发布时间：2022-01-27
传承宝典｜面向企业主和企业家的全面财富管理（中）
导读
担当家族的“财富管理人”，是家族办公室扮演的一个非常重要的角色。但是，对于那些打拼了几十年并成功建立起自己家族企业的企业家而言，要想使其认同财富管理人的投资理念、风险认知、以及在家族交接过程中的各种决策等绝非易事。这需要财富管理人拥有精湛的沟通能力和广博的知识面，并明确其作为顾问的责任。
本文内容由雷梭勒家族办公室根据Stonehage Fleming文章编译整理，版权归原作者所有。
处理交接过渡期
企业家在临近退休时，对于传承规划的需求会更为迫切。当家族内有成员准备好接管家族事业且具备相应能力时，或许不需要从根本上改变策略。然而在许多情况下，家族下一代并不具备创始人的激情或专业技能，因此有必要进行策略上的较大变动，亦或采纳外部专业资源。在理想情况下，需要一个交接过渡期，让创始人逐渐移交控制权，但这一过程绝非易事。
试想，企业家为了成功打造出有价值的核心事业以及一系列其它资产，过去逾四十年来亲力亲为地进行着一切决策，此时移交控制权必定是困难重重，这是因为：
企业家独立决策的习惯已深入骨髓
历来的成功经验往往让企业家认为，自身的判断优于外部
企业家对于核心业务以及可能的其它投资项目必定有强烈的情感投入
企业家在移交控制权时可能需要“坦白承认”过去的失误
若投资理念需要发生根本性的改变，则这会与创始人根深蒂固的依照直觉的决策方式产生严重冲突，这极少能够即刻得到解决
通常家族内部存在一些因素会让情况复杂化，这使得决策更为困难
显而易见且首先需要明确的一个问题，就是家族核心事业是否应该继续由家族所有并管理。这是一个重大的决定，需要通盘规划，且在理想情况下需要花费多年的时间。
如上所述，许多临近退休的企业家已在多项业务领域进行了投资，这些业务领域所处的行业与其核心业务相近。此外，企业家可能还持有大量其它财产，包括地产、休闲资产，以及愈加成为趋势的贵重艺术藏品。除非家族下一代准备好且愿意在这些领域中的每一项接替创始人的职责，否则创始人最终在知识、专业经验、人脉以及业务技能方面的损失，可能会使其中的部分投资项目容易遭受打击。
一般而言，企业创始人不太可能在一夜之间就将这类资产清盘，转而采用投资业界所青睐的均衡式投资产品组合。通常情况下，企业家需要一个逐渐采用新策略的过程，且对于新理念的优势，需要逐一说服他（她）了解其中的每一步。同时，也需要让他（她）相信，未来的顾问有能力站在其立场，并能在其离开之后为其家族提供所需的支持与理解，从而带来资产的增值。
因此需要制定一份交接过渡期计划，包括以下内容：
1. 投资项目的退出策略；这类投资项目非常依赖创始人的知识和影响力
2. 分阶段减少与集中行业领域的参与
3. 一定程度上限制对于专门领域，及企业家主导领域的进一步投资
4. 针对全资产基础范围内的完全风险管理战略，包括减轻行业特定风险以及交接过渡期的流动性不足
5. 关于决策权移交以及为家族其他成员提供咨询的明确条款（家族治理）
6. 确定顾问/财富管理人在实施过渡及协助家族过程中及后续的职责
该计划必须包含一份明确的时间表，以及各事项对应的时间节点，并以此作为重要准则，只有在情况有变，且理由充分的前提下，才能进行调整。因此毫无疑问，未来的财富管理人必须具备全资产基础范围的经验和能力，这是做好这一切的前提。
“遗留”资产会给新顾问带来两大挑战。
第一，顾问需要深入每家公司背后的具细情况，理解其业务模式，并评估其优劣势。第二，顾问需要就退出策略进行协商与谈判。由于客户和投资项目之间已维系了较长时间的关系，因此退出谈判过程可能会有些许争论。作为顾问，关键是要洞察秋毫，理解其中的细微差别，并提供从个人与投资产品组合角度而言都合理的退出机制。
即使是最为精明能干的企业家，在协商没有明确市场参照的资产的退出机制时，也可能并不了解其中涉及的各种错综复杂的情况。需要考虑的问题有：处理该资产所需的时间，该资产是否在市场上可交易，决策的影响力或投票权，该资产是否有锁定期，以及该投资项目对于企业家个人的重要性（或许会影响到参与业务的亲友）。
尽管在财富顾问看来，遗留资产可被视为阻碍因素，但客户或许因为合理的个人原因而不愿处理该类资产。
Original English Text
Total Wealth Management for Business Owners and Entrepreneurs
Managing the Transition
As an entrepreneur approaches retirement, the need for succession planning becomes more immediate. Where there are family members ready and able to take over, there may be no need for a fundamental change of approach. However, in many circumstances the next generation do not have the desire or expertise of the founder, thus necessitating either significant changes in strategy, or bringing on board external expertise. Ideally there will be a transition period during which the founder will gradually hand over control, but this process is far from easy.
