Family Business Day to Day Operation Advice | Singapore | Familosophy

Conflict Resolution in Family Wealth

Because of their high public profiles, wealthy families' internal problems are frequently put on show in the media (and because people want to read about them). Outsiders may find it difficult to fathom their conflict: What are they fighting over? It seems as though there should be sufficient food for everyone.

Rich families do have the same problems as everyone else's: sibling rivalry, favoritism, jealously, power struggles, and the desire for one's own identity among other things. It's only in wealthy households that the battles may be waged with much greater vigor.

Spending money on a family issue will not solve it; it will only "kick the can down the road" or put it off. It's not always about the money, which doesn't bring people happiness by itself. When the underlying problems are resolved, money becomes less of a hassle.

Providing advice to a family business or working with a family to build a wealth transfer or business succession plan involves elements of both business consulting and counseling (often more of the latter)

Think of it like this: How often fights in your family appear to be over money, but are actually about something more fundamental?

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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.

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SOURCE: https://davidwerdiger.com/2021/09/conflict-resolution-family-wealth/