Families blessed with significant financial resources can make an amazing and long-lasting impact on the world. But that wealth can also lead to disagreements, grudges, and hurt feelings. Trying to hide from the conflict does not make it go away. The best thing a family can do is create a culture of open, honest conversation about the impact their wealth can have, as well as the pitfalls. Communication is therefore one key factor in sustaining wealth for generations.
Family Governance
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Over the past decade, matriarchs and patriarchs of successful families have been shifting their focus from their children to a broader group of individuals, such as grandchildren, siblings, and nieces. Often, they choose to create family banks, which are typically trusts that are funded to help individuals pursue entrepreneurial opportunities, venture philanthropy, and knowledge in a structured and more-likely-to-succeed manner. Family banks can be customized to fit a family’s agenda, and the risks inherent in family banks can be thoughtfully managed.
The results of the U.S. Family Business Survey findings brought out the importance of being prepared to compete in a far more digital economy. Family businesses have built up trust among loyal employees and their ownership group. So how to turn values like loyalty and hard work into a multi-generational success story?
2019 FOX Foresight
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In this 2019 edition of FOX Foresight, we review how business owners need to shift shift to an enterprise mindset, and how family offices seek to redefine their role, and as a new generation of family members prepares for leadership in a time of great transformation. FOX Foresight is presented in 7 chapters:
How to Make Decisions as a "Family Enterprise"
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Decision making for a family enterprise is complicated and there is typically not an absolute right or wrong answer. Even when a family is on board with a shared vision of what they want to accomplish with their wealth, how do you bring them together to make the decisions needed to get there? Following six recommended steps, a family enterprise can be successful with their decision making.
Breakout 2 - Leadership: What Families Need Now
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Family members from all generations are hungry for clarity on how to navigate the financial and emotional complexities of wealth. In order to do this well, families need leaders—all kinds, from all generations. Come to this session to learn how one Chief Learning Officer within a multi-family office helps families develop leadership skills that are pragmatic and cross-generational. Good leadership is easily identifiable when it is present within a family system, and often overlooked when a family lacks the skills to cultivate its own leaders. What do families need now? Leadership.
Seminar 1 - The Culture Journey Learning Experience
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“Culture eats strategy for lunch” is a well-known adage that describes how vital an effective culture is to any organization’s success. A family’s culture, not unlike an organization’s, is fluid and everchanging, shaped by shared values, beliefs, assumptions, and behaviors. This interactive learning experience will help family leaders and change agents understand the complexities of culture, and the connection to performance improvement in a rapidly changing environment.
The Benefits of Coaching for Leadership
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Engaging a coach can be an effective way to develop your leadership, engage your teams, and accelerate your career development. In this interactive session we will explore your understanding of coaching as a mindset, a skill set, and a resource for Rising Generation family members. Coaching can help you unlock your leadership potential, whether it is through peer coaching or working with a professional coach.Austin McDonald, President and COO, McDonald Development CompanyGreg McCann, Founder and Principal, McCann & Associates
Leadership Storytelling: Bringing It All Together
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During our time together, we will discover how to bring meaning to our work, identify our own purpose priorities, and understand how to use our voice for change. This session provides an opportunity to bring together these essential building blocks to tell a powerful story about the impact we want to have on our families and the world. Being able to clearly articulate what you care about will set you apart as a creative and authentic leader who can leverage stories that engage and persuade.Talli Sperry, Head of Family Office Segment, The Vanguard Group
Leading with Purpose: Bringing Meaning to Your Work
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Purpose-driven leaders tap into what really motivates both themselves and others, and as a result they inspire their teams to achieve extraordinary results. Leading with purpose is particularly important to millennials and rising generation leaders. We’ll talk about the purpose economy, and participants will have an opportunity to discover their own Purpose ProfileTM using an online assessment.