Last week we mentioned three areas that will be trending in 2020, investment strategies, cybersecurity and the rising costs to manage a family office. Here is another area that should be addressed:
SUCCESSION PLANNING
This is one of the most significant areas of concern as we meet with family offices both domestically and internationally. While many families feel that they have a viable succession plan in place, when we meet with the second and third generation of families, we are finding that is not the case. In many instances, the upcoming generation is not even interested in taking over the family business and in a number of cases, they are not qualified to run the business. Some of the third generation family members are being “pushed” to take over the business and they don’t want to take on that responsibility. We are able to “bridge the gap” between the generations in many instances, by speaking with all of the family members separately, and then together, where we function as the intermediary (sometimes the “referee”), between the parties, to develop a solution that everyone can agree upon. As Family Office Experts, with over 30 years of serving family offices, we are in the unique position to help resolve differences and come up with viable solutions for our families.
If you have any questions, please contact Michael Rosenblatt at 212-971-0033 or Michael@questorg.com
Louis Carter
Family offices serve various purposes depending on the family investment management, household and day-to-day concierge services, and coordination of philanthropic efforts.