues and operations. There is also an emotional side to effective family governance which is often overlooked by the first generation.

The principles of governance for families are very simple: How are we going to make decisions together? How are we going to communicate? How are we going to solve problems together?

While the principles are simple, implementation can be challenging. Getting a clear mandate from the top is essential, as well as dealing with stakeholders who resist change. Having external help is essential.

Some families chooses either business first or family first. One is not better than the other, but you need to be honest about the choice and develop family governance based on your choice.

In order to stay focussed in your governance journey, remember that it’s all about relationship, communication and understanding between the family, the family businesses and the shareholders.

Consider This: Has your family’s governance (or lack of it) been a factor through COVID? (How well) does your family communicate? Is there the capacity for group decision-making?

Original articles: https://hubbis.com/article/revisiting-family-governance, http://www.mondaq.com/jersey/x/873496/wealth+management/Avoiding+rags+to+riches+in+three+generations+family+governance+in+the+Middle+East, 
https://www.forbes.com/sites/forbesbusinesscouncil/2020/06/16/use-good-governance-to-steer-a-rudderless-ship/#4abdd14a1ffd, https://www.forbes.com/sites/forbesbusinesscouncil/2020/08/04/eight-concepts-to-help-plan-and-manage-your-family-business/#5fcaf80440ce, https://www.panaynews.net/family-business-governance-important-then-and-now/ https://business.inquirer.net/308365/time-for-that-governance-talk

[reprinted with permission] full article repost

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 by signing into our newsletter https://DavidWerdiger.com. We will send you the archive links from there.

#familyoffice #wealthmanagement #conflictresolution #strategicmanagement #nextgensuccession #intergenerationalwealth #governance #leadershipdevelopment
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There are very different generational attitudes to philanthropy in families. While previous generations saw philanthropy as “giving money to non-profits”, the rising generation of wealthy individuals has broadened and redefined the term, considering it to be “the action of transforming others’ social well-being through generosity”.

The rising generation is more engaged and involved in philanthropic endeavors, and do so at earlier ages than their predecessors. They’re also motivated by the value propositions behind sustainable and impact investments, and often drive such initiatives with their own or family businesses. Those of inherited wealth can experience a sense of unease or outright guilt fueled by societal judgment over their wealth, which may drive giving priorities.

A family office can take a holistic approach to the family’s financial and personal life. This can mean more time to spend with family or commit to philanthropic interests, which can also bring the family closer.

Generational families that endure for 100+ years share a number of factors. Near the top of that list is a shared commitment to community, service and philanthropy.

Consider This: Which generations in your family are involved in philanthropy decisions? Do you have a philanthropy strategy that sets priorities and the process for allocation? Do key family stakeholders across multiple generations know the answer to the question “why our family gives”?

Original articles:https://www.denverpost.com/2019/10/13/on-philanthropy-bruce-deboskey-the-secret-sauce-of-thriving-100-year-families/, https://www.forbes.com/sites/francoisbotha/2020/01/23/why-do-families-give-the-5-spheres-and-motivations-around-philanthropy/#5b02a5b07dc0, https://www.forbes.com/sites/whittiertrust/2020/04/01/a-family-office-can-give-you-back-your-personal-time/#1b1726ea20ee, https://www.marketcurrentswealthnet.com/interviews/family-philanthropy-a-new-book-qa-with-mitzi-perdue/, https://www.forbes.com/sites/francoisbotha/2020/07/29/how-the-worlds-next-generation-of-ultra-wealthy-are-redefining-what-it-means-to-give-back/#5eab0d8d5aad

[reprinted with permission]

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 by signing into our newsletter https://DavidWerdiger.com. We will send you the archive links from there.

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Abraham Lincoln famously said: “Don’t swap horses in the middle of the stream”. Is a global pandemic the best time to change leaders? Or is it better to avoid dramatic changes during uncertain times?

While we’d like to be well prepared, and knowing that succession planning is a process rather than an event, families may find themselves needing to accelerate the process at these times. Unplanned transitions don’t have to inevitably end in disaster, but when they happen, they do rely on a concerted effort by other family members and stakeholders.

The current business conditions necessitates that family businesses take stock, review and stress-test existing structures. While it is never easy to have discussions around death and succession, it is essential to avoid conflict in the unfortunate event of a loss within a family no matter what the external situation. The lockdown has been a catalyst to prompt families to reflect on succession planning in a wider sense.

A true succession plan is about fostering open communications and getting your family on the same page about its values and goals of both the incumbent and rising generation. A good succession plan leaves a positive legacy and unites the family around common goals and values.

Consider This: Has the pandemic brought forward discussions about succession in your family? Has it uncovered existing stresses in the succession process (or lack of)? Have you set realistic goals about the timeframe for an effective succession?

