How to maximize a family retreat to further legacy planning

When it comes time to hold a family office retreat as a tool to approach legacy planning, professionals within family offices who are tasked with planning that retreat often realize that it is a much larger undertaking than they anticipated. We’ve previously shared insights from experts at Bernstein Private Wealth on hosting a successful family retreat, including bringing in outside consultants to help structure what the experience can look like.

Before you start planning your retreat, take a look at these key themes and insights we’ve rounded up from experts at Bessemer Trust, the Council on Foundations, the National Center for Family Philanthropy and Warner Norcross + Judd.

DEFINE YOUR WHY

Before any planning begins, it is important to define why a family retreat is needed at this time. Perhaps the family office is venturing in a new direction or there is a changing of the guard, whether due to retirement, additional family members coming of age and becoming a part of the office, or a death. A few other examples of the "why" behind organizing a family retreat: reviewing governance, revising roles or welcoming new generations into the family office.

In addition to the “why,” determine what you hope to accomplish with a family retreat. In Principled Planning: A Guide For Family Foundation Retreats, published by the Council on Foundations, author Elaine Gast suggests taking time to clarify two or three outcomes you would like to see result from the retreat.

Think along the lines of “What do we want to be different?” and “How can we use a retreat or meeting to move toward our goals?”

THE RIGHT TIME AND PLACE

Once the “why” and anticipated outcomes are defined, next up is finding the right time and place to gather key members of the family office together for a retreat.

This can be challenging — some family members may find the thought of a retreat a burden, while others may act disengaged or simply not reply to inquiries about their availability. This is a good time to entice prospective participants with the “where” of the family retreat. A family retreat is a special event, and location does indeed matter, said Susie Meyers, a partner at Warner Norcross + Judd. She recommends selecting a place to host the retreat that is away from anyone’s home and the office. Doing so keeps distractions at bay, and those who work in the office will not think that the retreat is “just another day at work.” One idea Meyers shares is to book rooms at a resort and turn the family office retreat into a family weekend getaway.

MAKE A PLAN

Once the participants of a family retreat have been identified and the time and place has been determined, it is time to make a plan for the retreat itself. This is when planners outline topics to be discussed, who will lead each discussion and establish a time frame to devote to each topic.

Depending on what is being discussed, it may be a good idea to bring in an outside facilitator to help navigate conversations, especially if topics can be deemed touchy or controversial among family members. It is important to schedule breaks throughout the day, too, to be sure participants remain energized and engaged during the retreat.

To help organize and streamline the planning, Janice Simsohn Shaw Consulting LLC created a planning template for the National Center for Family Philanthropy that can be used time and again. The template is an appendix found in Meetings Matter: How to Plan Effective, Efficient, and Enjoyable Family Meetings.

ENJOY EACH OTHER

In addition to conversations around the family office and business, Donna E. Trammell, head of family wealth stewardship at Bessemer Trust, suggests building time into family retreat agendas to share the family’s history and stories, especially if younger family members are joining the office.

She also said it is important for family members to connect, and even reconnect, on a personal level. To that end, Trammell suggests team-building activities “to add to the family’s collective bank of goodwill.”

Warner Norcross' Meyers agrees.

“Choosing the right location, choosing the best meeting format and choosing family bonding activities which have meaning to multiple generations of family members will go a long way toward increasing a sense of purpose and engagement.”