Forward Planning for
Sustainable Governance

How Lea & White can help with your Family Office

Lea & White can assist initially by seeking to see that the family have the resources needed to run and manage a Family Office. These resources are several. Human and intellectual resources are needed to establish and run a Family office. Do family members have the skill sets required? Otherwise Lea & White can help train the younger generation to acquire the skill sets of be involved in hiring or outsourcing to achieve this.

Lea & White can seek through its collaborators see that the family has the financial resources necessary to prepare a careful business plan for the Family Office, including proper budgets and the ability to meeting financial requirements. This will lead to the structuring and management of the Family Office. 

Lea & White and/or its collaborators can work with the family to help them consider necessary factors for decision making, communication and relationships necessary to achieve the objectives of the Family Office ongoing.

As a result of these considerations, Lea & White can prepare the family’s Mission Statement to set out the objectives for the family to be achieved by its Family Office. Based on this Mission Statement, Lea & White can draft and agree with the family the Family Constitution (also referred to as a Family Charter) to set out the methods of achieving the intentions in the Mission Statement.

Matters to be included in the contents of a Family Constitution/ Family Charter will be as follows:

  • preservation of family wealth and preservation of family values;
  • proper use of human and intellectual resources;
  • achievement of family harmony;
  • method of resolving family issues; and
  • long term rather than short term focus but with flexibility.

The preservation of family values will usually include:

  • consideration and respect for others;
  • ongoing education;
  • promotion of health and well-being and the provision of proper support where needed;
  • good communication by dissemination of information, arrangement of meetings and for full discussion of the information;
  • minimization and resolution of family disputes; and
  • allocation and distribution of benefits, even if not based on total equality, to be a matter of compromise and not ruled by greed.

Such family harmony is increasingly essential to preserve the IEP for the benefit of the family.

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