Establishing Your Family Office Purpose
The first step of creating a Family Office is to establish its purpose.
This means asking and answering questions such as:
- “What is this all about?”
- “What do we, as a family, want to achieve?”
- “What motivates us?”
- “Are we committed to creating and/or preserving a legacy to pass to the next generation?”
The shared purpose of the Family Office is usually a combination of financial and emotional reasons. This might all sound obvious but the tricky part is that the purpose can change over time. When families end up in conflict, it usually involves family members who have a different vision. It cannot be assumed that one generation’s purpose will transfer to the next generation and this is why it is so important to establish a shared purpose (and to keep revisiting it).
We can help families to reflect and engage in meaningful discussion with a view to establishing their shared purpose. Once the family is on the same page, it can set clear goals which it will wholeheartedly strive to achieve.