Successful Family Owned Business Survival Mentoring | Belfast | Familosophy

Those who are wealthy can be divided into two categories: those who create wealth and those who inherit it. Each category has its own set of traits.

Growing up usually establishes our attitudes toward money and prosperity, which we carry for the rest of our lives. Creators frequently have distinct attitudes to spending and the value of a dollar because they didn't grow up with a lot of money. They're often uncomfortable discussing money with their children, and they tend to view their riches more as "ownership" than "stewardship." There are some notions (resilience, confidence and the feeling of invincibility) shared by business owners who have made their money by beginning their own business.

It's not uncommon for inheritors to feel uncomfortable or guilty about their "sin" of not having to work for what they have, as opposed to the majority of people. People's understanding of money might vary widely depending on their background. They frequently face difficulties in developing their own identity, since they do not want to be identified as "the child of..." or "the product of... They often leave their imprint in non-financial areas as well (because their parents already made it financially).

So that wealth can be efficiently transmitted or transitioned to the next generation, it is essential that both the founders of the wealth and the inheritors appreciate their differences and acquire new abilities.

Think of it like this: Has it occurred to you that your views on wealth may differ from those of your parents or kids? Have you and your family discussed the significance of your differences?

Are you looking for advice on how to make your family business in Belfast operate better? David Werdiger is the number one choice when it comes to Belfast family owned business protocol help. Mr. Werdiger is helping hundreds of family owned businesses pass the torch using his famous Belfast 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/2021/09/wealth-steward/