By Harry S. Margolis
David Karofsky of the Transition Consulting Group, who advises family businesses on succession planning, has written about cases of entitlement he has run across in his business and elsewhere. They include:
The woman who was overheard talking on her cellphone about her father who had more than enough money with his three houses. She and her siblings, she said, had to take control of his finances so that he did not "waste" them before they got passed down to her generation.
The son who was paid a salary of $750,000 a year working in the family business who thought this reflected his value to the company when, in fact, it was a means of passing some of the business's value down to him.