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 they acknowledge that times change and people do, they reject the idea that distinct generations capture and represent these changes.

The author then goes on to debunk common generational tropes, e.g. that millennials are less satisfied in their jobs, that national pride shows differences between generations, and show that statistically these are incorrect.

He goes further to suggest that we should focus more on ‘why’ groups of people are different, and stop using generational labels, in part because they reinforce a fallacious 20 year boundary.

My response: the essence of generational theory is that people are influenced by external events during their formative years. I haven’t seen anyone debunk that. What naturally follows is that groups of people who share those influences because they grew up during a similar time, will be influenced in similar ways. People are still different, and are a product of nature and nurture in different measures. It’s important to remember that.
The danger in applying these principles is that it’s very easy to put labels on people and draw hard generational boundaries. That is no different to any taxonomy – proponents of the Myers Briggs Type Indicator (MBTI) will not suggest there are exactly 16 types of people.

In addition, there are some things where generational differences are significant, and others where they are not. You are far more likely to read about sensationalist labels (selfish, narcissist) than the more meaningful ones (political beliefs).

The question really should be: how are models like this useful? The answer is that by acknowledging differences and some of the causes of difference, we are better able to bridge those differences.

Consider This: In your family, do you often apply generational labels and stereotypes? Next time you do, think a little deeper about whether the labels themselves provide any value, and instead, think about how to recognise difference as a way to build better intergenerational connections.

Original article: https://slate.com/technology/2018/04/the-evidence-behind-generations-is-lacking.html

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.

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

[reposted with permission]

The post Generational Theory in Family Business appeared first on David Werdiger.

source https://davidwerdiger.com/wealth-transition/generational-theory-in-family-business-2/

What have you noticed about the difference between the way you and other generations (up or down) use social media?

I stumbled across a wonderful article that deals with the intersection of two of my favourite topics: intergenerational issues and the impact of social media on society. It analyses the starkly different ways that Facebook is used by Baby Boomers, as opposed to Millenials. It comes from a web site called The Cheat Sheet, which is “dedicated to providing audiences the information they want in an approachable, entertaining way”. But looking at the content and the presentation, it looks much more like advertising-ridden viral click bait (which it probably is). While I might be old fashioned, to me the term “cheat sheet” brings to mind a memory aid concise enough to sneak into an exam. Because the actual content of the article is so good, I’m reproducing it here in a true “cheat sheet” form!

So now that you have a real cheat sheet, let’s talk about what it means. There are some interesting themes here.

Friendship & Family: Boomers have accumulated plenty of friends already, and have had their share of relationships. So their approach is to reconnect rather than expand their network. Millennials are at a stage in life where they are expanding their personal networks and are less interested in family relationships. When I joined Facebook, there was a group (remember groups?) doing the rounds called “OMG my Mom’s on Facebook” as the young people expressed shock at the idea of their mothers invading their social media world. It seemed funny to me at the time, until a few years later when my mother (who was around 80) joined!

Media: For Boomers, social media augments traditional media – they get news from both. For Millennials, social media supercedes traditional media, so their newsfeed is their source of news. This is actually very significant, because it enhances the ‘echo chamber’ effect of social media (as users just see what their friends like and share) , and further erodes the value of online news sources, which are becoming less financially viable.

Technology: Millennials are far more tech savvy than Boomers, so understand the specific use of other platforms like Tinder, and other tools like browsers. They also know how to spot a scam a mile off.

Reprinted with permission

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.

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

The post Intergenerational Social Media & Society appeared first on David Werdiger.

source https://davidwerdiger.com/family-conflict-resolution/social-media-society-for-intergenerational-targets-2/

What have you noticed about the difference between the way you and other generations (up or down) use social media?

