More Best Practices for Running a Family Office

In running a family office consider these additional best practices.

Document your family legacy.

Capture in writing the history of the family and its business.

Share the story with the entire family.

Educate the next generation of the family.

Assess the skills and education.

Build a program to prepare them for taking a role in the family business.

Identify the core values and culture of the family.

Capture those values into a document and communicate to the entire group.

This can also be used in evaluating investment opportunities.

Assess the healthcare needs of the family.

Engage services to assist with family members in need.

In many families, some distant relatives are not familiar with the core family.

Reach out to meet them, and understand their situation, and build a relationship.

Consider these best practices for your family office.

 

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