How to best communicate in a family system: A conversation around the family dinner table

Time : 4 PM, Mumbai | 11:30 AM, London | 6:30 AM, New York | 6:30 PM, Hong Kong

In conversation with Philippe J. Weil, this session will give all the members of the family, Founders and Next Gen, an opportunity to better understand the ‘other’. Kick-starting with an analysis on the impact of COVID 19 on the world of family wealth, the session will also include a walk-through of a virtual family dinner table conversation, peeking into the words and thoughts of each of the participants- the parents (Patriarch/Matriarch), the Next Gen (children and in-laws) and perhaps even the grandchildren. Following the stories/case-studies, Philippe will also share some practical tools & tips that can be used to have difficult conversations, especially about wealth, with your family.

Key Takeaways:

• Being the Chief Emotional Officer, mothers are the subtle dominant Member of every family.
• The transition of wealth typically fails owing to communication breakdown, NextGen’s lack of preparedness to run/continue the legacy and lack of having a wealth mission by patriarchs.
• COVID19 has proved be a blessing in disguise to humanity and families. It has not only made families realise the fragility of life thus accelerating the transition of wealth but also prioritise things of actual importance.
• Patriarchs should leverage this situation to shift themselves from a Monarch to a Mentor. In order for the family business/legacy to sustain, it is key that the Principal embrace the NextGen and understand they are no threat to him/her.
• Flow and channels of communication have witnessed a paradigm shift. Erstwhile it was top to bottom. However, today, even Gen 3 approaches the Founder directly or indirectly via another member or facilitator.
• Legacy transition is NOT an event but a Process.
• Every family member brings to the table some unique capital, be it emotional, financial, intellectual, spiritual, creativity etc.
• Family reunions, family newsletter, outbounds are some of the tools to help one better understand each Family member.