Webinar Recording: Understanding and Managing Conflict in Family Enterprises
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.
Okay. Good.No. Okay.Good afternoon, everyone. It’s two o’clock.We’re going to go ahead and get started.Welcome to valuable veins.It’s points.My name is Erin Kelly. I’m the Assistant Director with methrough snapping business initiativeat Cornell University.We’re here today with Doug ML under a continuityLLC to just deconstructing conflict,understanding family business, shared wealth and power.Before we get started, just a coupleof housekeeping reminders wereseveral feet together today foran hour and a half, presentation Guinea.And we’ll be going into breakout groups.Our opportunities, I’m free to free 30.Today’s session is being recorded and will beemails you to the address provided during registration.And is this initial piece ofthe presentation and notwhat is discussed in breakout spaces.Just to be clear, a few reminders that happened.Just not allow virtual background.So please plan accordinglywherever you go live with your video.Please use Google Chrome or Mozilla Firefox ona desktop or a laptop as streaming via phone or tablet.Not recommend it will be including a survey link,but today’s recording an e-mail andwe encourage you to share your feedback aboutthe experience along with any ideasfor topics that you’d like to see this series and S4.And so with that, I’m going to turnit over to our initiativeor Initiative Coordinator and invarianceto talk to you a little bit abouthow we’re going to navigatetoday’s program with any happens phase. Thanks, Erin.So on the left-hand side of your screen you’llsee all of the four different icons.So we’ll ask participantsafter this initial speaker stage portionto navigate to the group discussions iconon the left-hand side of the screen.And once you’re there, you will see your assigned room.Topics for the day,which will make more sense in a little bit.Opposing goals, family factors isturbulent essay andcompatible views or disrespected power.The case study for your group to discuss islocated at the bottom of the breakout rooms screen.And also the link is in the chat for your convenience.We ask that you keep your video and audioturned off in the breakout groups until you’vefinished reading the case as this willshow the other participantsthat you are ready for discussion.If you have any technical issues,please navigate to the help desk room,which is also located under the group discussions icon.And I’m happy to assist.And that’s that they give.Awesome.Thanks, Anna, Thanks Erin and welcome allto this edition of valuable vantage points,deconstructing conflict, understanding family,business, shared wealth and values.We are glad to welcome Doug bowel here today,Doug is one of our SmithFamily Initiative fellows and he isalso a 970 eight alum of Cornell.He’s been very active withthe Smith family business initiativesince its inception in 2014.He’s also the founder of continuity, LLC.And a second was in a family business,was the second generation of that family business.So he brings a lot of his own experience to bear here.We’ve been experimenting with this format using hop in.It is very interactive and the goal oftoday’s presentation is that it’s,it’s a mix of content, conversation and collaboration.So after we hear from dog,we will go into those breakout roomsto give you a chance to talk more personally,one-on-one and, and applysomewhat with dog is sharing here today.And then we’ll come back together at the end.For those who want to stay on at the three o’clock hour,we’ll have some great networkingand just casual conversation.So with that, I’m going to turn it over to Doug.I know he has a lot to share.This is a topic that is relevantreally to anyone in a family asconflict is really a partof all relationships at some level.I think the framework that dog is going to offer heretoday is applicable whetheryou’re in a family business or not,are working with family businesses.So Doug, good to see youtonight and thank you for newly Dan.Great. Well, thanks for having meand speak with everybody today,Dan and thanks toHannah and Aaron for the logistics help.Let’s see, I’m going to sharemy screen happen is new for me.So let me make sure I can do this right.Let’s see. Share. How’s that going? Does that work?Yeah, it’s okay.Okay. Great. All right.So as then mentioned,my firm continuity family business consultingspecializes in sorry.And I can advance the slides.Okay. We specialize in helping familiesmanage conflict when owning andmanaging businesses together or other significant assets.We work with families inthe most extreme type ofconflicts, even active litigation.So today I’m going to share with you someof our thinking around conflict.How to approach managing is very,very unique type of conflict.And my goal is really to give youall a new language to talk about differences.As well as a framework to help you better understand,avoid, and manage conflict for yourselves.If you’re an enterprising family and havea family business orfor your clients if you’re an advisor.So I wanted to begin byfirst distinguishing family business conflictfrom other types of conflict.And we’ll do this by answering three questions.And do I am able to advance the slides?Let’s say. Yes I am.All right. So the three questions are,why is conflict and enterprising families so common?Why is it so extreme and why is it so intractable?We’ll start with, why is it so commonto see the image like weeds,they pop up all the time.So the reason whyconflict and family businesses so complex is sorry,is so common, is because