ENTR 6300 FWTP Chapter 6 Patterns of Wealth Behavior Full Mindmap 2

ENTR 6300:

ENTR 6300 Chapter 6 Patterns of Wealth Behavior Mindmaps as Graphical Tools for Non-Linear Analysis

Why are we doing this?:

Why are we doing this?

Finding Appropriate Governance Structure:

Finding Appropriate Governance Structure

Needs – Capacities - Constraints:

Needs – Capacities - Constraints Needs Tangible - Financial Intangible -Emotional Capacities Skills, strengths, experiences SOAR Constraints Real Illusionary

Cohesion:

Cohesion

Cohesion:

Cohesion The degree of “togetherness” or “individualness”

Cohesion:

Emotional Bonding Enmeshed High degree loyalty Disengaged Limited contact Boundaries How decisions are made Together or individually Shared Interests & Values Cohesion

Cohesion:

Critical in sharing wealth Disengaged not likely to share Stewardship challenge Lack of Trust Can’t see value of legacy Cohesion

Cohesion -Empowerment :

Cohesion -Empowerment Empowerment includes the following, or similar, capabilities:- The ability to make decisions about circumstances The ability to access information and resources for decision-making Ability to consider a range of options from which to choose (not just yes/no, either/or.) Able to be assertive in collective decision making Positive-thinking about the ability to make change Ability to learn and access skills for improving personal/collective circumstance. Self initiated continuous growth process Positive self-image and overcoming stigma Ability in discreet thinking to sort out right and wrong

Cohesion -Empowerment :

Cohesion -Empowerment Empowerment in summary Gain the knowledge… Skill-sets and attitude… To manage changes and circumstances personally or in business

Hernandez:

Hernandez Analysis of Cohesion

Adaptability:

Adaptability

Adaptability:

Adaptability

Hernandez:

Hernandez Rigid Families Authoritarian leadership Roles Seldom Change Change difficult Chaotic Families Few rules Little consequence breaking rules Flexible Families Share leadership, Roles Change, members can make change as needed Structured Families Roles “may” change Stable Roles Sometimes share leadership

Hernandez:

Hernandez Structured Families Challenge to create flexible transition plans Need to be flexible for unkown future Can define and stick to plan Flexible Families Hard to make tough FWTP decisions May be better equipped for future unknowns See the dichotomies? Analysis of Adaptability?

Communications:

Communications

Communications:

Communications

Communications:

Communications Style of Communications Boisterous, quiet, in person, written, throwing things! Family Culture Acceptable Not acceptable Taboo topics Blocked Too many taboo subjects Can’t talk about money, love, power Communications Embedded in Adaptability & Cohesion

Structures that fit:

Structures that fit

Fear and Trust: Drives Structure:

Fear and Trust: Drives Structure Fear & Trust Do Transferors trust Transferees to mange wealth Do Transferees trust each other? In Laws Cousins Autonomy Control

What is wealth for?:

What is wealth for? Instrumental Value ? Intrinsic Value ?

Instrumental Value:

Instrumental Value Something is said to have instrumental value if it is good because it provides the means for acquiring something else of value. Having a net worth of a million dollars is an instrumental value. Having those assets is good only to the extent that you can use them to get something else--like happiness.

Intrinsic Value:

Intrinsic Value Something is said to have intrinsic value if it is good ``in and of itself,'' i.e., not merely as a means for acquiring something else. Happiness might be an example of an intrinsic value, because being happy is good just because it's good to be happy, not because being happy leads to anything else.

Why is the business difficult to place a value?:

Why is the business difficult to place a value?

ENTR 6300:

ENTR 6300 Chapter 6 Patterns of Wealth Behavior Mindmaps as Graphical Tools for Non-Linear Analysis