Startup Funding Espresso – Keys Steps in Setting Up a Family Office

Keys Steps in Setting Up a Family Office

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In launching a family office there are several decisions to make.

Here are key steps in setting up a family office:

Choose a family office structure.

There are three types of family offices, single, multi, and virtual.

The single-family office serves one family while the multi-family office serves several families.  

The single-family office provides exclusive services while the multi-family office shares resources thus reducing costs.

There is also the virtual office structure which provides the accounting, financial and other resources primarily online. 

This reduces the costs even further.

To set up your family office first run a feasibility study to determine the cost based on your vision of that family office.

Next, define your program which includes what you will invest in and how you will manage those investments.

Next, build out the program with staff and procedures.

After that setup succession plans, tax reporting, and other functions to support the business.

Finally, launch the family office and measure the results. 

It’s often the case that the program and procedures will need to be modified.

Consider these steps in building your family office.

 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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