Coronavirus and Family Business

March 25, 2020Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

My family business clients all have various amounts of what every family has: closeness and harmony, as well as distance and conflict, to name a few elements. And, they share various levels of involvement in a business – leadership, management, ownership, or simply working there to see if that is what they want for the coming decades. Being tightly connected to family can put a smile on your face, or a pit in your stomach – and sometimes both. I 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 »

Thanksgiving in August???

November 26, 2019Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

Friends and Colleagues, The Thanksgiving/holiday season is upon us and I have made a donation in honor of all of you to the Trenton Area Soup Kitchen (TASK). Rather than cards or pies or gifts (which are all really cool) I decided to write to you here and send money to TASK to make an impact on the issue of hunger – an area important to me. I’ve been volunteering monthly for over 10 years at TASK and am always moved by how the 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 »

Jeff interviewed by Jane Beddall

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

Jane Beddall, my good friend and colleague, invited me to be interviewed for her podcast, “Crafting Solutions to Conflict.” You can CLICK HERE to listen to the interview. She and I have been members of a study group in New York City for many years. We present cases and support one another in the challenging profession of helping families work together productively across time and make generational transitions. I find the support of the group invaluable; the range of professional disciplines represented Read more »

Rock Bands and Family Business

May 20, 2019Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

I am a fan of rock music and family business. When I find ways to combine the two, I do so. One of my most popular and best-received workshops for business families and the advisors who serve them uses clips from the Metallica documentary “ Some Kind of Monster ” ( available on Netflix ) to demonstrate the challenges and opportunities of the interplay of family and business. While not blood-related, the Metallica band members exemplify family ties. The emotional intensity of family closeness and the economic, Read more »

A Candy Heir UPDATE

May 18, 2018Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

My June 2017 blog entitled A Candy Heir, the NHL and Next-Gen Passion, was based on a NY Times article about Nello Ferrara, heir to the Ferrara Candy Company (think Red Hots and Lemonheads among others). A few weeks after I posted the blog, I got an email from Nello himself. He came across the blog and it resonated with him; he asked if I’d like to call him and chat. We had a great conversation about family business and hockey (two serious interests of mine) and Read more »

NY City Family Enterprise Center (NYCFEC)

August 22, 2017Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

I’m excited to share a new family business educational program in the greater New York City area: New York City Family Enterprise Center ( NYCFEC ). This fall, NYCFEC will open its doors with the 2017 Family Business Day on Friday, September 15th. This will be followed by five, half-day, in-depth NYCFEC Elective courses and I’ll be starting off at the “very beginning” by presenting: Raising Family Business Children (0-14 years of age) . I’m a firm believer that it is never too early to develop your family with intention. If you are part of a family enterprise in Read more »

Metallica and Family Business

April 26, 2017Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

This coming weekend I’ll be attending the annual meeting of Psychodynamics of Family Business (PDFB) in Chicago. I’m very much looking forward to it and being with some great colleagues.  We come up with interesting and creative ways to put our minds together to improve how we help business families be successful with business and family alike. Most of the attendees have some kind of clinical background (e.g., clinical social work, psychology, family therapy) although a few come from law or other disciplines and have Read more »

Trusts Take Over the World

March 28, 2017Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

OK, “take over the world” may be a bit much. However, trusts are a very popular vehicle used more and more in estate planning for business families and legacy wealth families. And the downsides are often not discussed. On the benefits side of the equation when transferring assets through trusts are reducing estate and gift tax liabilities, creditor/lawsuit protection (future divorce is often cited), and determining when heirs get their inheritance, how much they get and for what purposes it Read more »