Board Succession Strategy Q&A

February 22, 2023 davidwerdigertransitionsLeave a comment

Q: We have three non-family board members in their 70s on our family board. How should we handle moving them on?

A: The composition of the family board is a careful balance between family members & independent voices, and maintaining regular turnover is very important. Often, families will establish a board with some family members, the family lawyer & accountant, and perhaps some other trusted advisors. But without due attention to the board composition, the group can remain static for a period of time, until they suddenly realise it’s time to bring in some fresh people and energy. What is required is a board succession strategy.

This involves analysing the mix of skills, ages, tenures and backgrounds that the board needs now and in the next few years (bearing in mind any anticipated major events the family expects to be dealing with during that period). That should be compared with the current composition, which can help identify any gaps. Open discussions with each board member individually as well as collectively are essential so everyone understands their role on the board, and how long they would like to continue there. People generally find it easy to join boards and committees, but hard to leave them.

While in the corporate and non-profit worlds, a common limit to board tenure is 6-10 years, families are different and terms can and should be longer. Family and ‘corporate’ memory are more important on family boards, and provide essential value and context, especially in times of crisis. That said, a board stacked with a bloc that has been there for 20+ years can be a barrier to necessary strategic renewal.

Usually, board composition falls to the chair. But in family boards, the chair may not have those skills, and it can therefore be helpful to bring in a specialist to assist with a regular review process.

Consider This: Do you track board tenure and skills for your family boards? Have you ever openly discussed board member’s plans to leave the board?

Further reading: https://www.forbes.com/sites/forbescoachescouncil/2019/05/29/the-second-commandment-of-family-business-succession-create-a-board/#594c014529ea, https://insight.kellogg.northwestern.edu/article/family-businesses-adapt-next-generation, https://www.bizjournals.com/bizjournals/news/2019/07/18/being-fair-but-not-equal-divvying-family-business.html, https://www.forbes.com/sites/matthewerskine/2020/06/29/succession-planning-and-the-professional-management-of-family-owned-companies/#1e19236e4272

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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Rising Generation Education

February 16, 2023 davidwerdigertransitionsLeave a comment

The Greek philosopher Plutarch asked: “People, where are you going? Doing everything to gain wealth, but not caring about your children, who will inherit it?”

If the rising generation is supposed to take the responsibility of managing the family wealth, there should be enough time for them to learn and prepare. To avoid raising a bunch of “trust-fund kids”, the family needs to define clearly what they expect and invest time and resources to help ensure that outcome.

This is a double-edged sword: if communicated too early this may set too much expectation. Common thinking is that age 25 to 30 years is about the right age bracket for rising gens to learn about family wealth, and receive education and training about how to effectively manage and grow it.

Rising gen family members should be able to:

* Develop a clear vision of themselves and their personal goals, as well as the skills to successfully communicate them

* Spend the time to understand the family and business’s legacy and values

* Form a healthy and individuated identity alongside the family identity and long-term family relationships

Non-traditional educational resources are as necessary as they are helpful and worth the commitment they require.

There are excellent programs around that help young inheritors find purpose, meaning and joy as they navigate the complexities and opportunities of wealth. The goal is for them to gain a positive and empowered view of their role in relation to the family wealth. Rather than seeing themselves as heirs and consumers, they can become stewards and active partners.

Consider This: Does your family have/use any programs (formal or informal) for educating the rising generation? Can you answer the question “are we rich”? Have you had family discussions (formal or informal) about the what wealth means to different family members?

Original articles: https://www.dailyadvent.com/news/f9f84f5b7a4e8bef93a144d6864e89ff-Our-Childrens-Heritage-Power-Health-or-Family-Education, https://entrepreneurship.babson.edu/5-things-joining-family-business/, https://www.businessdailyafrica.com/lifestyle/pfinance/Three-pillars-that-hold-family-wealth/4258410-5623128-12kv2o5/index.html, http://www.campdenfb.com/article/when-should-next-gens-learn-about-family-wealth-and-responsibility, https://www.forbes.com/sites/dennisjaffe/2020/04/15/how-wealthy-families-develop-new-family-leaders-a-program-that-empowers-next-generation-stewards/#2baf14726095, https://www.thenational.ae/business/money/how-wealthy-parents-can-teach-their-children-about-money-1.972725

Actionable Generational Wealth Succession

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

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Family Business Conflict Resolution

February 9, 2023 davidwerdigertransitionsLeave a comment

Family business conflict is often over long-standing concerns relating to roles and contributions to the company as well as family issues like rivalry and jealousy, and can simmer just below the surface for decades. Nothing can undermine a successful family business faster than an unresolved conflict among its owners.

One thing that distinguishes conflict in family businesses is that the owners make the rules and therefore can also break them.

Family squabbles are usually highly subjective, irrational and overly emotional. It is difficult to be emotionally detached when family members are on the opposite side of a dispute.

Because for most people, conflict is uncomfortable, families have a tendency to sweep them under the carpet rather than confront. Looming large is the rich history of other family arguments tearing successful businesses to pieces.

However, too little conflict can have an equally destructive impact. When the disagreement is too cold, there is quiet seething and avoidance rather than addressing the issues head on. Family members stick to light conversations and ignore the elephant in the room. They do not have the ability to maintain healthy debate and discussion over important issues.

