By Will Bonner – Strategic Review (USA) –
After writing my essay this month and reading those of my colleagues, I can safely say that the holidays come down to one thing for family offices: communication. It sounds cliché, but it couldn’t be more true. This one thing is more important to preserving family wealth for generations than anything else. And the holidays represent the biggest opportunity of the year for your family members to communicate with one another.
But, of course, you’ve got to communicate about the right things…
As a family, you communicate your love and affection for one another with everything you do together over the holidays. This strengthens family bonds and unity.
As a family office, you need to communicate the true status of the family business and investments to the stakeholder family members.
As a stakeholder, or beneficiary, of the family office, you need to communicate your future career and personal goals, and explore how those might overlap with the family enterprise.
Doing this ensures everyone’s on the same page. The best way to do this is to get together over the holidays and have some meetings…