For a Single Family Office led by its founder, succession planning is often the last thing on the founder’s mind. But failure to plan for the office’s scope and services after the founder’s demise can leave the family and the family office staff alike in an impossible situation, and put at risk the wealth that the founder worked so hard to create.
This comprehensive article provides thorough analysis and actionable recommendations addressing succession planning in single family offices.
In family business governance, structures like an owners’ council are of benefit as a family and their business become more complex over time. This begs the question, however, what should the council do?
The concept of Intention offers an innovative approach to answering this question, one that is firmly rooted in the realistic view that governance structures need to be designed in the image of the owning family.
So often, I am asked, “How do I talk to my kids about…” The money? The business? Their trust? Their opportunities?
I often suggest to clients that they create ways for next-generation family members to “bob in the pool”—to participate in the day-to-day activities of managing the family’s Financial Capital from the earliest days, at a level appropriate to their age and stage.
The swimming metaphor applies throughout life. Parents have an understandable desire to shield kids from the potentially dangerous and dark side of wealth. But too much shielding is like keeping kids from water: we prevent them from learning skills that may save their lives.
What is the measure of success for a multi-generational family business? Who should decide which path to take? are we learning the right lessons? and what is the balance between meddling and leading?
Amelia Renkert-Thomas answers these questions and discusses why public company models are not good guides for family business owners.
