WATCH VIDEO: i3 recently hosted the experts from Black Lantern Security, Dr. Philip Hartlieb and Larry Campbell, for a 90-minute session geared toward family office and family business data security.
Social Distancing requires increased remote-work security awareness. The latest FBI report details that Cyber Actors are taking advantage of the Covid-19 pandemic to exploit vulnerabilities and fears.
Join us April 23 @ 3PM to learn more about protecting your employees and data for a no-fee webinar with Black Lantern Security
Mar 26, 2020 03:00 PM EDT
The question for every Family Business becomes one of recovery after the event; how do we rebuild short-term losses and communicate resiliency to our customers, employees, vendors and communities?
Internet-enabled crimes and scams show no signs of letting up, according to data released by the FBI’s Internet Crime Complaint Center. Educating the family as to potential threats, and having a clear, realistic and actionable policy in place will go far in protecting the family from cybercrime.
It is wise to direct efforts focused on identifying and acquiring assets that meet the current and long-term needs, establishing a healthy balance for risk/reward appetite, and meeting the goals of an investment timeline during a recession period and beyond.
When the time to create a family office arrives, many families settle for what, or who, they already know. High net-worth families and their businesses have complex structures and those complex structures are most often understood by either their current CPA or their CFO, but is that the best approach?
For High-wealth Families, Social Broadcasting creates significant leakage. High-wealth families must view themselves as organizations, as they are equally if not more vulnerable to criminal threat via technology. They must employ the same safeguards and multiple levels of security as do best-of-class organizations.
Whether inherited over generations or newly created through the success of a small business grown large, the management of high wealth – if handled poorly – can be the catalyst for a crisis of stunning proportion that reverberates from one generation to the next. It can be the collapse of the entire family foundation. It can be the storm of the century.
To sum it up, a CNBC article described it as: “…when the money began to run out, it triggered a family feud … [one] that saw mother and son turn on each other, landed one family member in prison, and left a name once associated with entrepreneurship and philanthropy forever tarnished by scandal.”
Families that take the critical step of developing separate plans for their business and their family wealth management, and within those plans, create constitutional covenants, will find that although conflict will occur, they are better prepared to respond without creating organizational- and generational-wide disruption.
You don’t lead a team to a National Championship by luck: Just as building a National Championship team requires key information upon which to base decisions, a sound infrastructure, and a wealth building and investment strategy, private asset management requires the same.
We’ll chat with you or an advisor at no fee. We would love to put our experience to work for you.
Private Asset Management and Family CFO Consulting Services for High-Wealth Families | 803.399.9009 | [email protected]
