We at Black River Technologies are asked this question all the time, Why Family Offices? Yes, it is a core area of our focus, but why. To us, the answer is quite simple.
In everything we do, we believe the status quo in the Family Office must be challenged…and here’s a glimpse into why.
When doing Financial Management solution implementations, existing processes are always reviewed and dissected with a view towards improvement (there is always room). The one push back we consistently hear when making suggestions for process change and improvement is, “but we have always done it this way”. A classic line! Whatever the reason, be it complacency, a fear of change or a fear of the unknown, this response comes up again and again. To which we say, continuing to do it the way it has always been done is certainly one of the options to consider in moving forward. But by no means whatsoever is it the default answer. Challenging the status quo must always be an option on the table.
The overwhelming majority of today’s Family Offices operate with antiquated Financial Management and Reporting software solutions…managing hundreds of millions to billions of dollars. In large part, that is the status quo in today’s Family Office ecosystem. And that status quo deserves a much closer look.
A word that has crept into regular usage in the business world is disruption. Merriam-Webster defines the word disrupt as “to interrupt the normal course or unity”. Challenging the status quo is simply another characterization of the word disruption. It is our core belief that if the status quo is not challenged, in every task we undertake, then we cannot improve and we cannot better our organizations or ourselves. The inevitable outcome will be stagnation, leading to a slowdown, in growth, in being competitive and in being profitable.
While much of the above applies to industries across the spectrum of the business world, it never ceases to amaze us how true this is in the Family Office space.
So Why Family Offices?
Because we believe there is a better way!
Dare to challenge the status quo, to challenge yourself. Find out how Black River and Sage Intacct can help you start the journey.
Find out “why” for yourself.