One of the most important factors in determining the success and effectiveness of a family office is creating a structure that supports the family and its objectives. This is typically a personalized decision that addresses several factors such the family’s situation, goals, and relationships. It’s important for the family to decide what their office is going to do, who will have the authority for various decisions, and how the office will be staffed.
Common problems that can hinder not only the performance of the family office but also relationships within a family include:
- Undefined agreements and misaligned expectations about the family office’s role
- Poor oversight and communication between the family office and the family
- Not treating the family office as a business in its own right
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