we like to thinkof family enterprise likea very complex machine witha lot of interconnected moving parts.Each of these parts work together toform this interdependent system.And in any complex interdependent system,things can go wrong.And when things go wrong.In family business systems,it shows up as conflict.So take a moment to think aboutall the ways that family members areinterdependent when they shareasset to work together and their family business.And how that contraststwo unrelated parties that may work together as well.Unrelated coworkers are typicallyinterdependent and professionally.They compete for promotions,they compete for bonuses.They thrive together when the business succeed, succeeds.Maybe they’re socially independent as well.They go out for after work for happy hour,or they plan the company softball team.So there are levels of complexionthat go beyond the business,but they’re still limited.Compare that to one family members work together.They’re interdependent and all of these ways for sure,but add to thisall these other levelsof interconnectedness and interdependence.They’re connected by contracts,deep history, genetically by blood, generationally.They’re economically connected ata very deep level as well.They’re connected and interdependent reputationally.And of course, emotionally.I’m sure everybody in the room can,can add to this list as well.And with so many levelsof connection and interdependence,there’s simply a higher likelihoodthat something will go wrong.Something in the system will get stuck, will break.And if you think about family businesses like this,like this interdependent, interconnected system.It sort of begs the question,is one way to manage conflict,to reduce these levels of interdependence?And the answer is, obviously, obviously yes.But we believe that the families whocall us for help or trying toimprove their situation withinthe existing interdependent system.Firing family members, selling businesses,cutting family members out of the family.Certainly that, that’ssort of a shortcut for managing conflict.But it’s rarely would family,families really want in their enterprise.Second question. When it happens,why is conflict so extreme in family enterprise?Well, there’s one main reason and that it’sa special kind of conflict thatwe call identity-based conflict.And identity-based conflicts arethe most extreme types of conflicts.Stakeholder roles and connections.And Dan mentioned, I grew up in a family business.I’m speaking firsthand.Stakeholder roles and connectionswith a family enterprise oftenform during childhood and become a part of who we are,how we see the world and how the world sees us.And your identity is made up of your beliefs,your desires, your purpose,your personality, your talents and knowledge,who you love, what you value.And often, what do you think is fair?Problems occur?So I don’t want to make sure that that’s clear.Identity-based conflicts.The your role in your family enterpriseis not just a job,it’s about who you are.And that could be in a family of wealth.It could be access to family wealth as well.And problems occur.When others see differently,then you see yourself.You see yourself as competent,even expert in certain areasand entitled not in a bad way,put entitled by promises made, efforts expended.You know, you worked in the business so long, et cetera.You went to the right schools,you got the degrees,and you may feel entitled, and again,and in the proper sense,to certain positions or benefits fromthe family business and others see differently.Well, that’s not going to cut it for you.When this is your identity on the line.And when that happens.Neurological implications. When you’re dead,identity is not acknowledged,was threatened by another.When somebody starts questioningyour role as the next-generation leader arepresumptive leader or your competencyin the workplace or your access,your legitimate access to,to wealth and decision-making.What happens is your amygdala getstriggered and that triggers your fight,flight or freeze response.Rational thinking is hijacked.Emotional thinking takes over.You feel unsafe.It shifts the focus on the past.It read triggers past hurtsand doubts and unresolved issues.And in this way, and this is really crucial.Conflict and family enterpriseis an identity-based conflicts.And there are other types of identity-based conflicts.So those are, for example,ethnic, religious, and political conflicts.So conflict in family enterpriseactually has more in common with ethnic,religious, and political conflicts,other types of identity-based conflicts than they do withsimple civil disputes that would happen atany company or between any unrelated parties.And the thing is,the thing about identity-based conflicts,the thing that makes it so extreme and soso difficult is that your identity is not negotiable.So when you think about mediation, for example,I’m a trained mediator and the skill setsin learning mediation or aregreat and they’re very useful.But the mediation process as a negotiation model.And if you’re trying to negotiateissues around and identity-based conflict,those conflicts tend to not be very negotiable.So mediation is very limited applicant appl applicabilityfor these types of conflicts.So let’s say, Well done.The next question. When family business conflict happens,why is it so intractable?Why is it so difficult to manage?There are a couple of reasons.The first reason is that,well, before I get to the reason,we make a strong distinction betweendisputes and systemic conflict.And it’s always a mistake to think ofconflict and family enterprise