Making Wealth Meaningful with Private Wealth Network (PWN)

In this podcast episode titled "Making Wealth Meaningful," Richard Milroy interviews David Werdiger about entrepreneurship in family businesses and family offices. The focus is on how wealthy families can encourage entrepreneurialism and pass on a legacy of entrepreneurship to future generations. David Werdiger shares insights from his personal background growing up in an entrepreneurial family and his experiences as an entrepreneur and family advisor. Key points discussed include:

1. The Importance of Adversity: The link between adversity and entrepreneurship is explored. People who have faced challenges often have a greater appetite for risk, a necessary trait for entrepreneurship.

2. Entrepreneurial Legacy: David discusses his father's background as a Holocaust survivor and how that experience influenced his motivation to rebuild his family and create wealth for future generations.

3. Passing on Entrepreneurship: Families can encourage entrepreneurialism through various approaches. These include supporting family members in their business ventures, engaging in angel investment or venture capital, or even pursuing social entrepreneurship.

4. Balancing Wealth and Motivation: The challenge of maintaining motivation in the face of inherited wealth is discussed. Parents often worry about their children becoming unmotivated or complacent due to financial security.

5. Encouraging Purpose: David suggests that imparting a sense of purpose and values is crucial. Philanthropy, engagement with the community, and exposure to real-world issues can help instill a grounded perspective and a drive to make a positive impact.

6. Modeling Behavior: Role modeling is essential for instilling entrepreneurial values. Parents should exemplify what they consider important and encourage individuality within the family.

7. Individuation and Legacy: The concept of "next first generation" or "rising generation" is highlighted, emphasizing the importance of allowing individuals to carve their own paths within the family legacy.

Overall, the discussion delves into the challenges and strategies for nurturing entrepreneurial spirit within wealthy families while also ensuring a sense of purpose, motivation, and responsibility among the rising generations. Brought to you by Netwealth.