After forty or more years of taking all the decisions in successfully building up a valuable core business and a variety of other assets, the difficulties involved in a transfer of authority must be obvious:
The sheer habit of independent decision making is ingrained
A long track record of success has convinced the individual that their judgment is usually best
There is inevitably a strong emotional commitment to the core business and possibly other investments
There may be a need to ‘own up to’ some past failures
If a fundamental change of investment philosophy is required, there will be a serious conflict with the founder’s entrenched instincts, which can rarely be resolved overnight
There are usually family complications which add to the difficulty of decision making
The first and most obvious decision is whether the core business should continue under family ownership and management. This is a massive decision, which requires extensive planning, preferably over many years. It is the subject of a separate paper by Stonehage Fleming (Selling the Family Business).
As stated above, many successful entrepreneurs approaching retirement have invested in a variety of businesses, operating in similar sectors to the core business. In addition, there may be other substantial holdings including property, leisure assets and increasingly, valuable art collections. Unless the next generation is ready and willing to step into the founder’s shoes in each of these areas, the eventual loss of his knowledge, expertise, contacts and business skills may make some of these investments vulnerable.
It is highly unlikely that any founding entrepreneur will dispose of all such assets overnight and reinvest in the sort of balanced portfolio favoured by the investment industry. It will typically be a process in which the entrepreneur begins to adapt gradually to a new approach, and will need to be convinced every step of the way of the merits of the new philosophy. He or she will also need to be convinced of the ability of prospective advisers to add value in eventually stepping into his or her shoes, and providing the support and understanding they want for their family after they have gone.
The requirement therefore is to develop a transition plan which probably includes:
1. Exit strategy for investments which depend too heavily on the founder’s knowledge and influence
2. Phased reduction in exposure to concentrated sectors
3. Some level of constraint on further investment in specialist, entrepreneur-led opportunities
4. Full risk management strategy across the entire asset base, which will include mitigation of sector specific risks and illiquidity during the transition
5. Clear protocols for handing over decision making and consulting other family members (family governance)
6. Definition of role of advisers / wealth managers in implementing the transition and in supporting the family, both during the process and thereafter
The plan must of course have a clear timetable with milestones, which will act as an important discipline and will only be modified with good reason, in the light of changing circumstances. It therefore goes without saying that the prospective wealth manager must have experience and capabilities which extend across the whole of the asset base, as it stands at the start of the process.
The ‘legacy’ positions present two particular challenges to new advisers.
The first is to ‘get under the bonnet’ of each company, understand its business model, and assess the strengths and weaknesses. The second is to negotiate an exit strategy, which can be an emotive process because of the long relationship between the client and the investment. It is key to the adviser’s role to understand these nuances, and provide an exit program that makes sense from both a personal and portfolio perspective.
Even the most astute entrepreneurs can be unfamiliar with the complexities of negotiating the exit of a position that may not have obvious market comparables. Consideration should be given to the length of time required to dispose of the position, whether it is tradable in the market, the degree of influence or voting rights in decision making, whether there are any lock-up periods and the relative importance of the investment to the entrepreneur personally (friends, partners or family who are involved in the business may be affected).
While legacy assets can be considered a hindrance from an adviser’s perspective, the client may be reluctant to dispose of them for very valid personal reason.
本文转载自雷梭勒家族办公室，如有侵权，敬请告知删除。
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