“It wasn’t until later that we realized none of us was clear on why we truly needed the family office or what we wanted it to do,” a family business said upon creating a family office after a major liquidity event.
Many family businesses are in the same boat—they’re told that they need a family office. And they need it now. But too many families rush to create a singly family office without fully considering the questions that can shape its long-term success.
Is the family business clear about its motivation to start a family office? Are family members aligned on why they need a family office?
There are seven more questions every family business needs to consider before creating a family office. Determine whether your family business is ready to create a single family office with this scorecard.
Read about creating a single family office here.
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