Usually the most prized thing that we as established practitioners lose is our creativity. Once a niche is carved and sustained over decades of hard work, inevitably, at some point in time, complacency sets in.
Lanie Jordan, co-chair of The Practitioner Editorial Committee interviews UMass’s Alan Robinson on corporate creativity and innovation. “In organizations with effective idea systems, roughly 80 percent of overall performance improvement comes from front line ideas.”
I think advisors recognize that business owners have an added level of complexity in their lives — this holds true for wealth-holding families as well. This complexity is just a natural part of the system.
As advisors, we see how fear grips family firms and interferes with the work we are hired to do. Decisions on issues like succession are delayed, and difficult conversations about wealth are avoided.
It’s a paradox: Some family owner groups in the third, fourth, fifth generation, and beyond, have sophisticated governance structures and a history of embracing world-class family business advisory help.