Author Katherine Courage wrote an article for Vox News where she interviewed doctors who collectively have cared for more than 100 dying Covid-19 patients over the past 11 months. They shared what their patients have gone through physically and mentally as the virus killed them and their experiences reveal the isolating and invasive realities of what it is typically like for someone to die from Covid-19. One critical care and pulmonology specialist shared his patients' traumatic experience, “as their lungs deteriorate further, they have a harder and harder time getting enough oxygen with each breath, meaning they need to breathe faster and faster — up from an average of about 14 times per minute to 30 or 40. Such gasping can bring about a very real sense of panic. You can do that for 15 to 20 seconds, but try doing it for two hours or days or weeks."
Another doctor recounted how his patients struggled through low oxygen levels, “they felt like there was a band across their chest or that their lungs were on fire. Or like a thousand bees stinging them inside their chest. The ordeal is so taxing that many wish for death. One patient said, 'I just want to die because this is so excruciating, I wouldn’t wish this on my worst enemy.’"
This heartbreaking narrative is an opportunity for business owners to open their eyes to the dangerous and adverse impact COVID death (or any kind of death) can cause the family and the business. This is indeed a very tumultuous time and the COVID-related deaths of dozens of business owners we all knew bring into sharp focus the need for a structured plan. As a founder or business owner, maybe you trust your children enough thinking they will do better in running the business, or you just don’t see the reason why you need to initiate a succession plan early, but anything can happen and therefore you must be prepared.
Death can happen anytime
When you die, anything can happen. Your family still reeling from your loss may just decide to sell it all, or if you have partners, they may just take your share without leaving any financial security for your family. Your creditors will also not waste time and could even step in, asserting their claim on your estate or hard-earned wealth, or they may just push for liquidation so they can have possession of your assets. Put it simply, it all goes up in the air without your say. So if you think it is worth preserving the success you’ve created in life when you experience death, then you need to make the proper arrangements to make sure that happens.
Any death can disrupt a functioning family and can mercilessly cause the family business to jolt and veer off course. At worst, the lack of preparation and the limited experience of your spouse and children conjoined with entitlement can cause the business you nurtured with all your heart to simply fall apart and disintegrate.
Procrastination is the thief of time
If there’s one trait that is so uncharacteristic of founders and family-business owners, it’s procrastination! After all, practically every element of their lives, from successfully building a business empire from nothing to expanding their wealth to inspiring and leading the hundreds or thousands of employees, are testaments to the fact that they not only know how to get things done but are aggressive and determined to a degree far beyond the average.
Sadly, when it comes to the succession of their business, especially the transfer of power to the next generation, the majority of family-business owners put off the steps necessary to plan ahead. But if you want your family to honor your last wishes, they must know what your wishes are. The same goes for a successor. Not to mention, you are basically throwing your business away if you don’t plan to keep it alive after you pass away.
ARTICLE
A Sudden, Complicated COVID-19 Death! Part 2
Enrique M. Soriano
Senior Advisor
Wong Advisory Group
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January 04, 2023
Preventing Entitlement Starts With Good Parenting
There are many ways to prevent children from becoming entitled. The most effective approach is through role modeling and communication.
January 10, 2023
Baa, Baa, Black Sheep
Tagged "black sheep" family members are indeed quite a character.
January 24, 2023
The Consequences of being an Absentee Father (Mother)
As an exasperated parent-founder once said, "It is easier to run a conglomerate with thousands of executives, but it is far more difficult managing an offspring." But why do 'black sheep' family members really exist?
January 31, 2023
Is It Fair to Divide Your Wealth Equally?
The question that begs to be answered is: “Is giving equal ownership really fair, or is fairness in the context of wealth transfer never equal?”
February 07, 2023
Giving Your Children Equal Compensation Is Wrong
Conflict is normal in family businesses, but the unresolved ones classified as excessive can ultimately create damage and instability that, when not constructively dealt with, can open a prolific source of deep-seated problems like a pandora's box.
February 15, 2023
Poorly Crafted Family Compensation Policy is Divisive
Without understanding the concept of compensation, the children may end up disillusioned, confused, frustrated, and constantly asking why their salaries are equal.
February 21, 2023
A Tale of Two Siblings Fighting a Lost Cause
Conflicts in life are unpleasant. It destroys relationships and zaps the energy of individuals and their families, so many families try to avoid conflict at all costs, which is a big mistake.
March 01, 2023
50/50 Estate Split is a Double-Edged Sword: A Parent’s Dilemma
With the businesses going full throttle, the couple became worried that if they gave the business to son B, which seemed fair to do, they would not have any means to treat son A equally, which seemed unfair to him.
March 08, 2023
50/50 Estate Split is a Double-Edged Sword Part 2
Splitting assets and shares of the family business between your children can be tricky as it puts to the test the parent owners’ fairness to everybody
March 15, 2023
50/50 Estate Split is a Double-Edged Sword Part 2
Splitting assets and shares of the family business between your children can be tricky
March 15, 2023
You Can Never Manage Your Business From The Grave
The stakes are high, the consequences of a wrong decision are devastating
March 21, 2023
Rights of the Next Generation's Spouses
As a family business grows and is passed on to the children, concerns arise regarding the rights of the next-generation family members and their spouses to own and control the company.
