Best Practices for Running a Family Office

In running a family office here are some best practices to consider:

Set up a mission statement that captures the values of the family.

Tie that mission statement to the operational goals and financial results.

Set up the legal entity and the operations to match the goals of the business.

Look for tax-efficient entities and low-cost operational structures.

Focus on investments that fit the expertise of the family and their values.

This program should include generational transfer, tax, and reporting requirements.

Implement rigorous accounting and financial reporting from the start.

Publish quarterly and annual reports for tracking performance.

Seek out experienced professionals who can augment the skills of the family.

Setup up an organization structure so the rules of governance are clear.

Build an operations team that is efficient and cost-effective. 

Focus on the core business functions that need to get done.

Consider these best practices for your family business.

 

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