What does enough mean? Catherine Grum on family governance
Most families with significant wealth build the structure first (the trust, the companies, eventually a family office). Catherine Grum's work usually starts with the people those structures are meant to serve, and whether they can actually live with them. Catherine advises entrepreneurs, families and family offices on governance, succession and preparing the next generation. She began her career drafting trusts at Allen & Overy, then advised entrepreneurs at Barclays Wealth, led the private office at Salamanca Group and headed family office services at KPMG; she has also advised families at BDO. She now runs her own consultancy, with clients in the UK, the Middle East and Africa. Philip asks her what governance means once you step outside the boardroom. Shareholders in a listed company can walk past each other in the street; members of a family who share wealth never chose to, and still have to get on. Catherine explains why a family charter carries no legal force and still matters, why one copied from another family ends up in a drawer, and why a founder who drops into meetings unannounced makes a family office hard to staff. Much of the conversation turns on the people at the edges of the structure. Catherine talks about the heir who wants to become an artist, and why a clear exit route (her valve on the pressure cooker) makes it less likely anyone will use it. She explains why treating a spouse as a risk tends to produce the very problem the family fears. On privacy, she warns that telling young people to say nothing can leave them isolated; one inheritor she knows went to sign documents for a family transaction without telling their partner where they were going. Advisers will recognise her closing point. Every profession reads risk through its own lens. One family's lawyers built a structure that was very robust on asset protection; the family's own concern was having no say over how the money was invested. Catherine's question for every family is a simple one: what does enough mean? Mentioned in this episode The Myth of the Silver Spoon by Kristin Keffeler. Catherine's LinkedIn profile: https://www.linkedin.com/in/catherinegrum/ Website: https://www.catherinegrum.com/ Defuse News, our weekly newsletter, comes out every Monday. https://www.defuseglobal.com/newsletter/ Support the show Subscribe to 'Defuse News', our weekly update of the week's events on our website . Connect with me on LinkedIn






