CAMPDEN MONTHLY DIGEST - April 2021 - Campden Family Connect
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Shreevar Kheruka On Succession & Strategy Give Us A Chance, Let Us Fail ! Plan Rewards To Retain Your
At Family Business Borosil Family Office Professionals
Page 1 Page 3 Page 8
CAMPDEN MONTHLY DIGEST
April 2021
KNOWLEDGE ION OMM NITY
Membership | Events | Research | Education | IPI
Indian Families In Business Forum
The Succession Evolution - Charting The Legacy
21-23 April, 2021 • Virtual Membership | Events | Research | Education | IPI
Our Partners
KEY DISCUSSIONS
- Family Business Principal's perspectives, insights and learnings on grooming business leaders of tomorrow
- Charting a NextGen's journey from successor to an inheritor
- Preservation & Growth of Business Wealth
- Evolving role of women in Family Businesses
- Managing conflicts in large families
- What are families doing with their existing business? Are they planning to continue or diversify into related / unrelated
verticals to expand their market share/footprint?
SOME PROMINENT SPEAKERS INCLUDE
Shreevar Kheruka Shashi Kiran Shetty Dipali Goenka Anirudh Damani,
Borosil Ltd Allcargo Logistics Welspun India Artha Venture Fund
(Forum Chair)
Salil Musale Varun Chaudhary Philip Mackeown Farah Malik
Astarc Group CG Corp Global Family Business Leadership Bhanji
Coach and Mentor, CEO & Director,
Family Talent Advisor, Metro Brands Ltd.
Non-Executive Director
And More...
Index
◆ Global Family Features
- Shreevar Kheruka On Succession & Strategy At Family Business Borosil 1
- Give Us A Chance, Let Us Fail ! 3
- Leaving The ‘Firm’: What Prince Harry And Meghan Markle’s Choice To Separate
From The Crown Means For Family Business 6
- Plan Rewards To Retain Your Family Office Professionals 8
◆ Campden Global Webinars & Forums: March 2021
10
- Member Exchange: FOS Under $150M
10
- Nextgen Series: When & How To Have The Prenup Cinversation
10
- Needs & Leads
10
- Virtual Campden Wealth's Family Office Meeting
11
- Virtual CFC Member Meeting
- Real Assets: Real Estate Debt 11
- Needs & Leads 11
- Family Co/Direct Investment Dealflow 11
◆ Campden Global Webinars & Forums: April 2021 12
◆ About Campden Family Connect
Global Family Feature
Shreevar Kheruka On Succession & Strategy At Family Business Borosil
Blending the strengths of family businesses with the growth
strategies of non-family multinationals is an approach the
third-generation family principal of Borosil wants to discuss at the
upcoming Indian Families in Business Forum.
Shreevar Kheruka, chief executive and managing director of the major
glassware manufacturer, will chair the forum on 21-23 April. He joins a
growing roster of speakers including Dipali Goenka, chief executive
and joint managing director of Welspun India, and Jimmy Mistry,
founder chairman and managing director of Della Group, at the virtual
event presented by Campden Family Connect.
Kheruka (pictured), 39, works alongside non-family executives and his
father, Pradeep Kumar Kheruka, 69, and grandfather BL Kheruka, 90,
who each serve in chairmen, non-executive chairman and executive
chairmen roles across the group.
Shreevar Kheruka, a Wharton School graduate, joined the
Mumbai-headquartered company in 2006 and led it through a period of
substantial organic and inorganic growth. From a single product and
single brand organisation, the 59-year-old family business is evolving
as a globally recognised multi-product, multi brand and multi-channel
consumer centric organisation. Borosil Ltd consists of consumer
products and life sciences division while Borosil Renewables Ltd
manufactures and sells solar glass.
Shreevar Kheruka
Chief Executive & Managing Director Ahead of his chairmanship, Kheruka spoke with CampdenFB about the
succession lessons learned, nurturing talent, the tough decisions made
during the coronavirus crisis and strategies for 2021.
What will be the key messages you want to send to family peers in your role as chairman of the Indian Families in Business
Meeting?
Family run businesses have been widely measured to deliver higher returns than non-family run ones. As per a Credit Suisse
analysis, the ‘Family 1000’ database of over 1,000 publicly listed family or founder-owned companies has outperformed
non-family-owned companies by an annual average of 370 basis points (bps) since 2006. The reasons for this include superior
revenue growth and cash flow returns. Family-owned companies seem to offer safety in periods of market stress. Even during
the Covid-impacted first half of 2020, family-run businesses outperformed non-family-owned companies by 300 bps as per the
Credit Suisse report. It is for this reason, it is very important to appreciate the structure of family run businesses—whether it is
their frugality, lower debt, higher diversification or ability to retain talent.
