24: The Family-Focused Office: Not a Family Office

Let's Talk Family Enterprise

Introduction

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients.

All views, information and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

Description

In this episode, Ruth Steverlynck sits down with guest Scott Peppet to explore why the traditional family office lens of managing financial capital and legal risk - whilst important - is not in service of the primary task of a family office: the family. Scott shares his thoughts on what a family-focused office looks, acts and feels like where the well-being of the family is front and centre. What he shares is applicable to all advisors who work with families of wealth irrespective of whether there is a family office.

Guest bio

Scott Peppet is the President of a single-family office and private trust company, an advisor to family members seeking a more authentic presence around wealth, a speaker and writer on family enterprise issues, a facilitator of difficult but generative conversations for business and family leaders, an expert on conflict and negotiation and a Zen priest.

You can find out more about Scott Peppet on his website.

Key Takeaways

[0:30] Ruth Steverlynck introduces Scott Peppet to the podcast and invites him to share a little bit about his background from being a lawyer, writing books and being an ordained Zen priest.

[6:40] What is a family-focused office, and how does it differ from a family office? Scott shares some pitfalls of having technical expertise while advising families.

[12:16] Are you in service of the family or are you in service of the wealth? Scott speaks to why a family-focused office is important.

[15:22] Outsourcing the mental and emotional well-being of a family may not be the right choice; Scott touches on what happens when an organization shifts to a family-focused mindset.

[16:52] Scott breaks down what a family-focused office looks like. He also touches on what a “wonder question” is and how a family-focused office might be able to tackle those.

[21:40] Scott talks about a little-discussed indicator of a family office and how he often sees fear in the organizations he visits.

[25:25] Scott shares what wealthy family members need more than anything — and rarely get from the world — which can shift their world from obligation to opportunity.

[30:30] Scott’s guiding beliefs come from multiple sources; he shares how “from obligation to opportunity” came to be and the impact it has had on his life and practice.

[36:13] The “to me” vs. “by me” mindsets and how this impacts family members.

[37:55] Ruth speaks to how helpful for her work Scott’s whitepapers have been; she invites him to share some of the other topics he writes about so other advisors can use his resources.

[42:20] Scott shares his reading suggestions and advice for advisors.

[44:18] Ruth thanks Scott for sharing so much of his expertise and invites listeners to subscribe to the podcast.

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Mentioned in this episode

The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.

Book:

The 15 Commitments of Conscious Leadership: A New Paradigm for Sustainable Success, by Jim Dethmer, Diana Chapman and Kaley Klemp

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