The UHNW Institute September Theme: Family Enterprise
Happy Fall Y’all,
Summer is winding down, kids are heading back to school, the cooler temperatures are here and the most obvious sign of autumn’s arrival? Pumpkin and apple have been added to the menu at Starbucks.
We’re gearing up for a very busy fall at The Institute, including our virtual roundtable on September 26 on Family Enterprise, our Chicago-based Collegium in October, our annual Symposium on November 13 and 14, The Future of Family Wealth Advising: Positioning Your Firm for Success and a couple special events before the holidays in December.
This month, please join Institute experts on September 26 at 4 pm ET for our next Roundtable on The Evolving Family Enterprise. We’ll begin with consensus around the definition of the term Family Enterprise, which may encompass a private/operating company or the entire structure created by the family, including the family office, foundation or philanthropic giving and support for it.
Our experts in the field will consider the changing needs and how firms can better support them. Whether a family is managing or has exited its long-standing operating company or is generations beyond focused on shared assets and investments or philanthropic endeavors, this roundtable will examine the multifaceted operations, various roles, responsibilities and services that envelop the Family Enterprise domain, and the future needs of the evolving family enterprise.
Be sure to explore the Institute Resource Library resources and other reading recommendations in anticipation of the upcoming roundtable The Evolving Family Enterprise, on September 26, and REGISTER HERE.
——
PODCASTS
Alex Scott
In this episode, Tom talks to contributing author Alex Scott, a business leader and a member of a multi-generational family of wealth from the UK. Alex answers the question ‘Can a Family Stay Together After the Operating Business Is Sold?’ with an enthusiastic ‘Yes!’ But of course, that result does not come about without considerable intentionality and effort, so Alex describes some of the practices that worked well for his family and how other families might apply them. Note that this episode is relevant to families that don’t have operating businesses and those that do.
BOOKS
Family Enterprise Playbook: A Framework for Action
David Wells | 2023
The Family Enterprise Playbook provides a straightforward framework to help families build a lasting legacy by creating a “family enterprise,” which encompasses the structures and activities that support long-term success. Serving as a practical guide, it offers tools to set up an enduring family system and create a dashboard to track progress toward generational goals, all in a concise format that can be read in about an hour.
ARTICLES
Systems Thinking: A Practical Lens for Understanding Enterprising Families
The article Systems Thinking: A Practical Lens for Understanding Enterprising Families by Rebecca A. Meyer highlights the importance of systems thinking in managing family-owned businesses. It advises taking a holistic view of family dynamics and understanding key concepts like generational patterns and interaction triangles. This approach helps advisors guide families through conflicts while preserving both business success and family harmony.
Is Your Family Office Built for the Future?
Josh Baron and Rob Lachenauer | Harvard Business Review | 2022
Family offices can provide a number of benefits, including privacy, customization, and having your own team to handle a wide range of services, such as guiding family philanthropy, managing shared properties, or even managing household help. Successful principals in hedge funds, private equity, real estate, and tech entrepreneurs, and even family business owners selling their firms, have recently created an explosion in the number of family offices. While most single-family offices are set up with good intentions of continuing to keep the family (and its wealth) close, they face some unique built-in tensions that family businesses don’t have that leave them vulnerable in the long term. This article addresses five key decisions that family offices need to make if they want to set themselves up for long-term success.
VIDEOS
Red Flags That Your Family Isn’t Ready for a Family Office
Judy Lin Walsh | Banyon Global
A single family office is not right for every family business. It can be easy to jump into the logistics of setting up a family office without considering the underlying purpose and implications. In this video, Banyan partner Judy Lin Walsh calls out these red flags and offers guidance for making the right decisions for your family.
TOOLS & RESOURCES
Family Business Handbook and Family Employment Policy Tool
Harvard Business Review | 2021
The Family Employment Policy toolkit from the Harvard Business Review Family Business Handbook helps family businesses pre-decide important employment issues. It covers six key areas: attracting talent, setting entry rules, defining career paths, providing feedback, determining compensation, and managing exits. A clear policy can prevent conflicts and ensure smooth generational transitions, supporting the success of both the family and the business. The toolkit promotes discussions to create a policy tailored to each family’s needs.
Family Business Handbook: Chapter One: How to Build and Sustain a Successful, Enduring Enterprise
Josh Baron and Rob Lachenauer | Harvard Business Review | 2021
The Harvard Business Review Family Business Handbook provides insights and practical advice for understanding and managing family businesses. Drawing from decades of experience with diverse family enterprises across various industries and cultures, the book addresses key challenges such as governance, conflict management, succession planning, and employment policies.
