(by Michael Louie, as originally appeared at SuccessionToday.com)
One key value, for me being part of an immigrant family, is watching your pennies. To us it really matters how much a pound of bananas cost. Many studies show that for most family businesses, they have a less than 10% chance to continue with the family for more than 3 generations. You will improve the probabilities if you can pass on important values to your children and grandchildren.
This does not mean that you have to always be a spendthrift. It is very important to pass on the value of a $ to your children. In today’s world, we have found that the current youth have begun to exhibit a sense of entitlement. Their parents have typically been affluent and successful. Some of these youth believe they are entitled to everything that they want, and in many families, they actually get whatever they want.
You should not want your children to be or become entitled. Try to have a talk (sometimes and regularly) about your values around money, wealth and most importantly, the hard work that got you there.
Learn think apply.