Best Practices for Setting Up a Family Office

In setting up a family office consider these best practices:

Build an investment strategy that leverages the strengths of the family including their skills, resources and network.

Set up a formal diligence process to screen incoming deals in a rigorous manner.

Assess the skills and capabilities of the current family members and then decide how to bring in outside skills to augment the group.

Set up communication channels and a centralized system for capturing communications, documents, and other information.

Look for advisors who are independent and can put the family office first rather than a brokerage or fund network.

Document the family office mission statement, values, goals, and investment objectives. 

Facilitate communication with the family members, especially around generational issues.

Managing a family office takes a special set of skills.

These skills may be different from the skills used to create wealth in the first place.

Consider these best practices for your family business.

 

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