Tory Infighting
Rishi Sunak as Prime Minister is facing electoral disaster according to a recent poll. If Rishi Sunak is defeated many Tory Members of Parliament will lose their seats and face a political wilderness looking for occupation and status. Is it hardly surprising therefore that a secretive plot to replace the Prime Minister has emerged?
The Daily Mail says that divided parties do not win elections. This is not new, but it does not seem to deter Tory MPs ‘bent on self destruction’.
Simon Clarke for example warns of the party’s ‘annihilation’ if it sticks with Sunak. But seems to ignore the fact that his comments will only hasten his prediction.
Replacing the Tory leader is unlikely to improve the party’s prospects because voters are fed up with the party’s lack of unity. Furthermore there is no obvious successor to Sunak. Who could command greater public support than he does.
This scenario is typical of the infighting I have seen amongst a second generation of successful entrepreneurs with varying degrees of ability. On the death or incapacity of such a leader the less able similarly often face a wilderness without occupation or status. They may have enough money to maintain their lifestyle, but have no role in the family enterprise and no real purpose. Furthermore with the death or incapacity of the founder they often lose the person to whom they could appeal in times of need. Many have developed a way to whinge and whine to get attention and continue after the death of the founder to make the lives of their more successful siblings a misery. Without real occupation or status they use their well honed skills to create mischief by fabricating grievances which ferment into emotionally charged disputes and then tip over into damaging and expensive litigation.
It is well understood that a family in dispute negatively impacts the value of the business as the chief executives try to steady the ship amidst the storm of family wrangling.
Ironically this type of dispute is rarely about money. Unlike most commercial disputes it is based on emotional envy and deep seated feelings of inferiority. The less able family members seek revenge. They want to wound their more successful siblings and to damage the business - even if in doing so they damage the golden goose; the source of their good fortune.
It matters little that the business is left crippled with debt as a result of their actions. If they are not in control they want to make the job of those who are difficult if not impossible.
This need not be the case, if the founder seeks assistance while he or she is still alive and can influence their children to agree to a family constitution before it is too late.
There are all manner of programs and psychological workshops available to entrepreneurs who want a smooth transition and succession. Sadly the founder will not be there to see how successful the program is but their family will be.
From my experience the effectiveness of such a program depends on how attentively every member and stakeholder is listened to and how honest each one can be in front of the influential founder.
Francesco Lombardo has advised successful and affluent families for more than twenty years and recognises that to steer the family into calm waters he needs first to foster a culture of a Safe Space. A Safe Space is an agreement by each member of the family that each can speak honestly without criticism or reproach. The families then work towards a Family Wealth Constitution which sets out a set of guiding principles with the aim of developing harmonious relationships, accountable leaders and responsible owners.
Francesco Lombardo has been a speaker at the Milken Institute, Campden Wealth Conferences, Tiger 21, STEP, Million Dollar Round Table and has appeared on television shows like Money Talks, and Sky News. You can also listen to my interview with him on our How To Keep Your Money Series in Episode 42.
Maybe there needs to be similar assistance for Members of Parliament who face defeat and a future with no status or occupation. It is better that MPs facing the loss of their seat in the House of Commons face up to reality and learn howbto adapt to change rather than look for a scapegoat for their inevitable defeat. To look for someone to blame will only hasten the event they most fear - a future without status or occupation.