Alexander R Q Hoare, an eleventh-generation partner at the UK’s oldest privately owned bank, C. Hoare & Co., shared five key insights on family businesses highlighting that succession requires long-term preparation rather than just inheritance, values are more crucial than technical skills, family governance must adapt with each generation, professional management can coexist with family ownership, and stewardship may necessitate making difficult decisions such as focusing on core business areas.
Thursday 4 June saw us welcome clients to our London office for the latest instalment in our fireside chat series, with Alexander R Q Hoare, Partner and Director at C. Hoare & Co., in conversation with Connection Capital’s Joe Samuel.
Founded in 1672, C. Hoare & Co. is the UK’s oldest privately owned bank and has remained continuously owned by the Hoare family for more than 350 years. As an eleventh-generation family member involved in the business, Alex brought a rare perspective on family enterprise, long-term stewardship and the practical realities of succession.
The discussion explored how family-owned businesses can preserve their values across generations while continuing to evolve, professionalise and make difficult decisions in changing markets.
Here are five takeaways from the session.
1. Succession is about preparation, not just inheritance
Things can go wrong when the next generation has not been properly prepared.
Alex explained that problems can arise when something unexpected happens to the current principal. Especially when there has been little discussion with the next generation about the purpose of the business, how it operates or what role they may be expected to play. Equally, succession can become difficult when family members feel obliged to enter the business despite not wanting to, or when those who do want to be involved may not be the right fit.
Succession should be treated as a long-term process rather than a single event. Families need to create space for honest conversations about appetite, ability, purpose and responsibility well before a transition is forced upon them.
2. Values matter more than technical skills
C. Hoare & Co. has an established approach to bringing family members into the business, but Alex stressed that technical capability is only part of the equation.
The bank looks for people who can contribute something distinct while sharing a common set of values. Its partners come from varied professional backgrounds, including investment banking, technology and other sectors, bringing diversity of thought to the business. What matters most is whether they can work together over the long term and remain aligned around the same ethos.
Alex described the bank’s values in terms of honesty, empathy, social responsibility and prudent risk-taking. In his view, technical skills can be learnt, but values are much harder to teach.
3. Family governance must evolve with each generation
Longevity does not come from standing still. C. Hoare & Co. has rules and processes that have evolved through experience, including lessons learnt from things that did not work in the past. Alex explained that the bank does not allow siblings to be partners at the same time, reflecting the potential for family dynamics to complicate decision-making.
For family businesses at an earlier stage, the options may be fewer and the emotions more immediate. Founders can find it difficult to step back and give the next generation room to make decisions differently. Alex argued that preserving a family business requires exactly that: the willingness to give successors space to shape the business for their own time.
4. Family-owned businesses can balance stewardship with professionalisation
At C. Hoare & Co., professional management runs the day-to-day operations, while the family partners set the direction, tone and culture of the business. Alex compared the model to a government structure, with professional “civil servants” responsible for execution and family “ministers” setting the direction of travel.
That distinction matters in a highly regulated sector such as banking, where specialist expertise is essential. But family ownership still plays an important role in defining risk appetite, culture and long-term priorities.
The result is a model that combines continuity of ownership with professional management, allowing the business to remain both grounded and adaptable.
5. Stewardship sometimes means making difficult decisions
Preserving a family enterprise does not mean holding on to every part of it forever.
Alex reflected on the bank’s decision to sell its wealth management business, explaining that it had become a source of cultural tension within the organisation. Investment management and banking required different mindsets, with the former tending to be more opportunity-led and the latter more focused on what can go wrong.
Rather than try to maintain both, the family chose to focus on its core private banking business. For Alex, that decision ultimately created greater clarity and made the organisation easier to manage.
The broader lesson was that long-term stewardship often requires difficult choices. Whether deciding who should enter the business, whether to sell, or how much freedom to give the next generation, families need to be willing to act early and thoughtfully rather than allow tensions to fester.
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