asa series of individual disputesand trying to address conflict,the systemic identity-based conflict sortof dispute by dispute,whack-a-mole style generally just makes matters worse.Conflict and family business needsto be addressed strategically, holistically.And that makes the job of managingconflict much more difficult.And again, this is why mediation is limited in these,these situations because and again,I say that is a trained mediator.Mediation is a dispute resolution process,not a systemic met conflict management process.Another reason is thatwhen it comes to family business conflict,it’s rarely between two people.Conflicts in a family businessmay start as a dispute between two people,but they quickly sort of metastasize.And what starts out between a pair ofpeople fighting over somethingwhich may actually look like a dispute.Quickly spreads out to engulf many people.And probably the most, sorry.And it quickly Muslims to occludemany people and multilateral conflicts.Conflicts with many different sidesare exponentially more difficult to manage.Simple to person a to party dispute.But probably the most important reason why COP,reason why conflict infamily businesses so difficult to manage isthat unlike other types of conflict,non-family conflicts, in a family business,the continuing relationships matter.And they have to be considered at every stage ofthe conflict management process.And when conflict occurs,stakeholders are actually trying tofind a solution to the substantive issues,but they’re trying to find solutions that willalso enable them to stay family.Because because of these identity issuesand the extreme nature of conflict,the solutions to the substantive issuesor are not easy to find.Instead, people stay in conflictsometimes for decades becausethe alternative of a family cutoff or leavingthe business and leavingyour identity that we talked about.Leaving that identity behind is,is really unimaginable and unacceptable.And another sort of insight that I’d like toshare is when families,when family members get into these extended long-term,as I said, decades.Long conflict.They’re not trying to destroy.In most cases, they’re not trying to destroy the other.You’re trying to save the other.And I think that’s a really important insight to bringwith you if you’re going to try andmanage a conflict like that.Each side in a,in a family business conflict thinks thatthey know what’s best for not only themselves,but they have a connection to that family,that shared family set of values.And they have that deep-seatedcommitment to the business.We’re not trying to destroy anything.You’re trying to save the business,course their own identity.The other most often as well.So these intractable decades long con,conflicts were tempers are flaring and emotions are high.Don’t make the mistake of thinking thatpeople actually are trying to destroy each other.They may be trying to save each other and that’san important perspective to bring.So we’ve talked about what makesconflict different conflict and family enterprisedifferent than common civil disputes.So now let’s try and break itdown and learn how to manage it.Now, Dan mentioned the bookthat this material is taken from,That’s our book, deconstructing conflict.And in the, inthat book we talk about 12 components of conflict.For today’s talk, we’re going to only talkabout five of those concepts.So let’s get to that.Sorry.Alright, so what feeds the flames of conflict?We’re going to do what we calldeconstructing what’s going on.Conflict can be broken down intothree reasons, three underlying reasons.People have opposing goals,not just different goals.Because that can’t happen together at the same time.You can’t both sell the business andkeep the business at the same time whereyou can’t provide normal distributions to owners.And also in grad,invest in new growth opportunities.And maybe not lever the company, whatever,whatever those goals and individualshave at their fighting overopposing goals are whenthose they’re not just Frank goals aregoals that can happen at the same time or simultaneously.The second reason is that stakeholders havedifferent values that can’t be accommodated easily.And those differences typically show up asrisk tolerance, work ethic.And as I mentioned before,beliefs about what is fair.And when shareholders ina family business work or own together,they bring a lot of baggagewith them that often gets in the way.And those are the historical impasses that are part ofevery family business stakeholders story.I’d like to ask you to think aboutanother conflict, any identity-based conflict.And try to think about applying these three.We’re underlying reasons to that conflict.So it might be a conflict,personal conflict you may have.It could be as an example,conflict in the Middle East arepolitical conflicts in our political discourse.Today. You’ll find thatif you break down what’sgoing on into these three reasons,you’ll get a lot of clarity about what’s really going on.And I’ll show you how we’re going to use these todetermine approaches to manage conflict in a minute.So these are the land minesthat families sort of tip toe around.Stakeholders in a family business,including non-family members.They know that there are these opposing goals,is incompatible values.This historical impasses isa little landmines that families tiptoe around.But this isn’t the recipe for active conflict.This isn’t why people fight.This is the recipe for what we callpassive conflict or the fear of conflict.This is why family members silo up.One sibling takes the back-office one,the production area, one,the