Wealth and entitlement

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 »

LeBron, Wealth and Friendship

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

In the movie Trainwreck, Lebron James (playing himself) and Bill Hader (playing Dr. Aaron Conners) are in a scene having lunch together. When the check comes, Lebron suggests they split the check according to what they each ate. Aaron is shocked that LeBron James, a rich and wealthy basketballer, will not simply pick it up. LeBron’s response, “It is better for our friendship…Equals forever.” Watch the scene for yourself (only 50 seconds). While the movie is an Amy Schumer-written comedy, it hits on a serious point for wealth Read more »

NHL Hockey and Family Business Leadership

October 26, 2021Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

If you know me or have followed this blog for any amount of time, you’ll know I like to make parallels between family business and pro hockey and rock bands. Both have similarities to families and, I’d make the case, ARE families when at their best. Is blood connection necessary to be a family? FAMILY BEYOND BLOOD For most of history, family was primarily defined by blood connections. In more recent times, family has taken on a broader 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 »

Sharp Knives & Fire

October 26, 2018Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

My friend and colleague Pierre duPont, Partner at HPM Partners in New York City, recently wrote a great piece entitled, “Raising Children Into Wealth – Hungry, Productive and Compassionate.” I hope you will read it. One of his points really resonated with me and brought to mind the work I do coaching parents with significant wealth and working with them and their kids together: “…show your children that life is not about the things in it but about the people in it and the individual moments lived and shared. Money can sometimes enhance those, but Read more »

Wealth, Privilege & Leadership

September 12, 2018Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

Last month, Sam Walker, writing in The Wall Street Journal , took on the issue of privilege in the context of Brett Kavanaugh’s testimony on Capitol Hill. I am not going to offer my opinions here about Kavanaugh and the hearings; Walker did not either. What Walker did address is the issue of how growing up in an affluent and “rarefied upbringing” might affect perceptions of leaders and how well they actually lead, especially when leading diverse teams. Walker makes an interesting point about the unfair advantages children Read more »

Start Younger Than You Think

October 20, 2017Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

Many years ago (and unfortunately still to some degree today) heirs had to wait for someone to die before finding out what they would inherit, with whom they would own a business or other assets, and what role they would be expected to play. This often happened with little teaching and development to lay a healthy foundation for this intense experience and how to manage the technical, emotional and relational effects. Also, often lacking are conversations with the inheritor(s) to Read more »

The Power of Failure (Patti Smith and Adele)

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

If you’ve been reading my blog over time, you’ll know that I like to relate my posts to famous musicians. Keep reading to see how Patti Smith and Adele fit into this month’s post. I work with families that want their wealth to serve current and future generations in healthy and productive ways. Some family clients have active operating businesses and others have legacy wealth and in both cases the assets are often complex. Regardless of the form the wealth Read more »

Equal or Fair: Part III

October 24, 2016Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

A recurring and extremely useful conversation I facilitate with the financially fortunate families I work with centers on the concepts of “equal” and “fair.” Earlier blogs addressed the interplay of these concepts in July 2011 and September 2011 and I share a more personal experience about them in this column. Recently, I had a conversation with my mom that exemplifies the need for families to discuss these ideas and the positive outcomes possible. I share the conversation with permission of my mom, dad and Read more »

Best of Intentions

August 29, 2016Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

Most parents have the best of intentions when it comes to their kids – yet some of the things parents do with a good heart backfire. I’ve seen well-intentioned parents buy new and expensive cars for their kids upon getting a driver’s license. They do it out of love, generosity, or sometimes a desire for the child to have things the parent never had or had to work very hard to obtain. Sometimes this works out well and sometimes it Read more »