Generation To Generation
Robert was the chairman of his single family office which served two branches and four generations. I was invited initially on a specific matter of an underperforming employee who was unable to meet the competing demands of two bosses and a customer.
After a series of interviews, it was apparent that the family office was in disarray operationally and buckling under family acrimony. The office was at risk of dissolving and preventing the next generation from getting essential exposure and training to manage family wealth and carry on the legacy.
We devised a phased plan to turn the office around: (1) Stabilize the office, (2) Redesign the organizational structure, (3) Build a succession plan to serve and engage the upcoming generation. As the office began to perform, we set up a family council, added non-family to the board of advisors, conducted family retreats, and designed a training curriculum for the next gen.
The chairman found a new president who is aligned closely with the family’s values and is effective at moving family initiatives forward through tough dynamics. Employees are confident that progress can be made. There is a shared vision and more reasonable discussion that leads to good decisions. The next generation feels welcomed and prepared.