FCS spoke this week to a group of global family businesses about corporate strategy. The first myth we had to bust is that strategy is not your mission statement
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Investment Governance Articles
My Forthcoming Book – When Anything is Possible
It is my pleasure to announce the forthcoming release of my first book, When Anything is Possible, to be released on January 12, 2021.
Successfully Stewarding Family Wealth is Like Building a Bicycle
Successfully stewarding family wealth requires careful management of three elements much like the 2 wheels and frame of a bicycle
“We Only Do Good Deals” – The Conclusion
Knowing when to sell and how to manage a portfolio of companies are the final two hurdles family offices face in doing direct private equity deals.
“We Only Do Good Deals” is Not An Investment Strategy – Part 4
So, What Would You Pay?
There is an exceptionally high cost to mediocrity. Giving up the liquidity and diversification of the public markets for a direct deal is not something that should be contemplated lightly, especially considering the opportunity costs of not having access to capital in turbulent times. Family Offices must have their eyes wide open about how valuation affects the deals they choose to do.
“We Only Do Good Deals” is Not An Investment Strategy – Part 3
“Water, water, everywhere, but nary a drop to drink”
Family offices doing direct deals face the sizable challenge of managing a deal sourcing pipeline of several hundred opportunities per year.
“We Only Do Good Deals” is Not An Investment Strategy – Part 2
There are 6,000+ private equity funds, several hundred independent sponsors, several hundred search funds, sovereign wealth funds, strategic players and additional family offices all actively looking for acquisitions. Any new family office must be cautious to not be the “patsy at the poker table.”
“We Only Do Good Deals” is Not An Investment Strategy – Part 1
Far too often, family offices who are choosing to go down the path of direct investing are unable to articulate an investment strategy beyond that of “we only do good deals.”
When a Family Business Becomes an “Heirloom Asset”
Treating a business like an heirloom is a risky proposition. Businesses exist in a dynamic marketplace. While a family may wish to honor its legacy for generations to come through owning and operating the same business – it must also carefully consider whether they are the right owner to steward the business into the future.
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