sales area, things like that.And what’s going on there.It’s an artificial way.Remember one of the first things that distinguishesa family business conflictfrom other types of conflict isthis high degree of interdependence.So siloing up is a way to artificially reducethat interdependence and subsequentlyreduce opportunities for conflict.And that’s useful.But if you’ve ever worked with a company wherethe owners or the key managers are siloed up.There’s not a lot of cross talk.And that cross talk is whatreally makes businesses successful.So it’s not a great way to run a business,but it does keep conflict at bay for a while.But something is needed for active conflict tobe triggered for people to actually start fighting.And that trigger is when power is exerted fromone party or group over another ina way that the target of that power doesn’t respect,doesn’t feel, it, doesn’t feel, has moral authority.Or Let’s legitimate authority is arbitrary,is disproportionate, is misplaced.And it’s important to understand that ina family business system, everybody has power.Some have legitimate authority.Some had the power to punish.I think for those advisors out there,I’m sure many of you havea an experience where grandkids keep sorry.Children keep their keep the grandkids from the parents,from their grandparents as a lever,a way to get something right that they think was wrong.So everybody has the power,has some sort of power in the system,legitimate authority, the power to punish,the power to reward.And in the breakouts, I’m going to ask you tothink about the conflict that we’regoing to read through inthe case study and deconstruct it.And one of the things that the group that’s going to betalking about disrespected power is toidentify who holds power and how did they use it.And where is that power being disrespected in the system?The other groups will identify these other reasons.Where in the story ofthis family that you’ll read about in the case,where are there not only different goals,but were those goals in opposition where the valuesincompatible and what arethose historic impasses look like?And notice in this,in this analysis,you don’t seethe word misunderstandings and communication.And that’s purposeful conflict.The kind of conflict that we’re talking about is not asimple about simple misunderstandings.A simple misunderstanding canabsolutely be addressed by communication.But when real substantive,an identity-based differences exist andover-focus oncommunication can actually be counterproductive.To often I hear folks say it’s all about communication.And one of the takeaways I hope you bring fromthis conversation is that it’snot often all about communication.Can, good communication is always helpful.But in these types of conflicts, they are rarely.Good communication is rarelya sufficient approach to manage those conflicts.There’s a fifth component.So these are the, these are four ofthe core components of conflict.But there’s a fifth. And that’ssomething we call the family factor.And from my perspective,it’s one of the most urgent things weneed as a consulting firm to find out about a family.And I start listening for this the moment I pick upthe first phone call with a with a prospect.So read this question,read it a couple of times or so.Is the family bonds strongenough to leveraged compromise,forgiveness, and a commitment to change.Again, if you take anythingaway from today’s conversation,I hope this is one of the things that you remember.Because this is the source of resilience and families.And we, like we do with a lot ofour AR Analyses ofpretty much everything, we deconstruct it.So when we deconstruct the family factor,we think about shared history.Does this family that we’re going to beworking with or that just called,Do they have a meaningful shared history?It could be a terrible history, that could be fraud.But is it meaningful?It’s an important to people.If so, they have something tolose by not doing the hard work of trying to forge,compromise, forgiveness,and commit to the effort it takes to change.And we think about can we,we align some of that shared history?Can we create a shared narrative that honorsall parties and provides a foundation for the future.And on the other side, we think about,we deconstruct this family factorinto the second component which is shared vision.Does the family have a united,important shared vision of being family in the future?Or when the patriarchal matriarchpasses, we’ll family evaporate.If there’s a shared vision,a strong shared vision for being family in the future.Family has something togain by doing the hard work of compromise,forgiveness, and committing to change.And.We always ask, are they,are they willing to put in that effortto build that shared narrative,to restate, to recastthey’re difficult history with each other.Or to leverage that good history with each other and dothat hard work ofcommitment to change, forgiveness, and compromise.And are they willing to maybe they don’t havea strong vision for being family in the future.They don’t haven’t thought about it.But now that you’re working with them,or maybe it is your own family,you haven’t had those conversations.What this family, what does that family bond look like?What is family connection look like in the future?Because if you can buildsomething that’s meaningful for people,they have something to gain by doing the hard work.And all of this rests on a foundation of trust.People talk a lot about trust.We think of trust very,very differently than most people probably do.We look at trust as three different types of,there are three