089 - Parenting the Next Generation in Family Business with Dr. James Grubman

Oct 1, 2024

Join Dr. James Grubman, an internationally recognized consultant on wealth and family enterprises, as he tackles the unique challenges faced by parents in family businesses. He discusses the balancing act of raising kids in an affluent environment, emphasizing the need for tailored parenting approaches. Dr. Grubman shares vital strategies like teaching concrete money skills to combat the 'spoiled heir' stereotype and highlights the importance of adapting skills for future generations. Discover actionable tips to preserve family legacy while nurturing the next generation.

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INSIGHT

G2 Serves As The Bridge Generation

G2 is the bridge generation between immigrant founders and native heirs, facing unique adaptation pressures.
They must translate parental values while creating new practices suited to greater wealth and different times.

ANECDOTE

Mother Balancing Heritage And New Reality

A G2 mother felt torn between honoring her parents' hard upbringing and adapting parenting to greater ease.
She learned to decide what to keep, what to let go, and what new practices to adopt for her children.

INSIGHT

What Got You Here Won't Get You There

What worked for G1 rarely maps directly to G2 or G3 because circumstances and money visibility change.
Adaptation, not replication, is the key parenting stance for succeeding generations.

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If you have worries like...
"My kids didn't struggle the way I struggled growing up. Won't they be spoiled?"
"Will my child have what it takes to handle future challenges?"
...this episode is for you.

In this first of two episodes with Dr. James Grubman, we dive into parenting the next generation in family business. Dr. Jim Grubman is an internationally recognized consultant to families of wealth, family enterprises, and the wealth advisory industry. Dr. Grubman has been honored with the 2024 Lifetime Achievement Award by the Family Wealth Report and the 2024 Richard Beckhard Practice Award from the Family Firm Institute.

He is the author of the renowned book, Strangers in Paradise: How Families Adapt to Wealth Across Generations, and co-author of Wealth 3.0: The Future of Family Wealth Advising (with Dennis Jaffe and Kristin Keffeler) and Cross Cultures: How Global Families Navigate Change Across Generations (with Dennis Jaffe) along with multiple other publications. Dr. Grubman is a leader in The UHNW Institute, an industry think tank, and holds Fellow status in the Family Firm Institute and the Purposeful Planning Institute as well as membership in STEP, an international trusts-and-estates organization. His practice, Family Wealth Consulting, is based in Boston, Massachusetts, USA.

Here's just some of what you'll discover in this episode:

balancing the pressure of parenting the next generation and having the next generation measure up to the standards set by the previous generations
unique challenges of the second generation in family business, and how this can affect parenting
the key skills that parents need to build in the next generation in family business
shattering a very common myth that often destroys the confidence and self-esteem of the second and third generations in family business

Find out more about Dr. Grubman at https://jamesgrubman.com/

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