Bringing Children into the Family Business

February 19, 2014Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

One of the main ways that a single entrepreneur takes the first step toward a “Family Enterprise” is by involving the next generation: children. Often, this process is informal; summers and weekends turn into a full-time job after college or right after high school if college is not in the cards. There is, however, such a thing as being too informal about this transition, and it can and does lead to trouble down the road. Here are some suggestions for Read more »

Family Business: Efficient Machine or Social Welfare State?

January 16, 2014Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

Who would describe their family business as a social welfare state? Not many. Although I’ve been called by some families in tears, fearing this is exactly what they had created, it is certainly not the norm. However, upon a closer look many families may find they have traded business value for family involvement. While some families are sophisticated and have formal compensation policies for family members (in addition to other policies regarding how and if a family member earns the Read more »

Cupcakes, Family Wealth and the Power of Giving Back

December 10, 2013Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

Two years have passed since I have accompanied my synagogue’s social action group to the Trenton Area Soup Kitchen (TASK) in Trenton, NJ. I sent some donations since then but a highly prized personal value (and one that my wife and I have worked hard to instill in our children) is getting directly involved with causes that are important and meaningful to us (see also my November post ). I was falling short because I was “busy.”I was becoming the guy who Read more »

Instilling Values in Children

November 8, 2013Family Business Consulting, Family Wealth Consulting, Wealth Psychology Consulting

One of my strongest interests (personally and professionally) is about how values are instilled in children. While virtually all parents desire to hand down their deeply held values, the process for doing so, and its success or failure, has particular importance in wealthy families.  Many of them want to develop motivated young adults with strong character in the face of assets that can potentially dampen or even eliminate the need for work and independence. I am honored to have been Read more »

If You Are Not Falling, You Are Not Trying

September 19, 2013Family Business Consulting

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 »