Growing a family business into a profitable and successful enterprise is a challenging process and, once there, other questions present themselves. How does the family deal with its newfound wealth and affluence? How do you ensure children grow up without an unhealthy sense of entitlement? How do you adjust to this strange new world?
Dr James Grubman, wealth psychologist and family business consultant, helps families find practical answers to these questions. Aside from his academic training, he draws from a wealth of personal experience having first navigated this rocky terrain when helping his mother sort through their estate following his father’s passing. Later, he and his wife had to find ways of raising children responsibly in an affluent household.
Dr Grubman is the author of two books that explore this territory - Strangers in Paradise: How Families Adapt to Wealth Across Generations, and Cross Cultures: How Global Families Negotiate Change Across Generations, which he co-authored with Dennis Jaffe, PhD.
Recently Tharawat Family Business Podcast sat down with Dr Grubman to discuss the complexities of newfound wealth and the problems that arise when cultures and generations come into conflict.