I stumbled across a wonderful article that deals with the intersection of two of my favourite topics: intergenerational issues and the impact of social media on society. It analyses the starkly different ways that Facebook is used by Baby Boomers, as opposed to Millenials. It comes from a web site called The Cheat Sheet, which is “dedicated to providing audiences the information they want in an approachable, entertaining way”. But looking at the content and the presentation, it looks much more like advertising-ridden viral click bait (which it probably is). While I might be old fashioned, to me the term “cheat sheet” brings to mind a memory aid concise enough to sneak into an exam. Because the actual content of the article is so good, I’m reproducing it here in a true “cheat sheet” form!

So now that you have a real cheat sheet, let’s talk about what it means. There are some interesting themes here.

Friendship & Family: Boomers have accumulated plenty of friends already, and have had their share of relationships. So their approach is to reconnect rather than expand their network. Millennials are at a stage in life where they are expanding their personal networks and are less interested in family relationships. When I joined Facebook, there was a group (remember groups?) doing the rounds called “OMG my Mom’s on Facebook” as the young people expressed shock at the idea of their mothers invading their social media world. It seemed funny to me at the time, until a few years later when my mother (who was around 80) joined!

Media: For Boomers, social media augments traditional media – they get news from both. For Millennials, social media supercedes traditional media, so their newsfeed is their source of news. This is actually very significant, because it enhances the ‘echo chamber’ effect of social media (as users just see what their friends like and share) , and further erodes the value of online news sources, which are becoming less financially viable.

Technology: Millennials are far more tech savvy than Boomers, so understand the specific use of other platforms like Tinder, and other tools like browsers. They also know how to spot a scam a mile off.

Reprinted with permission

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.

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

The post Intergenerational Social Media & Society appeared first on David Werdiger.

source https://davidwerdiger.com/familosophy/social-media-society-for-intergenerational-targets-2/

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 they acknowledge that times change and people do, they reject the idea that distinct generations capture and represent these changes.

The author then goes on to debunk common generational tropes, e.g. that millennials are less satisfied in their jobs, that national pride shows differences between generations, and show that statistically these are incorrect.

He goes further to suggest that we should focus more on ‘why’ groups of people are different, and stop using generational labels, in part because they reinforce a fallacious 20 year boundary.

My response: the essence of generational theory is that people are influenced by external events during their formative years. I haven’t seen anyone debunk that. What naturally follows is that groups of people who share those influences because they grew up during a similar time, will be influenced in similar ways. People are still different, and are a product of nature and nurture in different measures. It’s important to remember that.
The danger in applying these principles is that it’s very easy to put labels on people and draw hard generational boundaries. That is no different to any taxonomy – proponents of the Myers Briggs Type Indicator (MBTI) will not suggest there are exactly 16 types of people.

In addition, there are some things where generational differences are significant, and others where they are not. You are far more likely to read about sensationalist labels (selfish, narcissist) than the more meaningful ones (political beliefs).

The question really should be: how are models like this useful? The answer is that by acknowledging differences and some of the causes of difference, we are better able to bridge those differences.

Consider This: In your family, do you often apply generational labels and stereotypes? Next time you do, think a little deeper about whether the labels themselves provide any value, and instead, think about how to recognise difference as a way to build better intergenerational connections.

Original article: https://slate.com/technology/2018/04/the-evidence-behind-generations-is-lacking.html

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.

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

[reposted with permission]

The post Generational Theory in Family Business appeared first on David Werdiger.

source https://davidwerdiger.com/familosophy/familosophy-repost/generational-theory-in-family-business-2/

What have you noticed about the difference between the way you and other generations (up or down) use social media?

I stumbled across a wonderful article that deals with the intersection of two of my favourite topics: intergenerational issues and the impact of social media on society. It analyses the starkly different ways that Facebook is used by Baby Boomers, as opposed to Millenials. It comes from a web site called The Cheat Sheet, which is “dedicated to providing audiences the information they want in an approachable, entertaining way”. But looking at the content and the presentation, it looks much more like advertising-ridden viral click bait (which it probably is). While I might be old fashioned, to me the term “cheat sheet” brings to mind a memory aid concise enough to sneak into an exam. Because the actual content of the article is so good, I’m reproducing it here in a true “cheat sheet” form!

So now that you have a real cheat sheet, let’s talk about what it means. There are some interesting themes here.