I would like to share with my peers a hybrid approach of retaining the inherent strengths of what family run businesses do well
while at the same time 'borrowing' ideas from multinational non-family run businesses that may have allowed them to grow
faster during better times.
What lessons in engaging the next generation did you learn from your own succession experience with your father and
grandfather and how do you intend on applying those lessons to your own next-gens?
While I was growing up, my parents and grandparents insisted me and my siblings have dinner together with them every night.
Business was discussed freely during these meals. While most of the time we could not understand the nature of the discussion,
in retrospect I believe that was a foundation of learning and understanding business at a very nascent level that has stood me in
rather good stead. There was a lot of sharing on what behaviours worked and what didn’t and that shaped my world view, albeit
in a very subconscious way. I would certainly endeavour to follow the same practice for my children and hope they benefit as I
did.
What is the secret of good governance in a family business?
I think the secret of good governance for a family business is the same for any business—be honest, don't take shortcuts. Work
for the best interest of all stakeholders and share the bad news first!
1
Global Family Feature
How should a family business attract and retain the best talent?
I believe talent attraction, retention and motivation is something that
family-run businesses can learn from larger multinational
corporations. Having a culture of empowerment is most critical -
decisions should be bottom up and not top down. Moreover, the
fundamentals of the business need to be shared transparently with
senior employees and they must have a say in the future direction of
the business. Honest failures and mistakes should not be punished; if
people try new things, they are bound to fail. Finally, in order to have
better performance, it's best to make people owners and give them
stock options!
What have been the toughest business decisions you have had to
make to during the pandemic?
During the month of May 2020, there was a total lack of visibility of
cash flows and future operations. It was during this time that we took a
decision to cut salaries of our people. This was a rather painful decision
to take. Fortunately, as things turned out, the cut was a very short lived
one and the salaries were restored and the arrears paid back within a
few months.
How do you intend to fund growth in 2021?
We have seen a substantial increase in demand in the last few months. Revenue growth and cash flows have been very strong.
We have also managed to raise money during the pandemic by way of a QIP [qualified institutional placement]. Our growth in
the coming year will be funded by a mixture of internal accruals, external equity and some debt.
Which asset classes or sectors are most exciting for you as an investor?
I am a long-term believer in public market equity investing. While this may not be the most exciting asset class, it is certainly the
best from a risk adjusted return perspective. There is a lot of excitement around the technology space as well as venture capital
currently. However, I don't really understand these spaces. I will probably be spending some time this year to get a better feel of
these areas.
How is the Covid-19 crisis shaping your CSR policies?
Our CSR policy has not been dramatically impacted by Covid. Our CSR money is mainly focussed towards improving farmer
incomes, education and sports. I believe all three are long term needs for our country and we remain committed to these causes.
2
Global Family Feature
Give Us A Chance, Let Us Fail !
I am writing this piece as the son of a successful father (read:
parent) whose enormous shadow I have tried to wiggle out of
for much of my professional life. I write this from a personal
perspective of watching my 1st generation of wealth creators
struggle to involve their next-gen in the family business. Their
problem is not an isolated one as other 1st-gen faces similar
struggles, some more and some less. My narrative may seem
like a one-sided criticism or even a bit preachy, and I am
super-excited if you completely disagree with me. Therefore,
consider this an open letter to 1st-gen (you) from a next-gen
(me/us) to start a conversation about how we could work
together.
First, let me be clear that I am mighty proud of my father. I
owe many of my skills to watching him from a very close
vantage point during my formative years. Finding
out-of-the-box solutions to seemingly impermeable
problems, thinking like the other side's advocate when
plugging loopholes in legal agreements, and finding
investment opportunities by reading the fine lines that a
promoter must disclose in plain sight are a few in a very long
list. It was and is a privilege to get identified as his son.
I saw my father-uncle partnership expand a modest 1980s
stockbroking firm to a real estate, hospitality, and private
equity financing business. Their unique management styles
developed outstanding managers, intrapreneurs, and
entrepreneurs, creating wealth for those they trained and in
return for themselves. Many of the people who trained under
them have amassed massive wealth and changed their life's
trajectory. However, my 1st gen faced their biggest challenge
in getting their children to take meaningful ownership in their
business, with each of us charting our own path. Their Anirudh Damani,
struggle is not an isolated one either – it is a commonplace Artha Venture Fund
issue with many of the 1st-gen wealth creators like you.
