Recently, I spoke with someone who leads a family office.
There are numerous variations on this theme.
Nicolai Tangen, the head of Norges Bank Investment Management (the Norwegian oil fund), discusses in his podcast, “In Good Company”, how families handle such responsibilities with Marcus Wallenberg. Wallenberg leads one of the oldest family funds/family offices. You can watch that episode on YouTube.
Naturally, every family has its own way of managing their wealth or business. However, it is still fascinating to hear Marcus Wallenberg’s thoughts. Several of the ideas he shares with Tangen resonate with others in similar roles and organisations.
The podcast is almost 45 minutes long, which is quite lengthy. And, at first glance, Wallenberg may not come across as the most captivating speaker, whereas Tangen certainly is. Therefore, here are a few key insights shared by Wallenberg:
Create awareness of and contribute to all forms of sustainability.
Every organisation should have a deep understanding of the influence of data, cybersecurity, and AI.
Focus on market leadership, market potential, innovation, and financial stability.
Encourage and nurture resilience, both personally and organisationally, at a factual and spiritual level.
Stewardship; interpret this in your own way…
Act as a shareholder, not merely as an investor.
Foster continuous development and learning, focus on results, and work hard.
Invest money and attention in the long term for research and development, structurally and with a focus on projects and individuals.
Value the importance of a broad network, maintain contacts, invest time and energy in people, and enjoy it.
Actively contribute to the societal triangle: government, business, and academia.
Trust people and give them responsibility.
Leadership truly stands out in challenging times.
Correct and encourage people in a positive manner.
Without the best people, you have nothing; gather and cherish talents and enjoy working together.
Wallenberg, in all modesty, speaks extensively about the responsibility that the family holds. But he repeatedly emphasises the importance of surrounding yourself with the best people.
Feel free to reach out if you’d like to exchange thoughts on how to find and select the best people for your organisation.
Warm regards, Aegeus
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