Advice and Support for Family-run Businesses I Australia I Familosophy

Wealth & Happiness

Q: What hope do we have if the world's two wealthiest men are unable to keep their spouses happy?

A: No, that is not a legitimate question; it is a meme that circulated following the announcement of Bill and Melinda Gates' divorce. Many wealthy individuals understand that money cannot make a wife (or anyone) happy, but this does not deter them from attempting.

Occasionally in business, we decide to "throw money at a problem." This entails allocating substantial resources (financial and otherwise) toward resolving the issue.

In families, throwing money at a problem takes on a more literal meaning — allocating liquidity to appease dissatisfied family members. The notion is that it will "smooth things out," but because money is used as a proxy for the underlying issue, it will not address the issue.

The best this reaction can expect to do is to procrastinate dealing with the problem or to pretend it does not exist. Consider, however, that (a) the problem is not resolved, and (b) in the interim, the underlying family troubles may fester and even worsen.

Consider the Following: Have you ever "thrown money" at a family member in a difficult situation? Why? What did you anticipate as a result? What occurred in reality?

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His market is two-fold:

Scenario #1: The older generation wanting to work with the younger generation, bring them into the company, teach them how to run things, and then retire from the office, but not the income

Scenario #2: The younger generation wanting to jump into the family business, but to be able to contribute and be heard, and not having to “wait their turn” before they can begin to help run the business.

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SOURCE: https://davidwerdiger.com/2021/05/wealth-happiness/