It could take a book to completely cover the various nuances and vantage points on this topic. However, I present 4 that I believe
are the most critical aspects for a 1st gen (read: you) to understand and prepare the next-gen (read: us) to fill your shoes:
1. Train us like an outsider
The fact that you can train others to become wealth creators and managers clearly shows that this is not a skill issue. I have
always believed that it is an attitude issue. Most first-generation wealth creators like yourself fail with their next-gen because
they treat the next-gen (us) differently than the outsider vying for the same position. Therefore, our growth gets somewhat
stunted, an outcome that neither you nor we were seeking.
Keep us close to you at home but train us like you would an outsider inside the workplace's confines.
2. Give us a well-rounded experience
The best lessons are those learned from the medium of first-hand experiences.
What makes you successful is the knowledge you've gained through the fortune of profound experiences you've had in the
struggle to build this wealth. There were no shortcuts to achieving this expertise; therefore, you must not find shortcuts for us.
We have the one thing that you did not, an experienced campaigner, i.e., you!
3
Global Family Feature
Honestly assess our potential, find out the areas where we lack the experience/knowledge you have and then draw out a plan to
fill those gaps. Therefore, put us in various positions, throw at us your difficult problems and make us work with your most
challenging people, i.e., make us experience what you cannot explain or that we could not learn from textbooks.
There is a strong tendency in your generation to mollycoddle us so that we do not face the hardship you did in your careers.
Unfortunately, you are doing us a major disservice by taking away the core elemental experiences that made you into a
master-businessman/woman.
I can empathize with you that it is difficult to put us through such hardship, primarily when you've built these empires for us
not to struggle as you did. However, you must remember that even the princes of the greatest kings had to attend gurukuls that
were far-off from their palatial lives. Only then could those princes get groomed and prepared to lead and become responsible
kings.
Therefore, if you can't provide a well-rounded experience in your setup, farm us out to other business houses to gain these core
experiences. If those taskmasters are hard on us, let them do that – we may learn a thing or two about becoming better leaders.
Hence, if we are complaining, give us your ear but not your shoulder.
3. Let us fail, fail, and fail again
Failing hurts, it burns, and it could break our spirit but borrowing the words from a legend of your generation, Rocky Balboa:
"Let me tell you something you already know. The world ain't all sunshine and rainbows. It's a very mean and nasty place, and
I don't care how tough you are; it will beat you to your knees and keep you there permanently if you let it.
You, me, or nobody is gonna hit as hard as life. But it ain't about how hard you get hit.
It's about how hard you can get hit and keep moving forward. How much you can take and keep moving forward. That's how
winning is done!"
On many occasions, my mother convinced my father to allow me to do something radically different by reasoning with him -
isn't it better that he fails in front of you, instead of when you are not there!
Yes, failing looks terrible on you in the short-run, but you must decide whether you prepare us to run a sprint or a marathon!
4. Give us the freedom to experiment and find our style
You provided us with the platform to gain experience, and then you offered us the opportunity to fail. We grew up, and now you
want to include us in your setup and start taking over the reins. But…
Houston, we have a problem!
You will soon realize that we learned from a different textbook than the one you read. We grew up in a different business world
than the world you did. We have a lot more information at our fingertips than you have had, and most importantly, we face a
completely different world than the one you did at our age.
If you sent us off to learn the business ropes from another gurukul, we most likely come back with a perspective and style that
could be different and may even conflict with how you have run things.
Please note that I am not stating that we are correct or that you are wrong or vice versa. The truth probably lies somewhere in the
spectrum between how we see things and how you have run things, and both sides must get a say if this partnership is to
continue.
Since we have not earned our stripes in your setup, we must earn it. However, neither should all our ideas get thrown out due
to the opposition from your current structure. Change cannot be brought from outside an organization; it must begin from
within.
Therefore, provide us with sandboxes that are insulated from the rest of your business. The insulated setup should allow you to
contain the losses if things go wrong, but it must be as close to the real stuff so that if things do go well, they can get replicated
quickly across the business.
It could mean that you provide us with a separate office within your own, with Chinese walls that allow us to run in contrast
with how you've run things, and you may have complete opposition to what we are doing. But you give us the feeling of
ownership, isn't that the outcome you would like for us?
