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Advising Families with Owned Enterprises and Family Offices Bermuda STEP Conference

Advising Families with Owned Enterprises and Family Offices Bermuda STEP Conference. Agenda. Family Business vs. Professional Management. Problems with Family Businesses. Strengths of Family Businesses.

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Advising Families with Owned Enterprises and Family Offices Bermuda STEP Conference

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Presentation Transcript

  1. Advising Families with Owned Enterprises and Family OfficesBermuda STEP Conference

  2. Agenda

  3. Family Business vs. Professional Management

  4. Problems with Family Businesses

  5. Strengths of Family Businesses

  6. A family is an inherently long-term institution and a well run family enterprise is run to endure for the future – and this is an advantage in navigating and surviving a changing world.Carlock & WardWhen Family Businesses are Best, 2010

  7. Some family businesses Walmart LVMH AIG NY Times Ford General Dynamics Cargill Disney Levi Fidelity BMW Fiat Bombardier Sainsbury Motorola Viacom

  8. The Three Circle Model Board of Directors Owners Family Management Senior Management Family Council Family Assembly

  9. Network of Families Multi- Generational Family Nuclear Family The Developmental Stages of the Family System

  10. Family Z Family H Family E Family J The Complex Family Network Family E Family A Family C Family Enterprise Family D Family X Family B

  11. Provide system for coordinated member involvement in decisions and activities that effect their lives Provide possibilities for meaningful participation Is essential for sustaining the family’s legacy and unity Calls for a willing devolution, delegation and decentralization of authority The Family Governance Structure How to Organize Complexity

  12. Governance Structure for a Complex Family Enterprise Family Governance Business Governance Family Assembly Shareholders’ Assembly Board of Directors Family Council Career Planning Committee Family Office CEO Redemption Fund Family Foundation Venture Capital Fund Education Committee Management Governance Family Reunions

  13. The Board of Directors in the family enterprise • Protect shareholder interests / Set Policy / Big Picture / CEO & Mgt performance • Guarding decisiveness • Overseeing family involvement in the business

  14. TRENDS IN FAMILY OFFICES

  15. Challenges for Family Offices

  16. New investment regions (Asia, Latin America, NAmerica) both directions • Direct ownership, private equity and real estate is back! • Co-investing (German families are sought after partners) • Investment management – rethinking: in-house, outsourcing, diversifying • Financing and other needs through alliances

  17. Concluding thoughts

  18. Questions

  19. Disclaimer HSBC Private Bank is the brand name for the principal private banking and trust business of the HSBC Group. HSBC Bank Bermuda Limited is licensed to conduct Banking and Investment Business by the Bermuda Monetary Authority. Bermuda Trust Company Limited and HSBC International Trustee Limited, Bermuda branch, are licensed to conduct Trust business by the Bermuda Monetary Authority.

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