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Covid-19, Brexit, Black Lives Matter, climate change and the threats to US democracy have created a once in a lifetime opportunity for family next generations to cultivate their “grit”, says a leading family clinical and consulting psychotherapist.
Most family fortunes were forged thanks to a founding entrepreneur and their successors who managed to uphold their legacy over the generations. The entrepreneurial tale of the founder is often passed down proudly from generation to generation. However, it is also common to see the successor generations concentrate so much on the core business that they sometimes lose the very entrepreneurial drive that gave rise to their family business in the first place.
Agnelli heir John Elkann in the driving seat of Stellantis, Samsung heir Lee Jae Yong sentenced to prison, Benjamin de Rothschild dies aged 57.
Choosing the right leader at the right time will be one of the most critical decisions you can make to secure the continued success of your business. Rarely has continuity and succession planning been more important, given the recent challenges faced by family businesses throughout the world.
Somewhere in a cupboard, I have a set of eight contract notes dated 8 January 1975, when I invested—upwards of £100 per holding!—in a range of UK equities. Reader, I called the bottom of the market—a dangerous thing for a young man to do.
Two brothers sharing ownership in a successful fourth-generation concrete business had a bitter falling-out triggered by an unlikely issue: a sailboat. The older sibling accused his younger brother of dipping into the company till to support his racing habit.
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