Family Business Succession Planning I London I Familosophy

Kids & Unintended Consequences 

Parenting is one of the most difficult tasks associated with family wealth. The first link below is one of the best pieces I've read on the subject (and I read a lot of things), and I encourage everyone who is concerned about this issue to read it in its entirety.

It's critical to be mindful of the unintended repercussions of our views about wealth, as well as the messages we send to our children about these beliefs. We can create a self-fulfilling prophecy by treating our children in a negative manner.

In the case of family wealth, for example, if we are preoccupied on managing it out of concern that our children will lose it, this sends the message that we do not trust our children, and this can lead to them not putting enough trust in themselves to be responsible custodians of the family fortune. The concern that wealth is toxic and can spoil our children, which leads us to want to keep it hidden from them and avoid talking about it, can cause our children to pick up on the bad thoughts and carry shame about being wealthy.

The virtuous cycle can be found in most vicious cycles, and vice versa. If, on the other hand, we place our faith and confidence in our children, this can result in favorable views toward the family's wealth, which in turn can assist them in developing into responsible stewards and contributing members of society.

Take This Into Account: When it comes to family wealth, what messages do you want to transmit to your kids? When it comes to family wealth, what are the messages you're getting from your parents? Was there a time when you sat down and talked about it (it might be now)?

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His market is two-fold:

Scenario #1: The older generation wanting to work with the younger generation, bring them into the company, teach them how to run things, and then retire from the office, but not the income

Scenario #2: The younger generation wanting to jump into the family business, but to be able to contribute and be heard, and not having to “wait their turn” before they can begin to help run the business.

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SOURCE: https://davidwerdiger.com/2021/12/unintended-consequences/