Embracing the Next generation of Family Offices

Viridian Jade was thrilled to bring together multi-generational, ultra-high-net-worth families, legal partners, advocates and executives for its most recent event, entitled Future Together. The topic of the evening centered around wealth management, and the importance of succession planning and future-proofing family offices, with the next generation at the forefront.

 Hosted by Viridian Jade’s Director/Founder and Executive Advisor Joanna Sun, a passionate advocate for the ‘Next Gen’, there were fascinating panel discussions, with industry leaders and up-and-coming generations, as well as a Next Gen market stall, where all the profits from sales went to Smiling Mind, an organisation that provides mindfulness prevention exercises to young children.

 Held in the innovative and creative Science Gallery Melbourne, guests explored the collision of art and science, as they discussed the very real need to evolve and empower the next generation.  

Making Decisions Together

“Our view at Viridian Jade is that it’s imperative families make business decisions together,” explained Joanna. “Family planning is full of emotion and history, it’s certainly not transactional. Each family is intricately different, and the legacy of a family office can weigh heavy on the shoulders of the next generation if not advised and managed carefully.”

 Joanna went on to pose some important questions; “Are family groups really ready for the future? And how often do we reassess our formula of success so that it is in line with what we need in the future?”

Been There, Done That

With this in mind, it was time for globally awarded family business expert John Broons to share his story. The co-founder of Family Business Australia (FBA) has not only spent the past 40+ years helping families, he has ‘been there, done that’. Early in his career, John successfully bought and sold his own family business while maintaining close and connected relationships with his family. He spoke of some of the struggles he experienced, and his story resonated deeply with guests.

 Then John Karagounis, CEO and Managing Director of The CEO Circle, spoke about the importance of succession planning and talent development in key executive roles. As a passionate thought leader, celebrated author and keynote speaker, John engages with some of the brightest minds. He truly knows what it takes to be a successful leader in today’s marketplace.

 And Alexis Soulopoulos, Co-Founder of Mad Paws, spoke about his parents’ support as he grew his business, and the importance of advisors. “Surround yourself with an advisory board that can give you the right advice, as opposed to the ‘backyard BBQ friends’ advice’ – that’s really important,” he explained. He also shared with the crowd the challenging times he faced when he launched Mad Paws and, then again, during the pandemic.

The Voice of Next Gen

It was then time to listen to the next generation – Monica Zhang, Thomas Seddon, William Wu and Oriana Fitzgerald – as they shared what they had learned through Viridian Jade’s next generation development program. From better financial literacy to a clearer understanding of one’s goals and objectives, the panel discussion highlighted that the voice of the Next Gen continues to grow louder. Offering fresh and diverse perspectives, they can help bring legacy businesses in new directions, and into the future.

As one guest said, “the event showcased the generational opportunities, responsibilities and challenges of wealthy families very well”. And Joanna would agree, certainly with the responsibilities and challenges. “It’s imperative that, when it comes to involving the Next Gen, it can’t be rushed, and the pain points need to be understood,” she explained. “In family enterprise and family offices, our team has truly demonstrated the execution of the learning, unlearning and relearning cycle – from an individual family member level, to the whole family group level – to create a space for them to learn about themselves, each other, and their family business. Most importantly, they learn how to build a future-ready plan together. After all, at the end of the day, they are a family first, then they are a business.”

Special thanks to all that attended, and to co-emcees Paul Tzamalis from The Auction Company, Nick McGuire from Viridian Jade and Kate Muir from A Good Plan Group.

Dolores Diez Adam Youkhana Kate Lillian Muir Paul Tzamalis Nick McGuire Fay Xu Vivien Wang Byron Leong Gregg McConnell Jacob Alizzi Tim Downing Caitlin Iles Amir Paluch Jon Burgess Samuel Koh Phoebe Lam John Karagounis John Broons Alexis Soulopoulos Gregor Evans Kathy Havers Jay Song Danny Han Michael K William Wu Monica Zhang Thomas Seddon Andrew Seddon Anna-Lucia Mackay Jing Jun (JJ) Heng 王敬君 Michael McGuire Anita Muller Addie Wootten Leo Bi Daphne Chang Kay Yinghong Zhu Cecilia Zhou Emily Tzamalis Chelsea Liu

You can find more information on Viridian Jade HERE.