Identifying the “Why”

I spend a great deal of time researching and thinking about the topic of Family. 

While Financial Capital takes center stage in the Family Office industry, I always find myself more interested in the people who make up the participants in the Family itself rather than the Financial wealth they have grown over the years.  

There are no such things as constants in life. Things get better or worse, things grow or die, and everything in between moves toward one end of the spectrum or the other. One thing is for sure, however: Nothing stays the same. 

Recently, I began reading “Entrepreneurs In Every Generation” by Allan R. Cohen and Pramodita Sharma. While I plan to do a more in-depth review of the book over a series of upcoming articles, there was one area that the book touched on that I feel is interesting to talk about in isolation. 

According to the authors, there are four reasons why next-generation Family members seek a role in the Family business. These are obligation, desire, need, and greed. 

Of the four reasons discussed in the book, the author states that desire and obligation offer the most staying power for younger generations and that those motivated by those core reasons often report high levels of satisfaction and fulfillment in the long run.

If this is true, then family leadership should prioritize helping the younger family members discover their motivations and, in their absence, challenge them to find out what they are. 

This is not only useful in identifying less suitable reasons (need and greed) but also helpful information for avoiding situations where they may grow into a position of unhappiness or without a sense of purpose. 

After all, positions of responsibility, especially within a Family enterprise, are filled with high levels of pressure, and it takes a certain type of person to take that pressure and, despite it, churn out diamonds. 

As the book explains, intrinsic motivation is the necessary ingredient when the going gets tough.  

I recently stumbled across a video on YouTube of a multi-generational Family (Shelswell-White) in what looked like trying times as they worked to retain their Family Manor in Ireland. The property has been in their Family for 11 generations. I found the video to be a great example of the thoughts discussed in this article, and I want to share it with you all.  

For more information about the Shelswell-White Family, read here: https://www.bantryhouse.com/images/history-for-web-april-2016.pdf

Whole Video: 

TLDR Video Snips 

Intro

Family History

Emerging Steward’s Motivations

Older Generation’s Thoughts on Succession

Older Generation’s Thoughts on Succession Pt. 3

Family members in leadership positions are always faced with knowing that their decisions today are actively filling the chapters in their Family’s history.  

Those early chapters filled at inception by Generation One were most often written without the prying eyes of older generations, non-family employees, and advisors. Mistakes were made, weathered, and became lessons learned; money lost was theirs to lose, and risks taken were theirs alone to take.

None of these are true in situations where you are contributing to what was built before you. Deeper considerations are required, and older generations need to allow themselves to “let go” while still guiding the newer generations in their new roles as stewards. 

In my opinion, it’s important to leave room for the next generation to make mistakes in life and in business and leave room for their dreams, fears, and doubts. They must have an ability to take part in shaping the future.

If motivations are out of alignment or “letting go” is difficult, I believe the more reasonable approach is to help younger family members discover their own purpose outside of the “Family Business” and support them in building their own enterprises or careers. To read more about my thoughts on this, please see here: 

In the case of the Shelswell-White Family, it looks as though they are well on their way to adding new pages to the binding of their Family legacy. We wish them continued luck in their endeavors.

For those interested in discovering more, see below:

https://www.bantryhouse.com/