Starting a Family Office

The family office is a unique family business that is created to provide tailored wealth management solutions (from investments to philanthropy) in an integrated fashion while promoting and preserving the identity and values of the family. Some families start an office to provide economies of scale for the family by leveraging the investment buying power of the group; others want control over the process, a dedicated staff, and a way to keep family members connected. All look to the family office to provide professional, private, and conflict-free management of their affairs to increase their chances of sustaining their human and financial capital for the long term.

Best Practice 

Why do I need a family office? Wealth Management as a Second Family Business outlines some of the reasons why a dedicated family office may make sense for you.  

What happens in a family office? The FOX Guide to the Professional Family Office documents the complexity of today’s wealth management process and outlines the role and work of the family office. 

Many business owners come to realize that their interests are best served when management of the family’s wealth is handled separaetly from the family business. Boundaries that Matter: Managing the Family Assets Separately from the Family Business outlines the benefits that families gain when they establish a family office or partner with an advisor outside of the operating company.

Listen to the recorded webinars Corporations and Trust Companies and Partnerships – Oh My (parts I and II) to better understand your alternatives when it comes to selecting the right legal structure for your family office. 

Industry Benchmarks

Most FOX member offices are small businesses that have seven or fewer employees. A Look Inside the Small Family Office provides insight about the practices used by small offices to “get it all done” with limited resources. 

The decision to start a family office is just one of the many issues that business owners face following the sale of the family business. Listen to the recorded webinar Reinvestment and Reinvention: Life after the Sale of the Family Business to learn more. 

Tools, Resources, and Samples

Where do I start? The FOX consulting team has helped dozens of families start a family office using its Family Office Blueprint™ process. 

The family office mission statement defines the purpose of the office and guides the staff in their service of the family. Check out Shared Templates for samples.

Read Family Legacy and Leadership to learn more about the role of the family office in helping to preserve family legacy.


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