Articles

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.

Problem

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.

Solution

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.

Results

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.

Download PDF Version »

Stacy Feiner

About Stacy Feiner

Dr. Stacy Feiner is an executive coach for the middle market, and author of Talent Mindset: The Business Owner’s Guide To Building Bench Strength. Stacy brings psychological strategies to business owners that help them improve their performance and advance their organizations. Stacy is a licensed psychologist, executive coach, author and national speaker » READ MORE