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The Paradox of Choice: How Wealth and Opportunity Can Empower or Stifle Potential in Families
The Paradox of Choice: How Wealth and Opportunity Can Empower or Stifle Potential in Families Wealth Integration™: Making Wealth and Opportunity Work for Enterprising Families By Doug Baumoel The book The Paradox of Choice, written by Barry Schwartz and first published in 2004, posits that people, in general, suffer a loss of happiness because we have too much choice in everything we buy, do, and experience. We’re obsessed with choice—that’s why we have scores of different pasta sauces on supermarket shelves. One would think that having choices would enable us to maximize our happiness by finding the one option [...]
Helping Inheritors Navigate, Understand the Complexities of Wealth
Helping Inheritors Navigate, Understand the Complexities of Wealth Six ways the rising generation can productively integrate wealth into their lives Byline: Sarah Schlesinger Estimated read time: ~4-5 minutes Having worked with affluent families for over 20 years, when I ask them what keeps them up most nights, roughly 90% of them respond with fear surrounding raising their children in a wealthy environment. Many of these parents didn’t grow up with wealth, while those who did regret that not enough attention was paid to the experience of inheritance and its challenges, rather than the obvious benefits and responsibilities. Wealth inheritors [...]
8 Ways to Manage Sibling Wealth Disparity this Holiday Season
8 Ways to Manage Sibling Wealth Disparity this Holiday Season The holidays can be the best time to address ill feelings triggered by gift-giving Byline: Blair Trippe and Doug Baumoel Estimated read time: ~4 minutes The holiday season is upon us and, for many families, this time of year can bring a multitude of issues to the surface. One such issue, sibling wealth disparity, (re)emerges when it comes to gift-giving. Money and items gifted by siblings may not be of equal value due to their wealth disparity, and this can wreak havoc and cause conflict among families. In order to maintain [...]
Turkey Talk: Discussing Family Business Issues at Holiday Get-Togethers
Turkey Talk: Discussing Family Business Issues at Holiday Get-Togethers How to handle family business conflicts, decisions, and discussions around the holiday dinner table Byline: Blair Trippe Estimated read time: ~2-3 minutes We’ve all seen the pictures—a happy family gathered around the dining table as dad carves the perfectly cooked turkey while the children play and share their toys in an impeccable home. These television and movie scenes depict families enjoying the holidays filled with laughter and joy. But for many of us, especially for some working in a family business, these images are as elusive as that winning lottery ticket. [...]
The Real Purpose of Family Enterprise Governance: Developing the “Four Capitals”
The Real Purpose of Family Enterprise Governance: Developing the “Four Capitals” Nurturing the four types of capital to maximize the potential of your enterprising family. Byline: Doug Baumoel Estimated read time: 3 mins In this commentary, we explore the four types of capital—financial, human, spiritual, and social, and the family enterprise governance system’s crucial role in promoting each of these for the benefit of the family. Family enterprise governance systems may look different for different families. For some families, governance is a highly structured system of a family council, family office board, and a family business board; all connected [...]
What’s Considered ‘Fair’ in Family Business?
What’s Considered ‘Fair’ in Family Business? 4 things to consider when seeking outcomes that are acceptable to all stakeholders Byline: Rikk Larsen Read time: 4 minutes The question of what is fair has perplexed many family business owners, and their search for fairness often results in conflict. Why? Because when it comes to the search for fairness—there is no single answer. The term ‘fairness’ can have different meanings. In business, fairness is based on merit—the more you produce, the more you should earn; when it comes to ownership, fairness is proportional—the more you own, the more benefit of control and [...]
Managing Disputes and Avoiding Conflict in a Family Enterprise
Managing Disputes and Avoiding Conflict in a Family Enterprise Using COVID-19 vaccination disagreements to highlight dispute resolution approaches Byline: Rikk Larsen Read time: 3-4 minutes As COVID-19 vaccinations continue to roll out across the country, most companies are beginning to develop protocols for returning to work in person. While for many this is great news, this can be particularly challenging for family businesses with family members and non-family employees who have conflicting perspectives on the concept of vaccines. This blog will highlight methods family businesses can use to manage disputes regarding the vaccine and what to do if there’s an [...]
Webinar Recording: Understanding and Managing Conflict in Family Enterprises
In this video, Continuity Founding Partner Doug Baumoel shares 5 foundational concepts to help viewers better understand and manage the unique type of conflict that happens when families work and own together. This recent event was hosted by the Smith Family Business Initiative at Cornell University. Watch this video and you’ll learn: The reasons that underline all conflict Triggers that activate conflict How to manage and avoid it Other Resources Conflict Management Services Mediation Services This video content is hosted by the Smith Family Business Initiative at Cornell University. Clicking will open a new tab in your [...]
Are you still the right owner for your business?
Are you still the right owner for your business? We highlight the top 5 ways your business is telling you it may need new ownership Byline: Doug Baumoel Read time: 5-6 minutes This past year has been a wake-up call for a lot of business owners. COVID-19 has shifted priorities and forced owners to take a step back and re-evaluate what they want for themselves, their family, and their business. Family businesses often take their ownership as a given and rarely ask the question, “are we (still) the right owner(s) for our business?” If you listen, your business will often [...]
Marital Mediation: What is it and How Can Couples Benefit?
Marital Mediation: What is it and How Can Couples Benefit How marital mediation differs from marital therapy, four ways marital mediation can benefit couples, and how advisors can help married clients in conflict Byline: Blair Trippe & Doug Baumoel Estimated read time: ~5 minutes It should come as no surprise that after spending almost a year in quarantine and isolation, the COVID-19 pandemic has put a lot of marriages to the test. For couples wanting to improve their relationship and want some outside assistance, there are two fundamental options available, marital therapy and marital mediation. Each option serves a different [...]