Dave Specht is the Director of the Drucker School Global Family Business Institute. His professional mission is to, Preserve Families and Perpetuate Businesses. He is the author of, “The Family Business Whisperer” and thought leader on topics surrounding generational continuity of businesses and family wealth. Prior to his current role, he trained 2,500 top advisors/bankers at a Private Bank on family dynamics and generational wealth issues.

Dave is the creator of the Certificate in Advising Family Enterprises and the co-creator of The Generational Wealth Masterclass with Jay Hughes. Prior to his work at the bank, he founded Advising Generations, a consulting firm and established the Family Business Management program at the University of Nebraska. Dave lives in Washington state with his wife and 6 children.

Takeaways

The upbringing of individuals significantly shapes their relationship with money and business ownership.

Ownership mentality can be cultivated and is essential for future generations.

Family businesses often have a longer-term view compared to publicly traded companies.

Transparency and communication are crucial for the success of family businesses.

Spouses play a vital role in the dynamics of family businesses and should be included in decision-making.

Wealth should be redefined to encompass well-being and qualitative capitals, not just financial capital.

Gratitude, goals, and grit are essential values to instill in children raised in wealthy families.

Successful family businesses often have a clear purpose beyond just making money.

The transition of family businesses can be emotional and requires careful planning.

Empathy is crucial for advisors working with families in transition.

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