Many family businesses are undergoing or anticipating transitions, prompting the need for trusted advisors more than ever. This session features experts who have deep breadth of experience in helping families manage business transitions and the complexity that comes with them, including new liquidity, helping founders find their next purpose, and more. John Brown, Founder, Business Enterprise Institute Moderated by Gaby Griffin, Market Leader, Business Owners and Family Office Executives, FOX
Generational Transitions
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Every family’s succession journey is unique, and the change can feel uncomfortable. To help navigate that transition in leadership, 32 former family office CEOs offer their succession stories with the intent of sharing their advice and lessons learned to light the path for those for whom such a transition may be on the horizon. Along with the important lessons learned are helpful resources that include a sample succession plan.
The new year brings unique opportunities for families and their offices, but it can also create new obstacles to navigate. FOX has identified three dominant themes that will drive disruption and opportunity for families of wealth, their family offices, and their professional advisors.
The 3Ts: Critical Forces Disrupting Our Future
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The new year brings unique opportunities for families and their offices, but it can also create new obstacles to navigate. FOX has identified three dominant themes that will drive disruption and opportunity for families of wealth, their family offices, and their professional advisors. We call them the “3Ts” – transitions, talent, and technology.
Crafting a family story as part of your family history is essential in helping rising generations understand and embrace their roles in the family enterprise. For a family with a business, that story will enormously benefit the younger generations whether or not they are actively involved in running the family business. Understanding the roots of the family’s entrepreneurialism will also cultivate stewardship and deeper appreciation of the wealth and responsibilities generated from long-term success.
Succession and Generational Transition is a key concern for over half of FOX’s family member leaders. Similarly, our rising gen research shows that 53% of the rising gen view leadership and skill development, as well as defining future roles in the family, as a challenge. Together, Sara Hamilton, Founder and CEO of Family Office Exchange, and Mindy Kalinowski Earley, FOX’s Chief Learning Officer, addressed the concerns and challenges of each constituent group, and provided solutions for preparation, transition and succession.
The deep knowledge and bone-deep pride of business ownership that keep a successful business thriving do not automatically trickle down to later generations. An investment in education is often required. Knowing the story of the family enterprise is one tool for helping younger family members learn from the past, engage the present, and make their mark on the future.
Succession will happen—it’s a matter of when, not if—so families should approach it with strategic forethought, flexibility, and responsiveness to ensure a smooth, successful transition. Through three different scenarios that encompass most transitions, learn how the decision-making process succession varies in significant ways across those scenarios. There are many aspects to robust succession planning, which, when done well, can help align decision-making and strengthen family unity.
What Matters Most to You?
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The most problematic challenge wealthy families face is not how to make more money, but how to ensure that it lasts. This requires focusing on something other than money. Successful families, whose wealth lasts for many generations, follow five key practices.
Market research reveals that nearly 70% of intergenerational wealth transfers fail by the third generation and almost 90% by the fourth. These are compelling statistics which have become top of mind concerns for many families as they plan their wealth transition to the next generation. For Australian families, there are three key challenges they face when transitioning wealth. A closer look shows what they are doing to beat the statistics and ultimately succeed, beginning with preserving family harmony and unity.