Family Office World Denise Ilitch, an Integral Part of Detroit’s Business and Philanthropic Communities for Over 40 Years as a Dedicated Business Leader, a Devoted Community Servant, a Supporter of Many Charitable Causes, and a Tireless Advocate for Women and Children, Discusses the Complexities and Benefits of Having a Family Office
Jan 4, 2021
Denise Ilitch, a prominent figure in Detroit's business and philanthropy, discusses her family's deep commitment to the city and the evolution of their family office. She shares personal anecdotes about growing up in a notable family and the influence of her parents’ values on their charitable work. Denise also highlights the benefits of peer learning through her experiences with Tiger 21 and addresses the complexities of managing family dynamics in a business setting. Her insights into philanthropy, leadership transitions, and community impact are both inspiring and enlightening.
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Engage Generations Transparently
- Engage all generations in the family office through transparency and shared decision-making.
- Empowering each member ensures they have "skin in the game" and fosters ownership.
Build Trust Through Transparency
- Build trust in family offices by being transparent and openly sharing information, even challenges.
- Secrecy leads to misinformation; openness empowers family members.
Challenge of Family Office Transition
- Transition from founder-led to professional family office was challenging due to loss and new third-party stakeholders.
- Adapting to many "strangers" involved in managing assets required significant adjustment.