Family Wealth Continuity ENTERPRISING FAMILY INVESTMENT APPROACHES
Defining Success: What is an Enterprising Family? Family enterprise: Enterprising family: Family business: A diverse set of assets Family is unit of A discrete and operations which analysis, perpetuation operating entity may include family office of wealth is goal and philanthropy 2
What Is Unique About Family Ownership “A central precept of transgenerational entrepreneurship is the focus on the family itself, independent from any individual firm… (transgenerational entrepreneurship Owners are unit of analysis…. refers to) the processes through which a family uses and develops entrepreneurial mindsets and family influenced resources and capabilities to create new streams of entrepreneurial, financial and social value across generations.” “Longevity of Family Firms to Transgenerational Entrepreneurship” Family Business Review, 2012 3
The Core Driver of the Enterprising Family Bind us together vs. express Family Mission: individuality What is the Protect from bad decisions vs. learn individual responsibility purpose of our family Reinforce legacy vs. reinvention enterprise? 4
Our Speakers Craig J. Duchossois Eric A. Reeves Chairman and Chief Executive Officer, Managing Director, The Duchossois Group, Inc. Duchossois Capital Management Wendy Nelson Jennifer Steans Ken Hooten Board Member Carlson Inc. President and CEO, Partner, Carlson Owner Financial Investments Corporation Concentric Equity Partners Chair, Carlson Family Foundation 5
Counterintuitive Portfolio Approach “Entrepreneurial vision, in particular, a long-term orientation and a diversified portfolio approach, is a hallmark of successful family businesses. But this advantage is often jeopardized by emotional attachment and risk aversion that stifles innovation” Finding the Sweet Spot in Family Business, McKinsey and Company, 2015 6
Enterprising Family Investment Model Purpose of the BUSINESS Family FAMILY Enterprise FACTORS DRIVERS OUTCOME Investment Portfolio, Operations Businesses, Governance IMPACT 7
Common Themes In Successful Family Investors Purposeful Inclusive Transparent High Caliber Talent Family Commitment 8
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