There is lot of conversation about the features and attributes of family offices. Wealthy families are justifiably a bit confused by all the rhetoric and boasting, especially since almost everyone in the financial services industry claims today to be a “family office”—such terms or statements as “being independent”, absence of propriety products, staff to client ratios, “sitting on your side of the table”, “client first” and being there “just for you” are standard fare in presentations on this subject. They are not particularly meaningful.

The family business consulting industry has done a remarkable job educating families on how to run successful businesses and help lay the groundwork for the generational transitions and ownership transfers. We now regularly encounter outside advisory boards, fiduciary boards, family councils and family assemblies that assist families in better managing and operating this complex social system called a “family business.” As families grow and generations pass, these vehicles are essential to the maintenance of control and the successful operation of the family business enterprise. They promote the collective good and centralized decision making which are essential for success in business.

Congratulations! You’ve beaten the odds, built an enduring, valuable company, and are looking to sell it. If you’re like most business owners, you’re primarily focused on working with your investment banker and M&A attorney to get the best price and structuring the deal with favorable terms. But don’t overlook personal wealth management strategies that can … Thank you