Winning a Family Business Civil War

The term ‘civil war’ typically refers to a battle between citizens of the same country – the most obvious example in this country being the War Between the States from 1861 to 1865, which left at least 600,000 dead Americans in its wake. But a civil war can also involve family members who are in business together. When a war erupts between those family members, it can irreparably damage family relationships, the business itself – and, of course, the family’s wealth and financial security.

  • A civil war over the family business can start when the founder doesn’t plan for a transition of ownership.
  • Temporary, shifting alliances among family members can work to your advantage – but they’re not without risk.
  • Enlisting the right professionals can make all the difference and separate winners from losers.

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Family Civil War

Other notes and risk warnings

This article contains the opinions of the authors but not necessarily Donald Wealth Management (the Firm) and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. It is not a promotion of Donald Wealth Management’s services. Donald Wealth Management strongly suggests that no investor should act on any of these ideas without first seeking financial advice.

Past performance is not indicative of future results and no representation is made that the stated results will be replicated. The value of an investment is not guaranteed and on encashment you may not get back the full amount invested. Errors and omissions excepted.

Donald Wealth Management is a trading style of Donald Asset Management Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FRN: 223784). Donald Asset Management Limited is registered in England and Wales under Company No. 4675082. The registered office address of the Firm is: Stable End, 12 Heather Court Gardens, Four Oaks, West Midlands, B74 2ST.

The Value of Multigenerational Family Meetings

If you’ve amassed sizable wealth, or are on the right path and getting there, it may be time to consider how to pass on some of that money to children and grandchildren – without creating big problems that could harm their futures and destroy family harmony.

  • Family meetings can help avoid the thorny problems that can arise when inheritors who receive substantial assets lack the ability to manage the money prudently.
  • Entrepreneurs who wish to keep their businesses under family control can especially benefit from family meetings.
  • The most effective meetings tend to have an outside professional – a neutral third party – involved as a facilitator.

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Family Meetings

Other notes and risk warnings

This article contains the opinions of the authors but not necessarily Donald Wealth Management (the Firm) and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. It is not a promotion of Donald Wealth Management’s services. Donald Wealth Management strongly suggests that no investor should act on any of these ideas without first seeking financial advice.

Past performance is not indicative of future results and no representation is made that the stated results will be replicated. The value of an investment is not guaranteed and on encashment you may not get back the full amount invested. Errors and omissions excepted.

Donald Wealth Management is a trading style of Donald Asset Management Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FRN: 223784). Donald Asset Management Limited is registered in England and Wales under Company No. 4675082. The registered office address of the Firm is: Stable End, 12 Heather Court Gardens, Four Oaks, West Midlands, B74 2ST.

Here’s Why You Need a ‘Business Plan’ for Your Family

As an entrepreneur, you wouldn’t dream of trying to build a company or seek out funding for a big new venture without a detailed business plan. But chances are you’ve never once thought about creating a similar type of plan for your most important asset: your family.

  • A businesslike plan for your family can empower kids with resiliency and life skills and foster stronger family bonds.
  • Set family-based SMART goals and smaller action steps to achieve them.
  • Accountability is key – you need family “buy in” to make your plan work.

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Business Plan For Your Family

Other notes and risk warnings

This article contains the opinions of the authors but not necessarily Donald Wealth Management (the Firm) and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. It is not a promotion of Donald Wealth Management’s services. Donald Wealth Management strongly suggests that no investor should act on any of these ideas without first seeking financial advice.

Past performance is not indicative of future results and no representation is made that the stated results will be replicated. The value of an investment is not guaranteed and on encashment you may not get back the full amount invested. Errors and omissions excepted.

Donald Wealth Management is a trading style of Donald Asset Management Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FRN: 223784). Donald Asset Management Limited is registered in England and Wales under Company No. 4675082. The registered office address of the Firm is: Stable End, 12 Heather Court Gardens, Four Oaks, West Midlands, B74 2ST.

