Xylogenesis™ | Family Office Advisory

Ben Franklin said: “An ounce of prevention is worth a pound of cure.” Addressing difficult situations before they happen can be a painful but necessary exercise for family offices. For example, in the intricate world of family office management, few topics spark as much frustration as insurance and risk mitigation. Often regarded as tedious and complex, discussions about insurance can derail productive meetings and family office dynamics. In my latest co-authored article for Crain Currency we explore why the topic of insurance often gets sidelined and how proactive management can transform risk mitigation from a burden into a strategic advantage. From understanding the purpose and value of coverage to tackling the challenges of underinsurance and overinsurance, this piece provides crucial insights into managing these vital aspects of family office operations. The article also provides several case studies addressed by a family office insurance broker. Key takeaways include: • Common challenges: Learn about the frequent pitfalls that lead to insurance gaps, such as complacency, miscommunication, and complex policy language. • Effective solutions: Discover the value of governance and consistent and transparent communication between family office teams and risk managers to ensure comprehensive coverage and avoid costly oversights. • Proactive strategies: Explore actionable strategies for creating a governance structure that prioritizes regular updates, audits, and a culture of risk awareness. The article also includes a compelling case study highlighting how a thorough insurance audit can reveal significant coverage gaps and the benefits of establishing a routine for reviewing policies and assessing risks. I invite you to read the article to learn more about this important topic. https://lnkd.in/gY2h7K6b At Xylogenesis™ | Family Office Advisory we are focused on creating a family office ecosystem based on three objectives: (1) durable family harmony, (2) financial prosperity, and (3) operational excellence. You’ll find that Xylogenesis™ offers a totally different and novel perspective and approach; one that can only be understood through actual experience, and by owning, working in, or leading family offices – for which Xylogenesis™ and its team are uniquely qualified. Visit our website to learn more about everything we have to offer and to schedule an appointment. We look forward to hearing from you! https://lnkd.in/gcCHMwKV #FamilyOffice #Governance #FamilyBusiness #FamilyEnterprise #SuccessionPlanning #TransitionPlanning #ContinuityPlanning #Structure

Congratulations to our firm’s Founder, Richard J. Wolkowitz, for being recognized by Family Capital Publishing as one of the World’s Top 50 Family Enterprise Advsiors. https://lnkd.in/gZQ7x6Zs #familyoffice #familyenterprise #familybusiness #multigenerational #LeadingGen #NextGen #durablefamilyharmony #financialprosperity #operationalexcellence

Tree rings record a deep, rich history of tree growth, health, sickness, and even trauma. They reflect the natural, organic growth of a tree, as well as the effect of external factors such as weather conditions (drought, flood, excessive wind, etc.), insects, and other environmental conditions. Tree rings are a language unto themselves; perhaps the first language ever. In a new article I authored for Investments & Wealth Monitor from Investments & Wealth Institute, you’ll see that a family of substantial means, and its enabling business or enterprise, evolve organically and dynamically, too. They are impacted by external factors such as birth, death, marriage, divorce, business cycles, industry changes, government laws and regulations, acquisitions, divestiture, litigation, and other factors that can strengthen or weaken the family and its enterprise. Thus, “xylogenesis™” can be a useful metaphor for BOTH the family and its advisors in approaching and aligning around family wealth and dynamics. You’ll also discover why effectively navigating your own multigenerational family or advising multigenerational families requires an understanding of the “xylogenesis™ effect” and, equally important, the balance between technical, objective, quantitative matters (“left brain”) with emotional, subjective, and qualitative matters (“right brain”). Family offices require intentionality around head-heart as a “both/and,” not an “either/or.” To have an enduring and endearing relationship amongst family members and their advisors, everyone in the system must contemplate, lead, plan, and communicate with their heart besides their head. I invite you to read the article to learn more about this critically important approach. https://lnkd.in/gVJ7aT6q At Xylogenesis™ | Family Office Advisory we are focused on creating a family office ecosystem based on three objectives: (1) durable family harmony, (2) financial prosperity, and (3) operational excellence. You’ll find that Xylogenesis™ offers a totally different and novel perspective and approach; one that can only be understood through actual experience, and by owning, working in, or leading family offices – for which Xylogenesis™ and its team are uniquely qualified. Visit our website to learn more about everything we have to offer and to schedule an appointment. We look forward to hearing from you! https://lnkd.in/gcCHMwKV #FamilyOffice #Governance #FamilyBusiness #FamilyEnterprise #SuccessionPlanning #TransitionPlanning #ContinuityPlanning #Structure

