Dr. Kon­rad Bösl/Gebhard Mei­er: What fami­ly offices can do to impro­ve their com­pa­ny invest­ments.

Stu­dy on the approach of fami­ly offices to par­ti­ci­pa­te in unlis­ted com­pa­nies.

  • Blätt­chen & Part­ner has inves­ti­ga­ted the approach of Fami­ly Offices in its par­ti­ci­pa­ti­on in unlis­ted com­pa­nies.
  • Fami­ly offices often do not pur­sue reco­gniz­ab­le par­ti­ci­pa­ti­on stra­te­gies.
  • Suf­fi­ci­ent human resour­ces, which are qua­li­fied in the manage­ment of share­hol­dings, are often lacking
  • Infor­ma­ti­on from accoun­ting and a seat on the Super­vi­so­ry Board are the main sources of infor­ma­ti­on in equi­ty manage­ment.

Munich | Zurich, Nov 26, 2015. For a long time, the focus of fami­ly office invest­ments in real esta­te and lis­ted secu­ri­ties. Very few fami­ly offices par­ti­ci­pa­ted in unlis­ted com­pa­nies. For several years now, more and more fami­ly offices have been tur­ning to this asset class and are deve­lo­ping into ano­t­her equi­ty pil­lar, espe­cial­ly for medi­um-sized com­pa­nies.

This stu­dy loo­ks at what fami­ly offices can or must do bet­ter when par­ti­ci­pa­ting in unlis­ted com­pa­nies. Dr. Kon­rad Bösl, CEO of Blätt­chen & Part­ner, exp­lains: “From the mul­ti-year coope­ra­ti­on with a num­ber of fami­ly offices, we have repeated­ly noti­ced poten­ti­al for impro­ve­ment in the fun­da­men­tal approach to par­ti­ci­pa­ti­on in com­pa­nies.” The stu­dy reviews and docu­ments the poten­ti­al for impro­ve­ment based on 74 fami­ly offices. Geb­hard Mei­er, Seni­or Con­sul­tant and co-aut­hor of the stu­dy, sta­tes: “A lar­ge num­ber of fami­ly offices have to fun­da­ment­al­ly reo­ri­ent their approach to cor­po­ra­te share­hol­dings. The stu­dy shows that the lack of a con­sis­tent invest­ment stra­te­gy often leads to a hete­ro­ge­ne­ous invest­ment port­fo­lio, which can no lon­ger be actively accom­pa­nied and con­trol­led by the too few and over­bur­den­ed employees. As a result, the­re is a risk that fami­ly offices may suf­fer (signi­fi­cant) los­ses from cor­po­ra­te hol­dings or that the mode­ra­te asset build-up they want will not be achie­ved.”

 

The num­ber of fami­ly offices has incre­a­sed signi­fi­cant­ly in recent years and at the same time the invest­ment beha­vi­or has chan­ged. Pre­vious­ly, the invest­ment focus was almost exclu­si­ve­ly on real esta­te, lis­ted assets and pre­cious metals, but for several years now fami­ly offices have incre­a­singly beco­me invol­ved in unlis­ted com­pa­nies. In doing so, they are adding ano­t­her asset class to their asset diver­si­fi­ca­ti­on and are incre­a­singly beco­m­ing an important pil­lar of equi­ty, espe­cial­ly for medi­um-sized com­pa­nies.
In the event that medi­um-sized com­pa­nies want or need to streng­t­hen their equi­ty base, fami­ly offices are often con­si­de­red the pre­fer­red exter­nal inves­tor. The rea­sons are mani­fold.

Fami­ly Offices

  • are long-term inves­tors
  • in many cases, mino­ri­ty hol­dings
  • do not in princip­le influ­ence the ope­ra­ting busi­ness of the
  • usual­ly have an entre­pre­neu­ri­al back­ground
  • stand with a steady hand to the com­pa­ny even in dif­fi­cult situa­tions.
    Par­ti­ci­pa­ti­on in unlis­ted com­pa­nies requi­res a fami­ly office to take a dif­fe­rent approach and struc­tures from what was necessa­ry for exis­ting invest­ments. From working with a varie­ty of fami­ly offices, we have found that the incor­po­ra­ti­on of cor­po­ra­te share­hol­dings in fami­ly offices is pre­pa­red and imple­men­ted in very dif­fe­rent ways.