Combating Professional Criminals, the Super Rich Way

As your influence grows, so can your fears about protecting yourself and your loved ones. After all, the more you have to lose, the more you may worry about losing it.

Of course, we all want protection against violent acts like robbery and assault, as well as against our physical property being stolen or ruined. Increasingly, protecting ourselves and our loved ones also means preventing identity theft and ensuring that information we want to remain confidential stays that way.

What steps should you take and what solutions should you implement to safeguard against those and other threats?

  • Assess the chance of something bad happening as well as the severity of its impact on you and your family when selecting security solutions.
  • Implement solutions aimed at stopping professional criminals who assess risk and return before they act. In doing so, you may also stop the amateur criminals.
  • Advanced security techniques and tools can make you an unappealing target to professional criminals – and cause them to focus on someone else.

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Professional Criminals

Other notes and risk warnings

This article contains the opinions of the authors but not necessarily Donald Wealth Management (the Firm) and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. It is not a promotion of Donald Wealth Management’s services. Donald Wealth Management strongly suggests that no investor should act on any of these ideas without first seeking financial advice.

Past performance is not indicative of future results and no representation is made that the stated results will be replicated. The value of an investment is not guaranteed and on encashment you may not get back the full amount invested. Errors and omissions excepted.

Donald Wealth Management is a trading style of Donald Asset Management Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FRN: 223784). Donald Asset Management Limited is registered in England and Wales under Company No. 4675082. The registered office address of the Firm is: Stable End, 12 Heather Court Gardens, Four Oaks, West Midlands, B74 2ST.

The Virtual Family Office: Comprehensive Expertise for the ‘Merely Affluent’

The single-family office is often the preferred way for the exceptionally wealthy among us to coordinate the full range of their financial and personal affairs –   from the mundane to the deeply complex.

  • Virtual family offices offer products, services and expertise traditionally available only to the very wealthiest families.
  • A coordinator – often a wealth manager – is at the center of a virtual family office and facilitates the efforts of various specialists.
  • The professionals associated with a virtual family office must have the expertise, integrity, professionalism and personal chemistry.

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Other notes and risk warnings

This article contains the opinions of the authors but not necessarily Donald Wealth Management (the Firm) and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. It is not a promotion of Donald Wealth Management’s services. Donald Wealth Management strongly suggests that no investor should act on any of these ideas without first seeking financial advice.

Past performance is not indicative of future results and no representation is made that the stated results will be replicated. The value of an investment is not guaranteed and on encashment you may not get back the full amount invested. Errors and omissions excepted.

Donald Wealth Management is a trading style of Donald Asset Management Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FRN: 223784). Donald Asset Management Limited is registered in England and Wales under Company No. 4675082. The registered office address of the Firm is: Stable End, 12 Heather Court Gardens, Four Oaks, West Midlands, B74 2ST.

Perseverance: The Secret Sauce to Building Personal Wealth

One of the most important components of billionaire intelligence is perseverance.  The ability to keep going and stick to it – especially when times are tough – is a cornerstone to many of the greatest accomplishment achieved by the self-made Super Rich (net worth of $500 million or more).

  • Failure is not optional – it’s given. Therefore, perseverance is essential to building wealth.
  • Perseverance stems largely from having self-efficacy – the ability to say “I can” in specific situations, and believe it.
  • Perseverance can be learned and strengthened over time through resources like mastermind groups, red teaming exercises, and working with consultants and peers.

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Other notes and risk warnings

This article contains the opinions of the authors but not necessarily Donald Wealth Management (the Firm) and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. It is not a promotion of Donald Wealth Management’s services. Donald Wealth Management strongly suggests that no investor should act on any of these ideas without first seeking financial advice.

Past performance is not indicative of future results and no representation is made that the stated results will be replicated. The value of an investment is not guaranteed and on encashment you may not get back the full amount invested. Errors and omissions excepted.

