RECAP: FOX 30th Anniversary Forum

Rising Gen Perspectives: What We Want Our Parents to Know

Presenters:
Nate Hamilton, Advisory Board Member, Family Office Exchange
Stephanie Hammett, NextGen, ChiFam, LLC
Jessica Swoyer Green, Family Council Chair, The Duchossois Family
Shivani Trivedi, Vice President, Trivedi Family Office & Foundation

Moderator:
Mindy Kalinowski Earley, CMP, CFBA, Chief Learning Officer, Family Office Exchange

Session Description: 

A panel of rising generation family members talked about how they’re working with their leadership generations to demonstrate their capabilities and share their perspectives on the challenges and opportunities facing their families. They discussed what they want to learn and how best to engage their generation.

“Participating in internships across several of the operating businesses helped me to fall in love with these businesses and to want to stay a part of it.”
– Stephanie Hammett
Key Takeaways: 
  • Each of the panelists has some level of Family Office involvement or were active in family governance. Some have leadership roles in their family council or advisory board. Everyone described wanting to contribute to the wellbeing of their respective families.
  • Family meetings are an integral part to keeping the communication lines open and learning more about a family’s story. Education can be as hands on as internships in the family business to a more self-directed approach. What is important is being clear about the prior generations’ expectations of the next one.
  • Finding one’s voice is incredibly important. While initial Family Office exposure may be intimidating, acclimation is a gradual process. A next-gen family member can ease themselves into it by taking time to learn, meet with business leadership and employees, and routinely meet with a mentor who can lead the way to more robust involvement.
  • The best way to engage the rising generation is to play to their interest and strengths. A family member passionate about writing can head up the family newsletter. A member with an interest in theater can produce a family history video. If the younger generation is given a Family Office assignment in the platform of their interests, they will be more engaged.
  • The panel identified education, succession, and spousal onboarding as challenges for the next five years. All agreed that actions should honor the oldest and welcome the youngest to drive multi-generational involvement.