Family Office International Forum

A heartfelt thank you to FBN – The Family Business Network for an amazing collaboration in co-hosting the FBN Family Office Community event in Zurich on 25 and 26 September 2024!

The two-day event was filled with inspiring conversations and best practice exchanges, focused on the theme of ‘Ownership: Owning the Unknown.’ Alongside thought leaders, FBN members and passionate personalities in the field, such as:

… we explored critical issues that entrepreneurial families face when managing and sustaining their family offices. Here are some of the key takeaways:

How entrepreneurial families evolve their governance structures
We discussed how entrepreneurial families can successfully transform their governance architectures to establish robust family offices. As families grow and their needs diversify, it’s crucial to build flexible yet resilient structures that align with family values while supporting the professionalization of wealth management.

Attracting the next generation of owners
One of the major challenges addressed was engaging the next generation – particularly when they feel unprepared, lack experience, or express reluctance. We explored strategies to motivate and involve young family members in ownership and governance roles, ensuring a smooth succession and preserving family legacy across generations.

Embracing complexity while simplifying reporting
As families grow, so does the complexity of their financial and operational reporting. A key discussion centered around how to manage this complexity effectively while simplifying communication to ensure transparency and clarity for all family members. Streamlined reporting helps keep everyone informed without overwhelming them with details.

Retaining family knowledge and strategic outsourcing
We explored ways to ensure valuable knowledge stays within the family, even as certain functions are outsourced. Strategic outsourcing – bringing in external experts while maintaining a core of family governance – was highlighted as an effective way to preserve the family’s identity while accessing the best talent to manage specialized tasks.

Balancing tradition with innovation
The discussions also touched on how families can stay true to their traditions while embracing new approaches and technologies. Whether it’s through digital transformation or innovative business practices, maintaining a balance between honoring the family’s history and adapting to modern challenges is key to long-term success.

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