Integrating a chief human resources officer (CHRO) into the boardroom is a critical ownership and governance strategy for aligning the family and its culture with employee engagement, mitigating talent-related risks, and fostering long-term sustainability. In a new article that I co-authored for Family Wealth Report, you’ll find out how a talented and experienced CHRO can play a critical role in helping a family office navigate family dynamics while delivering high-touch services to the family (or families) for a dynastic period on a 24/7/365 demand basis. The right CHRO serving as a director on the board can add tremendous value and influence on positive ownership, board, family, and family office culture. We also explore challenges and solutions that come with having the subject matter expertise of a CHRO serve on the board of a family office, plus other uncommon and thought-provoking ideas. I invite you to read the article to learn more about this important topic. https://lnkd.in/gwSGQiHn At Xylogenesis | Family Office Advisory, we are focused on creating a family office ecosystem based on three objectives: (1) durable family harmony, (2) financial prosperity, and (3) operational excellence. You’ll find that Xylogenesis offers a totally different and novel perspective and approach; one that can only be understood through actual experience, and by owning, working in, or leading family offices – for which Xylogenesis and its team are uniquely qualified. Visit our website to learn more about everything we have to offer and to schedule an appointment. We look forward to hearing from you! https://lnkd.in/gcCHMwKV #FamilyOffice #Governance #FamilyBusiness #FamilyEnterprise #SuccessionPlanning #TransitionPlanning #ContinuityPlanning #Structure

Integrating a Chief Human Resources Officer (CHRO) into the boardroom is emerging as a critical #ownership and #governance #strategy for aligning family #culture with employee engagement, mitigating talent-related risks, and fostering long-term sustainability. This article published in Family Wealth Report that I co-authored with Matthew Huffman of SLATE explores the transformative impact of CHROs on family office boards, offering insights into integrating the family with strategic talent management, cultural alignment, and proactive governance. https://lnkd.in/gXJUTVqx Thank you Theodora Viney and Tom Burroughes for valuing this uncommon perspective. #familyoffice #familyenterprise #familybusiness #humancapital #humanresources #CHRO #unlockhumanpotential #governance

Summer employment can be an excellent time to integrate the #NextGen into the #familyoffice or #familyenterprise or #familybusiness. There are a plethora of good reasons to hire your children for summer jobs: 👷♀️get them up in the morning to be productive and purposeful, 👷♀️spark curiosity that can lead to an unexpected and inspired educational pathway, 👷♀️seek feedback from their lens which may lead to firm innovation and improvment, 👷♀️give them an opportunity to experience real world matters in a safe manner, 👷♀️provide an opportunity to learn and model appropriate professional work behavior, 👷♀️mature through first-hand experience, 👷♀️appreciate the value of earning money (and experience paying taxes), 👷♀️shared learning in discussing the business from parent-child and child-parent perspectives, 👷♀️learn how to appropriately interact with non-family employees, 👷♀️ provide a tax deductible allowance, 👷♀️fill an important business need, 👷♀️ intrigue them into a future with the family business. And, as with most #familybusiness decisions, extra planning and care is required because such decisions affect the individual, family, non-fammily employees, and the business. Governance matters. For more, you may want to reach out to our founder, Richard J. Wolkowitz, Xylogenesis | Family Office Advisory #singlefamilyoffice #sfo #nextgeneration #nextgen #employment #summerlearning #summerinternships #continuity #successionplanning #transition #summerjobs #consulting #consultingservices