4
Global Family Feature
The most important aspect of getting us to work in these sandboxes is that both sides must agree at the very outset on
- What is the hypothesis that is getting tested?
- The timeline of the experiment
- Tthe cost
- The expected buffers for time or cost overruns
- The expected results
- How (and when) both sides would agree to pull the plug.
Then let us get to work in proving you right, even when we may prove your current methods require a complete,
straightforward, or no change. You will win either way. Trust me.
Malcolm Gladwell, in his best-selling book, Outliers, deduced that it takes 10,000 hours of practice to become world-class in a
field. Considering 10-hour workdays, it means it will take 1,000 days for us to be world-class, but you may say (and correctly so)
that it takes 10,000 hours to just get to the podium; it will take 20,000 more hours to dominate.
Here is the good news: help develop us to be world-class in those critical first 10,000 hours. Together, we will beat the world in
the next 20,000
What am I really trying to say?
It is important for 1st generation to groom the next generation by
1. Giving them a well rounded experience
2. Providing them with the freedom to experiment
3. Letting them fail, fail, and fail until they succeed.
Why should people care?
The 1st generation has the unenviable job of providing a platform for the next generation but also ensuring that the next
generation has tools and character to shoulder that responsibility.
What is the most important point?
To get that experience the next gen must face failures which could (at times) get embarrassing for the current generation but it is
a small price to pay, if they consider that leaving behind their legacy in able and compassionate hands would immortalize their
life's achievements.
Therefore 1st generation should ensure that their scions know their responsibilities but also earn it
What is the best way to understand the most important point?
Sharing personal instances of failure that lead to ultimate learning
How do I want the reader to feel?
That failure and a vast number of experiences are key to preparing the next-gen for taking ahead your legacy.
Anirudh A Damani, Managing Partner, Artha Venture Fund
Anirudh is a fourth-generation entrepreneur and a second-generation investor from the Damani family. His family started a stock investment
business in the late 70s and hence, most of his early investment ideology originated from the stories he heard at the dinner table or social
gatherings.
He got into early-stage budding companies in 2012 after completing his entrepreneurial stint in the US. Anirudh believes that as an active
investor, he has a lot to offer (besides money) and gravitates towards sustainable business models that could scale quickly by creating new
categories and establishing industry leadership.
Anirudh’s unique funding strategy has helped Artha create an investment portfolio of 85+ early-stage companies that span across India, the
US and Israel, with notable names such as Oyo, Purplle, Tala, and Coutloot. His knack for picking winners is evident from the 3.81x multiple
that his portfolio has delivered so far.
5Global Family Feature
Leaving The ‘Firm’: What Prince Harry And Meghan Markle’s Choice To Separate
From The Crown Means For Family Business
The Firm? We learned from Harry and Meghan’s interview with Oprah Winfrey
that is what the royal family call their family business. It’s a very appropriate term.
As a family business, they own and manage land and castles, some of which they
rent out, support multiple charitable ventures, play an extensive public role in the
UK drawing on multiple publicity avenues to support its image and brand, and
employ scores of employees who are valued for their loyalty and commitment. It's
a huge and complex business.
The “product” of this family business, from which royals derive their wealth and
income, is being a visible symbol of the spirit and essence of their nation and their
global network. Whoever they are as persons, a royal family member also embodies
the presence and history of their nation and culture.
Family members must do far more than live the royal life. They are full-time
executives responsible for multiple public appearances supporting the brand, facing
never-ending scrutiny. To enjoy the benefits of a luxurious life, a “royal” plays a huge
public role; 24/7 work submitting to strict discipline, behaviour and policies. While
they have private lives, they live on a stage with endless performances and
Matthew Braithwite
Dennis T Jaffe, speculation about their private thoughts, feelings and behaviour. They aren’t movie
Privte Client Partner At Wedlake
Author and family adviserBell characters; yet their life is the product that defines the brand. Being a symbol means
that there is little room for personal modifications or self-expression. Behaviour is
valued for how well it embodies royal symbolism.
This strange situation makes Oprah’s interview so riveting and consequential. It was
a rare public exit interview, where Prince Harry and Meghan Markle illuminate their
personal decision to quit the business. They are now free to share unedited, deeply
personal, extremely painful accounts of their family, officially separating from their
prior roles as professional family members. Free now from royal control and
discipline, they can be candid as they air grievances.
