Family offices, much like the families that need them, are works in progress. You can’t just set up a family office ownership structure and think it won’t need some type of attention in the future. A number of factors, including regulatory changes, could compel you to revisit your ownership structure to ensure it still makes sense. See why it may be time to review your structure.
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Whether knowledge is shared around the dinner table or in a boardroom, starting family member education early puts a family office in a strong position to strengthen the family’s legacy. While the education program would likely depend on family characteristics, there are three topics that should be part of the curriculum: basic financial literacy, security and privacy, and the lessons and legend on how the family built its wealth.
Governance is the critical framework for decision making and the command and control of the family office. There are several key pillars to the development of successful family office governance, one that will help establish a framework for a family seeking to thrive in its next chapter apart from its successful operating business.
FOX Forum Agenda for Thursday
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Glen W. Johnson, President of Membership, FOX
Disruptions and Their Impact on Family Offices
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The pandemic has created tremendous disruption on many levels causing dramatic changes in how we work, communicate, travel and manage risk. Our reliance and integration of technology has created data security risks across the office and family. Talent is on the move, and it remains difficult to find and retain critical employees, and where and how they work has forever changed. The regulatory and tax landscape is rapidly shifting, causing a renewed focus on longer term planning and structural changes in the office.
Update from FOX Leadership Team
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Sara Hamilton, Founder and Board Chair, FOX Glen W. Johnson, President of Membership, FOX Peter Moustakerski, CEO, FOX
Caroline Rose Hunt was the 3rd child of H.L. Hunt Jr. an American oil tycoon and entrepreneur. She established her family enterprise in the early 1980s, focusing on hotels and leisure, and exited in 2011. Today the enterprise holding company, The Rosewood Corporation, has a centralized ownership structure, headed by John Dziminski, enterprise president. John oversees three diversified business lines including oil and gas exploration, private equity direct investments, and real estate direct ownership.
FOX Vision for Resilient Families
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Welcome to the 2021 FOX Family Forum.Glen W. Johnson, President of Membership, FOXPeter Moustakerski, CEO, FOX Sara Hamilton, Founder and Board Chair, FOX
This seminar will begin with trends discovered from FOX’s biennial family office benchmarking survey and will be supported by family office case studies to bring several of the trends to life. The case studies will be used to illustrate a variety of best practices and strategies that were identified in the survey.
Selecting the right investment vehicle often receives less attention than the other more known investment principles such as the value of diversification. Broadly speaking, investors can access four types of investment vehicles—including separately managed accounts—to avert making a wrong decision that can saddle a family with unexpected taxes, increased costs, or limited flexibility.