What to do?

* Having more intimate financial discussions can actually bring your family closer

* Encourage family members to share their expectations and perspectives so that they have a collective understanding regarding the intergenerational transitions

* Clearly define management responsibility as separate and distinct from the ownership structure of the company.

* Put policies in place before they become personal issues.

Consider This: Thinking about your own family … What are the simmering issues that are never discussed? What is the reaction when they are raised (if they are raised)? How do these elephants in the room impact the ability of the business to move forward and grow, and impact family relationships?

Original articles: https://www.campdenfb.com/article/finding-goldilocks-zone-conflict-family-business, https://www.cnbc.com/2020/11/13/how-to-navigate-uncomfortable-money-matters-with-your-family.html, https://www.denverpost.com/2020/11/22/gary-miller-when-should-you-fire-your-kid-from-the-family-business/, https://www.ftadviser.com/pensions/2020/12/10/how-to-manage-conflict-over-asset-distribution/, https://finance.yahoo.com/news/intergenerational-conflict-is-getting-worse-deutsche-bank-analysts-warn-200542605.html, https://www.jdsupra.com/legalnews/ten-tips-for-avoiding-litigation-tip-2-47096/, https://www.forbes.com/sites/forbescoachescouncil/2020/02/19/when-youre-in-business-with-family-three-critical-considerations/#4b88c86e24d1

Actionable Generational Wealth Succession

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

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Wealth Transition Strategies

February 6, 2023 davidwerdigertransitionsLeave a comment

A successful wealth transition means the family stays intact and they maintain control of the assets. Ideally, you’d like both. Some families can only achieve one, and some end up with neither.

People often setup their estate plan so that it will avoid tax and preserve wealth, but they’re really not paying attention to the impact of their plan on the next generation. The biggest risk to their assets is not the market or the business or even the competence of the people they have supporting them. It’s actually the people sitting around the dinner table. If they can’t function as a family, then it may end up losing both the family relationships and the family wealth.

Give with a warm heart or a cold hand? It’s a parent’s prerogative on how they plan to spend and gift their wealth. However, with people living longer and a lack of planning around proper wealth transfer, many people are receiving their inheritance at the wrong time in their life. One benefit to beginning the gifting process early is being alive to see how your children benefit. You can watch and support/advise (you may want to ‘advise’, but your children may want and need your ‘support’) them on taking risks, making key purchases and enriching their lives

Poor communication is the cause of most failed succession plans. Despite death being one of the few certainties in life, it’s amazing how difficult some people find it to talk about it. Being transparent and open about money with your family and the responsibilities it conveys can be a valuable education piece for your children.

Families don’t just inherit wealth, they inherit the same patterns. It’s also important to be aware of the patterns (positive and negative), and whether they are helping or hindering family members.

Consider This: Is your wealth transition plan ‘just’ an estate plan? What is more important (if you could only have one): being a family or a group of co-owners? How much do you ‘invest’ (with a long term outlook) in each of those?

Original articles: https://www.fool.com/investing/2020/08/21/how-you-can-ensure-next-gen-is-ready-for-wealth-tr/, https://www.wealthprofessional.ca/news/industry-news/what-do-the-wealthy-worry-about/333641, https://www.bloombergquint.com/gadfly/parents-shouldn-t-wait-to-pass-down-wealth-to-children, https://cyprus-mail.com/2020/10/04/perils-of-wealth-transfer-to-children/, https://www.forbes.com/sites/forbesfinancecouncil/2020/10/30/dont-overlook-these-two-pieces-of-your-wealth-transfer-strategy/?sh=4d49333c397f, https://www.moneymarketing.co.uk/opinion/we-must-get-comfortable-talking-about-death/, https://www.financialexpress.com/money/succession-planning-for-family-business-patriarchs-must-transform-from-leaders-to-mentors/2114781/

[reprinted with permission] full article repost

Actionable Generational Wealth Succession

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

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source https://davidwerdiger.com/2023/02/successful-wealth-transition-2/

COVID Challenges & Opportunities

February 2, 2023 davidwerdigertransitionsLeave a comment

[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:

#familyoffice #wealthmanagement #conflictresolution #strategicmanagement

#nextgensuccession #intergenerationalwealth #governance #leadershipdevelopment
#entrepreneurship

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

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Gender Equity in Family Wealth

January 31, 2023 davidwerdigertransitionsLeave a comment

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

#familyoffice #wealthmanagement #conflictresolution #strategicmanagement

#nextgensuccession #intergenerationalwealth #governance #leadershipdevelopment
#entrepreneurship

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source https://davidwerdiger.com/2023/01/gender-diversity-in-family-wealth-2/

Raising Heirs

January 26, 2023 davidwerdigertransitionsLeave a comment

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:

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

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Family Philanthropy

January 25, 2023 davidwerdigertransitionsLeave a comment

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:

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

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source https://davidwerdiger.com/2023/01/family-philanthropy-2/

Family Business Challenges

January 19, 2023 davidwerdigertransitionsLeave a comment

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:

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

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source https://davidwerdiger.com/2023/01/family-business-challenges-2/

Family Business Governance

January 16, 2023 davidwerdigertransitionsLeave a comment

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:

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

The post Family Business Governance appeared first on David Werdiger.

source https://davidwerdiger.com/2023/01/family-business-governance/