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These families, with assets exceeding $100 million, face unique challenges when it comes to succession planning due to their size, complexity, and family dynamics. Here are some of the challenges they face:
One of the primary goals of any succession plan is to preserve and grow the family’s wealth for future generations. However, this can be difficult when dealing with Family Offices due to the complexity of their assets. The family may have investments in a range of industries, from real estate to private equity, making it difficult to manage and protect the wealth.
The family dynamics of Family Offices can be complex and challenging to navigate. These families may have multiple branches and generations, each with their own goals and values. It can be challenging to find a consensus among family members and ensure everyone feels heard and respected.
With large amounts of wealth comes the need for proper governance structures. Family Offices are often established to manage wealth, but this can be a double-edged sword. Family Offices can provide valuable support, but they can also become too powerful and undermine the family’s decision-making process.
Identifying the right successor is crucial to a successful succession plan. However, Family Offices may struggle to find the right person to take on the family’s legacy. Successors must have the skills and experience to manage complex assets, but they also need to align with the family’s values and vision.
Family offices often have complex estate planning needs, including the use of trusts, tax planning, and philanthropic giving. Estate planning must be carefully coordinated with succession planning to ensure the family’s goals are met.
In conclusion, Family Offices face unique challenges when it comes to succession planning due to the complexity of their assets, family dynamics, governance structures, successor identification, and estate planning needs. Successfully navigating these challenges requires careful planning and communication among family members, as well as the involvement of trusted advisors and experts in various fields. By addressing these challenges head-on, Family Offices can ensure the preservation and growth of their wealth for future generations while maintaining their family legacy and values.
Quentin Naylor is a Senior Partner in Itriom London office, acting as their COO.
Itriom is the global impact platform helping leading families shape a better world. Itriom’s platform enables families to refresh and redesign their values, aligns them with the right UN Sustainable Development Goals, combining them in an agreed purpose and a Family Impact Charter. Itriom’s platform supports the development of impact initiatives and whilst providing discrete and secure spaces for peer-to-peer messaging and collaboration. Itriom’s core practices in Leadership, Geostrategy, and Sustainability benefit clients by developing strategies to engage and support the Next Generation in building a lasting legacy of which families can be proud.Â
Itriom’s Leadership and Resilience Practice instils all-encompassing leadership in support of principals of leading families and the Next Generation preparing for family succession, transition and evolution.Â
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