Friendship & Family: Boomers have accumulated plenty of friends already, and have had their share of relationships. So their approach is to reconnect rather than expand their network. Millennials are at a stage in life where they are expanding their personal networks and are less interested in family relationships. When I joined Facebook, there was a group (remember groups?) doing the rounds called “OMG my Mom’s on Facebook” as the young people expressed shock at the idea of their mothers invading their social media world. It seemed funny to me at the time, until a few years later when my mother (who was around 80) joined!

Media: For Boomers, social media augments traditional media – they get news from both. For Millennials, social media supercedes traditional media, so their newsfeed is their source of news. This is actually very significant, because it enhances the ‘echo chamber’ effect of social media (as users just see what their friends like and share) , and further erodes the value of online news sources, which are becoming less financially viable.

Technology: Millennials are far more tech savvy than Boomers, so understand the specific use of other platforms like Tinder, and other tools like browsers. They also know how to spot a scam a mile off.

Reprinted with permission

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.

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

The post Intergenerational Social Media & Society appeared first on David Werdiger.

source https://davidwerdiger.com/articles/social-media-society-for-intergenerational-targets-2/

A number of people succinctly describe the difference between leadership and management: architects vs builders, what things mean to people vs how things get done. In an entrepreneurial venture and often in a family business in the first generation, one person is often both leader and manager.

As the business evolves, sometimes it is helpful to separate those roles. In one of my tech businesses, I appointed a CEO and stepped back into a notionally non-executive director (but still 100% owner) role. The CEO was a very effective manager (better than I was), but I remained the leader. The dynamic between us worked well because I didn’t want to manage but still wanted to lead. The manager needed to be 100%, but as leader I was able to spend time on other interests.

Family business founders can’t be both leaders and managers forever, and not just because no-one lives forever. If they want other family members to step into roles within the business, they need to create the space for them. This can be scary as founders often find it hard to let go. One way to ease back is to shift from management – an executive role – to leadership – a board/governance role. This transition needs to be a step forward – embracing a new role to mitigate the effects of leaving an established role.

Consider This: Who are the leaders, managers and elders in your family enterprise? How did their roles evolve (or not evolve)? How might your role evolve? 

Further reading: https://www.forbes.com/sites/forbesbusinesscouncil/2023/10/19/managing-a-difficult-family-business-transition/, https://www.businessobserverfl.com/news/2023/sep/28/next-up-ceo-family-business-requires-trust-transparency/, https://www.forbes.com/sites/forbesbusinesscouncil/2023/08/23/tips-for-working-with-family-and-continuing-your-family-business/, https://www.forbes.com/sites/forbesbusinesscouncil/2023/06/14/how-great-managers-and-monarchs-lead-their-kingdoms/, https://hbr.org/2022/09/why-your-family-business-needs-family-members-on-the-board, https://www.barrons.com/articles/how-to-honor-family-heritage-while-building-generational-wealth-51655410249, https://www.campdenfb.com/article/two-headed-leadership-realistic-option-family-companies, https://www.forbes.com/sites/eliamdur/2021/05/23/its-not-will-you-lead-its-how-will-you-lead/, http://www.campdenfb.com/article/collaboration-division-leadership-key-preserving-family-business, https://www.forbes.com/sites/advisor-intelligence/2019/12/22/10-common-mistakes-to-avoid-when-exiting-your-business/, https://www.forbes.com/sites/dereklidow/2019/07/01/when-is-it-time-for-a-company-founder-to-step-aside/#29f6096f73f5, http://www.columbusceo.com/business/20180910/succession-planning-baby-boomers-need-exit-strategy

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.

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

The post Family Business Leadership vs Management appeared first on David Werdiger.

source https://davidwerdiger.com/articles/family-business-leadership-vs-management/

When parents die, their children become orphans. Parents and children can have a deep and enduring relationship, and parents can be a key part of their children’s ‘origin story’. When parents go, they leave a void, and children need to process and grieve that loss, and then hopefully find a way to continue their own stories – both individually and as a family.

