Every Family in Business has some form of Family Office whether informally or through
more formal and structured set-ups. With the growth of the family and the business,
enterprising families end up building significant assets and wealth both in terms of the
number of businesses and the increase and diversification of personal wealth.
Most families allow these assets to be split up among the current and/or next generation as they perceive no other option but to distribute their wealth as an easy way out to managing the acquired wealth. However, often this is not the best way forward to follow. An alternative option is that these assets are managed together on behalf of some or all of the family members.
The wealth and assets of families in business must be professionally managed irrespective
of the size and complexity of the business and having a Family Office evolves as a result
of the wish of the family to collectively manage its common wealth. As such a number of
family agreements start to be set up as a result of the well intentioned efforts of the current
owners with their specialists to provide a list of stop gap solutions that the wider family
would normally know little about and understand even less.
Thus, what is required is the provision of a holistic approach whereby all the wealth and assets of the family in the business is consolidated and managed in the most efficient manner which provides for the best return on investment available.
To take the Family through a process that will establish an effective Family Office through which the family is involved in on issues taken by the Family Office and include:
Families that wish to be connected and in control of their wealth through successive generations cannot only focus on short term tax planning and wealth management issues. The long term objective of effective use and management of the wealth of the family can only be achieved if the family has proper governance structures for both the family and the business and effectively the family is an integral part of the decision making process as a family. Our Team takes the Family through a tried and tested process delivered by FBS2M.
Our process is pragmatic and structured. Through this process we will establish if there exists any Shared Purpose that will provide the "Glue" for the future of the family in jointly managing their wealth. The FBS2M Family Business Solutions consulting framework is the result of years of research application and refinement.