The goal for this summit is to identify how families organize themselves for a longer-term perspective of their wealth and how they reinforce their goals with their key advisors, ensuring alignment of views and proper accountability for outcomes.
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We will organize our discussion around these four key questions, first discussing the financial capital of the family, and in the afternoon discussing the development of social capital. To put the questions above in context, especially as relates to decision-making and oversight, we will discuss the goals setting process and the communications process used by the family to ensure proper outcomes. The sequence for the discussion will be as a follow-up.
Sustaining the Strategic Advantages Available to Family Capital
- Understanding the family’s strategic vision for the family and the wealth
- Clarifying the family’s purpose for the wealth
- Developing a long-term Wealth Strategy
Identifying Appropriate Questions and Critical Behaviors Desired
- Knowing what questions owners should ask themselves
- Identifying what behaviors we seek from decision-makers
- Understanding the outcomes we hope to achieve
Designing Incentive Structures that Supporting Long-term Thinking
- Matching long-term goals and objectives to short and long-term incentives
- Developing clear metrics aligned with long-term goals
- Measuring the value of the contributions made by the advisors
Aligning Governance Processes to Support Strategic Vision
- Developing governance structures to provide proper guidance
- Identifying processes that help the owners develop long-term thinking
- Helping families build resilience and adaptability to respond to uncertainty
This latest FOX Thought Leaders Summit meeting is a continuation of a discussion explored at our July 2011 meeting which focused on how to engage families in an intentional planning process, culminating in a new study titled, Building a Family Enterprise Plan to Deal with Future Uncertainty. Copies will be provided to each participant before the Summit begins as a thought starter for our discussion.