As families grow larger and more diffused—the epitome of an enterprise family—consensus seems ever more difficult to attain. In this Q&A, FOX’s Chief Learning Officer Mindy Kalinowski Earley and principal Jeff Strese of Jeff Strese Consulting Group discuss how families can reduce conflict by taking a consensus-building approach that can navigate family transitions and avoid choppy waters in times of uncertainty. Jeff also provides insights on how fostering innovation and new thinking is key to enterprise survival.
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2021 FOX Foresight – What's on the Minds of Members
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FOX Foresight keeps you up to date on our latest thinking about matters affecting Enterprise Families. It gives you our forward look on what we're learning from our members and subject matter experts. Please share it broadly with your family, your office, and your advisors. 2021 FOX Foresight is presented in 7 chapters:
Your Heirs and Wealth: Fostering Purpose
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Without the usual financial pressures of family wealth, how do you teach your children about money, work, and personal responsibility? Because the stakes are high at this point in your family journey, this article by NEPC recommends starting with the family fundamentals and a sense of purpose for the wealth. It further outlines a reliable 1-2-3 structure you can rely on to help put your heirs and their wellbeing on the right path.
Disagreements and discord can arise when it comes to your family vacation home, a unique asset that symbolizes important memories and family connections. For this reason, you should specifically address the vacation home in your estate plan to avoid hard feelings and even disputes. With thoughtful and proactive planning, a family can avoid many of the pitfalls that happen as a treasured asset moves from one generation to the next.
COVID-19 tested the resilience, creativity and crisis management skills of organizations, governments, and families around the world. As you reflect on the impact of the pandemic on your family from a historical perspective with your own family history in mind, this guide offers tips on how to collect, preserve, and share the memories and lessons learned from facing uncharted waters.
COVID-19: What Will Your Family Remember?
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The COVID-19 pandemic reshaped many aspects of life in profound ways, including propelling families onto virtual platforms and social media to work, go to school, and stay connected. Future histories of this extraordinary period of change and resilience will draw heavily on the stories and values you preserve today and the days thereafter. This guide provides tips for families on ways to collect, archive, and share how their lives have been altered or upended during the pandemic. Looking forward and looking back, what will the memories be from your family history?
Governance is a word often misunderstood by families and family offices, but it is essential for a long-lasting family legacy. Strong governance establishes a process for decision-making and conformity within a multi-generational family to promote communication and strengthen unity, helping to preserve wealth and solidarity for future generations. Although high-net-worth families and individuals increasingly recognize the importance of instituting formal governance structures, doing so presents a complex task, and it can be difficult to know where to start.
Families are becoming more complex, but a shared family vision and strategy are becoming easier to define. Business-centric families are becoming enterprise-centric and risk assessment is more sophisticated. Having impact in the future will require new strategies and new ways of thinking. The Family Office of old will need to make substantial adjustments to stay relevant in the coming decades. To thrive in the future, families must prepare themselves for dramatic change. Here we look at the seven most significant changes taking place as families adapt to the modern times.
2020 FOX Foresight: Meet Families of Impact
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Sophisticated families are looking for new ways to positively affect their communities and the world. Learn the innovative approaches of six families achieving lasting impact in our world.
2020 FOX Foresight: Take the Long-Term View
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The perennial question facing financially successful families is how to preserve the family and its well-being beyond the first generation. It isn’t the size of wealth that determines the family’s ability to build successful Enterprise Family—it’s realizing you have something worth preserving and setting a goal to maintain the family’s financial, social, and human capital for generations to come. Like all worthwhile journeys, it helps to start with a roadmap to ensure your family’s long-term success.