Startup Funding Espresso – Operational Objectives for a Family Office

Operational Objectives for a Family Office Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. In running a family office there are several key operational objectives for the family office to achieve. Here's a list of key areas to consider: Governance. This includes leadership, board management, communications and succession planning. The leadership should continuously improve the operational efficiency of the family office. Cost structure. The cost structure should be no more than 1% of the assets under management. Where possible use variable cost structures to match services to the volume of business in the family office. Skills. The family office should have access to the necessary skills to run the business. This includes both hired professionals as well as outsourced services. Technology. The operations need basic IT infrastructure with email, data storage, and communications such as mobile phones, video conferencing, and more. The rise of cloud computing provides more integration between communication channels and data storage. Risk management. Operations need to take into consideration risks from cyber hacking, identity theft, phishing attacks and more. Fraud prevention is another aspect of risk management. Consider these areas for setting operational goals for the family office to achieve. 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.