In addition to common issues with multi-generational relationships, the family still actively running the family (wealth generating) business, must address other concerns when awake at night.
- The wealth originator is still committed to management of the business, no liquidating event has occurred.
- The family’s “personal” business is deeply intertwined with the family’s “business” business.
- Stay-Awake Issues result because while the family business employs accountants and bookkeepers, what involvement should these paid staff members have with the “personal” side of the family business?
- The overlap of personal and business family issues can always be puzzling and sometimes be vexing.
- The family may not want the business staff to be deeply involved with their personal business. They are being paid to perform a different task for the operating business that may not be applicable to the personal issues.
- Often a wall develops between the two sides of the family business and inefficiencies result.
- The needs of the “business” side are clearly different from the needs of the “personal” side of the family business.
- The areas of expertise needed for the two sides are different. An expert in real estate leasing may not be an expert in retirement or estate planning.
- The financial/investing needs of the two sides are clearly different. Whatever the family business might be, it is not likely to be management of multi-generational financial assets for the disparate family members.