ENTITLEMENT: Epidemic of our Era

The following article was recently published in the Autumn edition of Family Business Magazine:

While waiting for our table during a recent dinner with friends, someone in our party encountered a woman in her mid-20s speaking on a cell phone. The young woman, attractively dressed in designer garb, was overheard saying: “No, I told you we’ll break the trust. Dad simply doesn’t need all that money. He’s already got three homes and three cars. What does he need all that for? Why should it go to his new wife? It’s not right. We’ll get him declared incompetent, but we’ve got to move fast. That money should be ours now. It’s simply not right.”

That conversation brings to mind a dialogue from a recent episode of TV’s Desperate Housewives. Referring to her son, Bree, the character played by Marcia Cross, said, “My relationship with Andrew is complicated.”

A new character, Sam, replied, “I’m sure Andrew respects and loves you very much.… It’s not unusual for children in a family business to have a sense of entitlement…. It must be so hard for you.”

Webster’s describes entitlement as “the belief that one is deserving of certain privileges.” Family Business Wiki says, “Entitlement refers to a sense of being ‘owed’ such benefits as: wealth; employment; and status without having to work to achieve these benefits. Some children who grow up in a successful family business can be inclined to a feeling of entitlement.” Read full article here.

TCG Partners with U.S. Trust for Family Business Webcast Series

TCG is pleased to announce that it has partnered with Bank of America U.S. Trust, a leading private wealth management specialist, to deliver a series of webcasts focused on supporting families and  enhancing family enterprise practices.

These webcasts will feature content experts discussing topical issues which families and family business are challenged by daily.  Facilitated by Paul and David Karofsky, these webcasts will also provide a forum for idea sharing and best practices from attendees as well as key takeaways that audience members can utilize with their families and in their family businesses.

Stay tuned for upcoming information from TCG on these webcasts and be sure to reserve your seat early as attendance will be limited.

So You’re in the Family Business…

Each issue, TCG features an article from the series “So You’re in the Family Business” which is a collection of short articles based on real happenings in real family businesses. Individual and company names have been altered to respect privacy. The complete set of articles can be accessed here.

This month features the fourth article titled “Gaining credibility in the family business” in which younger brother, Ron, struggles to be heard by his parents and older sister.  He feels that his ideas get shot down because he is “younger.”  Suggestions are made to help younger people be heard better in the family business while waiting for gray hair to grow. Read full article here.