Best Family Business Coach I Belfast I Familosophy
Cult Behavior in Wealthy Families
Pandemic crisis forces family companies to adapt in new ways because of a fast-paced environment. Despite the lack of trustworthy knowledge regarding the optimal course of action, we must act and make difficult decisions on a daily basis. As a result, some owners make difficult decisions without consulting others. Those that follow spontaneous or blind allegiance paths are a minority among the population.
The Singh brothers, heirs to an Indian health-care empire, and their friendship with Gurinder Singh Dhillon were the subject of a Bloomberg piece I authored. The fact that they have a financial link and that their fortunes have fallen dramatically in recent months is what makes this noteworthy.
The narrative of Clare Bronfman's engagement with a New York self-help group called Nxivm, which appears to demonstrate cult-like behavior, comes to mind another story that is still unfolding. On top of all that, the Bronfman sisters have been accused of criminal behavior, including conspiracy and criminal racketeering, and Ms. Bronfman herself has been detained and is being held on bail of USD 100 million, reports the New York Times.
People of all kinds with ulterior and occasionally malevolent purposes may and do target wealthy families, and stories like this serve as a wake-up call. While many families engage gatekeepers to protect them, this is a perpetual game of cat and mouse that never ends. Protagonists may easily harness the power of social media and strategies like social engineering to get their hands on information and gain access. A healthy but not obsessive level of vigilance is needed when it comes to trust in families.
Take a moment to think about this: If so, what are your family's rules about social media and 'friendship'? When meeting new people, are family members able to maintain the correct level of skepticism and vigilance?
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