Family Office Coaching with Lance Meikle


April 8, 2021


What traits you need to look for when deciding on the suitability of a Family Office client for your business.

At Generational, we identify the following attributes or we don’t proceed with the family as a client.
• No. 1: Delegators
• No. 2: Time poor
• Pride in establishing a legacy | purpose
• A desire to make a difference to the betterment of others
• Seeking security for what and who is important to them
• Are interesting people - living and people are more important than money
• Value integrity
• Social inclusion - committed to playing a role in empowering individuals to participate as fully as possible in society
• Enjoy simplicity and freedom that comes from having all their financial issues under the watchful eye of a corporate trusted advisor
• A necessity to hear the truth
• Value the collaboration of professionals working together for their purpose; and
• Appreciation of time saving and reduction of grief that Management Team meetings provide.

Why selecting the wrong prospect hurts?
• The capacity of your business will be eroded with a relationship that both parties don’t want to be in
• You can’t undo a family office easily nor quickly
• At Generational our success to date has been 100% aligned, engaged and wonderful clients – this is no luck. If you have ANY doubt, don’t proceed
• My three G’s of business | life: Grateful | Grumpy | Greedy (you don’t want your business, yourself, your family nor your staff dealing with a greedy client

Referrals: there’s a difference between grateful and thankful
• A Patriarch &/or Matriarch who are:
o  happy with living their lives, having created a legacy; and
o knowing that their eulogy will be aligned with what their values and purpose will be GRATEFUL and your best referrers

• A client being thankful is nice, cute, and financially rewarding but well short of the emotional beauty and richness of a grateful client.

Being grateful is about appreciating what one has (this is a Family Office client), as opposed to what one wants (a prospect who wants what a Family offering delivers but doesn’t want to pay for it)
Being thankful implies thanks for something that someone has given you (this is typically a transactional-based relationship).

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