The Private Banking & Family Office Summit Asia Invited Linda Mack to Present in Suzhou and Shanghai, China, May 20 and 22, 2018

Linda C. Mack of Mack International was invited to be a guest speaker for the Private Banking & Family Office Summit held in Suzhou and Shanghai, China in May 2018 where she shared her expertise on how Family Offices can successfully sustain their enterprise into future generations.

 

Linda Mack Speaking in China

Linda Mack Speaking in China

CHICAGO (PRWEB) JUNE 22, 2018  – Linda C. Mack, founder and president of Mack International, the premier retained executive search and family office strategic management/human capital consulting firm, was a guest speaker in Asia at the Private Banking & Family Office Summit held in Suzhou and Shanghai, China, May 20 and 22, 2018. May 20th, Suzhou hosted the 1st annual Global Family Dialogue Forum of Gaoming Consulting. Shanghai was the destination for the 9th Asia Private Banking & Family Office Summit on May 22.

Successful transitions are a process…The younger generation is often eager for a meaningful seat at the table–but the table must be properly set

The Suzhou engagement was an intimate group of family members, family office leaders and family advisors who were interested in learning about and sharing perspectives around the business issues associated with Investment, Insurance and Inheritance. Linda was featured in the Inheritance portion of the program with a presentation entitled “How to Stay Rich for Generations.” In Shanghai, where private bankers and wealth advisors joined an audience of Family Office executives, a similar presentation was shared on “Building Family Office Success and Sustainability.” Challenges and best practices in recruiting, retaining, and succession were the cornerstones of Linda’s speech. “The message I wanted to share with both audiences was that success and sustainability of the family, family office and enterprise into future generations depend not only on accomplishing financial goals but on attracting and retaining the right leadership in the family office/enterprise and anticipating, planning and implementing smooth family leadership transitions for rising generations.”

Linda stressed that attracting and retaining the right leadership begins with family offices thoughtfully defining their vision and objectives, including the scope of family clients to be served and the scope of services to be provided to establish a solid foundation.. However, even with a firm foundation in place, common mistakes in the hiring process contribute to the failure of many searches. Linda explained. “There are two scenarios we see all too often. Either the family hires someone they trust, but they are not qualified to do the job required, or they hire someone with strong technical skills and experience, but they are not a “culture fit.” In the first case, the position, performance expectations and metrics for success were not sufficiently defined. In the second situation, the personal characteristics and attributes required to be the right fit for the family were inadequately defined. You need both if a leader is to be successful.” Linda described Mack International’s proprietary process that enables families to succeed in consistently identifying and recruiting the right individuals to lead their respective enterprises. She shared highlights of the process including a summary checklist of proven best practices to recruit and retain the right leadership talent to enable the family to succeed in accomplishing objectives and sustaining themselves and their enterprises into future generations.

The second part of Linda’s presentation focused on the importance of successful family transitions and how they impact sustainability. In China, many family offices and enterprises are led by the first generation wealth creator/entrepreneur and are experiencing a generational transition for the first time. The “one child” policy can pose a challenge if that child either lacks the aptitude or the desire to lead the family enterprise. Another challenge may be the resistance of the older generation to let go of control and decision making. “It’s important to know if the next generation is qualified or interested in a leadership role. For those who are, intergenerational dynamics are important.” Linda went on to say– “Successful transitions are a process. Educating and mentoring the next generation family members in the family business strategy, decision making and overall vision is imperative if they are to successfully assume leadership roles. The younger generation is often eager for a meaningful seat at the table—but the table must be properly set.”

Linda cited best practices from multi-generational clients with whom Mack International has consulted. “We can learn a lot from successful transitions. Engagement between the generations should start early with open communication, guidance, mentorship and support. The payoff of developing the next generation insures that when the time comes to empower them with authority and responsibility they will be successful. You effectively create stewards of the family’s wealth.”

The audiences appreciated Linda’s message on ways in which to strengthen their family offices and achieve smooth family transitions from generation to generation. “I thoroughly enjoyed my time in China. Family Offices in Asia are very interested in the challenges and lessons learned from other families around the world and eager to adopt best practices to ensure their ongoing success.”

About Mack International…
Mack International is the premier, boutique retained executive search and strategic management/human capital consulting firm serving family office, family business enterprise, family investment firm and wealth and investment management clients on national and international basis. The firm’s family office clients range from first generation wealth creators to multi-generational families of six or more generations. 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. For more information, please visit: http://www.mackinternational.com.