🔍Are your family office leaders ready to transfer their responsibilities to the next generation? Crafting a strong and effective succession plan requires forward-thinking and strategic planning. In the latest article from @Canadian Family Offices, BDO Canada's Jeff Noble shares valuable insights on how preparing for succession now can help protect the wealth and legacy that has been built over time. #FamilyOffice #SuccessionPlanning #WealthManagament
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🔍Are your family office leaders ready to transfer their responsibilities to the next generation? Crafting a strong and effective succession plan requires forward-thinking and strategic planning. In the latest article from @Canadian Family Offices, BDO Canada's Jeff Noble shares valuable insights on how preparing for succession now can help protect the wealth and legacy that has been built over time. #FamilyOffice #SuccessionPlanning #WealthManagament
The exit of your family office team is inevitable. Time to take action
canadianfamilyoffices.com
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Helping Family Offices & RIA's Preserve & Build Wealth through NJ Real Estate. Father, Public Speaker, Motorcycle Rider, Skier
What are the biggest challenges for family offices in 2024? Private equity focus - As family offices seek to find value through more alternative investment options, private equity has grown more popular as a viable investment for most family offices. "With 29% of family offices targeting an increase in private equity funds, 27% in direct private investments, and 25% in private debt/direct lending." Succession - "41% of families currently operate without a plan for the succession of the family leadership, while 50% of family offices also lack succession plans for their leadership teams." https://lnkd.in/eKRAx94y
What are the biggest challenges for family offices in 2024?
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Harvard Board Advisor | Strategy Expert | Leadership Advisor | CEO Mentor | INSEAD Distinguished Fellow | Family Business & Family Office Expert | Author | Speaker & Educator | Next Generation Mentor | McKinsey & Company
Only 40% of all family-owned businesses in the world make the transition into the second generation. 15% make it into the third generation. 5% make it into the fourth generation. It is typically the result of a slew of factors coming together to form a debilitating downward spiral. Communication and succession planning are two of the most crucial components of long-term success in family-owned businesses. Mechanisms and policies should be in place that allow each business family member to contribute ideas while also feeling appreciated. The key factor is culture. Family-owned businesses should start succession planning long before it is needed. It is the journey that matters rather than the final result. Bridging inter-generational gaps and diverting perspectives takes time to align. There must also be a common sense of purpose to unite the business family and the organisation. Another thing to remember as a family business leader is that, while you must handle the firm as a family business, there will come a point in the growth cycle when outside help may be required Enhanced governance may be needed in the family business to avoid conflicts. Roles and responsibilities should be properly designed and allocated to the right people. I constantly travel the globe across all continents providing advice and delivering value to Fortune 100 clients, business families and family offices. Best global practices, a critical lens from outside experts and an expanded management toolbox may benefit the family-owned company as it grows, expands globally, and become more complex in its set-up. I am passionate about providing research, teaching, and thought leadership to help guide family-owned businesses and family offices successfully forward. My two new books “Family Business Strategy” and “Family Office Strategy” will be published in late 2024 (link in comments). Clients ask me to solve their most complex challenges, tackle business strategies, and enable the search for potential global growth. Meeting and engaging with them personally helps to deliver on the myriad of challenges we have taken on. It is a privileged position to be in. I value the trust I am granted. Be Bold. Be Daring. Be Different! #changemanagement #managementconsulting #familybusiness #strategicpartnerships #engagementstrategy #familyoffice #nextgeneration
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Family businesses are built on a foundation of core values, passed down through generations. These values are more than just a legacy – they ensure long-term goals align with your family's guiding principles. Finding the right board members requires individuals who honour this heritage but also have the expertise necessary to drive future growth. In this article, our Managing Partner David Angel explores the key factors that set board-level hiring in family businesses apart. #LeadershipTransition #FamilyBusinessSuccession #BusinessContinuity
Navigating board-level hiring in family businesses
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Family Office RE Executive I Co-Managing Member Evergreen | Founder Family Office Real Estate Institute | President Harvard Real Estate Alumni Organization | Advisor Keiretsu Family Office
Excited to share my latest article on Forbes: "Strategies for Succession in Family Real Estate Businesses: Safeguarding Generational Wealth." In this piece, I dive into the complexities of transitioning leadership in family-owned real estate firms, offering actionable strategies to ensure smooth successions and preserve wealth across generations. Whether you're at the helm of a family business or involved in estate planning and wealth management, you'll find valuable insights into maintaining family harmony and business continuity. I've distilled lessons from various successful transitions, highlighting key practices that can be tailored to any family enterprise. https://lnkd.in/guSJdjas Feel free to share your thoughts or strategies that have worked in your experience! #familyoffice #familyoffices #foreinstitute #djvankeuren #realestateinvesting
Council Post: Strategies For Succession In Family Real Estate Businesses: Safeguarding Generational Wealth
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Founder & CEO of PCG and Treasure Map, Inc. | Advisor | Blockchain SaaS solutions | Family Office / Business transitions
Succession Planning
Family guys focus on the Fed, tech and succession plans - Professional Wealth Management
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CEO at Arondight Advisors | Strategic Advisor at Family Office World Media | Connecting Founders with Family Offices | Nasdaq.com Contributor
