Familosophy - Sep 2022
Welcome to the Familosophy newsletter. Every month you'll discover deep insights, thought-provoking discussion points, and commentary on family, business, and what really matters to us.

Upcoming travel - Nov: US, Israel, Dubai.


Regards,
David
QE2 -> C3
The leadership transition from Queen Elizabeth II to King Charles III has been a fascinating insight into the preparation and execution of a succession plan. Within minutes of the announcement of her passing, the media was flooded with coverage, clearly well prepared in advance. Established protocols, known to insiders, were quickly put into place. Everyone was ready for this, yet when the moment came there was an outpouring of grief for one of the most widely venerated leaders of our time. The Queen is dead. Long live the King.

Queen Elizabeth ruled for 70 years - about three generations. We can reasonably expect King Charles to rule for about one generation. Looking way into the future, William could ascend to the crown sometime in his 60s (perhaps 10 years younger than his father), and then rule for about one generation.

Elizabeth's reign was exceptional because she had to take on the role aged just 26. The 'normal' path is to become monarch from late middle-age until death, but these are hardly one's best years to offer in service to the Commonwealth. The system does not have a notion of 'Emeritus Monarch' which would allow a shift in role at say age 75-80 so that the rising generation can take their place. Could such a thing ever happen?

In families, we can think of adult life in three stages: rising leader, leader and elder. The elder stage is very important as it allows leaders to evolve into a new role in their later years, and gets the best out of family members while they are in their prime. When an elder passes, the transition can be seamless.

Consider This: Does your family support and facilitate leaders to step away from active roles and become family elders? Are the skills of aspiring leaders being put to good use in support of the family?
Manage or Avoid Family Conflict?
What would you rather in your family: to manage conflict or avoid it completely? Before you jump to door number two, snap out of fairy tale land and accept that family conflict cannot be avoided. Conflict is a part of any relationship, and especially present in families, and even more so when significant assets are added into the mix.

When family members are driven by self-interest, this leads to zero-sum dynamics. The 'losers' in any conflict will eventually get their chance to harm the 'winners' and these forces are a destructive influence on the whole family.

What helps families thrive through generations is unity, and that is supported by (among other things) the ability to manage conflict. Indeed, dealing with and resolving conflict can lead to a shared sense of purpose which strengthens family bonds and determination, rather than perpetuate long-term rivalries.

Having a framework and common set of rules for those connected to the wealth is essential, as is maintaining transparency and ensuring individuals and their needs are recognised and considered. Allowing for the division of assets under specific circumstances can potentially mitigate some aspects of conflict.

Consider This: How do family members respond when things 'heat up'? Avoid/supress or deal with it? Does your family have conflict management policies?
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