Mentoring Key to Smooth Succession Plan of Family Businesses I Belfast I Familosophy
Considerations for the New Virtual Family Office
The structure of a family office is usually based on the needs and preferences of the family that owns it, and the rise in private wealth is encouraging more and more single family offices to be set up (SFOs).
The space is moving very quickly, and with it comes a new look for the family office and new ideas about what this means. If you don't know the wealthy family's goals, objectives, and plans well, you're likely to make a common mistake. It's bad for the whole idea of a family office when some multi family offices (MFOs) and even small family offices (SFOs) use the same approach.
Instead, the family office's purpose, mission, and vision statements should be written to meet the needs of the family. When making strategic decisions, these can be used as a starting point.
Virtual FOs are quickly becoming a better choice than traditional MFOs because they can be used in more ways. Besides that, private MFOs are also forming, which allow groups of families to pool their resources and take advantage of co-investment opportunities.
Take a look at this: Have you thought about whether or not a family office could be good for your family? If you already have one, how do you check how well it works and whether it meets the needs of your family? How often do you think about how the family's needs change over time when you make changes to the plan?
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Scenario #1: The older generation wanting to work with the younger generation, bring them into the company, teach them how to run things, and then retire from the office, but not the income
Scenario #2: The younger generation wanting to jump into the family business, but to be able to contribute and be heard, and not having to “wait their turn” before they can begin to help run the business.
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