March 29, 2023
When Shares Are Carelessly Passed On To In-Laws
Having in-laws owning shares in a family business has challenges
April 12, 2023
How to Effectively Manage In-Laws Last Part
If you really believe that in-laws deserve to be future shareholders, it is absolutely necessary that clear policies and procedures must be in place for in-law employment, share ownership
May 17, 2023
Advantages and Disadvantages of Family Members Working in the Family Business
In my experience mentoring next-generation successors, their biggest handicap is that they were never exposed to work in the real world.
May 23, 2023
The Advantages of Family Members Working in the Family Business
All businesses face challenges and family-owned businesses are not immune to these, but by the very nature of a family business structure, there are also unique sets of opportunities that family businesses can take advantage of.
May 31, 2023
Did You Hire Your Children Based on Talent or Birthright?
As a founder, did you consider talent or base your decision solely on birthright when you appointed family members? Was the last name of your son or daughter the sole reason? Was it purely trust? Would you have done it any other way?
June 06, 2023
Rules for Eliminating Nepotism in the Family Business
When employing people who are related to the founder, either by blood or marriage, it should always be based on the following non-negotiable metrics: outside experience, credentials, exceptional work in the past, and merit.
June 14, 2023
The Real Dangers of Nepotism in Family-Run Businesses
Why has nepotism gained more attention? The number of family businesses today is growing, and so is the awareness of the negative effects of nepotism prevalent in the context of a family business
June 21, 2023
If You Can't Avoid Nepotism, Set the Rules of Engagement
Family members in leadership positions should lead by example, demonstrating professionalism, competence, and a commitment to the success of the business
June 28, 2023
Family Business Covenants Against Nepotism
Regardless of blood relations, employment should never be guaranteed
July 04, 2023
Wealth Will Not Last Two Generations Part 1
"Transferring wealth to your children can be dangerous if not done thoughtfully and responsibly." - Prof. Enrique Soriano
July 18, 2023
Is Inherited Wealth Evil?
Oftentimes, children of affluent parents have not had time to establish their own identities separate from the wealth and status of the business.
July 19, 2023
A Founder's Adversity Quotient
Armed with nothing but grit, founders experience firsthand the struggles and setbacks that come with creating something from nothing, which hones them into extraordinary entrepreneurs with unmatched AQ.
July 24, 2023
Wealth Will Not Last Two Generations: The Consequences of a Low AQ
It is a fact that many next-generation family members have a Low Adversity Quotient (AQ). Consequently, when next-generation successors have low AQ, there is a significant risk that the business they inherit will suffer.
August 01, 2023
The Significance of Strategic Planning in Family-Owned Businesses
In a recent strategic planning session for a family-owned business, powerful questions emerged: 'Why are we in Business Together?' and 'Where do we want the business to be in 3 years and 5 years?'
August 09, 2023
The Dangerous Mindset of Many Next-Generation Leaders
What will it take for the next generation to break the cycle of adopting detrimental behavioral patterns and mindsets?
August 16, 2023
A Fail-Proof Succession Starts with Your Successors AQ
Often overshadowed by the larger, publicly traded corporations, family businesses operated quietly, keeping their successes and struggles within the family circle, but the landscape is changing rapidly.
August 23, 2023
From Comfort Zone to Resilience: A Next-Gen Transformative Journey
In my extensive experience helping families in Asia, the concept of Adversity Quotient (AQ) has emerged as a pivotal metric for assessing an individual's capacity to adapt and thrive in the face of adversity.
August 30, 2023
Succession Planning: The Cornerstone of Family Business Legacy and Prosperity
In family enterprises, a sobering truth prevails: With each generational transition, the odds of a company's survival diminish.
September 06, 2023
Unraveling the Pervasive Father-Son Conflict in Family Businesses: A Complex and Compelling Tale
September 26, 2023
Resolving the Father-Son Conflict in a Family Business: A Path to Harmony and Success
October 03, 2023
Fair Should Not Be Equal in a Family-Owned Business
Enforcing strict equality within a family-owned business can pose significant challenges, especially because family members often bring varying levels of expertise, experience, and commitment to the table.
October 12, 2023
From Family-First Leadership to Meritocracy: It's Time to Shift Part 2
His father's passing thrusts him into the role of President, a position that always seemed destined for him, but as he embarks on critical operational decisions, questions that echo through family business corridors are raised.
October 24, 2023
The Aimee and Allan Sibling Conflict, Solved! Last Part
Even siblings with harmonious childhoods can face rivalry in the professional realm due to the unique challenges a family business presents.
November 29, 2023
Founders Must Lead The Way! Part 1
In an evolving and growing family business, the key to sustained success is for the founder to recognize that the business is now a team sport, where cohesion and collaboration are paramount to winning games.
February 06, 2024
Entitled Family Members Can Undermine Business Success (Part 1)
Stewardship is the key to ensuring the long-term sustainability and success of family-owned businesses. In contrast, entitled family members can pose a significant threat to business stability.
February 20, 2024
A Hidden Crisis: 90% of Directors Are Unaware of Their Fiduciary Duties!
The intricate dynamics of familial relationships can complicate decision-making processes as they may pose a threat to the family members' commitment to their fiduciary obligations.
March 20, 2024
Upholding Non-Negotiable Values: Humility, Discipline, and Respect
As founders and mentors, we observe with deep concern the gradual erosion of humility, discipline, and respect among the next generation of leaders—a trend that threatens the very essence of our businesses.
April 03, 2024
