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A successful family office will be a focal point for addressing a broad range of topics for a family.
This will include coordination of work from advisors on tax, legal, investment and other services.
The office should also have a strong risk management perspective.
Many family offices were established decades ago. Leaders of many offices are nearing retirement age. Recently an office, established in the early 90s with a non-family leader, engaged LGA to help them deal with executive transition. This office was set up by the wealth creator and operates as a Controlling Owner family office. The patriarch in his 80s had transferred ownership to the siblings in the next generation.
Three third-generation Family Directors of a large enterprising family were attending a global conference focused on innovation and growth. Their 90-year old family had deep pride and gratitude for the success and leadership of previous generations. However, there were no family members currently working actively in the business, and the family’s only connection to their vast operations — which spanned eight industries and three continents — was limited to these three members of the Board.
A successful entrepreneurial couple on a long overdue vacation was reflecting on the future. Together, they led a portfolio of operating companies, an investment portfolio, and a donor-advised fund. They also had three healthy adult children, the eldest of whom was about to get married.
The second-generation CEO of a large family enterprise was approached by a strategic investor who made a generous and unsolicited offer for their legacy operating business. The CEO had previously never explored a sale — both because of her strong emotional connection to the company and its employees — two of whom were her kids — and because of its attractive cash flow and growth profile.
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