One of the key conflicts that arises in family offices is family office succession. The older generation is reluctant to “let go” and the younger generation may be eager to take the reins. When the patriarch has started the business and built it to a high level of success, it is extremely difficult for them to hand over the management of the firm to anyone else. The business reflects who they are and is a true reflection of their personality and their high standards of doing business. They tend to procrastinate leaving the company and second guess the second generation’s decisions, and often may undermine their authority.
The second generation is usually anxious to take over and impart their ideas and to become the new head of the firm. In their desire to make changes and move the firm forward, they may in fact disrespect the founder who gave them the opportunity. We have seen where the second generation may not appreciate all that the founder has done and therefore conflicts may arise between them. There should be a mutual feeling of respect and appreciation for all of the many years of hard work, pressure, anxiety, and stress that goes into starting a business.
One of our greatest strengths at Quest Family Office Search is to help resolve the conflicts that arise between family members. With over 30 years of dealing with hundreds of families, we have the expertise to help resolve issues and move the family forward together.
If you have any questions, please contact Michael Rosenblatt at 212-971-0033 or Michael@questorg.com.