different types of trust.So the first type of trustmost people think about is affinity and affection.And the second type is feelingsafe when you’re being vulnerable.Now here’s the thing that happens when you’re engagedin extreme identity-based conflict,the kind of conflict that happens and family,families and family businesses.When you’re in conflict, people wantdifferent things and they generallystop getting along so well.So the, if you base your ofthinking about trust on affinity and affection,wanting the same thing and liking each other,that’s going to quickly go out the window.If you, again, if you feel ifyour definition of trustis feeling safe when you’re being vulnerable?Well, the fact is when you’re in conflict,family members can actually be the most cruel.They know how to push your buttons becausethey put them in there in the first place.So the key to building trust,real reliable trust, is a little bit different.We think it’s about predictability.And for those of you that knowabout Erik Erikson’s eight stages of development.The first stage is the trust stage.So this thinking of trust is not really new.And are thinking about trust isthat you can build predictability inthe organization and the processand knowing each other better.Understanding,having more clarity and how the system works,knowing each other better.Then you can start developing.Sorry.Then you can start developing the kind of trust that is,that you can build and that is really useful.So I’ll give you an example.I may be convinced thatmy brother and I want two different things.We don’t even like each other.So we don’t have affinity,we don’t have affection.I know that he can say the harshest things to me.But I also know him very well.And I know how the systemthe family business system works,and I know how the Trusts work,and I know how decisions are made.And we have a well built out family employment policyand there’s accountability built-in.I know how the system works.If that’s the case.I know my brother well,I know how the system works.I can then make decisions even in a conflictual situationbeyond my own personal interestsand for the sake of the family.If I don’t know my brother well.And for example, let’s say it’s a cousin thatI don’t I’ve never spent a lot of time with.I don’t know what makes that person tick.I don’t know them well, I don’t know how they’regonna react to behave.And let’s say I don’t know how the system really works.Ever read the trust. We don’thave a lot of process in place.We don’t have a lot of agreements in place.I’m going to revert to protecting myself.I’m not going to be able to think beyondthat to help manage what’s going on in the family.So that some veryimportant different way to look at trust.That’s the type of trust that can be built.So let’s talk about managing conflict.When most people think about managing conflict,they generally Think of using force or bargain,which force or bargaining whichare dispute resolution approaches.The problem with those two approachesis that you can’t force or bargain beliefs.For example, what is fair?You can’t force or bargain values.You can’t bargain with somebody to havea different work ethic orchange their risk tolerance, et cetera.You can bargain or for somebody like you.In other words, you can’t bargain with peopleto improve family relationships.And you can’t force or bargain history.You can’t get over grudgeslike that. They’ll still be there.And the issue with using force is that force,if you try to use force to manage conflict,the likelihood is that that force will bedisrespected and trigger further conflict.So I know nobody’s going to respectthe power that you bring in when you sue somebody.But he’s going to respect opposing counselor respect that you have brought that into the family.Even though on a variety of ways,thinking about the logical move,it will nevertheless trigger more conflict because it’s,it’s exerting force onother people in a way that will be disrespected.So power and bargaining only workfor maybe addressing some opposing goals,maybe the power balance sometimes,and maybe some behaviors.If work ethic is a problem,maybe you can bargain with some,stick, get them to show up on time.But you’re not going to changetheir underlying work ethic.And that’s the key. So bargaining andusing force have very little impacton what’s really going on andin family business conflict.Fortunately, there’s a third approach.And the third approach is what we call development.And when we think about development,we think about personal developmentand structural development.And then our thinking if,is, if stakeholders are better at their jobs,if they understand the system that connects them better,if they know their fellow stakeholders well,that’s that building trust, peace, that predictability.If the policies, agreements,structures that connect them are improved so thatthere’s sufficient, efficient and effective.Then we can start growing stakeholders outof conflict and help them avoid conflict in the future.And this is really an interdisciplinary process.So when we work with a family,our job is to identify those components of conflict.Think about what needs to be negotiated.Maybe there’s something around the edges thatcan tamped down the,the, the anger for the short-term.We have to be aware of who holds power and how they usepower and find out where it’s being disrespected.Maybe we can help people usethe power that they have in a better ways,that it is not disrespected.But once we deconstruct what’s goingon and we think about how can we develop the system?How can we grow those individuals, groups,and