Raising capital from family offices
Keeping Generations Aligned in a Family Office
Next Generation Leadership: Effective Communication and Family Office Strategies
Family office principals and next generation members who want practical ways to keep several generations communicating and aligned.
In their words
"One thing we started doing probably 25 years ago was to have biannual family governance retreats that would last several days."
"I made it a priority 20 years ago to start having my kids travel with me and be aware of what I was doing."
"We're teaching financial literacy, health and wellness and a number of things that are more important or as important as the finances in the family."
Summary
Ulie describes biannual family governance retreats that began about 25 years ago and last several days. The agenda comes from family members and from Ulie, who is in charge of the process. Sessions are sometimes run by internal staff and now also by outside consultants. The location often has a familiar feel, like the national park lodges the family visited as kids. Ulie says this addresses the emotional side and builds a bond beyond money.
A second guest runs a small family office with two sons, within a family of five children and 18 grandchildren. Family meetings with the adults began 10 years ago and now happen each spring and fall. The oldest son sets the agenda and does most of the talking. The guest began taking the children on trips 20 years ago. The grandchildren are now learning financial literacy and health and wellness.
On the record
- Ulie's family began holding biannual governance retreats about 25 years ago, and each one lasts several days.
- The second guest has five children and 18 grandchildren, and started family meetings 10 years ago.
- The second guest's family office has run without a multi-family office for the last 7 years and works on deals alongside other family offices.
Sources
From Richard C. Wilson's Centimillionaire Strategies YouTube channel: Next Generation Leadership: Effective Communication and Family Office Strategies. Quotes come from the video captions, lightly edited for readability. Figures are the speakers' own estimates and experience.
General education only. Not legal, tax or investment advice.
Talk to a securities attorney to explore options around family office structuring, co-investment arrangements and offering documents. Do not use AI to write your own legal agreements.
5 key takeaways
- Hold regular governance retreats. Ulie's family has run biannual governance retreats for about 25 years. They last several days and include a lot of Q&A.
- Build the agenda together. The agenda for Ulie's retreats comes from the family members and from Ulie. Facilitation has come from internal staff and, more recently, outside consultants.
- Choose settings that feel familiar. Ulie picks locations such as national park lodges, which echo places the family visited as kids. This gives the retreats a sense of shared history and speaks to the emotional side of the family bond.
- Prepare the next generation early. The second guest started taking the children on trips 20 years ago so they could see what the guest was doing. Today the oldest son sets the meeting agenda and does most of the talking, while the guest answers questions.
- Teach more than finance. The family meetings now include grandchildren who are old enough to follow along. They are taught financial literacy and health and wellness, which the guest sees as equally important as the finances.
Related questions
- What is the difference between single and multi-family offices?A single family office works for one family and is built the way that family wants.
- Do family offices co-invest alongside other investors?Yes, many family offices invest alongside other investors, and they often feel more comfortable when another respected investor is already in the deal.
- How long does a family office take to make a decision?There is no standard timeline, and I would not trust anyone who gives you one number.
Questions about this video
How often does Ulie's family hold governance retreats?
They hold them twice a year. The retreats last several days and began about 25 years ago.
How often does the second guest's family meet?
The family meets twice a year, once in the spring and once in the fall. These meetings began 10 years ago and involve the adults in the family.
What do the grandchildren learn in the family meetings?
The second guest says the grandchildren are old enough to understand and are being taught financial literacy and health and wellness.
Put this into practice with the investor meeting follow-up checklist. See all raising capital from family offices resources.
