Thinking Outside the Family Office

Abstract

A study in 1996 of more than 100 companies in 160 industries revealed that almost half of the results of their business decisions could be attributable to external events over which they had no control. In today's increasingly volatile times, political, social, economic, geological, and technological trends and their uncertain and interconnected outcomes can now derail the long-term effectiveness of decisions made by countries, industries, businesses, and indeed, families and their offices. This article describes a process by which a family office can identify and prepare for alternative future worlds in which it might be operating, and reduce the number of surprises that could make current plans for sustaining the family over generations ineffective.