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

Preparing NextGen Custodians of Significant Wealth

There are a lot of things families can do to make sure their kids are ready to inherit or work for the family business.

Parents may be worried that their kids will be spoiled or entitled, and they may be uncomfortable talking about things like wills and trusts before their kids are old enough to understand what they're talking about. When children aren't taught about how to be good custodians of big money, it's not in their best interest.

In addition to having an estate plan, parents should teach their kids about money and teach them how to talk about money honestly and openly.

Where there is a running business, it's important to use best practices in talent management and look for and train future leaders to become leaders. They play a role, but the majority of leaders are made, not born. Developing the personality of the rising generation is very important. This helps them become more unique and make an active choice to join the family business, rather than doing so out of a sense of duty. When it comes to the family business, it's important to note that the number of women-led businesses has risen by 58% since 2007. Sons and daughters should be a part of the same conversations and be involved in all discussions about the family business.

Take a look at this. Have you thought about how to teach your kids about money? Does your family have money and a business? You have to think about what the kids want when you think about these things.

Are you looking for advice on how to make your family business in Singapore operate better? David Werdiger is the number one choice when it comes to Singapore family owned business protocol help. Mr. Werdiger is helping hundreds of family owned businesses pass the torch using his famous Singapore 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/2021/12/nextgen-wealth/