What Limits Your Family Office?

Zurich, Switzerland
Zurich, Switzerland
When things are all right, it’s easy to get away with a less-than-perfect processes and mindset. But as problems occur, experts agree it’s vital to build on good practices and prioritise collective strength over uniqueness. Here are the most common pitfalls that can limit your family office. 
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Forgetting the family heritage

The motto of your office should be “Pass the legacy on”, full stop. Don’t think in short-term terms. This is your chance to support the family legacy beyond yourself, for generations to come. Sponsoring local youth to develop their skills, for example, is an excellent way to pay your legacy forward, far more meaningful than your name on a building.

Believing to be separate

Family office members lose their common ground. They often emphasise their uniqueness over their collective strength. However, this concern can be seen as an opportunity to work together and better articulate your vision, from humanitarian to financial goals.

Sabotage from within

Many offices have family members who are at odds with each other and their goals. However, this friction can strengthen professional relationships and spark methods of reorganising the office to reduce responsibilities and rebalance energy.

Disliking joy, loving conflict

Unfortunately, humans experience more conflict than joy. Palace intrigue comes easier than peace. This is an opportunity for harmony and de-escalation.

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Big success phobia

Each office member must excel to ensure your success. One success benefits everyone. Use any fear of success to unite and rise together.

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