Entrepreneurs work long and hard to build a business and then pass it — or the wealth generated by its sale — on to their children. In many cases, the founders of the business lived much of their lives before becoming wealthy. Their children, though, may grow up accustomed to having money. How can parents instill in their children the values that their own less wealthy upbringing gave them?
“How to avoid entitlement,” an article in Family Business magazine, offers some tips on this topic for parents.
In the first of three recommendations, the article suggests ways to help kids develop a work ethic — and emphasizes the importance of modeling hard work for them. Some of the advice may seem easier to implement if a family has an operating business. But there are opportunities for children to work, and to see their parents working, even in the home.
Another key point — which could apply to working with a family office as well as in a family business — is to make sure children earn whatever authority they are given.