the organization out of conflict andprevent future conflict by development,structural and personal development.Because structural and personal developmentcan truly address all the reasons,the triggers, and the family factor.And typically what’s requiredis an interdisciplinary approach.Often when we get to this stage ofour work with the family, Our team expands.We start using collaborativeprofessionals that might haveneeded skills from therapy, two, valuations,whatever is needed, whatever informationor development is neededthat we that we’re not expert and we bring that in.So structural development can bedeveloping better governance onthe family side or the corporate side.Policies, procedures, accountability, oversight,assessments from the personal side assessments,coaching, career guidance.Also a forgiveness process.Forgiveness isn’t just something you do at something.It’s a process that two or more people have toengage in proactive way and with equal vigilance.And we often take people through that type of of process.It’s also about developing empathy.And I mentioned communication,improving communication skills,absolutely part of personal development.So breakout groups, are we doing on time?Yeah, I think we’re right on time. Thank stock.There’s a lot to talk about there,and I appreciate the framework.You’ve given us.Instructions from the breakout room.Sure. What each of you are going to do.There’s going to be five.I think there’s going to be fivebreakout that’s what we talked about.Five breakout groups and what and I’m gonna giveyou we’ve handed outa case and you’re going to be talking about that case.Now trying to dig into the details of the case andtry and solve the case or come up with strategies.Your job is very simple.You’re going to each be assigned one group,an opposing goals group,incompatible values group historical impasse group,disrespected power and family. Family factor group.And your job is to teaseout from the story that you’re going to read.Where are the opposing goals if you’re in that group?What are the incompatible valuesat play if you’re in that group?What history is getting in the way here?If you’re in that group and who holds power?If you’re in that group and how did they use power?And where is it being disrespected?And finally, those of you in the family factor group,to try and engage from what you’re reading.Is this a family that has a strong family factor,a weak family factor?And what?And then on the conflict management side,what can you do to improve things if you’re talkingabout if your group is opposing goals.Yeah, negotiation.You could do some negotiation around goals.What makes sense there?Some goals you can’t negotiate.What approachesstructural and personal development might you use?Where can you use force?Where would force be productive or necessary?And no matter what group you have,personal and structural development are really your best,best tools for making change in these families.So you’ll each be split up into your own groups.We’ll read the case for about,I don’t know, five minutes,three minutes, something like that.Again, you’re not going for great detail.You’re not solving the case here.Just teasing out those components.And then figuring outwhat approaches which makes sense to think abouttrying for those components ofconflict and only those the conflict,the cases and actual case thatnames have changed andsome of the circumstances have changed.But it’s a family business and manufacturingbusiness that the owners,the second-generation owners,have a lot of differences about.And they’re someone to sell.Some don’t want to sell.Everybody has a different history, different values.So I hope you enjoy reading the case.It’s a really deep case,but your job is very limited,so we only have a little bit of time, so go for it.All right.So take a few minutes, read the case.
Wealth of Wisdom: Top Practices for Wealthy Families and Their Advisors
by Tom McCullough, Keith Whitaker
Significant family wealth brings many opportunities and benefits. At the same time, enterprising families face considerable challenges as they attempt to navigate financial and estate planning, succession, developing rising generation talent, and more. It is important for high-net-worth families to find and employ proven methods to help protect and improve their resources and family relationships over time.
In Wealth of Wisdom: Top Practices for Wealthy Families and Their Advisors, veteran family wealth practitioners and advisors Tom McCullough and Keith Whitaker have collected practical and hands-on tools, exercises, and activities for wealthy family members and the practitioners who advise them. Contained in 62 stand-alone chapters, written by leading family wealth advisors, these concrete strategies are designed to help families thoughtfully plan for their future, invest wisely, raise the next generation of family leaders, share decision making, and effectively connect with communities through philanthropy.
In this book, you will find templates, tools, and exercises you can apply immediately in your advisory practice or in your own family to determine legacy, identify core values, understand family complexity, and explore individual histories with money. This book offers a single, definitive source of actionable solutions from over 70 leaders in the field of family wealth advising.
Wealth of Wisdom: Top Practices for Wealthy Families and Their Advisors is an indispensable guide for wealthy families and the family offices, advisors, consultants, lawyers and accountants who work with them to help them achieve their goals.
