Read About Family Governance

In previous articles, we have emphasised the value of working with an ownership strategy and how to initiate the process. The intent of this article is to outline what you can do to ensure that your strategy becomes an embedded part of the day-to-day priorities and actions.

The “old money” style is trending on Instagram. At Tuxedo Society, you can pay to experience being wealthy, while “nepo babies” are eagerly followed on social media, where their closets, vacation and shopping habits are put on display. And if that’s not enough drama, there are always series like Succession, Billions and Secrets We Keep (Reservatet), where “the rich” are portrayed in less flattering ways.

In the previous article - Part 1: Why We Should Talk Much More About Ambassadorship - we explored why ambassadorship deserves greater attention in the context of family collaboration, whether in a business, in wealth management, or within a foundation.

“Shirtsleeves to shirtsleeves in three generations” - so goes Andrew Carnegie’s famous prediction for family fortunes. Fortunately, more and more wealthy families are now focusing on involving the next generation early on to provide them with a clear understanding of where the wealth came from and who worked hard to build it.

The development of the next generation is a key focus area within family governance, family offices, banks, and among advisers. However, interest in the development of the current/experienced/older generation often ends once succession has taken place—or when the final full stop is written into the will.

“Instead of ‘going public’, you could say we’re ‘going purpose’,” said Patagonia founder and billionaire Yvon Chouinard when he announced that 98% of the company’s shares had been transferred to the Holdfast Collective, to be used in the fight against the climate crisis.

Globally, there have never been more billionaires than there are today – and this is reflected in the growing number of family offices. This article explores different models and structural approaches to setting up a family office.

The 'Greatest Wealth Transfer in History' is in full swing globally, leaving Baby Boomers and Generation X facing perhaps the greatest communication challenge of their lives.

Ambassadorship in family ownership is a shared understanding of what concrete expectations we have of one another as owners - not just toward the next generation, but also toward older generations, partners, and teenagers in the family.

In Part 1 of this article series, we described how an ownership strategy supports effective ownership, and which topics should be included in a well-crafted ownership strategy. However, while the strategy document itself is important, much of the real value lies in the process that leads to it. A well-run process sparks new conversations within the family or between the owners and the family office. It also brings insights into the expectations, concerns and thoughts of the people involved in the ownership circle – creating a deeper mutual understanding between those involved. When expectations and concerns are brought to the surface in a safe, calm, and – if needed – facilitated setting, they can be addressed constructively.