Single-Family Offices Doing Lunch: The Future Of ‘Sharing’ Among The Super-Rich
The number of conferences for single-family offices continues to multiply even as most of them prove to be substandard. The growth of events geared for this cohort is a major factor in their inability to deliver real value as opposed to rehashing well-worn concepts. For example, there is even a group of presenters that travel the “family office speaking circuit” repeating themselves at every stop. While there are certainly some exceptional conferences for single-family offices, they are in the minority.
Events, nevertheless, continue to be extremely appealing to senior management of single-family offices. There are many reasons for this such as providing the opportunity to network with executives from other single-family offices.
A primary concern of senior management of single-family offices is being able to address their critical concerns and ascertain best practices (i.e., activities that make an demonstrable and appreciable difference for the success of the single-family offices and the ultra-wealthy family). An approach that is turning out to be highly effective in this regard is doing lunch.
A handful of single-family office executives and often ultra-wealthy family members meet over lunch to focus on an agenda they carefully crafted. The agenda covers no more than two items. Having structured and facilitated many of these lunches there are some common characteristics including:
• The attendees from the single-family offices are highly motivated and take action. Usually after a lunch meeting, senior management or ultra-wealthy family members will work to implement something they learned. They are also strongly inclined to work with the providers who were involved in the meeting.
These kinds of lunch meetings that are prevalent among the globe spanning super-rich and their single-family offices are becoming more appealing across the board. Because of the efficacy and success of the approach, it is very likely that doing lunch will be embraced by more and more of the super-rich and the executives who run their single-family offices.