Succession Planning for Family Offices
Hello, this is Hall T. Martin with the Startup Funding Espresso — your daily shot of startup funding and investing.
In running a family office, succession planning is an important function.
Here are some key considerations in succession planning:
Understand the generational differences in the family and how it may impact the future leadership.
Some generations do not want to continue a family office but rather pursue their own passion.
For succession planning it’s important to know who wants to join the family office and who does not.
Investment strategy may differ as the next generation will want to consider new investment opportunities such as ESG.
Goals for the family office may diverge from one generation to the next.
Consider those who may lead and where they will take the family business.
Internal rivalry may become an issue.
The greater the amount of money at stake the higher the chance of sibling rivalry taking over the family dynamic.
Assess your skills in succession planning and engage assistance from others in setting up a plan.
Succession planning takes years to plan and execute.
It will not come together in a day.
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