Protect and grow family wealth and relationships with concrete strategies for high-net-worth families and their advisors
Wealth of Wisdom: Top Practices for Wealthy Families and Their Advisors is a practical and hands-on toolkit containing exercises, techniques, templates, and strategies that can be immediately applied by wealthy families and their advisors to help protect and grow their financial resources and family relationships. The included tools encourage readers to think through and determine their highest priorities, plan thoughtfully for the future, invest their assets wisely, raise the next generation of family leaders, and more.
Exercises like the Family Self-Assessment Tool and the Family Money History Questionnaire reveal foundational and important truths about the structure and behavior of wealthy families, while techniques like the Core Values Exercise demonstrate where family priorities lie and how to make decisions as readers move into the future.
An indispensable guide for family office professionals and other practitioners who advise wealthy families as part of their practice—as well as members of high-net-worth families themselves—Wealth of Wisdom: Top Practices for Wealthy Families and Their Advisors is a one-stop, authoritative resource collected by two of the leading advisors and practitioners in family wealth today.
The authors have helped many such families who are in conflict around elder transitions and associated issues. They are “thought leaders” in the field of elder mediation and also bring decades of experience in the areas of education, finance, healthcare, social work, and estate settlement, as well as their own family experiences. By reading this step-by-step guide and practicing the techniques that they lay out for you, you will learn skills used by professionals. You will learn tools to help you stop having those circular arguments that go on interminably and get you nowhere.
Easy-to-read and filled with engaging examples, this guide can help you think like a mediator in order to become a better decision-maker, a more mindful negotiator, and a more effective communicator. It can help you to lead your own family members toward consensus around some of the most important decisions you will ever face together.
For some, family business is the best way to become wealthy, to cultivate human capacity, and to make an impact on the world. It can be incredibly satisfying, and at times, even fun to work with the ones whom you love the most. Rewarding, satisfying, and sometimes even fun. But not easy.
In Family Business Abundance you’ll be introduced to successful multigenerational families, and a comprehensive management system you can employ to strengthen your family and business. The system consists of three mindsets and three building blocks. It will serve as a guide for current leaders, for the people with you today, and for future leaders, yet unborn, who will carry on your mission with purpose and gratitude in their hearts.
Wealth of Wisdom: The Top 50 Questions Wealthy Families Ask
by Tom McCullough, Keith Whitaker
A critical resource for families managing significant wealth. Wealth of Wisdom offers essential guidance and tools to help high-net-worth families successfully manage significant wealth. By compiling the 50 most common questions surrounding protection and growth, this book provides a compendium of knowledge from experts around the globe and across disciplines, including contributions from Continuity’s own experts, Doug Baumoel and Blair Trippe.
Deep insight and thoughtful answers put an end to uncertainty, and help lay to rest the issues you have been wrestling with for years; by divulging central lessons and explaining practical actions you can take today, this book gives you the critical information you need to make more informed decisions about your financial legacy. Vital charts, graphics, questionnaires, worksheets and other tools help you get organised, develop a strategy and take real control of your family’s wealth, while case studies show how other families have handled the very dilemmas you may be facing today.
Managing significant wealth is a complex affair, and navigating the financial world at that level involves making decisions that can have major ramifications ― these are not decisions to make lightly. This book equips you to take positive action, be proactive and make the tough decisions to protect and grow your family’s wealth.
Ensure your personal and financial success and legacy
Access insight and data from leading experts
Adopt the most useful tools and strategies for wealth management
Learn how other families have successfully navigated common dilemmas
When your family’s wealth is at stake, knowledge is critical ― and uncertainty can be dangerous. Drawn from interactions with hundreds of wealthy individuals and families, Wealth of Wisdom provides a definitive resource of practical solutions from the world’s best financial minds.
Deconstructing Conflict looks at family business conflict, or conflict over shared wealth, as one example of a broader category of conflict: identity-based, systemic conflict among stakeholders who share important continuing relationships.
This acclaimed work draws upon nearly fifteen years of experience in which Baumoel and Trippe have helped scores of enterprising families navigate the challenges of owning and managing together as family.
Based upon their groundbreaking methodology known as “The Conflict Equation,” the book presents five foundational concepts to help readers deconstruct conflict into its component parts. It will help you understand the reasons that underlie all conflict, what triggers active conflict, and why conflict can be so extreme and intractable in family business systems.
This book will arm family business stakeholders and their advisors with the most cutting-edge thinking for achieving generational success in family enterprise.
With a Foreword by Tim Phillips – CEO and Co-Founder, Beyond Conflict.