Everyone knows that the golden rule of real estate is: Location, Location, Location. Whereas in the business world, it is people, people, people (aka network and connections).
With fewer than 10% of Family Offices not making it beyond the third generation, we are at a crossroads. The good news is, you have a choice.
Either, you continue doing what you’ve always done or create community and connection in a modern way that changes your future history, today.
This journey leads us to a hurdle Family Offices will be required to overcome in order to bridge that gap - and that is isolation, isolation, isolation.
“Isolation through keeping it in the family,” isolates Family Offices to the point that the fear of branching out beyond the family keeps them from branching out at all.
The results: A gap between the current generation and your legacy (the future generation).
This gap undermines the family’s foundation, often making it difficult to reach a consensus on the current state and to develop a future vision that connects generations.
A shaky foundation impacts valuable interfamily and intrafamily collaborations and peer insights. While this may seem logical; what is often missed is overlooking values-aligned investment opportunities and collaborations within the family and other Family Offices that have great potential to bridge the generations.
These misses are one of the five key contributors to the gap between successful and unsuccessful generational transition. Today, the unsuccessful represent greater than 90% that don’t make it beyond the third generation.
When you look beyond the core family and family advisors, opportunities for boundless growth require different connections or connecting with your peer community in a new way
This is where we know there is opportunity.
You might ask, how does a family incorporate a deeper layer of connection and communication when the challenging family dynamics and daunting schedules already add complexity to running a Family Office?
I have a question and an invitation. Would you be open to a strategic and deeper thinking? A shift in mindset.
I believe it’s easier than what you might believe is possible. When you mix mental resources and some good old-fashioned curiosity, you open yourself to limitless opportunities. Since the Great Wealth Transfer is already inviting you to align your values and the generations in a way you’ve never done before, this will be good practice. So, we are helping you shift into an opportunistic mindset and approach you may have not considered or previously overlooked.
Are you ready? Good! Let’s talk about it.
Collaboration
The concept isn’t new; in fact, it is quite old. But, we’re here to give a new meaning to collaboration.
Collaboration: the action of working with someone to produce something. It feels quite blah, right? You say I collaborate all the time, with my family and with others. We work together, they have their strengths, we have ours and we still can’t find the value-aligned deals with which we want to invest.
What IF collaboration was beyond the status quo? What if collaboration was the art of curiosity?
Let’s say you are at an intimate dinner event with ten of your Family Office peers. You exchange the same information you always have, names of people, events, ideas, what went well, and what didn’t go so well.
What if in this exchange, you spiced up your questions?
For example, you start with:
How do you find new deals today?
What did you like about that deal?
What do you like about the founder or team?
What would you do differently?
When you ask questions, you get the answers you think you were looking for. Names, people, good, bad, and possibly a new connection.
What if at that same meeting, you asked the same questions as above but added another layer…
Tell me about the one opportunity that came from the most unlikely place.
Where were you?
Who introduced you?
What did you like about it?
Who in your network has added the most unexpected value without anything in return?
How did it impact your business?
What are you doing differently today?
Why?
What is the most unexpected and wisest piece of information you received on a recent impact investment?
Where did it come from?
What surprised you the most?
What have you done differently from it?
By asking deeper questions and incorporating the unexpected, you often ignite dimensions of places and people you previously overlooked.
As they say, the devil is in the details. Did you follow up with that interesting founder you met three months ago? What happened? What was said? Were they a good fit? Did you ask to be introduced to others in their community with opportunities that are values aligned?
Another question, who in your network do you enjoy, trust, and don’t see often? Reconnect.
Opportunities are collaboration in disguise. I know you know that, right?! Collaborations!
Developing and nurturing these connections with the unexpected questions provide a wealth of knowledge and potential collaboration opportunities including but not limited to joint ventures and co-investment opportunities
Leveraging modern communication tools to facilitate seamless co-investment collaboration is what Equati does well. Equati is specifically designed to enhance interfamily and intrafamily communication and collaboration to streamline, improve transparency, and ensure that all parties are aligned and informed throughout the values-aligned alternative investment collaboration process.
Creating a space for connection and collaboration sounds simple, and it can be when you push beyond the social niceties that we ask out of habit. By reframing your language and objectives, suddenly doors of information and introduction are thrust open.
My invitation is for you to reconsider and reflect on your connections, engagements, and peer requests. How can you reframe your approach to transform it into a meaningful outreach? By incorporating a collaborative framework into your daily conversations and business practices, you unlock a world of possibilities, propelling you beyond "keeping it in the family."
We invite you to harness the power of collaboration with a modern twist, and book a call to learn more about how Equati can help.
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