SandaireApril 27 2020

Charlotte Filsell, Head of Family Office Services at Sandaire, Reflects on the Resilience of Families & Overcoming Adversity

2 mins read

Written by Charlotte Filsell, Head of Family Office Services

It is often when faced with adversity that we realise the extent of our inner strength and resilience.  Resilience is defined by the Oxford Dictionary of English as “the capacity to recover quickly from difficulties; toughness” and by the Cambridge Dictionary as “the ability to be happy, successful, etc. again after something difficult or bad has happened.”

Resilience is a trait commonly displayed by successful multi-generational families such as those we serve at Sandaire.  These families have the remarkable ability to adapt, innovate and transform over time – sometimes through choice, and often by necessity. They may have faced financial market or personal crises, perhaps a competitive or cyber threat, and possibly ownership or governance issues.  Each difficulty has been overcome by adapting for new conditions.  It is hard to imagine that the current challenge we are all facing will not also lead to new conditions and permanent change. As we dare to look ahead to better times, it is, therefore, worth spending a moment to reflect on how families achieve this long-term success. There is no one magic formula but we can observe some common themes. 

  1. A family with defined values and a well-articulated purpose has a solid foundation to support their decision-making, as priorities and perceptions change.  In addition, there is often a sense of personal commitment.  These can foster confidence and bravery.
  2. Experience is key.  Families typically have a wealth of experience and skills to draw on from across their branches and generations, including lessons learnt from past problems and mistakes. 
  3. Networks are important too to provide fresh thinking and learn from others.  A family’s network may include the wider extended family, friends, partners and/or external experts. No one person can be expected to have all the answers.  The ability to recognise when to ask for help and seek guidance from others is crucial.

At Sandaire, we understand the value of a strong network and are always happy to share our ecosystem of contacts to provide assistance, whether that is through introductions to like-minded families, industry experts, professional advisors, trusted partners or our colleagues in the Wigmore Association.  Please get in touch with us if you think our network could be helpful to you as you plan and navigate through this difficult time.