The goal of this session was to educate participants about the new risks facing next generation leaders and to explore risk management solutions with a view to creating a family risk management policy. 
 
Daisy began by defining family policies and the process for creating these policies.  They are fodder for rich conversations and can be used to assist family members in developing family governance and codified for all family members. 
 
The Process should include all appropriate family members and be facilitated by professionals whenever possible.   The key areas at risk for next generation leaders identified were:  Family Cohesiveness, Business Ownership, Business Management, and Wealth Management.
 (Read more from Blair Trippe and add comments).

Levitt

This presentation was not just a lot of talk - it also included a lot of music!

Guillermo Salazar and Marilena Beuses presented the initial research results of a study regarding family businesses in Latin America, and they used the different beats of tango, mambo and salsa music to illustrate the differences between Latin American countries. 

Mambo music is high energy and has a constant and driving percussive beat.  Guillermo and Marilena categorized Costa Rica, Peru and Uruguay as "Mambo Countries" where people work constantly, with high energy, and considerable order.  The Mambo Country family businesses are more likely to have professionalized management and strong board of director performance.
(Read more from Donald Levitt and add comments).

Balshaw

Such a recap process requires a review of shareholder goals which differ depending on the generation. These goals can be divided into 3 scenarios - outright purchase, stay in entirely or sell some and retain some. It allows family to get some money out whilst retaining ownership control to, for example, support the senior generation retirement style. Essentially the business is borrowing against its future cash flow and the assets that support cash flow.  (Read more from Tony Balshaw and add comments).