One of the pioneers in the field of family enterprise consulting and author of ‘Borrowed from Your Grandchildren', Dennis Jaffe joins Afam on this week's episode of Learning for Legacy. Find out all about what a generative family is and how wealth is generated and transferred in different societies and cultures all over the world.
KEY TAKEAWAYS
- A generative family is one which continuously generates wealth, not just in terms of finances but for their inner selves and for the community.
- Dennis travelled the world interviewing huge families with vast amounts of success who have passed on wealth to the third generation as research for writing one of his books.
- There are three models across the world, the western style model, another model that spans over 5000 years that values harmony and respecting the wisdom of those who have come before you. Then the third model is the honour culture, which is generally patriarchal and is kept together by a distrust of outsiders.
- In wealthy families that span over multiple generations you can sometimes see hierarchy structures develop or family councils formed to move everyone in the right direction. You see groups having family business meetings and then having family meetings about family things.
BEST MOMENTS
‘With having sufficient wealth, other questions come up'
‘You're building a global picture of this research'
‘Families going into the second generation begin to create governance'
ABOUT THE GUEST
Dennis helps large, global families manage personal and organizational issues that lead to successful and fulfilling transfer of businesses, wealth, values, commitments and legacies between generations.
As both an organizational consultant and clinical psychologist, he is one of the architects of the emerging field of family enterprise consulting. He is a family business fellow at the Cornell Johnson College of Business. He was recently cited by Family Wealth Report for special commendation as an individual thought leader. As a founding member of the Family Firm Institute, he has served on their board, written frequently for their journal Family Business Review, and was awarded the Richard Beckhard and International Awards for contributions to practice. In 2007 he was Thinker in Residence for S. Australia, helping the region design a strategic plan for the future of their entrepreneurial and family businesses.
Dennis is the author of the new book Borrowed from Your Grandchildren: The Evolution of 100-Year Family Enterprises; as well as Cross-Cultures: How Global Families Negotiate Change Across Generations; and Stewardship of Your Family Enterprise: Developing Responsible Leadership Across Generations, and more than 15 other management books, including Getting Your Organization to Change, Rekindling Commitment, Take This Job and Love it! and From Burnout to Balance. He is the co-creator of the Family Enterprise Assessment Tool (FEAT, The Values Edge, the Transition Curve, and other tools for assessment of family enterprise success.)
His work can be followed at
Dennis T. Jaffe, PhD Official Website
Forbes
ABOUT THE HOST
Afam is passionate about people building generational wealth for their households. In this respect, his aim is to provide information and insights for lifestyle design, leadership and economic empowerment. Afam is encouraged when he sees others building a legacy for themselves.
Afam Onyenakala
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PODCAST DESCRIPTION
A topical & interview podcast all about the concept of making generational wealth understandable, practical and accessible. It's important to break down what it really is & isn't. Talks including ethics, character, leadership, strategies, history, case studies, sad stories made good, fun stories making to uplift, leftfield stories making you think, discovering stories/examples around the world. Including interviews with community & business leaders, thinkers, celebrities and everyday people.
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