Original articles: https://hbr.org/2020/04/should-a-crisis-change-your-ceo-succession-plan, https://www.finews.asia/services/advertorials/31663-butterfield-singapore-brian-balleine-covid-19-corona-wealth-planning-succession-family-study, https://hbr.org/2020/05/steer-your-family-businesses-through-an-unplanned-transition, https://www.thenational.ae/business/money/why-now-is-the-time-for-gcc-family-businesses-to-review-succession-planning-1.1027184, https://www.bloombergquint.com/business/world-s-wealthy-are-spending-the-pandemic-weighing-succession, https://www.kiplinger.com/personal-finance/how-to-save-money/family-savings/601068/wealthy-families-need-more-than-a, https://cnaluxury.channelnewsasia.com/experiences/succession-estate-planning-asia-wealthy-families-12929668

[reprinted with permission]

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 by signing into our newsletter https://DavidWerdiger.com. We will send you the archive links from there.

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As we end the third year of this pandemic, it’s worth reflecting on the theme of resilience.

By retaining their long-term view, family businesses have been able to not just weather the storm but also grow and thrive. Their resilience comes from other factors as well: the entrepreneurial spirit of innovating in times of crisis, and the emotional and social bonds that exist both within the family and within the wider family business group and its stakeholders.

These strengths of family enterprises are built on a foundation of shared values and good governance. As it becomes clear that we are not yet ‘over’ COVID, it’s important for families to remain vigilant and keep these foundations strong.

While they differ significantly in terms of scale and scope, it’s interesting to contrast the response of family enterprises with that of countries. For every new COVID variant, existing policies are quickly overturned and new policy is developed on the fly. Many countries have also seen an increase in social unrest and polarisation in response to government decisions. In the absence of strong shared national vision, this is inevitable in times of such stress.

Consider This: Has your family formally reflected on the impacts of COVID? In what ways has COVID shown up resilience (or lack of) within your family?

Further reading: https://www.vaughantoday.ca/a-report-reveals-that-family-businesses-have-weathered-the-epidemic-better/, http://www.campdenfb.com/article/family-business-valuable-model-resilience-extraordinary-times, https://www.worth.com/family-owned-businesses-thrive-crisis-covid-deloitte-private/, https://www.scotsman.com/business/how-family-businesses-can-deal-effect-coronavirus-2896231, https://www.forbes.com/sites/robertglazer/2020/04/01/covid-19-will-permanently-change-the-way-every-generation-lives-heres-how/#1844e046493b

This was also published at Family Business Australia.

Actionable Generational Wealth Succession 

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 by signing into our newsletter https://DavidWerdiger.com. We will send you the archive links from there.

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A family office is usually structured around the individual needs and preferences of the family involved, and an increase in private wealth is fostering the creation of more and more single family offices (SFOs).

The space is shifting rapidly, and with it comes the changing face of the family office and new definitions of what this means. One pervasive mistake is not developing a deep understanding of the goals, objectives and agendas of the wealthy family. Some multi family offices (MFOs) and even SFOs are using a cookie-cutter approach, which works against the whole idea of a family office.

Rather, family office purpose, mission and vision statements should be crafted according to the family’s service needs. These can act as the foundation for strategic decision making, and link to measurable results.

Virtual FOs are rapidly proving to be a superior alternative to traditional MFOs as they offer a greater level of flexibility. In addition, private MFOs are forming, which enable groups of families to pool their resources and leverage co-investment opportunities.

Consider This: Have you considered whether/how a family office could be beneficial to your family? If you already have one, how do you review its performance and whether it is meeting the needs of the family? How often do you review the arrangement, with consideration of how the family’s needs evolve over time?

Original articles: 

https://www.forbes.com/sites/francoisbotha/2020/01/28/could-now-be-the-right-time-for-the-virtual-family-office-how-banks-can-support/#7ee89aa65438, https://www.fa-mag.com/news/family-office-2020-going-strong-53779.html, https://www.forbes.com/sites/francoisbotha/2020/02/12/emerging-forms-of-the-family-office/#1b28b6ba2fc4, https://www.spearswms.com/rise-of-the-virtual-family-office/, https://www.fa-mag.com/news/russ-prince–a-critical-mistake-to-avoid-when-setting-up-a-single-family-office-54630.html, https://www.bmmagazine.co.uk/business/bobby-gill-on-family-offices-how-to-protect-wealth-for-successive-generations/, https://www.forbes.com/sites/francoisbotha/2020/03/09/considering-a-family-office-how-to-choose-a-fitting-form/#4ca91a5215a5, https://www.forbes.com/sites/francoisbotha/2020/07/03/6-best-practices-for-single-family-offices/#65d94e26336f

[reprinted with permission]

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 by signing into our newsletter https://DavidWerdiger.com. We will send you the archive links from there.

#familyoffice #wealthmanagement #conflictresolution #strategicmanagement #nextgensuccession #intergenerationalwealth #governance #leadershipdevelopment
#entrepreneurship

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