Stu­dy for down­load

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bGQtZGF0ZW5zY2h1dHoiIGNsYXNzPSJlbGVtZW50b3ItZmllbGQgZWxlbWVudG9yLXNpemUtc20gIGVsZW1lbnRvci1hY2NlcHRhbmNlLWZpZWxkIiByZXF1aXJlZD0icmVxdWlyZWQiIGFyaWEtcmVxdWlyZWQ9InRydWUiPgoJCQkJPGxhYmVsIGZvcj0iZm9ybS1maWVsZC1kYXRlbnNjaHV0eiI+PHNwYW4gc3R5bGU9ImZvbnQtc2l6ZTogMTNweDsgbGV0dGVyLXNwYWNpbmc6IDA7Ij5JY2ggYmluIGVpbnZlcnN0YW5kZW4gbWl0IGRlciBWZXJhcmJlaXR1bmcgbWVpbmVyIE5hY2hyaWNodCBnZW3DpMOfIGRlciA8YSBocmVmPSIvZGF0ZW5zY2h1dHoiPkRhdGVuc2NodXR6ZXJrbMOkcnVuZy48L2E+PC9zcGFuPjwvbGFiZWw+CQkJPC9zcGFuPgoJCTwvZGl2PgoJCQkJCQk8L2Rpdj4KCQkJCQkJCQk8ZGl2IGNsYXNzPSJlbGVtZW50b3ItZmllbGQtdHlwZS1yZWNhcHRjaGFfdjMgZWxlbWVudG9yLWZpZWxkLWdyb3VwIGVsZW1lbnRvci1jb2x1bW4gZWxlbWVudG9yLWZpZWxkLWdyb3VwLWZpZWxkXzVjNjFmZjIgZWxlbWVudG9yLWNvbC0xMDAgcmVjYXB0Y2hhX3YzLWJvdHRvbXJpZ2h0Ij4KCQkJCQk8ZGl2IGNsYXNzPSJlbGVtZW50b3ItZmllbGQiIGlkPSJmb3JtLWZpZWxkLWZpZWxkXzVjNjFmZjIiPjxkaXYgY2xhc3M9ImVsZW1lbnRvci1nLXJlY2FwdGNoYSIgZGF0YS1zaXRla2V5PSI2TGZiWHhJZ0FBQUFBTkxyR2VpRXhWQm5EUkJ3X213XzNKNG56bzBlIiBkYXRhLXR5cGU9InYzIiBkYXRhLWFjdGlvbj0iRm9ybSIgZGF0YS1iYWRnZT0iYm90dG9tcmlnaHQiIGRhdGEtc2l6ZT0iaW52aXNpYmxlIj48L2Rpdj48L2Rpdj4JCQkJPC9kaXY+CgkJCQkJCQkJPGRpdiBjbGFzcz0iZWxlbWVudG9yLWZpZWxkLWdyb3VwIGVsZW1lbnRvci1jb2x1bW4gZWxlbWVudG9yLWZpZWxkLXR5cGUtc3VibWl0IGVsZW1lbnRvci1jb2wtMTAwIGUtZm9ybV9fYnV0dG9ucyI+CgkJCQkJPGJ1dHRvbiB0eXBlPSJzdWJtaXQiIGNsYXNzPSJlbGVtZW50b3ItYnV0dG9uIGVsZW1lbnRvci1zaXplLXNtIiBpZD0iYWJzZW5kZW4iPgoJCQkJCQk8c3BhbiA+CgkJCQkJCQkJCQkJCQkJCTxzcGFuIGNsYXNzPSIgZWxlbWVudG9yLWJ1dHRvbi1pY29uIj4KCQkJCQkJCQkJCQkJCQkJCQkJCQkJCQkJCQk8L3NwYW4+CgkJCQkJCQkJCQkJCQkJCQkJCQkJCQk8c3BhbiBjbGFzcz0iZWxlbWVudG9yLWJ1dHRvbi10ZXh0Ij5BYnNlbmRlbjwvc3Bhbj4KCQkJCQkJCQkJCQkJCTwvc3Bhbj4KCQkJCQk8L2J1dHRvbj4KCQkJCTwvZGl2PgoJCQk8L2Rpdj4KCQk8L2Zvcm0+CgkJCQk8L2Rpdj4KCQkJCTwvZGl2PgoJCQkJCQkJPC9kaXY+CgkJ