Most family offices can agree that networking is an integral part of their work. Few people would claim they don’t take up opportunities to network when they present themselves. Additionally, most people would confirm that a strong network is beneficial to conducting business.
Networking is not only crucial to many family-owned businesses and family offices, it can also open doors to numerous great opportunities. Why is it, then, that so many family offices and family businesses don’t invest the time and discipline required to do networking properly? Why is there such a discrepancy between the perceived importance of networking and the actual efforts put into it?
Sustainable networks start outside of the comfort zone
Single family offices or more generally, investors, often maintain networks of peers that have shared interests. They share similar investment objectives, operate in the same industry and their principles have personal relationships that trace back to school, university or work. If these family offices or investors seek to expand their network of peers in which they operate, they often do this by asking for referrals from their existing network.