Single family offices can apply Disaster Theory to effectively anticipate, respond to, and recover from diverse crises.
Vehicles and debris left by Hurricane Helene ahead of Hurricane Milton’s expected landfall in . [+] Treasure Island, Florida, US, on Monday, Oct. 7, 2024. Milton exploded into the Atlantic’s strongest hurricane this year, bearing down as a catastrophic Category 5 storm on a Florida region still struggling to recover from Helene’s devastation. Photographer: Tristan Wheelock/Bloomberg
Recent global events, from economic instability to natural disasters and pandemics, have underscored the importance of comprehensive planning for single family offices. These organizations, tasked with managing the wealth, legacy, and affairs of high-net-worth families, face unique challenges when navigating crises. Disasters—whether they be economic downturns, political upheavals, regulatory changes, or even family conflicts—can significantly impact the ability of family offices to meet their objectives. An object lesson for family offices is the devastation in Florida from Hurricane Helene quickly followed up by Hurricane Milton, one of the most powerful storms on record, especially for those that have offices or property in the disaster areas. By applying the principles of Disaster Theory, single family offices can create robust strategies for navigating both expected and unexpected challenges, ensuring that wealth, legacy, and family values endure for generations to come.