Their painful dilemma illustrates how being part of a public family is so difficult, and
the point at which private family matters have to be expressed openly. In doing this,
they find themselves wounding their family business. As an observer of family
business for many years, their experience shows how the royal family business falls
short on features that are necessary to be both a successful public business and a
successful family.
Demanding role
Being part of a family business usually means giving up some individual freedom in
order to be part of something grander than anything you could not do on your own. In
joining the royal family, Meghan signed up for extreme restrictions over every part of
her life. She was on a stage, playing herself entering the royal family, to a global
audience that tunes in every day. It is The Truman Show, but royals know they are the
show and can never break character. Meghan’s account of learning to curtsy is about
whether she is meeting her future grandmother-in-law or meeting the Queen of
England. She is doing both at the same time.
Family businesses often make demands on family members in relation to their public
roles. When you marry into a family business you are expected to respect the traditions.
But in Meghan’s case this was complicated by racist mindsets carried by the staff and
the institution. Was it part of the deal to just accept this? In a family business there are
times when one’s integrity does not allow acceptance. When confronted with abhorrent
racist treatment, Meghan and Harry raised the issue and when it persisted, they
reached a point where they had to consider their own well-being in relation to their
role. Harry said that Meghan’s distress made him aware that he could break loose from
royal captivity. He could now see his role form Meghan’s perspective; she did not make him leave, but seeing the family through
her eyes changed something for him.
6Global Family Feature
This is the point where the royal family business was not able to rise up and do what was
needed. A family business, especially one that has been in existence for generations, with huge
wealth, tradition and demands, needs to deal with these painful dilemmas before they become
hurtful and destructive. The royal family does not appear to have developed structures to
internally manage change, adversity and conflict. When personally hurt by negative press
Meghan and Harry reached out to the family for support and help.
Competing values and interests
A family business contains three groups of “stakeholders” that exert influence. In the royal
family, these groups have competing values and interests that were not reconciled.
The elder generation, or “owners”, want to preserve their traditions and legacy that have been
successful in the past. They delegate the tasks of running the business, and some authority, to
employees.
The employees are non-family members, working under the oversight of the family “owners”. Inevitably, they also have their
own agendas. They want to keep their jobs, and they have their own bonds to the media.
And finally, there are the members of the younger generation, who have different life experiences, values, and in the case of
Meghan, different national and racial culture. They bring a fresh and new perspective to both of the other groups, and it is that
of the future.
Each of these groups has its role and place, but for a family enterprise to be resilient, they have to respect each other, and actively
listen to and address their differences. The royal family fell short of listening to and respecting their children, out of excessive
concern for the past.
A family business is only successful if there is respect and continual engagement across generations. The future of the enterprise
rests with the new generation, and they are facing a world different from that of their parents. They have to listen to each other.
Meghan talked about being silenced, and not heard or supported when she was in pain. Such lack of respect is often the trigger
for family splits and break-up. The younger generation is the future, and they have other choices. The family business has to be
able to accommodate the younger generation and their views, or they
will not be willing to remain. Today, as individuals grow up with a deep
conviction that they should be heard, they are less willing to be silenced
or to inhabit a role which does damage to their personal identity and
integrity.
Power and accountability
While the Queen is the chief executive of the royal family, the family does
not appear to have its own governance group to deal with family issues.
Meghan and Harry were not able to meet with family, separate from firm
employees, and talk about their personal pain and the difficulties they
were feeling in their public role. Most importantly, they did not get the
visible support of the family for their struggle.
A successful family business is organised to conduct the business of the family as well as the business of the business. For a
family, that means that family members must get together frequently apart from their business employees and actively engage
family differences. Due to its public nature and deep connection to its legacy, the royal family does not seem to understand the
need to engage and listen to their children and adapt to the future. To preserve the past, they are sacrificing their future. This is
their current tragedy.
In a family business, this is a point where the dissident member has to choose. With Meghan’s support, Harry concluded that his
personal family could not live with how they were treated. After growing up in the royal bubble, now he had a clear issue and a
choice. Most large business families have a mechanism whereby a family member can leave the business and remain part of the
family. In the royal family, given that membership is based on their performance as a family member, they could not just step
back. They had to leave, and in such an overwhelming family, the only way to do that was exile. In the past exile was a form of
punishment; today, in a global world, it can also be a source of renewal.
