Next Gen Development

February 23, 2021Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

When does a family business become a family business? Answers vary but usually include something to the effect of two or more family members owning a majority and having significant strategic influence over the business. One of the most common seeds of a family business (FB) is sown when the founder of a business decides to include other family members in ownership and leadership, whether now or in the future. While the founder can engage cousins, a spouse or other Read more »

Ethical Wills – Share Your Love and Wisdom!

August 13, 2020Family Business Consulting, Family Wealth Consulting

Several years ago, I wrote about ethical wills. While they sound “legal”, they are not legal documents at all. An ethical will is a letter to children, grandchildren, really any loved ones, written to express wisdom, values, life lessons. It is a way to transfer non-financial/non-material wealth. Best shared when the writer is still alive, there can be invaluable interaction between the writer and recipients. I found the process of writing my own (shared in the blog several years ago) Read more »

Article with Merrill Center for Family Wealth

May 27, 2020Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

I consulted with a grandfather who achieved a high level of financial success (and also had a lot of emotional intelligence and love for his family) and with his daughter and her husband who have a two and a half year-old. The grandfather attended a workshop I gave about raising children in a family business/wealth context and thought his daughter and son-in-law would benefit from some ideas and coaching. The daughter said early on in the conversation more or less, Read more »

Raising Family Business Kids – Free Workshop

April 28, 2020Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

Hi Friends/Colleagues, I’m facilitating a free, virtual workshop about raising children in the context of a family business. The workshop is in coordination with NYCFEC (NY City Family Enterprise Center) and is intended for business families in the greater NYC area. Tuesday, May 5th, 2020 – 4 pm – 6 pm. Come as my guest for no fee using code – JS051 – at checkout. This is a small, personal and highly interactive workshop – learning and fun. Feel free to share this with anyone who Read more »

Kids and the Coronavirus Pandemic

April 18, 2020Family Business Consulting

Young children are so capable of understanding complex ideas and feelings if you communicate and interact on their level. Parents who haven’t taken the time or effort to properly introduce their children to the realities of the family business inadvertently sow the seeds for later problems. Many of the tragic situations I run into in the world of family businesses could have been managed and even prevented with some thoughtful parenting. One of my favorite speaking, writing, and coaching topics Read more »

Forever 21

February 23, 2020Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

Do Won Chang and Jin Sook Chang created the retail chain Forever 21 from nothing when they came to the U.S. from South Korea. They built it to revenues of more than $4B at its height and had 43,000 employees. Their daughters, Linda and Esther, both received Ivy-league educations and were given high-level executive positions. Mr. Chang was CEO dealing with real estate and vendors and Mrs. Chang was heading up design and merchandising. At the end of last year, Read more »

Rock ‘N Roll & Family Business (Neil Peart)

January 19, 2020Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

If you’ve read any of these posts over the years, you know I like to connect rock music and family business one way or another. Earlier this month elite rock drummer Neil Peart, of Rush fame, died. I’ve been a Rush fan since 1980 and have been mesmerized by the speed and complexity of Peart’s drumming and the deep, meaningful lyrics for which he was mainly responsible. Often known as “nerd rock” or “cerebral rock,” Rush quoted Shakespeare and Ayn Read more »

Jeff Interviewed by Jane Scaccetti

October 24, 2019Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

Jeff was interviewed by Jane Scaccetti of Drucker and Scaccetti – “The Tax Warriors .” Really more of a conversation between friends, sprinkled with great questions from attendees, they discussed wealth transfers within families. Please have a listen . Among the most significant insights for attendees was how early this process can begin and how little focus on “money” is necessary to set a solid foundation. As far as starting early, an example was given of how NOT to talk to a four-year-old about a family business (and how TO do Read more »

Upstate NY Family Business Day

August 25, 2019Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

My friend and colleague, Michael Palumbos of Family Wealth & Legacy, LLC , has founded the Upstate NY Family Business Group. The inaugural Upstate New York Family Business Day Symposium will take place September 24, 2019 in the greater Rochester, NY area. I’ll be giving an opening keynote entitled “Cracking the Family Business Code” in which I’ll address the opportunities and challenges of combining family and business. In addition, I will present my Metallica documentary-based session “What Your Family Business Can Learn from Metallica” in the afternoon, which is consistently my most highly rated session. Read more »

The Conversation

November 16, 2018Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

I recently received a referral from an attorney I’ve known for years. The referral was for a married couple who were both children of immigrants who valued education and had earned PhD degrees in science. They started a company that became wildly successful in terms of financial success and respect from colleagues and investors. The couple sold it for a large sum and when they decided to start another company, investors swooned and supplied cash. The couple had been having Read more »