Problems in Family Offices

There are challenges in running a family office.

Here are some key problems to watch out for:

Treating the family office as a hobby rather than a business.

The family office is a legal entity with employees, investments, and tax filings.

It’s important to treat it as a business for everyone involved.

Not setting a clear goal or purpose for the family office.

There are many investment opportunities and interesting things to pursue in today’s world.

If there’s no clear goal it will be difficult to develop a focused business with a purpose.

Not having clear governance in the family office.

If there are no rules and regulations then it will be difficult to build a successful business.

In addition to rules, there must be leadership.

Without people leading the family office, it can fail to achieve the goals of the business.

Also, there must be succession planning to prepare the leadership.

These are just some of the problems that family offices must overcome to succeed.

Review your family office for these challenges. 

 

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Hall T Martin is the director of Investor Connect, which is a 501(c)(3) nonprofit dedicated to the education of investors for early-stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon for the basis of investment decisions.