Can a single family office sometimes become isolated in like-minded thinking and impervious to change and challenges? The simple answer is yes. Thankfully however, governance provided by external, independent, non-family members can offer welcome perspectives into warning signs that may go unnoticed by existing family office leadership. In a new article that I authored for Family Wealth Report, you’ll discover why I advise family offices to never underestimate the value that these independent non-family members can bring, whether formally on the fiduciary board or simply as a trusted, “sounding board” advisor to the family. The article also explores several common family scnerios and how independent outside adviros can often be the difference between family dysfunction and headaches vs high-performing, long-term durable family harmony and financial success.  Advisors outside of the family can offer that invaluable, broader perspective and insight, possessing the ability to see and raise the issues to bring calm and mitigate conflict when no one else can or will. I invite you to read the article to learn more about this important topic. https://lnkd.in/gwJdWuWZ At Xylogenesis | Family Office Advisory, we are focused on creating a family office ecosystem based on three objectives: (1) durable family harmony, (2) financial prosperity, and (3) operational excellence. You’ll find that Xylogenesis offers a totally different and novel perspective and approach; one that can only be understood through actual experience, and by owning, working in, or leading family offices – for which Xylogenesis and its team are uniquely qualified. Visit our website to learn more about everything we have to offer and to schedule an appointment. We look forward to hearing from you! https://lnkd.in/gcCHMwKV #FamilyOffice #Governance #FamilyBusiness #FamilyEnterprise #SuccessionPlanning #TransitionPlanning #ContinuityPlanning #Structure

Did you know that baby boomers account for over 44% of real estate wealth in the U.S., according to the Federal Reserve (data as of February 2024)? As such, boomers are actively transferring assets through trusts, real estate, gifts, wills and other methods. Are principals/family members, family offices and family enterprises ready? I co-authored an article for Crain Currency with Charmaine Tang, president of Orca AG, in which we explore the complexities that families that operate real estate businesses face, including external business matters (beyond their control), internal business matters (usually within their control), and family matters (some of which are beyond/and some of which are within their control). Family offices and their family enterprises all need to plan and prepare for continuity, whether in the form of succession transition or an enterprise wide sale to become a “liquid family." It’s a lot to think about, but thankfully there is a roadmap for real estate succession and transition. I invite you to read the article to learn more about this important topic. https://lnkd.in/gPrMNyxU At Xylogenesis | Family Office Advisory, we are focused on creating a family office ecosystem based on three objectives: (1) durable family harmony, (2) financial prosperity, and (3) operational excellence. You’ll find that Xylogenesis offers a totally different and novel perspective and approach; one that can only be understood through actual experience, and by owning, working in, or leading family offices – for which Xylogenesis and its team are uniquely qualified. Visit our website to learn more about everything we have to offer and to schedule an appointment. We look forward to hearing from you! https://lnkd.in/gcCHMwKV #FamilyOffice #Governance #FamilyBusiness #FamilyEnterprise #SuccessionPlanning #TransitionPlanning #ContinuityPlanning #Structure

What does it take to set up an effective family office? That’s a big question and an even larger task as it is an ever-evolving business with a dynastic purpose. During a Capital Club Podcast hosted by Brian C. Adams of Excelsior Capital I had the opportunity to discuss how the family office concept has evolved over the years and explore three main types of family offices: existing single-family offices, embedded family offices within operating companies, and concept family offices that are formed to support, enhance, and protect a family and their newly acquired wealth. The podcast also addresses best practices and how family offices of all types are susceptible to blending business assets with personal assets, which can lead to asset risk exposure, lack of performance, and family conflict, if not appropriately managed.     I invite you to listen to this podcast now. https://lnkd.in/g3j3a4mG At Xylogenesis | Family Office Advisory, we are focused on creating a family office ecosystem based on three objectives: (1) durable family harmony, (2) financial prosperity, and (3) operational excellence. You’ll find that Xylogenesis offers a totally different and novel perspective and approach; one that can only be understood through actual experience, and by owning, working in, or leading family offices – for which Xylogenesis and its team are uniquely qualified. Visit our website to learn more about everything we have to offer and to schedule an appointment. We look forward to hearing from you! https://lnkd.in/gcCHMwKV #FamilyOffice #Governance #FamilyBusiness #FamilyEnterprise #SuccessionPlanning #TransitionPlanning #ContinuityPlanning #Structure

Families, family offices, family operating companies, and long-term (internal and external) trusted advisors see the value of an independent non-family advisor, especially in the following circumstances: 💡the suddenly declining or not so valuable operating business 💡the balance between reinvesting and distributing 💡listening to and supporting an individual family member in absolute confidence, distress, or crisis 💡anticipated or unexpected impairment or death of the family leader 💡RisingGen development and support between individual fulfillment and collective demands Appreciate Family Wealth Report for publishing an article authored by our firm's founder, Richard J. Wolkowitz, https://lnkd.in/gwJdWuWZ #familyoffice #familyenterprise #familybusiness #governance #transitionplanning #familytransition #successionplanning #familysuccession #succession #continuityplanning #familycontinuity #independent #independentadvisor #fiduciary