Donald Wealth Management is a trading style of Donald Asset Management Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FRN: 223784). Donald Asset Management Limited is registered in England and Wales under Company No. 4675082. The registered office address of the Firm is: Stable End, 12 Heather Court Gardens, Four Oaks, West Midlands, B74 2ST.

Selling a Business? Avoid These Four Big Mistakes

Successful entrepreneurs spend much of their lives building valuable companies. Eventually, many of them end up selling those businesses.
In some cases, no one else is available to carry on the business. Other times, health problems interfere. Often, an opportunity to sell comes along that is just too good to pass up.

  • Key personnel in a company must be well-prepared for the sale of that business.
  • Company financials must be strong and well-documented for potential buyers to get and stay interested.
  • Support from the right team is usually essential to having a smooth and successful sale of a company.

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Business Sale

Other notes and risk warnings

This article contains the opinions of the authors but not necessarily Donald Wealth Management (the Firm) and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. It is not a promotion of Donald Wealth Management’s services. Donald Wealth Management strongly suggests that no investor should act on any of these ideas without first seeking financial advice.

Past performance is not indicative of future results and no representation is made that the stated results will be replicated. The value of an investment is not guaranteed and on encashment you may not get back the full amount invested. Errors and omissions excepted.

Donald Wealth Management is a trading style of Donald Asset Management Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FRN: 223784). Donald Asset Management Limited is registered in England and Wales under Company No. 4675082. The registered office address of the Firm is: Stable End, 12 Heather Court Gardens, Four Oaks, West Midlands, B74 2ST.

Should You Use an Investment Banker When Selling Your Company?

Selling your business is one of the most important, complex and emotionally challenging experiences you’re likely to face as an entrepreneur. You’ve got one chance to get it right – there are no do-overs – you’ve got to play it smart. There is a multitude of reasons as to why you should consider the input of an investment banker when selling your company.

  • Investment bankers bring knowledge of potential buyers for a business along with expertise at structuring and negotiating business deals – often leading to more money for the seller.
  • When selecting an I-banker, assess both the individual banker, and the firm he or she works for.
  • To avoid misunderstanding and even litigation, negotiate the agreement you make with an investment banker.

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Why You Should Use an Investment Banker When Selling Your Company

Other notes and risk warnings

This article contains the opinions of the authors but not necessarily Donald Wealth Management (the Firm) and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. It is not a promotion of Donald Wealth Management’s services. Donald Wealth Management strongly suggests that no investor should act on any of these ideas without first seeking financial advice.

Past performance is not indicative of future results and no representation is made that the stated results will be replicated. The value of an investment is not guaranteed and on encashment you may not get back the full amount invested. Errors and omissions excepted.

Donald Wealth Management is a trading style of Donald Asset Management Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FRN: 223784). Donald Asset Management Limited is registered in England and Wales under Company No. 4675082. The registered office address of the Firm is: Stable End, 12 Heather Court Gardens, Four Oaks, West Midlands, B74 2ST.

The Billionaire Money Rules

What our research shows about how the self-made Super Rich build their wealth

If you are like nearly every other successful person, you’re not ready to rest on your accomplishments. You want to build on your success so far to create even more wealth and more value. In fact, according to our research, 94 percent of successful business owners want to be wealthier. (And even if you don’t own a business, you are effectively the CEO of your family, so this all applies to you, too.)

Why you need serious wealth

You’re not driven by greed or after wealth simply for wealth’s sake. Instead, you probably want to grow your wealth substantially to achieve goals that are deeply meaningful to you.

As the chart below shows, these goals likely include taking care of your family and other loved ones, supporting the causes you care deeply about and perhaps even changing the world for the better.

Table - Billionaire reasons to be wealthy

To make those goals real, you’ll need to determine the amount of wealth you’ll need to reach them. Whatever your amount is, if it enables you to achieve all that is most important to you and your family, we call it serious wealth.

