Challenges in Multi-Generational Family Businesses with Paul Edelman

May 22, 2023

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Are you seeking expert guidance to build a harmonious family dynamic and reach your goals?

In this episode, Paul Edelman talks about empowering individuals and families to reach their goals and find an identity that doesn't rely on wealth or affluence. He discusses NextGen leadership challenges when it comes to self-identification and decision-making. Paul breaks down his concept of "creative tension" and touches on how experts can help families develop structures for collaborative decision-making. Tune in now for this insightful episode!

Paul Edelman helps individuals, families, and their advisors more effectively achieve their goals. He earned his Ph.D. in Psychology at Harvard University, where his research and teaching focused on group, family, and board dynamics.

[00:01 - 06:23] Opening Segment

• Paul's experience as an angel investor, board chair, and advisory board member

• How parents can provide their children with the space to explore who they are and who they want to be

• How having one goal is straightforward, but having two goals can create conflict

[06:24 - 13:08] Developing Good Judgment and Decision-Making

• The challenges the NextGen leadership community are facing

• Why families have difficulty with collaborative decision-making

Decision-making should be systematic and guided by a model that everyone learns to follow

[13:09 - 19:14] A Model-Based Approach to Decision-Making for Family Businesses

• Paul breaks down the creative tension model

• Every model is incomplete, but some are useful

• Behavioral finance studies show people are motivated by what they don't want

• Model-based decision-making to develop family skills for self-sufficiency

[19:15 - 25:35] Unlocking Solutions to Generational Transitions

• Why fear-based selling is a common but ineffective strategy

• Advisors should engage with families by asking questions to access relevant information

• Parents want the next generation to be comfortable but not spoiled

[25:36 - 31:44] Closing Segment

• Paul's advice on cultivating self-awareness and understanding your feelings

Using self-awareness and understanding feelings as data to solve problems

• Using models to think systematically and come up with reasonable solutions

Want to connect with Paul? Follow him on LinkedIn. Head to Edelman Coaching, an excellent resource for family offices!

Key Quotes:

“The minute you have two goals side by side, there's the potential for them to come into conflict.” - Paul Edelman

"Fear is a good short-term motivator, but over the long term is corrosive." - Paul Edelman

"The more information that we have, the better the quality of the decisions that we'll make." - Paul Edelman

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