While assets are inanimate objects, owners can have something of a ‘relationship’ with them. When a founder creates an operating business, it is akin to birthing a child. The business needs attention as it grows, and can become a part of the owner/founder’s identity. The conviction and story behind certain investments can be of non-financial value to the investor. Other assets may carry sentimental value and connect strongly to family memories: art, jewellery, an heirloom, or even a tea set.

If parents choose to transfer their assets to their children (either during their lifetimes or afterwards), this ‘relationship’ with assets can change. The child of the founder may not feel the same way about the business her father started, or may reject ownership of certain assets (e.g. fossil fuels) because of their values and beliefs. If a child associates the successful family business with an absent workaholic parent, they will not want to ultimately own it! Deciding who gets the tea set may be far more difficult than splitting the portfolio of listed equities. Assets can become orphans.

These considerations are important when thinking about intergenerational wealth transition. If parents want their children to share their passion for certain assets, the time to start is early – by telling the stories of those assets and ensuring the feelings around them are positive.

Consider This: How do you feel about your family’s financial assets? How does this contrast with how other generations in the family? What stories do you tell about them? What associations do they carry for your children?

Further reading: https://www.entrepreneur.com/leadership/running-a-family-business-means-you-need-to-prepare-your/459117, https://mibiz.com/sections/small-business/most-family-owned-businesses-continue-to-lack-formal-succession-plans, https://www.professionaladviser.com/news/4019143/start-engaging-generation-clients-rewatch-integenerational-wealth-webinar, https://www.nnbusinessview.com/news/inheriting-a-business-heres-how-to-ensure-a-successful-transition/, https://www.forbes.com/sites/rochellemclarke/2019/01/10/a-new-year-another-chance-to-secure-the-future-of-your-family-business/#1bf09fce4648

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.

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

The post Orphan Assets appeared first on David Werdiger.

source https://davidwerdiger.com/articles/orphan-assets/

A number of people succinctly describe the difference between leadership and management: architects vs builders, what things mean to people vs how things get done. In an entrepreneurial venture and often in a family business in the first generation, one person is often both leader and manager.

As the business evolves, sometimes it is helpful to separate those roles. In one of my tech businesses, I appointed a CEO and stepped back into a notionally non-executive director (but still 100% owner) role. The CEO was a very effective manager (better than I was), but I remained the leader. The dynamic between us worked well because I didn’t want to manage but still wanted to lead. The manager needed to be 100%, but as leader I was able to spend time on other interests.

Family business founders can’t be both leaders and managers forever, and not just because no-one lives forever. If they want other family members to step into roles within the business, they need to create the space for them. This can be scary as founders often find it hard to let go. One way to ease back is to shift from management – an executive role – to leadership – a board/governance role. This transition needs to be a step forward – embracing a new role to mitigate the effects of leaving an established role.

Consider This: Who are the leaders, managers and elders in your family enterprise? How did their roles evolve (or not evolve)? How might your role evolve? 

Further reading: https://www.forbes.com/sites/forbesbusinesscouncil/2023/10/19/managing-a-difficult-family-business-transition/, https://www.businessobserverfl.com/news/2023/sep/28/next-up-ceo-family-business-requires-trust-transparency/, https://www.forbes.com/sites/forbesbusinesscouncil/2023/08/23/tips-for-working-with-family-and-continuing-your-family-business/, https://www.forbes.com/sites/forbesbusinesscouncil/2023/06/14/how-great-managers-and-monarchs-lead-their-kingdoms/, https://hbr.org/2022/09/why-your-family-business-needs-family-members-on-the-board, https://www.barrons.com/articles/how-to-honor-family-heritage-while-building-generational-wealth-51655410249, https://www.campdenfb.com/article/two-headed-leadership-realistic-option-family-companies, https://www.forbes.com/sites/eliamdur/2021/05/23/its-not-will-you-lead-its-how-will-you-lead/, http://www.campdenfb.com/article/collaboration-division-leadership-key-preserving-family-business, https://www.forbes.com/sites/advisor-intelligence/2019/12/22/10-common-mistakes-to-avoid-when-exiting-your-business/, https://www.forbes.com/sites/dereklidow/2019/07/01/when-is-it-time-for-a-company-founder-to-step-aside/#29f6096f73f5, http://www.columbusceo.com/business/20180910/succession-planning-baby-boomers-need-exit-strategy

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.

