Children and family business

The Quiet Part Out Loud??? – Part II

May 20, 2025Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

Last month, I shared three interactions with people I experienced, that were related to wealth in some way, and I asked readers to share their reactions. This month, I will share some of the feedback I received along with my thoughts. BOLD numbers indicate the situations I shared last month. Asterisks (***) indicate the additional feedback received and my thoughts. #1 – I’m at a NY Rangers hockey game at Madison Square Garden in New York City with my Read more »

Inheritor Bias

November 19, 2024Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

This article by Business News Daily quotes one study which found that 68% of ultra-high-net-worth individuals (UHNW = $30 million or more) were self-made. The article refers to a second study by Fidelity Investments which found that 88% of all millionaires are self-made. In these studies, “self-made” means the wealth was not inherited. While this article focuses on how the UHNW wealth creators tend to get and stay rich (and their characteristics), I’m viewing it through a different lens – the lens of bias against inheritors, Read more »

Fall on Your Sword

September 26, 2024Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

I speak regularly around the United States on the topic of families and wealth. Areas of focus include developing communication, high-functioning family ownership groups, managing inevitable conflict, distinguishing between non-working family owners and family members who work in the business to grow it. I address reaching agreement on roles and responsibilities for each, developing governance to guide families across generations, and, the big one, developing the next generation. I have seen quite a bit when it comes to parents who Read more »

George Washington – Family Business

August 20, 2024Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

I have been addicted to reading biographies for several years. In previous centuries, letter writing was so pervasive that we can now peer into the lives of interesting characters of the past through their own words and the words of others. I find biographies to be full of life wisdom and am struck by how similar human societies can be over the centuries—for better and for worse. Many of the books I have read recently are filled with lessons for Read more »

Stewardship: How Young to Start?

May 14, 2024Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

I work with wealthy families, some very wealthy families, and even some uber-wealthy families, and the truth is that they want what poor, working class, and all families want: happy, healthy, and productive kids. One of the growing areas of my practice is coaching wealthy couples before they have kids and parents of very young children—babies and toddlers. I call my work with them the Purposeful Legacy Family Project . While I’ve always included teens and young adults in coaching and family retreats, I’m Read more »

Fairness, Once Again

March 25, 2024Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

“Once Again” is in the title here because I’ve already written several blog posts about fairness in the context of family; this is one of the repeating topics arising with the enterprising families I work with. It is understandable that families often ask me for the best way to be fair in their situation. It makes complete sense that they ask this. If there was a rule book or definitive guide, I’d share it freely. Of course, there is no Read more »

Mentor Or Tormentor???

September 19, 2023Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

I recently took on a new client, a family business going strong in the fourth generation. At our first meeting I asked the family (mom, dad, brother and sister) to tell me their story – always interesting. As they dug into the various perspectives they each held about the history of the family and the business, and there are always a variety of perspectives, the patriarch described his father and grandfather, both long gone. “I was looking for mentors but Read more »

Next Gen Pushback

July 22, 2023Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

“Pushing back” is one of the ways members of the next generation assert their independence and differentiate themselves from parents and other, older family members, and even the family system as a whole. Pushing back can be subtle, such as frequent polite disagreement, or it can be glaring, such as disregarding specific, important requests from parents. A natural part of growing up, resisting the control and authority of parents and other senior family members and caretakers is common in one Read more »

Talking to Young Kids About Family Wealth

April 23, 2023Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

You can talk to kids about family wealth without talking about money. You can talk about money without mentioning numbers. These principles are the essence of the philosophy I use when coaching parents of young children in financially wealthy families. I use the term “financial wealth” to refer to wealth based on money. There are other aspects of wealth – health, community, family relationships, social support — and it is important to recognize all kinds of wealth in Read more »

Family DYSFUNCTION

March 9, 2023Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

What is it about family dysfunction? The large majority of my job is facilitating, educating and coaching families who share ownership of businesses and legacy wealth to help them communicate well, manage conflict, create high-functioning, family-ownership teams and develop governance for decision making, sharing information and inclusion of subsequent generations. I also specialize in working with couples–pre-children or with very young children on how to set the stage for responsible, productive and values-based lives in the context of family financial Read more »

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