Startup Funding Espresso – Best Practices for Setting Up a Family Office

Best Practices for 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 setting up a family office consider these best practices: Build an investment strategy that leverages the strengths of the family including their skills, resources and network. Setup a formal diligence process to screen incoming deals in a rigorous manner. Assess the skills and capabilities of the current family members and then decide how to bring in outside skills to augment the group. Set up communication channels and a centralized system for capturing communications, documents, and other information. Look for advisors who are independent and can put the family office first rather than a brokerage or fund network. Document the family office mission statement, values, goals, and investment objectives. Facilitate communication with the family members especially around generational issues. Managing a family office takes a special set of skills. These skills may be different from the skills used to create wealth in the first place. Consider these best practices for your family business. 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. _______________________________________________________ For more episodes from Investor Connect, please visit the site at: http://investorconnect.org Check out our other podcasts here: https://investorconnect.org/ For Investors check out: https://tencapital.group/investor-landing/ For Startups check out: https://tencapital.group/company-landing/ For eGuides check out: https://tencapital.group/education/ For upcoming Events, check out https://tencapital.group/events/ For Feedback please contact [email protected] Please follow, share, and leave a review. Music courtesy of Bensound.