I was recently chatting with longtime FOX member Richard Bakal about the upcoming FOX Family Enterprise Experience workshop. Over the course of our conversation, it became clear that Richard had a very clear grasp and understanding of the Family Enterprise concept, and so I asked him if he would write a few words describing it. To my great pleasure, he agreed.

Here is what he wrote:

Most “typical” high net worth families (and their associated family offices) are inherently and unavoidably only moderately complex. However, what starts out as a family with just a family business and/or an investment portfolio gradually turns into a structure that is much more complex, with multiple business ownerships, major real estate holdings, multi-generational trusts, many varied investment portfolios, and many philanthropic endeavors—many of these with international scope.

Such a family’s interests may be properly identified as a “Family Enterprise”, with complexities far beyond that of a “mere” ultra-high net worth family. In fact, it might properly be thought of as an ultra-high net worth family on steroids.

The sheer number and variety of components in such a Family Enterprise requires an appropriate and very different plan, vision and strategy than applies to the more “usual” ultra-high net worth family. The challenge of thoughtfully designing such an ultra-complex plan is the subject of the FOX Family Enterprise Experience workshop.

What are the objectives of a Family Enterprise?

1)      To produce family members who are as close as possible to being optimum human beings, aka healthy, productive, happy and fulfilled. This applies to all family members whether they are born into, married into or adopted by the family, over multiple generations.

2)      To produce a family that is as close as possible to being optimum and unified with a clear vision over multiple generations.

3)      To preserve and grow the family capital, both financial and otherwise, over multiple generations.

4)      To use and employ all aspects of the family wealth most productively and beneficially for individual family members, for the family as a whole, and for the larger community.

How do you achieve this vision?

1)      Establish, plan, design a complete and long-term plan to achieve these objectives.

2)      Get a firm commitment from each family member and from the family as a whole, over multiple generations, to these objectives/this vision.

3)      Implement the plan.

For families that are interested in learning more about the Family Enterprise concept and discover how it can help your family (or the family you and your staff work to support), FOX is offering a  FOX Family Enterprise Experience, September 27-29 in Chicago. Find out more>>