Families that allow for the full development of the human capital of each of their members are more likely to increase their family wealth. Strong family enterprises are built by families who are able to foster the separateness of individual members while sustaining the connectedness to the family as a whole. What does this mean? Sustainability isn’t simply about governance (which should be a central part of every transition) but about the education and development plans necessary to cultivate a family’s future leaders.
Successful families understand they need to reach across generations to pull in those members who are committed to leading their family into the future. Cultivating those future leaders requires honest feedback, providing opportunities for development and ways for family and non-family members to assess them. It is vital to identify the strengths and gaps of potential leaders so that an individualized plan can be created to help family members feel confident in their ability to make a meaningful contribution to the family.
In response to working through these challenges over the years alongside our family clients and recognizing there was a gap in the products that were available, Relative Solutions developed the proprietary software tool and platform Family Enterprise Leadership System (FELS). Used to help a family navigate the process of choosing their next generation of leaders, FELS is the most comprehensive multidimensional 360-review and assessment tool available, designed to provide an objective method to identify and cultivate the leadership abilities and potential of key participants in family enterprises. A tool for families, organizations and advisors, more information about this resource can be found at www.felsystem.com.
Defining Management Roles & Responsibilities
Maximizing Resources: Vision and Mission
Executive Coaching for Family Members
Developing Qualifications for Entries and Exits
Talking to Your Children about Money and Wealth
Leadership Development: Learning to Take Charge
Parenting, Privilege and Challenging Tomorrow’s Leaders
Family Enterprise Leaders Need Extra Social Skills
Overcoming Entitlement and Raising Responsible Next Generation Family Members
A Development Plan for the Next Generation