CHICAGO, Nov. 20, 2021 /PRNewswire-PRWeb/ — Linda Mack of Mack International participated as a panelist at the FFI Global Conference on Shaping Futures: Evolve, Emerge, Engage, on October 18, 2021, on the topic of ‘Supporting the Family Enterprise: Pre-emptive Planning to Avoid Threats to the Family Ecosystem.’ The conference was held over three days both virtually and in person, in London, England. Linda was joined by William J. Kambas, a partner at Withers Bergman LLP, and Todd Angkatavanich, US EY Private National Tax Principal. Natasha Pearl, Founder of Aston Pearl, acted as moderator,
Too often, family enterprises are comprised of a broad range of internal functional areas and external advisors and providers who operate in silos rather than as an integrated, coordinated and holistic team. This makes families vulnerable. Families who understand the importance of successfully fostering a collaborative team of expert advisors to proactively and consistently anticipate and address issues and potential threats to the family ecosystem are more likely to succeed.
The panel presentation offered a business model with multi-disciplinary insight into the essential ingredients of family enterprise sustainability. Their collective expertise in tax law and entity structure, wealth preservation and human capital focused on the “perimeter fence.” This figurative shield ensures a holistic and integrated coordination of advisors and service providers to serve the family, mitigate risk and threats, and promote growth collectively and proactively. Linda focused on human capital considerations including staffing, compensation, governance, and succession planning. According to Linda, these areas are highly relevant and must be consciously managed and intentionally structured to facilitate synergy within the family enterprise
Linda Mack talked about the family office of the future and the importance of having a leader who is an “expert generalist”—a term Linda coined that is now referred to industry wide. “An expert generalist is someone who has knowledge across the continuum of wealth management and functional areas and has a keen understanding of the inextricably linked connections between them all.” A skilled expert generalist must have strong business, financial and investment acumen, and the ability to leverage technology. Proactive versus reactive, they keep their respective families “ahead of the game” by recommending courses of action that fulfill the family’s goals and objectives. Linda explains he or she also builds relationships with external advisors and ensures all are working on an integrated basis in the best interest of the family. “The leader of the family office of the future must be highly strategic and proactive – always looking out into the horizon and around the corners to anticipate issues and threats as well as opportunities that might impact the family. Linda also discussed the importance of sound governance and succession planning. “These are critical to ensure the viability and sustainability of the family enterprise.”
Participants heard how to greatly improve the sustainability of their family enterprise using an interdisciplinary approach that integrates personal, legal, philanthropic, and human capital considerations. They also learned practical ways to mitigate potentially destructive tax and legal risk by surrounding their ecosystem with a “perimeter fence” of advisors working in a holistic and integrated manner to protect the family and enable the family to sustain itself, its family enterprise and legacy into future generations. Linda concluded with the following point— “It is the expert generalist working inside on behalf of the family who does this “fence building” and leads the charge. This individual has the ultimate vantage point–seeing across the horizontal spectrum and deep into every vertical to assess the activities of all advisors, both internal and external. The result is layer of protection from exposed threats that is priceless.”
About Mack International LLC
Mack International is the premier, a boutique retained executive search and strategic management/human capital consulting firm serving national and international clients in the family office, family business enterprise and the wealth management industries on a national and international basis. Founded in 2002, the firm has achieved an exceptional track record of success as evidenced by its unmatched industry expertise, in-depth market knowledge and unparalleled track record of success. Founder and President, Linda C. Mack has established proprietary methodologies such as the Mack 360© and is credited for having coined the term “expert generalist” in the industry.
Media Contact
Isabel Bolt, Mack International, 8173015461, [email protected]
Linda MACK, Mack International, 3129537809, [email protected]
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