The Billionaire Money Rules

It takes discipline and focus to become seriously wealthy. We have evaluated the attitudes, behaviors and actions of self-made billionaires and have identified some of their most pronounced, dominant and persistent patterns—the Billionaire Money Rules. These seven rules encapsulate the key mindsets and strategies that you may want to consider adopting yourself.

#1. Commit to extreme wealth. Truth be told, many people would like to be rich but have not committed the time or effort to get there. Following this rule means having a clear sense that money is a critical—if not the critical—objective.

#2. Engage in enlightened self-interest. Enlightened self-interest takes many forms. One example is making well-reasoned decisions based on solid financial projections. Another example can be seen during negotiations. Skilled negotiation is at the heart of successful economic endeavors. As Bill Gates said, “In business, you don’t get what you deserve. You get what you negotiate.”

#3. Get in the line of money. Some endeavors make more money than others. Where the self-made Super Rich choose to apply their skills counts. For instance, they know they’ll have a greater chance of attaining wealth by being their own bosses than by working for somebody else. Following this rule means pursuing fields and initiatives that offer the highest paybacks, now and in the future.

#4. Pay everyone involved. When building teams, the very wealthy assume everyone has a degree of self-interest that can be used. They never assume people are willing to work solely for satisfaction or fulfillment, and therefore they reward handsomely—with cash, equity or some other form of currency—to cultivate the loyalty and specific behaviors that can help them reach their long-term goals.

#5. Connect for profit and results. Highly successful people think about networking as a means to an end: finding the person, information or tools that get them one step closer to their goals. Following this rule means maintaining a small but deep network of relationships that may lead to friendship, but that certainly will lead to power and influence.

#6. Use failure to improve and refocus. Failure is inevitable, so most of the very wealthy don’t worry about avoiding it. Instead, they focus on learning from each experience and using the lessons to get an advantage the next time around. Rather than obsessing about lost opportunities and getting discouraged, they study their failures and do all they can to prevent repeating missteps.

#7. Stay focused. The wealthiest among us know there are very few things they do exceptionally well. They also know the role these skills and expertise play in generating wealth. Being focused means sticking to their plans and not getting distracted by other opportunities or events that call for new and different skill sets.

Where to start? Determine the amount of wealth you need to live a life of financial freedom and meaning. Armed with that number, you can start to incorporate the Billionaire Money Rules yourself.

ACKNOWLEDGEMENT: This article was published by the BSW Inner Circle, a global financial concierge group working with affluent individuals and families and is distributed with its permission. Copyright 2017 by AES Nation, LLC.

 

Other notes and risk warnings

This article contains the opinions of the authors but not necessarily Donald Wealth Management (the Firm) and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but is not guaranteed. It is not a promotion of Donald Wealth Management’s services. Donald Wealth Management strongly suggests that no investor should act on any of these ideas without first seeking financial advice.

Past performance is not indicative of future results and no representation is made that the stated results will be replicated. The value of an investment is not guaranteed and on encashment you may not get back the full amount invested. Errors and omissions excepted.

Donald Wealth Management is a trading style of Donald Asset Management Limited which is authorised and regulated by the Financial Conduct Authority in the United Kingdom (FRN: 223784). Donald Asset Management Limited is registered in England and Wales under Company No. 4675082. The registered office address of the Firm is: Stable End, 12 Heather Court Gardens, Four Oaks, West Midlands, B74 2ST.

Extreme Personal Defense (XPD)

If your life, or the life of your loved ones, was under threat, would you fight back?

Significant success in business is often accompanied by significant risk, and you and your loved ones could be the victim of an attack aimed at obtaining your wealth.

A growing number of wealthy families are looking at ways they can protect themselves from situations like this – and now there is a highly-effective self-defense methodology called Extreme Personal Defense (XPD), which can cripple an attackers ability to harm.
The 3 main tactical advantages of XPD are:

  • Combat mindfulness
  • Surprise and speed
  • Strategic striking

BSW Inner Circle Report - Extreme Personal Defense (XPD)