What are the Fundamental Success Factors for a Family Office?

Abstract

Among the fundamental success factors when founding a single family office are the size of the family’s pooled assets, the ability to formulate a vision and pick loyal employees willing to live out the declared values, an ability to simplify down to two to four asset classes and a dedication to avoiding conflicts of interest. When joining multi family offices, additional consideration must be given to the ownership role the family wishes to hold within that office (co-owner or pure client). This chapter also includes a checklist for the family to assess its own situation and an interview with Klaus Kuder, whose firm offers consulting to multi family offices in Germany.