The role of family offices has evolved from being an investment platform to guiding the next generation(s) back into the family business. A next-generation development program will help the next generation become good owners and future leaders. According to HBR, these programs focus on five key objectives: business ownership skills and competencies; family business principles and practical knowledge of the family business’ assets, understanding the family history and values; and developing personal leadership competencies. Boston…

There is more to maintaining family wealth through generations than getting the best financial advisors and managers for operating assets. Families of wealth must learn how to work together in the sharing of assets. A key part of that is to integrate their wealth management with their values. That means the values need to be articulated within the family. Then, the family needs clear and open dialogue discussing values as well as financial assets, and…

Family businesses aren’t just businesses that happen to be owned and/or managed by a family. Factors like a long-term perspective, and the multiple/overlapping roles of owners, employees and family members are both strengths and weaknesses. These factors mean that family businesses need another set of principles to help them stay strong. Because many stakeholders have multiple hats, separation of powers is very important. Everyone needs to understand what their roles are (employee, manager, owner, etc)…

The pandemic crisis is forcing the hand of family businesses to address the pace of change in new ways. Every day we must act and even make some tough choices—despite the lack of any reliable information about the best direction to take. Some owners make tough decisions on their own, rather than seeking help from others. Some choose impulsive or blind allegiance pathways. I wrote the following on the Bloomberg press about the Singh brothers…