Education for family continuity, sustainability and growth
In the latest in a series of articles for CampdenFB, experienced family office professional Giles Graves discusses next generation education approaches…
As David Bowie said, “Tomorrow belongs to those who can hear it coming."
In his always playful and humorous way, he meant the young ones, the next generation. At my age, 45, the tinnitus is creeping in from time well spent enjoying music but it becomes increasingly apparent how alert and advanced the next generation is capable of being. What fascinates me though are the gaps in knowledge. The assumptions without question.
In my career, my most crucial and most difficult ongoing task is to keep a flexible and open mind and not just adopt narratives that I am handed. This is especially important in my legal work as it encourages due diligence to ascertain the facts of everything. If I relied on hearsay or opinion, the strength of a deal or case would no doubt suddenly deteriorate when the truth emerged. The importance of due diligence (and therefore truth) I have discussed several times in my articles and I will continue to promote it as one of the most important aspects of professional services work.
I wish all heirs had the right people around them to educate them and prepare them for their time in the hot-seat. If only experienced people could give the next generation the golden nuggets of truth it would be incredibly valuable.
Unfortunately two things stand in the way of that: 1. Whether the experienced people know the truth, and 2. Whether the next generation will listen, and ultimately learn from it.
Historically, family office education has been characterised by informal mentorship, on-the-job learning, and exposure to familial values and ethos. I think these remain crucial. Finding trusted long-serving employees, friends and family members who can pass on their knowledge is essential. In order for this to be effective, the next generation has to have the fundamental understanding that they don’t “know it all” and respect must be given to those with longer time in the game.
Increasingly, heirs aspire to blend traditional wisdom with contemporary knowledge, leveraging technology and global perspectives to drive innovation. There is a lot to be said for dragging a Family Office into the modern age but in doing so the history and positive aspects of the culture should be passionately protected.
Technology serves as a catalyst for innovation in family office education.
Technology serves as a catalyst for innovation in family office education. Virtual classrooms, online courses, and interactive platforms facilitate learning beyond geographical constraints. Moreover, digital platforms enable networking, collaboration, and knowledge-sharing among peers and industry experts worldwide.
Leadership development goes hand in hand with technical proficiency in family office education. Emphasis is placed on nurturing essential skills, such as critical thinking, communication, and emotional intelligence. The question is whether the current generation have these things and many first-generation entrepreneurs will have succeeded on their lack of, for example, emotional intelligence. A different approach is needed to create wealth compared to curating it.
Two concurrent approaches could be used.
Shock tactics are a good one. I know a successful family who took their children to see prisoners and drug addicts on several occasions at various institutes and charitable organisations to instill in them an understanding of what happens to people and why. Gambling addicts, investment failures, the fallacy of materialism, gold-diggers, sycophantic and political employees, are all educational experiences I would encourage people to experience as early possible.
On the other hand, a soft touch is also necessary, fostering a culture of empathy, integrity, and resilience. Experience can be gained in many ‘soft’ ways but one of the best is to travel far and wide and, in doing so, gain perspective on the world. An heir who is brave enough to travel far and wide will gain far more understanding of the world than others.
Instilling a sense of purpose and responsibility, is also key and in doing so family offices empower can future leaders to leave a positive legacy.
"Education is not the filling of a pail, but the lighting of a fire." – Yeats
Family office education is not a one-time endeavour but a lifelong journey. Recognising the rapid pace of change in the global landscape, family offices foster a culture of continuous learning and adaptability. They encourage curiosity, experimentation, and reflection, equipping the next generation with the agility and resilience to thrive in an ever-evolving environment. By embracing innovation and embracing diversity, family offices ensure that their legacy endures through the generations, leaving an indelible mark on the world.
Where successful Family Offices do well, they recognise that next generation education serves as the cornerstone of continuity. By embracing an approach that blends tradition with innovation, it is possible to cultivate a new breed of leaders poised to navigate the complexities of the modern world.