Meghan and Harry have chosen wisely and caringly for their own family. Following this path was not intended to hurt or
damage the family business though that has happened. The crisis occurred not simply because they were hurt or affronted; it was
because of deficiencies in their ability to be a family separate from the family business and its demands. When a family cannot
address the hurt or the personal damage that is done to a family member, it often becomes public because of the attention that is
paid to an influential family. Many people hope their cry for help can lead to a new respect within the royal family, but they fear
the damage may cause the “business” to fall apart, as happens to so many business families that do not know how to listen to
their children or adapt to change
7Global Family Feature
Plan Rewards To Retain Your Family Office Professionals
While investment bankers pull 100-hour weeks in an attempt to claw
back any hope of a bonus this season, family office professionals are
walking away with 100%, if not 200%, of their annual salary as bonus
season closes a successful year for family offices.
With more than three-quarters of family office professionals stating
their bonus was unaffected by the coronavirus pandemic, the
community has proven once again how resilient it is to adversity and
rather than survive. Family offices have undoubtedly thrived as a
result of further diversifying their investment portfolios.
More than two-thirds of family offices had further diversified their
investment portfolios into new asset classes by the end of the first
lockdown. A year on, some 97% of family office investment
professionals say they oversee a diversified portfolio across multiple
asset classes with another three-quarters containing both liquid and
illiquid assets.
The push to incorporate a broader range of assets has also called for
more in-house investment professionals catering for the likes of private
equity and digital assets. There has also been a surge in demand for
portfolio managers to oversee third-party managed investments,
something 78% of family offices facilitate alongside direct investments.
With more assets under management, a newly diversified portfolio and Paul Westall, Co Founder Of Family
larger in-house teams to manage both, we were expecting a selection of
sophisticated structures catering for each asset class, but it seems Office Recruiter Agreus Group
overall discretionary bonuses are still the most common method of reward. Even where formulaic bonuses do exist, 20% have a
discretionary element attached.
When it comes to the key drivers behind that discretionary bonus, the majority of family office professionals believe it is their
relationship with the principal which has the greatest weighting. In fact, more than 50% of all accounting and finance, support
and operational and investment professionals said this was single-handedly the biggest factor behind their bonus, but when it
came to executives, they had a different theory altogether.
Executives believe their personal performance and the performance of the fund is of equal importance to their ability to have a
relationship with the principal or fit in with the culture of the family office. This is hugely surprising given the vital importance
of cultural fit in the small and intimate world of family offices, but suggests for executives, their personal performance is of
utmost importance.
Another contrast which we found remarkably interesting was the geographical impact on bonuses.
For six years, our Global Family Office
Compensation Benchmark Reports have
found certain idiosyncrasies, but overall
offered a cohesive and standardised view
of compensation across the map.
Our Bonus Report suggests that actually,
the UK and US specifically have a very
different approach to paying-out bonuses
with chief operating officers in the US
taking home more than double their UK
counterparts ($132,000 vs £45,000). When it
came to executives, UK heads of family
office overtake every specialism across
every region by reaching bonuses of
£262,500, although this time the UK bonus
sits at almost double the US equivalent of
$198,000.
8Global Family Feature
Perhaps most surprisingly, given the importance of
retaining talent in family offices, is the lack of
Long-Term Incentive Plans (LTIPs) offered to
professionals.
Executives which include chief executives,
managing directors, chairpersons and heads of
family offices, are most commonly offered a LTIP at
48% followed by investment professionals at 30%
and then accounting, finance, support and
operational staff all at 15%.
LTIPs have only been in and around the family
office community for a few years and when taking
that into account, 48% seems quite impressive, but
when considering the seniority of the roles included
in the category of executives—it is in our opinion,
disappointing that less than half of family office
chiefs are offered any type of long-term reward.
The same exists when discussing investment professionals, specialists who join family offices to grow their wealth and create the
greatest return over a extended period of time. Despite this, less than a third are rewarded on a long-term basis and it is having
a devastating impact on the loyalty and retention of staff.
While our quantitative data presents bonus trends for every specialism, our qualitative data presents a story and what it tells us
is that those with longer-term reward structures are most content and driven to succeed within their family office. Our
interviewees told us that having a LTIP, whether it be in the form of a forgivable loan, carried interest or a co-investing
opportunity, was far more important than a monetary bonus given annually based on the performance of the person or overall
fund.
LTIPs engage your staff, align your interests and incentivise them to stay within your family office for as long as they
can—something family offices require to survive.
