This may be a controversial blog post. However, something has to be said and we can begin to effect change, one child and one family at a time.
This is the amount of intergenerational wealth transfer that is estimated to transfer in North America in the next 30 years. Two concerns about this impending situation come to mind: a generation of entitlement is being bred and what can you do about this in your specific family. I strongly believe that each of us has the ability to control our own environment.
Your family. That is your world over which you can control how they think and react to your success. You have worked so responsibly and diligently in building your family business. Somehow, you have to help your children understand and more importantly appreciate the advantages that the business has brought to your family. Also, they need to know that the business is something that will one day be theirs and understand that hard work that it took to accomplish your family’s success.
Often, many children of family businesses only see the two components of your business: your extraordinary daily toil from long hours and the wealth that they are (having the privilege of) enjoying; And not see all of the hard work that went into building and operating your family business.
Entitlement. In order to have a successful succession, your children must begin to appreciate what they have and not take it for granted. This may not be an easy task, depending on how you have raised your children. You have to think about how you will raise the topic and start with baby steps. The best thing to do is …. Start the process.
Learn, think, apply!