Wingspan Perspectives - June 2024

Welcome to Wingspan Perspectives! This is the first edition of our LinkedIn newsletter, where we'll share insights on best practices for family enterprises, media appearances, and Wingspan news.

This month, we're focusing on the challenges of succession planning and how to overcome them. Plus, Wingspan Founder Christina Wing talks private equity and UAE family offices with Bloomberg, and Wingspan welcomes its two newest Directors.

Insights

Your Family Needs More than One Succession Plan

Every family enterprise needs a succession plan, whether their intention is to keep the business in the family or to sell it. Yet, research shows that only about one third have a robust and documented plan in place. And even those families who do have a plan may not have thought about the need for multiple plans to cover transitions in ownership, management, and the family office or board of directors – not to mention emergency transitions.

Read the full article to learn why your family enterprise might not be adequately prepared for the challenges of succession, and what you can do to prevent disputes, avoid leadership entrenchment, and preserve continuity and stability for future generations.

Wingspan in the News

Wingspan Forum

We are currently accepting applications for Wingspan Forum, a yearlong community and education platform for the Rising Generation. Participants will join a cohort of family enterprise Rising Gens from diverse industries and geographies who want to be owner operators, family leaders, and responsible owner investors, and engage in meaningful learning and sharing. Supported by a team of educators, practitioners, and Now Gen mentors, members will receive personalized guidance to support the long-term success of their family enterprise.

Wingspan on the Move

Wingspan Founder, Christina Wing, was invited to Vilnius, Lithuania to be a keynote speaker at the Second Baltic Family Firm Institute Conference, where she spoke about Family Offices as Another Family Business and hosted a workshop on Difficult Conversations in the Family Enterprise.

As Baltic family businesses face their first transitions to the next generation, Christina’s belief that business is the key to prosperity was particularly impactful for the audience. “Family business, private citizens, and private industry are better at solving problems and creating impact than governments, so government should help, not hinder, private business and investment.” - Christina Wing

Welcome to Wingspan

We are excited to welcome two new Directors to the Wingspan team: Hillary Sieber and Justin Huang.

Hillary grew up working in her family business and has seen firsthand the drive, creativity, and dedication required to build and grow a successful family enterprise. Prior to joining Wingspan, she was a Founding Partner at New Lane, a family office dedicated to building a more just world through investment, media, and philanthropy.

Justin brings a deep understanding of family office dynamics to Wingspan, having successfully established a family office from the ground up. He was the founding team member at Capital6, a deep tech-focused family office for which he navigated complex structures and regulatory environments while implementing robust policies and investment practices.

About Wingspan

Wingspan Legacy Partners, founded by Christina Wing, is a family business, family office, and family impact advisory practice, providing global families, founders, and rising leaders with ongoing guidance to build and preserve their legacies.

Family enterprises are more than "just business." Our expert team of educators, operators, and investors maximize potential to advance economies and improve communities through strengthening the connections between family dynamics, business operations, wealth, and philanthropy.

Get candid counsel on strategic planning, succession planning, corporate governance, wealth governance, rising gen leadership, and more. Learn more at Wingspan Legacy Partners.

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