How does entitlement
present itself?
What are its causes
and consequences?
How do we cure it?
Webster’s describes entitlement as “the belief
that one is deserving of certain privileges.” Family Business Wiki says, “Entitlement
refers to a sense of being ‘owed’ such benefits as: wealth; employment; and
status without having to work to achieve these benefits. Some children who grow
up in a successful family business can be inclined to a feeling of entitlement.”
Entitlement is more than feeling “owed” or “deserving,” it’s about expectation
as well. Indeed, usually the problem isn’t the feeling of entitlement; it is
how family members act, and how such actions are perceived by others. The
consequences can be dire.
Wanting their children to have all the trappings
of the good life, parents help their kids buy homes and even furnish them; they
set up trust funds and 529 college savings plans for their grandchildren. And
in these actions, there lies an expectation -- that this might go on forever,
that there’s a bottomless well
somewhere.
So, have the parents been the enablers? Have
they unwittingly fostered the belief in their children that money will always
be available? Perhaps so.
Many expected that they’ll be able to take the
same luxury vacations with their children as they’ve enjoyed with their
parents. For most, however, it just won’t happen. Thanks to the economy,
“forever” seems to have come to a screeching halt.
As a result, many kids turn to the Family Business
as a natural source of opportunity.
But is that opportunity to further entitlement?
Read the SeptemberWhite Paper and join The Network
of Family Businesses for a virtual educational Webinar on Thursday,
September 26th 2013 at 02:00 PM Eastern Time, with Paul and David Karofsky.
Paul Karofsky is founder/CEO of Transition
Consulting Group Ltd. He was the third-generation CEO of his family’s business
and is executive director emeritus of Northeastern University’s Center
for Family Business. David Karofsky is president
of Transition Consulting Group Ltd. He has more than 15 years of experience coaching
executives and working with companies across the globe (www.ForTCG.com).
For additional information email: steve@netfamilybusiness.com
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