9Campden Global Webinars & Forums: March 2021
Member Exchange: FOS Under $150M
Monday, March 1, 2021
This session brought together the IPI community with similar sized offices (less than $150
million) and resources to discuss, collaborate and solve for specific challenges as well as
providing support to each other through their own experience. This was an Ivory Snow
session adhering to the IPI code of conduct related to non-solicitation. The second part of
the session focussed on processes and methods to access private equity and venture capital
opportunities.
Nextgen Series: When & How To Have The Prenup Conversation
Wednesday, March 3, 2021
Often a prenuptial agreement is discussed for the first time after the engagement when emotions
are high and people are excited. This session focussed on the importance for families to discuss
expectations around a prenuptial agreement at an early age to ensure the next gen understands
why the family would want them to get one, how and when the next gen can explain why one is
required to their future spouse, and how often one needs to be updated (eg. Postnuptial
agreement).
Needs & Leads
Thursday, March 4, 2021
This IPI member-led session was designed to tap into the insight and connections of fellow peers in a
confidential setting. Members shared business and investment “needs” followed by clarifying Q&A, and
also received “leads” from participating IPI members in return — all in 2.5 minutes! The session provided
a great opportunity for members to share their pressing investment and business challenges and receive
peer support.
Virtual Campden Wealth’s Family Office Meeting
Tuesday, March 9, 2021 to Thursday, March 11, 2021
The meeting highlighted on the infrastructure of a family office and how to keep it
functioning at full capacity? This hugely successful regular meeting also focussed on all
Membership | Events | Research | Education | IPI aspects of a family office including investment strategy, governance, structuring, tax,
regulation and more.
10Campden Global Webinars & Forums: March 2021
Virtual CFC Member Meeting
Friday, March 12, 2021
Mr. Amit Patni hosted CFC Members for an evening of networking over coffee
& conversations. The session allowed Members to connect with their peers &
friends via break-out rooms of small groups. Membership | Events | Research | Education | IPI
Real Assets: Real Estate Debt
Wednesday, March 17, 2021
The second session of a new and regular series focused on real assets, focussed on RE Debt. The session
assessed the broader landscape for much needed context and shared the best ways to access the
opportunities without moving too far along the risk spectrum.
Needs & Leads
Thursday, March 18, 2021
This IPI member-led session was designed to tap into the insight and connections of fellow peers in a
confidential setting. Members shared business and investment “needs” followed by clarifying Q&A, and
also received “leads” from participating IPI members in return — all in 2.5 minutes! The session provided
a great opportunity for members to share their pressing investment and business challenges and receive
peer support.
Family Co/Direct Investment Dealflow
Thursday, March 25, 2021
The 1 hour 15 minute family investor-led program involved direct/co-investment opportunities shared by
family members. It also had experienced direct investors share their insights on an open forum
encouraging dialogue within the group.
11Campden Global Webinars & Forums: April 2021
Thursday, April 8
Needs & Leads
Institute of Private Investors
Tuesday, April 13
Virtual Campden Wealth / IPI Mega
Trends Forum
Thursday, April 15
Virtual Fund Meeting
Campden Wealth
Tuesday, April 20
NextGen Series: Building the right
career for your next generation and for
your family enterprise
Institute of Private Investors
Wednesday, April 21-23
Virtual Indian Families in Business Forum
Thursday, April 22
Real Assets: Infrastructure & Renewables
Institute of Private Investors
Thursday, April 29
Needs & Leads
Institute of Private Investors
12ABOUT CAMPDEN FAMILY CONNECT
A Global Community of over 1400 Members
across 5 Continents and over 37 countries
ANDORRA HONG KONG BRAZIL FINLAND
GERMANY SINGAPORE CANADA FRANCE
NIGERIA INDIA SWITZERLAND LEBANON
ARGENTINA ISRAEL UAE MEXICO
GUATEMALA ITALY UNITED KINGDOM NETHERLANDS
SAUDI ARABIA KUWAIT UNITED STATES EGYPT
AUSTRALIA BELGIUM CONGO AND MORE...As a Campden member, you may avail the following exclusive benefits
listed below from our premium brand partners
• Save 10% on WeWork day passes. Valid for
one-person per day across any of the 35 WeWork
locations present in 6 cites in India.
Click here to avail your On-demand pass and
apply the promo code - CAMPDEN@WEWORK at
checkout.
• Save 34% on WeWork All-access, a monthly
membership which gives you access to WeWork
locations across 150+ cities globally.
• Save 20% on WeWork Private Offices. Valid across
35 locations in 6 cities in India for a minimum of 6
desks, and a minimum of 6-month agreement.