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

The post Family Business Leadership vs Management appeared first on David Werdiger.

source https://davidwerdiger.com/2023/11/family-business-leadership-vs-management/

When parents die, their children become orphans. Parents and children can have a deep and enduring relationship, and parents can be a key part of their children’s ‘origin story’. When parents go, they leave a void, and children need to process and grieve that loss, and then hopefully find a way to continue their own stories – both individually and as a family.

While assets are inanimate objects, owners can have something of a ‘relationship’ with them. When a founder creates an operating business, it is akin to birthing a child. The business needs attention as it grows, and can become a part of the owner/founder’s identity. The conviction and story behind certain investments can be of non-financial value to the investor. Other assets may carry sentimental value and connect strongly to family memories: art, jewellery, an heirloom, or even a tea set.

If parents choose to transfer their assets to their children (either during their lifetimes or afterwards), this ‘relationship’ with assets can change. The child of the founder may not feel the same way about the business her father started, or may reject ownership of certain assets (e.g. fossil fuels) because of their values and beliefs. If a child associates the successful family business with an absent workaholic parent, they will not want to ultimately own it! Deciding who gets the tea set may be far more difficult than splitting the portfolio of listed equities. Assets can become orphans.

These considerations are important when thinking about intergenerational wealth transition. If parents want their children to share their passion for certain assets, the time to start is early – by telling the stories of those assets and ensuring the feelings around them are positive.

Consider This: How do you feel about your family’s financial assets? How does this contrast with how other generations in the family? What stories do you tell about them? What associations do they carry for your children?

Further reading: https://www.entrepreneur.com/leadership/running-a-family-business-means-you-need-to-prepare-your/459117, https://mibiz.com/sections/small-business/most-family-owned-businesses-continue-to-lack-formal-succession-plans, https://www.professionaladviser.com/news/4019143/start-engaging-generation-clients-rewatch-integenerational-wealth-webinar, https://www.nnbusinessview.com/news/inheriting-a-business-heres-how-to-ensure-a-successful-transition/, https://www.forbes.com/sites/rochellemclarke/2019/01/10/a-new-year-another-chance-to-secure-the-future-of-your-family-business/#1bf09fce4648

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.

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

The post Orphan Assets appeared first on David Werdiger.

source https://davidwerdiger.com/2023/11/orphan-assets/

Consider This: How do you explain your family wealth to young children? At what do you start this process? How do you say ‘no’ to them and place limits on their spending when they reply “but we can afford it”?

Affluenza and entitle-itis are some of the newest ‘diseases’ that afflict the wealthy, and of course there is always the ubiquitous ‘privilege’ that almost everyone is now obliged to check.

In her book Uneasy Street: The Anxieties of Affluence, Rachel Sherman, associate professor of sociology, has interviewed 50 affluent parents in and around NYC to understand the challenges they face raising children with wealth.

They are somewhat torn between stigma of wealth and the competitive environment in which they live. Attitudes to wealth have changed, and while parents want to give their children the opportunities that come with wealth, they still want to keep them ‘normal’ and able to mix comfortably in (and be accepted by) broad social circles.

As much as ‘tough love’ is needed to limit spoiling, it’s also essential to teach children to be comfortable with wealth, and to appreciate what it brings to their lives. Take it, but don’t take it for granted.

Original article: https://aeon.co/ideas/how-new-yorks-wealthy-parents-try-to-raise-unentitled-kids, http://press.princeton.edu/titles/11096.html (the book)

[Reposted with permission]

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.

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

The post Raising Unentitled Kids appeared first on David Werdiger.

source https://davidwerdiger.com/2023/11/raising-unentitled-kids/