Insights from Waugh McDonald's presentation at the Association of Family Business Enterprise Year End Luncheon
We are an Associate Member of the Association of Family Business Enterprises in Kenya and were invited by their Founder and Chairman, Joe Okello, to make a presentation at their Year-End Luncheon aligned with the event theme ‘How family businesses can ensure they continue to thrive.’ Our MD, Richard Waugh, shared knowledge and ideas on how skilled advisors help families develop a comprehensive family wealth and enterprise management system based on academic research and evidence-based practices.
Here's a glimpse into the valuable insights Richard shared during the presentation:
Richard began with the etymology of the term 'wealth,' emphasizing its roots in the Old English word 'Weal,' meaning well-being.
He discussed the traditional three-circle model and the key forms of capital within a family wealth and enterprise system – human, social, and financial. A key to continuity is cultivating a virtuous circle where human and social capital mutually support financial capital and vice versa. This symbiotic relationship forms the foundation for families aiming to sustain wealth over generations.
As families grow and evolve, they are faced with myriad complex governance, strategic, structural, and emotional challenges that cannot be resolved quickly or easily. Richard stressed the importance of building a healthy system that creates an environment for individuals, the family, and their wealth to thrive and outlined some of the key elements of a comprehensive family wealth and enterprise management system.
The presentation highlighted the role of families and their trusted advisors in developing and managing a professionalized multi-disciplinary system that evolves as the family grows and evolves.
Richard's presentation underscored the necessity for a family wealth and enterprise system to adopt a holistic and forward-thinking approach, combining strategic planning, governance structures, investment strategies, and engagement of the family to ensure sustained success across generations.
To find out more about successful family wealth and enterprise management advisory, get in touch at firstname.lastname@example.org.