• Save 62% on WeWork Conference Room Passes
valid for 4 hours for a maximum of 4 people across
35 WeWork locations present in 6 cities in India
Campden members are requested to kindly present their
Membership e-card upon availing the offers.
• Avail special offers on Gym Memberships & Spa
Packages
• Indulge in 15% savings on Food & Soft Beverages
in the outlets or in-room dining. Complimentary
dessert while dining at any of our outlets
• Complimentary glass of Sparkling Wine on special
occasions
• Unwind with 15% savings on Bed & Breakfast rate
for Superior, Deluxe, Premier Rooms as well as
Four Seasons Executive Suites
• The above mentioned offers are applicable at
Four Seasons Hotel Bengaluru only
Campden members are requested to kindly present their
Membership e-card when they avail the above services
and mention the same while making reservations. We
recommend making reservations in advance for a
smooth checking experience.
For more information please visit our website or
Contact Janhavi Desai - +91 90040 86579
janhavi@campdenfamilyconnect.comAs a Campden member, you may avail the following exclusive benefits
listed below from our premium brand partners
• Enjoy 15% savings on Rooms & Suites at Oberoi
Hotels & Resorts in India & UAE.
• Indulge in 15% savings on Food & Beverages at
the on-property restaurants and bars or in-room
dining.
• Unwind with 20% savings for resident guests at
the hotel spa.
• Click here to make reservations at Oberoi
Hotels
• Enjoy 15% savings on Rooms & Suites at Trident
Hotels.
• Indulge in 15% savings on Food & Beverages at
the on-property restaurants and bars or in-room
dining.
• Unwind with 20% savings for resident guests at
the hotel spa.
• Click here to make reservations at Trident
Hotels
• As a Campden Member, you may avail preferred
terms offered by AZB & Partners. To know more,
please write to anand.shah@azbpartners.com
• AZB & Partners are founded in 2004 with a clear
purpose to provide reliable, practical and
full-service advice to clients, across all sectors.
Having grown steadily since its inception, AZB &
Partners now has offices across Mumbai, Delhi,
Bangalore, and Pune.
• We have an accomplished and driven team of
400+ lawyers committed to delivering
best-in-class legal solutions to help clients
achieve their objectives.
For more information please visit our website or
Contact Janhavi Desai - +91 90040 86579
janhavi@campdenfamilyconnect.comCAMPDEN CLUB
CAMPDEN CLUB MEMBERSHIP
Campden Family Connect is a pre-eminent global membership network for India’s Ultra-high Net Worth
-
-
forums, pioneering research work, progressive publication material and advanced education programs.
You become a part of the global community of over 1400 Family Business Owners, Single Family
Access to Unrivalled Knowledge & Intelligence Platform
Proprietary Research Reports
Webinars/ Online communication with members around the world
Multi-generational education programs
To know more, write to info@campdenfamilyconnect.com
STRATEGIC PARTNERSHIP
Campden Family Connect offers a unique and strategic partnership opportunity that will enable a select
group of professional advisory firms to benefit from establishing a campaign with Campden in India and
position themselves in front of our community of families and family offices with a consistent presence
and message. This partnership can be availed by advisory firms from various areas of specialisation such
as Banks, Wealth management, Asset management, Insurance, Real estate, Law firms, Business schools,
Consultancies, Lifestyle agencies etc.
Benefits Title Associate Supporting
Exclusive partnership
Branding in all event promo collaterals to our UHNW
communities across India and globally.
Branding in virtual delegate handbook
- Corporate logo
- Corporate profile (500 words)
- Speaker profile (1)
Complimentary registrations (including Speaker) 4 3 2
-
Qualified guest invitations 5 3
Visibility for Speaker/company presentation
- Circulated amongst all registered delegates
- Hosted on Member Link/ CFC website 12 months 6 months 3 months
Speaker slot timing (including QnA) 40 min 30 min 15 min
17 Presentation/ Presentation / Only
Fire-side chat/ Fire side presentation
Panel discussion
1 full paged authored articles in Campden Monthly Digest
2 1
editions editions
LinkedIn promotion (pre or post summit) 3 2 1
Pre-conference exposure to delegate list
To know more, contact
Kapil Divadkar | kapil@campdenfamilyconnect.comOUR PARTNERS
&Membership | Events | Research | Education | IPI EXCLUSIVE NETWORK OF WORLD’S LEADING FAMILIES
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