Thanks for sharing these takeaways Ronald Diamond. Interesting how in a highly technical and competitive market, qualities like trust and communication seems to separate the wheat from the chaff. Like you say, it's the relationship business! #FamilyOffice #PrivateEquity #SuccessionPlanning #Trust #Communication #Transparency
Founder & CEO, Diamond Wealth | TIGER 21 Chair, Family Office & Chicago | Founder, Host & CEO, Family Office World Media | Member, Multiple Advisory Boards | University of Chicago Family Office Initiative I TEDx Speaker
Two critical areas are emerging as top priorities for Family Offices: private equity investments and succession planning. According to the latest Deloitte report, these priorities are driven by the dual objectives of achieving robust returns and Family Offices the continuity of family legacies. Private equity continues to attract significant interest from Family Offices, offering opportunities for substantial returns and direct involvement in business growth. The Deloitte report highlights that 2024 is expected to see a surge in private equity investments by Family Offices, driven by several factors: 1. High Return Potential: Private equity investments have consistently outperformed public markets, providing Family Offices with opportunities to achieve superior returns. 2. Family Offices appreciate the ability to exert more control and influence over their investments. This involvement ranges from strategic decision-making to active participation in company boards. 3. Diversification: With a broad array of sectors and geographies to choose from, private equity allows Family Offices to diversify their portfolios, mitigating risks associated with market volatility. Equally important is the focus on succession planning. Ensuring a smooth transition of leadership and preserving the family legacy are paramount concerns. The Deloitte report underscores several key aspects of effective succession planning: Family Offices are increasingly recognizing the importance of early and comprehensive succession planning. This involves identifying potential successors, providing them with the necessary training, and gradually introducing them to leadership roles. Establishing robust governance structures is crucial. Clear guidelines and policies help manage conflicts, define roles, and ensure accountability. Engaging external advisors can provide unbiased perspectives and expertise. Advisors play a critical role in facilitating family discussions, mediating disputes, and offering strategic insights. While the focus on private equity and succession planning presents numerous opportunities, it also brings challenges. Family Offices must navigate complex regulatory environments, manage intergenerational differences, and balance short-term gains with long-term objectives. However, with meticulous planning and strategic execution, Family Offices can turn these challenges into opportunities. Leveraging private equity to achieve robust returns and ensuring a seamless succession can solidify the Family Office's position and preserve its legacy for future generations. #familyoffice #familyoffices
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Are you running an owner-managed business? Have you secured your family legacy? One of the most persistent challenges for OMBs happens to be one of the most important - succession planning. In Northern Ireland, family-owned businesses are the lifeblood of our communities. Ensuring their legacy can be difficult - but when handled with care, it can be a smooth transition for both your family and your business. Why is it crucial? Continuity: Your business stays strong even after leadership changes hands. Reduced conflict: Clear plans minimise family disputes and emotional stress. Attracting talent & investors: Investors and high-potential employees are drawn to businesses with clear futures. Peace of mind: Knowing your legacy is protected allows you, the founder, to step back with confidence. So, how can you champion succession planning in your business? Facilitate open communication with your family to discuss interests, aspirations, and concerns early on. Work with leadership to assess family members' skills and identify high-potential talent. Develop tailored development plans and invest in upskilling successors to bridge skill gaps. Communicate the plan to all employees, promoting trust and reducing anxiety during the transition. Remember, succession planning is a journey, not a destination! Regularly review and adapt your plan to reflect family dynamics, business changes, and market trends. If you require any support with your succession planning activities, please get in touch with us at Corvus People. #familybusiness #successionplanning #NIbusiness #HRperspective
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What does the future hold for Family Offices, and what qualities will define successful Family Officers? 🔮 From their humble beginnings rooted in the 19th century to their current status as sophisticated entities, Family Offices have undergone a remarkable evolution, adapting to meet the evolving needs and complexities of the families they serve worldwide. With approximately 9,000 Family Offices overseeing Assets under Management exceeding USD $16 trillion globally, their influence on the investment landscape is undeniable. But what does the future hold for these crucial entities, and what qualities will define successful Family Officers? In our latest edition of THE TRUSTED ADVISOR, Andreas von Specht explores the multifaceted roles of Family Offices and the challenges they face in today's dynamic environment, from geopolitical diversification to regulatory compliance and family governance. As the significance of sustainable and impact investing grows, he emphasizes the pivotal role Family Offices play in driving positive change. Moreover, Andreas discusses the War for Talent, a longstanding challenge for global Family Offices. As these entities evolve, so do the profiles of successful Family Officers of the future. It is therefore essential to find professionals with a diverse skillset to navigate the complexities of wealth management and family dynamics effectively. Read the full article here: https://lnkd.in/e9RdbQ3A #familyoffice #succession #warfortalent #wealthmanagement
The evolving landscape of Family Offices around the world - AvS Advisors
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Family Offices are experiencing exponential growth globally, according to a Preqin report. Our latest article discusses the surge in the Family Office and the key drivers behind it. Stay ahead with insights on wealth preservation and succession planning. Explore our analysis and see how Agreus can support your Family Office's ambitions. Read the full article on our website for more details. https://lnkd.in/eRHW4WRu #FamilyOffices #FamilyOfficeRecruitment #WealthManagement #Agreus
Rise in Family Offices - Agreus
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