A family office is a business. Start by answering these questions and you'll have the information you need to begin drafting your family office business plan.
The first step in opening a single family office is to think of it as a business. As such, you’ll need to develop a business plan. Here are some of the questions you’ll need to answer while formulating your plan:
- Why do we want to work together as a family to manage our wealth?
- How will we make decisions together as a family?
- What are our goals (and mission) for the family office?
- How will the family office be owned and structured?
- How will the office be organized and managed?
- What roles and responsibilities belong to the owners, and what roles/responsibilities will below to the family office’s executives?
- What services will these family office provide?
- What technology will the office need?
- How will we pay for the family office’s services?
- How will we measure the success of the office?