Jim Grubman - Immigrants and Natives - Adapting to Wealth [The Business of Family Podcast]

www.businessoffamily.net

Dr Jim Grubman is the author of Strangers in Paradise & and Cross Cultures. He has worked with clients at many levels of affluence - offering ground-breaking explanations of how individuals and families can adjust to wealth effectively.

Key Takeaways:

  • Cross-cultural adaptation is much harder than people anticipate when they make the journey to wealth
  • Many of the things that are necessary for the business of family are completely unknown to the people coming to wealth.
  • One of the most difficult transitions for families is to move from a strong focus on the individual to understanding how much you have to build skills, processes, and structures for the interdependence of significant wealth. Honor and Harmony culture are much more prepared to understand interdependence.
  • Many inheritors are really disenfranchised citizens of the land of wealth, they don't control most of the wealth that is associated with them.

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