Once a family recognizes they own and manage a complex range of endeavors, the family leaders need to look strategically across the enterprise at where opportunities and risks exist. They should then assess where the opportunities and risks exist and how to allocate capital to the best alternatives.
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Creating a truly effective board doesn’t happen by accident. From selecting the right people, to running crisp meetings, to fostering good working relationships with management and one another—boards are tasked with many decisions that impact how well they function. Over time, boards fall into routines for how they operate. But how many regularly look at their governance practices to see if they are as good as they could be?
Seminar 2 - An Entrepreneurial Pathway
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Whether planning for the original family business or new businesses, the family foundation, family investing, or family real estate, being entrepreneurial and confident in your family enterprise approach is a key to success. This session is for families with passionate self-starters who have the desire to be fearless and resilient in their family enterprise work.Ann Dugan, Senior Managing Director, Advisory & Education Services, Family Office ExchangeBrock Elmore, CEO and Co-Founder, Consilient
Seminar 3 - Energizing the Enterprise: Designing an Opportunity and Risk Analysis Process
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Knowing more about future opportunities and unexpected risks can have a dramatic and positive impact on the health of the enterprise. Families will use a creative process to analyze alternatives and uncertainties that may challenge the family in their strategic planning. This workshop explains key concepts related to identifying driving forces and uncertainties, and introduces a systematic way to prioritize future opportunities and risks.
Family Enterprise Strategy and Leadership
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A panel of FOX Enterprise Leaders will share best practices that global families use to strengthen their family enterprises. When the family values the continuation of the family and their enterprise beyond the original operating business, a set of guiding principles and practices lead the way for generations to come. Topics in this session will include how assets are owned in a family enterprise, how businesses grow, how decisions are made, what family learning and leadership looks like, how boards are selected and evaluated, and what place entrepreneurship holds for the family.
Upon the sale of the Knell family’s operating business, Harvey was confronted with a new set of challenges. How could he work to “let go early” like his father did so effectively, how he would support the transition of his family wealth, and most importantly to Harvey, how would he ensure critical skills were developed within his family to manage the enterprise. Allowing for the independence his sons desired and establishing accountability were top of mind as his family worked together to establish a successful family enterprise.
Considerations for Structuring Family Office Investment Companies and Operating Companies
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This program is designed to enable FOX members to better understand if the businesses they work with should consider converting to or electing C corporation status in light of the Tax Cuts and Jobs Act, lowering the federal corporate tax rate to 21%. In this session, we explored:
FOX Foresight – Voice of the Wealth Owner
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FOX Foresight – Voice of the Wealth Owner outlines what challenges and inspires family leaders and family office executives in the best and brightest family enterprises around the world. It summarizes what we have been learning from the FOX community and our subject matter experts over the last
Re-Energize with Enterprise: Nurturing an Entrepreneurial Culture to Create a Durable Family Legacy
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Having an entrepreneurial culture can help nurture a family legacy by providing pathways for family members to invest in new enterprises and regularly recharge the wealth for future generations. Although it may be challenging to re-energize a family, a dynamic culture of growth can flourish within a thriving entrepreneurial ecosystem. A family interested in being a family of legacy should examine their current culture to determine if they have what it takes to be an entrepreneurial family.
Research indicates that multigenerational involvement is the single most important factor in sustaining family wealth into the third generation and beyond. Furthermore, the families that most successfully integrate younger members into their family operations seem to share the same philosophies and core values. It’s a family enterprise mindset that prepares the rising generation to be able to step in immediately and manage the family’s financial assets, run the enterprises, and preserve the culture and legacy.