As a parent the immediate answer is NO WAY! You can never love your kids too much no matter what their age and stage in life is. But there is a line in which our parental love for our kids creates a false sense of entitlement which will not serve them well in life.
I came across a great line and I cannot remember who said it but I love it! It is as follows:
“A parent’s job is to raise responsible adults who can have high self-esteem and can function independently in their world with our unconditional acceptance”.
Sometimes loving our kids too much challenges the very nature of the above quote. It is not our intention to derail their growth and independence, but it is sometimes a by-product of our best intentions.
The result of “loving our kids and giving them too much” creates a sense of entitlement that can be tough to reverse but not impossible. We have to teach or sometimes
‘re-teach‘ some of the values that come with work ethic, wealth understanding, and the power of both.
As most of you know, I work with family businesses in their succession planning and this involves mentoring the next generation to become great leaders. Part of this role I play involves understanding in depth, how the business generates wealth, and the responsibilities that fall on next generation leaders.
There is going to be a huge wealth transfer over the next 10 years (estimated at $750 Billion!) and this overwhelmingly large transfer will create massive issues for those who are ill prepared to accept the responsibility that comes with it. That means there is still a bit of time to educate our children on how to be great stewards of this money and these assets.
Talk to your kids! Hire a professional, like me, to help them understand what lays ahead and how amazing communication skills needs to be a part of these future plans.
If you have struggled with this part of your parenting, you are NOT ALONE. It is never too late to begin improving your communication! It is never too late to deal with ANDprevent current and future conflict.
There is no “dollar value” of an estate that is too small to make sure the next generation and those subsequent, to understand their wealth, what responsibility comes with it and how to best manage it while maintaining family harmony.
Call me now for a no obligation chat about how to create your own incredibly, successful next generation leaders.
Please feel free to forward this article to a family you feel may benefit from this conversation! I am always looking to meet all kinds of family businesses, small or large, young or old.