Family offices have existed for generations and there are more now than ever before. With the market growing and changing, the question of talent acquisition and company growth is front of mind for family offices.
As family businesses diversify, fewer owners have a holistic view of all assets. A new Shared Family Capital Strategy created by PwC, Egon Zehnder, and the John L. Ward Center for Family Enterprises helps businesses maintain the connection between the capital and the mission and values of the family.
Family company Boards must create and maintain strong succession plans that consider both internal and external talent, as well as development plans for potential successors—and do all this while balancing the values and priorities of the family with the demands of growing and sustaining a business.
Managing family relationships at work is one of the thorniest issues in family-owned businesses, particularly when relationships cross generations (e.g., parent-child or uncle/aunt-nephew/niece). Many family members are committed to professionalism and strive to separate work and family in their dealings with each other. However, simply decreeing such a separation between work and family is not enough.Both family leaders and the rising generation have work to do to ensure cohesion on a familial and business basis.
At Egon Zehnder, we have worked with family businesses around the world since our founding in 1964. We interviewed scores of family executives to better understand their sources of success—as well as their pain points.
One of the fundamental challenges of any family business is maintaining the balance between “family” and “business.” Within the owning family, there will be the same complex, interpersonal dynamics and conflicting aspirations and priorities that occur in any other family.
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