Mentoring Key to Smooth Succession Plan of Family Businesses I Australia I Familosophy

Getting the Next Generation ready for the world they will live in

People, where are you going? The Greek philosopher Plutarch asked. When you do everything you can to get money, but don't think about your kids, who will get it when you die?

A rising generation should have enough time to learn and prepare if they are going to be in charge of the family money. To avoid raising a bunch of "trust fund kids," the family needs to be very clear about what they want and spend a lot of time and money to make sure that happens.

You could say this too early, and it could set too high of a bar. A lot of people think that rising generations should learn about their family's money at a young age and get education and training on how to manage and grow it.

be able to:

This means that they should have a clear picture of themselves and their own goals, as well as the skills to effectively communicate them to others.

• Take the time to learn about the history and values of the family and business.

In addition to having a strong family identity and long-term relationships with your parents, you should also have a healthy and unique identity.

Non-traditional educational resources are as important as they are useful and worth the time and effort they take.

There are a lot of great programs out there that help young inheritors find purpose, meaning, and joy as they deal with the challenges and opportunities of having a lot of money. So that they have a positive and empowered view of how they can help the family with their money. To be more than heirs and consumers, they can become stewards and active partners.

Take a look at this: If so, what kind of programs does your family use to teach the next generation? No, I can't. If so, have you had formal or informal talks with your family about what wealth means to each person in your family?

Are you looking for advice on how to make your family business in Australia operate better? David Werdiger is the number one choice when it comes to Australia family owned business protocol help. Mr. Werdiger is helping hundreds of family owned businesses pass the torch using his famous Australia Familosophy techniques

His market is two-fold:

Scenario #1: The older generation wanting to work with the younger generation, bring them into the company, teach them how to run things, and then retire from the office, but not the income

Scenario #2: The younger generation wanting to jump into the family business, but to be able to contribute and be heard, and not having to “wait their turn” before they can begin to help run the business.

Visit David’s Website at: https://davidwerdiger.com/ or his GMB site at:  https://goo.gl/maps/YiKUeBhXzapPAYyP6

SOURCE: https://davidwerdiger.com/2021/02/educating-the-rising-generation/