Often, parents and children have wildly different interpretations of what is fair. Why is it so hard to define fairness?
Kevin’s article published on Family Business Magazine’s website lays out the 9 philosophies to help us define fairness in terms of transferring wealth while maintaining harmony for families in transition.
- Remember that wealth is a gift not an entitlement.
- Your wealth is not your only gift.
- Equality is not achievable, but fairness is.
- There will always be a needy one. Just plan on it.
- Expectations rarely yield expected results.
- Fairness and harmony go hand in hand.
- Don’t keep score in a game where there is no winner.
- Define “fair”.
- Let business be business.