Nadja Bleuler and Lukas Dorig, of the Marcuard family office, have put together a thoughtful analysis of a topic that has previously not been well-addressed. Everyone knows about the importance of a ?liquidity event' but not much attention has been paid to the seismic change that may be for the owner. The comfortable familiar skills as an entrepreneur are no longer relevant. Being an investor requires completely different skills. Pitfalls they have seen include ?overly concentrated investments, excessive portfolio interventions and pro-cyclical investment behaviour, as well as from weak governance structures and communication practices within the family?. They include practices they have seen to be effective in making this successful transition to an investor, including ?timely planning that considers the ?soft factors,' the division of investable wealth into various distinct ?buckets' and clearly defined frameworks for decision-making and family governance.? They include a very helpful chart of the various stages.