Preparing for Future Generations
Salomon "Sony" Hanono is the CEO of Empresas Vicsons, a third-generation, single family office based in Panama that manages assets invested globally. The family office is currently managed by second-generation family members: Sony and his brother, Alejandro "Alex" Hanono, who serves as CFO/CIO. After participating in several HBS Executive Education programs over the last two decades, including Owner/President Management (OPM), they decided it was time to evaluate their family structures, methods, and protocols together at the Family Office Wealth Management program.
How did you first hear about this program, and why did you choose to attend?
Both my brother and I are graduates of the Owner/President Management (OPM) program, and we have also attended other programs at HBS, including Private Equity and Venture Capital and the Real Estate Management Program.
One of the key reasons we chose the Family Office Wealth Management program was to hear other families and HBS professors talk about the "dos and don'ts" of family office and investment decision-making. We did look at other schools' executive programs, but concluded that HBS was the best option due to the high quality of its case method, professors, participants, and accommodations.
Based on the knowledge you've gained from this program, what changes do you plan to make to your own family office?
After attending the program, the risk of our company not being prepared for future generations was extremely clear to us—and we shared this knowledge with both active and inactive family members. Going forward, we will be implementing some important changes.
My brother, Alex, and I came out of the program feeling very happy that we have a good foundation. Being able to attend the program with family was fabulous, and made the experience even more valuable on so many levels.
What surprised you most about the experience?
The diversity of cultures and regions of the participants was amazing. But at the end of the day, the challenge is the same. If you don't prepare your business for new changes and family needs, the organization will not grow and your work will suffer the consequences.
What advice would you give to someone who is considering the program?
Bringing active family members to the program is a 100% plus, and don’t be afraid to bring young family members as well. It's also important to set clear rules and goals from the start.