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 »

Mom’s Death Gift

February 21, 2024Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

First of all, my mom is still alive. She is wise, has a wicked sense of humor, and is always willing to talk about topics most people find challenging. All of this is a gift, in and of itself. Let my explain, then, why I am referring to this lesson as: Mom’s Death Gift. Death is a typically challenging topic of conversation. I see people avoiding death (thinking about it, planning for it, discussing it with others, even believing it 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 »

Warren Buffett and Raising Kids

June 17, 2023Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

My friend and colleague, Marvin Blum, is an estate planning attorney in Texas. He is a really good guy and has a wonderful and creative blog – The Family Legacy Planning Series . Marvin’s May 9th, 2023, post inspired the idea for this one. Warren Buffett is famous for saying “I want to leave my children enough so that they can do anything, but not so much that they can do nothing.” You may have heard this quote. At a Berkshire Hathaway Annual Meeting Marvin had the “ chutzpah 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 »

Money Tales – Next Generation

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

My son Jeremy recently did an interview for the Money Tale$ podcast with my friends and colleagues Sandi Bragar and Cammie Doder of Aspiriant . He had fun doing it and I could not be prouder. Here’s the backstory. Last July I was interviewed for the Money Tale$ podcast and had a great experience. At the end of my interview, they asked if I knew anyone who might be a good guest. I thought of my older son, Jeremy, and he went for it. Sandi and Cammie’s mission is to take the taboo out of talking about money, and Read more »

Christmas in August???

December 15, 2022Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

Friends, Clients and Colleagues, The Christmas season (and season for holidays of many traditions like Kwanzaa, Diwali, my own Hanukah, and others) is upon us and I have made a donation in honor of all of you to the Trenton Area Soup Kitchen (TASK). I appreciate you as part of my life in some way. Rather than cards or pies or other gifts (which are all really cool and appreciated by me when I receive them) I decided to write to you here and Read more »

In-Laws

November 8, 2022Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

In-laws. They marry into our families, and we marry into theirs. Immigrants from one family to another. If you’ve followed this blog for a while, or know me personally, you likely know that my family’s commercial printing business was sold long ago. But when I was in college, I had to decide to enter the family enterprise or go my own way, and I went my own way for several reasons. Top among these: knowing the best chance I had Read more »

St. Lucia Fam Biz Lessons

September 20, 2022Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

My wife and I went to St. Lucia the last week of August for an amazing getaway. The beauty is incredible – rainforests, aqua coves, wildlife above and below the sea. The people were just as incredible! Two experiences we had on our trip exemplify the best of family business and the immense challenges they face. Meno the Naturalist We had a private tour of the beach and forest at Anse Mamin. It was a “group” tour from our resort, Read more »