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It's not news to family office hiring managers that prepandemic employment challenges have only become more intense. COVID-19 just fanned an existing flame of empowerment and flexibility demands. Salary is no longer a potential hire’s biggest concern. When the postpandemic conversation becomes less about where work is done and more about how (and how well), thoughtful programs focused on health and wellness will become table stakes. If your organization doesn’t have a competitive total-compensation philosophy, be prepared to lose in today’s fierce talent war.

Over the course of more than 25 years, I’ve built a body of knowledge in family systems, adult-learning theory, executive education, and generational learning. From this vantage point, I have been able to witness how organizations and family-owned businesses across the country equip their future leaders. I’ve seen successes and failures. With those experiences, I’ve come to learn five things every family needs to know.

The concept of impact isn’t new, and in recent years has been discussed considerably from an investment and philanthropic perspective. But at FOX we believe “impact” can have a broader meaning, based on how each unique family defines it. While that can vary widely, the families themselves are similar in their ability to think strategically, embrace risk-taking, and align their vision and values.

Even as we head into 2022, the effects from the pandemic and events of 2020 continue to be felt, particularly in the philanthropic community. In this vibrant conversation with Glen W. Johnson, President of FOX, Bruce Boyd, Principal and Senior Managing Director of Arabella Advisors, Nancy Roob, CEO of Blue Meridian Partners and President and CEO of The Edna McConnell Clark Foundation, and Nick Tedesco, President and CEO of the National Center for Family Philanthropy, we discuss four separate-but-related issues.

We rely on – and have come to expect – real-time information to make decisions in every aspect of our lives. Family offices are no different. Unfortunately, many continue to use time-consuming manual processes for getting their data into the systems that need it. As a result, many family offices have been searching for technology solutions that function like additional back-office staff, to free up existing employees to handle tasks that can’t be automated.

The past two years have tested even the most resilient families and family-held businesses. Balancing domestic obligations with managing companies virtually is stressful even on the best of days. But when employee relationships include family relationships, workforce dynamics take on a whole other level of complexity. Add a global pandemic on top, and family-held businesses find they now need to support their workforce’s mental health in addition to maintaining financial sustainability.

FOX Foresight keeps you up to date on our latest thinking about matters affecting families, family offices, and their advisors. It gives you our forward look on what we're learning from our members and subject matter experts.

One of the greatest direct investing struggles is how to manage deal flow once opportunities start to come in. It sounds simple enough, but it is quite actually complex – in ways that might surprise you. Mainly, once word gets out you’re looking to invest, you’ll be inundated with opportunities. So before you work with your network to surface deals, be sure to proactively build your deal architecture and guidelines.

At our Family Office Exchange (FOX) Rising Gen Leadership Programs held in February and June, we noticed developing themes from our next-generation attendees. It became clear their needs and concerns were coalescing around three emergent areas. In this article we’re presenting a simple engagement pipleline to guide families and rising gen on their learning journey. This intentional approach is based on our research and the best practices of leading families.

Enterprise families are unique because they share ownership and stewardship of more than just family businesses. In addition to co-owning operating companies, they are the guardians of family legacy, family trusts, shared philanthropy, and joint properties. As leadership moves from founders to siblings to cousins and family priorities change, the decision-making structures must evolve to stay relevant.