I am writing to offer enterprising families a great opportunity for learning and development. The Family Firm Institute (“FFI”) is a professional association for educators, researchers, consultants and allied professionals serving family businesses and wealthy families. In a nutshell, families sharing ownership, management and leadership of shared assets across generations. FFI has study groups around the country and I am part of an active and vibrant group which alternates meeting between Philly and Princeton. Recently we decided to try something new and we invited a Read more »
Multi-generational stewardship
Family Business in Flight
I was recently flying with my wife and we were discussing how hard the flight attendants worked and how rude some passengers on flights can be. I worked as a waiter in college and grad school which has much of the stress of being a flight attendant with much more space to move around easily in order to get the job done and also to escape rude people! The kitchen can be a safe haven (unless the chef is in Read more »
Raising a One Year-Old Millionaire
In my work with enterprising families I spend a lot of time with parents who are concerned about how their financial success will affect their children. Almost universally there is concern about children being negatively affected, becoming spoiled, unmotivated, feeling an unhealthy sense of entitlement to the wealth their parents (or family members even before parents) have created without having to earn it. There is a lot these parents can do to have a powerful, positive impact – starting when Read more »
Don’t Miss Out On Early Chances To Engage Kids
Please take a look at my article in Family Business Magazine about engaging children early in discussions about family business/family wealth. Over the years in my clinical work as a family therapist working with parents and kids around tough issues such as death, illness in a family member and divorce, to name a few, I’ve come to realize that any topic can be discussed with even very young children if approached in a developmentally appropriate manner. Wealth is no exception. I hope you’ll take the Read more »
Thanksgiving, Family Legacy and Gratitude (Year-Round)
About twenty years ago my grandfather was ninety and I had never heard the full story of how he came to the U.S. My dad had told me some of the saga but he did not know the whole story. I let my parents know how much hearing the full story from Grandpa’s mouth meant to me and we took a plane to West Palm Beach (no big surprise on that location for a former NY Jew) with video camera Read more »
Snow Shoveling & Leadership Development
Winter is approaching and snow will soon be upon us. Last winter my 15-year-old son Jeremy was feeling industrious and decided to make some money shoveling in the neighborhood. We have him pay for his iPhone and the monthly data charges so cash is essential – a great way to combat entitlement and help him understand the value of a buck. I watched out the window as he and his slight and not-so-athletic buddy headed out in over a foot Read more »
Walk The Walk
Just a quick post this month to share a NY Times Article about the Rockefeller family. Through its Rockefeller Brothers Fund they are joining the divestment movement to sell investments tied to fossil fuels and invest in cleaner alternatives. Whatever your personal beliefs may be when it comes to fossil fuels and global warming, the Rockefellers, through this move, are voting with their feet – behaving in a way consistent with their values even if it comes with financial cost. Similarly, in my Read more »
The Emperor is Naked!
In Hans Christian Anderson’s classic, “The Emperor’s New Clothes,” a couple of shady tailors convince the king that they can make him the finest clothes and that those who are unfit for their positions, stupid, or incompetent will not be able to see the clothes at all. They pretend to dress the king in these “invisible” clothes and he pretends to see them as he surely does not want to seem an unfit ruler. In his parade he marches naked Read more »
If You Are Not Falling, You Are Not Trying
I have been coaching youth sports for many years and ice hockey is my favorite. Currently I am working with eleven- and twelve-year-olds. During practice while teaching the players skating techniques, they inevitably make it a point to avoid falling. They try so hard to stay upright. This might seem logical and even desirable considering you can’t play hockey well if you’re always falling during a game. This logic misses the point. The only way to truly improve is to Read more »