Family Office Leader | Professional Services Firm Executive | Family Enterprise Continuity Advisor | Strategy & Management | Operating Partner | General Counsel |
Embedded family offices are the most prevalent type of family office structure on a global basis. They are often the least understood and are ripe for problems … if not structured and managed properly. Thank you to Margaret Steen of The Family Office Professional (or TheFOPro) for highlighting the issues and some solutions. My firm, Xylogenesis | Family Office Advisory, works with families, their operating company (or companies), and their other trusted advisors to address these concerns. #embeddfamilyoffice #familyoffices #singlefamilyoffice #virtualfamilyoffice #hybridfamilyoffice #governance #structure #comingle
Most families start their family office journey by using the resources and staff of the family business to manage their personal affairs, including tax, wealth and investment planning, management and reporting matters, bill pay, and personal and real property management. You may want to consider the unintended consequences, risks and performance issues that result from a poorly designed or organically grown embedded family office. Appreciate Margaret Steen of The Family Office Professional (or TheFOPro) for amplifying the concerns to help raise the awareness to families, their operating businesses, and their trusted advisors. #embeddedfamilyoffice #familyoffice #familybusiness #familyenterprise #comingle #structure #governance #organic #managedservices #operatingcompany https://lnkd.in/gUbv5E2Y
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5moGREAT article Richard J. Wolkowitz — especially appreciated the morale risks section. I’ve seen that several times.