STEWARDSHIP IN YOUR FAMILY ENTERPRISE

Developing Responsible Family Leadership Across Generations.

After a family has created wealth in a successful family business, they naturally want to see the wealth create success and fulfillment in the next generation, and the continuation of some form of shared family enterprise. But family relationships do not easily make for good business or financial partnerships, and the family must work hard to succeed over generations.

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WORKING WITH THE ONES YOU LOVE

Acclaimed guide for families about the challenges of working together—how to deal with conflict, succession, work roles, planning for the future and other predictable aspects of combining work and family. Includes many self-assessment tools and family activities to promote effective work and family relationships.

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The Values Edge Kit - Workship Tools

These tools, based on the work of Cynthia Scott and Dennis Jaffe (described in their book, Organizational Mission, Vision and Values), utilize their model of 7 values categories—Mastery, Self Expression, Tradition, Relationship, Inner Development, Lifestyle and Intrinsic—to help people look at their values in relation to their personal motivations and life choices. The value categories are color coded, and each kit includes not a deck of values cards, and colored post-it stickers for transferring values to a Display Card that preserves your Values Pyramid in a visible format that can be worn as a name card. By sharing personal values arranged in colorful pyramids, people in a family and team can easily experience their similarities and differences.

The Kit contains 8 decks of values cards, post-its and display cards, and a Facilitators Manual to guide a Values Discovery Session that begins by exploring personal values, and then leads to defining team or family values. The use of these cards and tools adds an element of concreteness and a well-grounded model for people to look at differences and similarities in their personal values, and then move to integrate them into a shared team or family values statement. They can also compare legacy and current values, or current and aspired future values.

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The Journeys of Wealth.

Jim Grubman is currently working on a book based on the groundbreaking insights first outlined with Dennis Jaffe in their 2007 article, “Acquirers’ and Inheritors’ Dilemma: Discovering Life Purpose and Building Personal Identity in the Presence of Wealth” (Journal of Wealth Management). The book will explore in depth the many similarities between the journeys of geographic immigrants to a new land and those who make an economic transformation from working-class or middle-class life to becoming affluent. Via wealth-creation, marriage, or sudden windfall, these “Immigrants to the Land of Wealth” have many of the emotional stresses, characteristics, and psychological tasks that geographic immigrants have, including adjusting how they raise their children and grandchildren who are like “Natives in the Land of Wealth.” The book draws from the extensive sociology literature about immigration, acculturation, and intergenerational adaptation, combined with the past thirty years’ of professional learning about the nature of wealth in families. Based on a solid understanding of human nature and wealth, it reveals how families can work together to prepare the next generation to handle wealth comfortably, confidently, and responsibly.

Family Enterprise Competency Map

Dennis Jaffe is completing a 50-question learning tool that looks at the different ways that family members see their family business, family office or financial activities. With 10 scales that focus on the family climate and the family enterprise, the Competency Map allows family members to compare their different responses in order to find their strengths and areas for further development. After each family member fills the tool out online privately, the whole family receives extensive feedback that compares all the responses. Responses are also reported for different generations, genders, and ownership roles.

Developed over more than 20 years and recently revised, the Family Enterprise Competency Map allows the family to open up discussion on critical areas for family collaboration and business development.

Cost: $300 for a family of up to a dozen people.
For more information or to purchase, inquire with dennis@wealthadvisortraining.com