People who have experienced a significant shift in their financial status upward, as opposed to people who were born after that shift, have very different attitudes toward money because they remember a time when their wealth wasn’t there.
It’s very important to bring up children to be aware of wealth, and the financial literacy to learn how to manage it on some scale, so that they are ready to manage the family assets in the future.
Often, people working in successful family businesses grapple with the intergenerational challenges of family and wealth.
Most businesses have a mix and diversity of people. In a family business, there are often different people from different generations with different positions and different levels of power, some born into it while others marry into it.
David Werdiger advises people to navigate through the presumptions and behaviors that drive a business through each generation. He helps circumvent the known issues that have devastating effects on the longevity of success.
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