Linda Mack of Mack International participated as a panelist for a UHNW roundtable discussion on September 26, 2024, on The Evolving Family Enterprise and how advisors can better support them.
WEST PALM BEACH, Fla., Nov. 9, 2024 /PRNewswire-PRWeb/ -- Linda Mack of Mack International was a panelist on a webinar hosted by the UHNW institute on September 26, 2024. The topic was The Evolving Family Enterprise and explored the changing needs of the Family Enterprise and how advisors can better support families for future growth and sustainability. Wally Head, Director of the Institute kicked off the discussion introducing moderator, Pat Soldano, Founder and President of Family Enterprise USA; Andrew Busser, CEO of Pitcairn; David Novick, Managing Director of PWCS FE Advisory Services; and Michael Zeuner, WE Family Office Managing Partner.
The discussion began with each panelist giving their point of view on the definition of a Family Enterprise. Several aspects were noted. All agreed that it is a system of entities, people, value sets, and objectives and as an advisor, understanding the importance of each piece in its own dimension and how it all works together. An advisor's job is to help the family think horizontally and connect the dots—not solve just one piece. "We think of the entire ecosystem," said Linda. "The family, its members, and the enterprise are all interrelated. We think of it as a combined enterprise, taking into account all the intersecting pieces including financial, social, human and intellectual capital."
Pat Soldano mentioned a recent survey completed by students in graduate courses that revealed the biggest concern of the next generation was the lack of communication. This was confirmed by sample cases cited by the panel in their experiences with Family Enterprises. Linda spoke about her experience with multi-generational offices. "We have seen first-hand that the biggest challenge is indeed communication. It could be between family members, branches, or generations. The role of the leader is to facilitate communication. In the absence of strong leadership, some challenging dynamics are created and the longer they go the harder they are to repair. Our focus is helping Family Offices and Family Enterprises find the right C-suite executive leadership and talent that understands the importance of communication. We also work hard to establish ourselves as a trusted advisor to bring families together and share information."
The panel talked about the importance of explicit versus implicit communication and decision making to clarify the direction of the FE for all members. A void of this type of information makes it difficult for governance frameworks to be passed down to the next generation. Active listening was cited as part of being a great communicator and an exceptional advisor to capture all points of view. Linda commented: "The point is thinking through what is right for the family. Families evolve. We have seen some grow apart and then come back together in another generation, so it can be different variations on a theme. The common thread is open conversation on how they evolved to where they are today, where they want to go from here and how can they most effectively get there in the future."
Pat asked the group about hiring and mentoring future advisors. The panel agreed that you have to connect with the rising generations. An interesting comment made by several panelists was that although traditionally those hired had considerable technical expertise, they now seek those candidates with great human skills--warm optimism, deep curiosity, self-awareness, genuine empathy, and work ethic. All agreed it is tough to train these qualities. Linda stressed the importance of culture fit. "When we do a search, finding someone with requisite skills and experience and technical expertise is important but that is just the first step. 95% is culture fit and that is multi-dimensional."
Whether seeking to mentor a new advisor or find the right candidate to lead a Family Office or Family Enterprise, a successful "match" is dependent upon values, philosophies, communication and decision making styles all being in alignment. Also critical are senior professionals being willing and able to teach and inspire in what is considered a highly personal business.
About Mack International LLC
Mack International is the premier boutique retained executive search and strategic management/human capital consulting firm serving national and international clients in the family office, family business enterprise and the wealth management industries on a national and international basis. Founded in 2002, the firm has achieved an exceptional track record of success as evidenced by its unmatched industry expertise, in-depth market knowledge and unparalleled track record of success. Founder and President, Linda C. Mack has established proprietary methodologies such as the Mack 360© and is credited for having coined the term "expert generalist" in the industry.
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