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Credit Suisse SFOs in Dialogue Podcast

Credit Suisse SFOs in Dialogue Podcast

The art of succession planning

In January 2022, Credit Suisse invited select SFO clients from 50 countries across Europe, Latin America, the Middle East and Asia to participate in an online survey. The survey found that just over half of SFOs (53%) are finding it hard to include the next generation in decision making and manage the wealth transfer. In addition, one quarter (26%) find relationships within the family a significant business challenge.

In our first podcast, listen to Matthew Norman, Chief Investment Officer at Kenjiro Private Office, the London based single family office of a family originating from Japan, demystifying some common myths or ‘fears’ about intergenerational transition in family offices and sharing his experience and knowledge on the ‘Art of Succession Planning’.

Click the audio player below to listen to the full episode.

Succession planning tips, from Matthew Norman

  • It is in the interest of every family to manage the transition of the control of its wealth in the manner which best suits and positively impacts that particular family. Take the time to understand what each member of the family actually wants – but don’t stick rigidly to it - this may change.
  • Realize that not every family member has to partake or is indeed capable of partaking in the mission of running a family business or family’s investments. And remember that this is not a bad thing.
  • Although families will find themselves in situations which appear unique and difficult, they should remember that other generations or other families have gone through similar situations successfully in the past. So whilst looking at the risks and challenges ahead of you, seek out those whose experience has been positive.
  • Put aside time to prepare, don’t leave it until it is a pressing current event. Remember that generational succession can be an evolving event. A family will have to patiently work its way through the generational change as the family evolves and as the world changes and evolves around it.
  • Set a clear timeline. It might be extended or changed but it will help to have an overview of the process. Especially of the fact that the process should come to a solution / implementation.

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