EXCELSIOR CAPITAL PRESENTS

What Does It Take To Set Up An Effective Family Office?

In this episode, Richard Jason Wolkowitz discusses how the family office concept has evolved over the years.

Podcast: What Does It Take To Set Up An Effective Family Office?

Have you ever wondered how to protect newly acquired wealth or manage an embedded family office? If yes, then this episode is for you!

In this episode, Richard Jason Wolkowitz discusses how the family office concept has evolved over the years. He focuses on three main areas: existing single-family offices, embedded family offices within operating companies, and concept family offices that are formed to protect newly acquired wealth. Rich also explains how embedded family offices can blend business assets and personal assets, which can lead to problems if not appropriately managed.

Tune in to learn more about evolving strategies for managing a successful single or embedded family office!

Key Highlights

[00:01 – 08:05] Exploring the Evolving World of Family Offices with Rich Wolkowicz

  • Introducing Richard to the show
  • Family offices have evolved dramatically over the last 30 years, becoming more fluid in the previous five years
  • The three main types of family offices: existing single-family offices, embedded family offices, and concept family offices

[08:06 – 17:48] Best Practices for Protecting Liability, Avoiding Audits, and Maintaining Licenses

  • Family offices are complex, involving financial management, tax, family dynamics, and values
  • Guardrails need to be put back in place to protect from legal liability, audits, and regulatory risks

[17:49 – 21:29] Setting Up Shared Services Agreements and Mitigating Risks

  • Three components to focus on: operational excellence, financial prosperity, and durable family harmony
  • Richard shares the challenges of multitasking for family office executives
  • Mitigation techniques such as setting up a shared services agreement

[21:30 – 32:34] Examining the Benefits and Costs of Embedded vs. Separate Family Offices

  • Banks, lawyers, and IRS are becoming more interested in looking into the expenses and overhead of family-owned businesses
  • Families can decide to keep it embedded or lift it out based on their discipline

[32:35 – 35:30] Closing Segment

Connect with Richard!

Website: www.Xylogenesis.com 

LinkedIn: https://www.linkedin.com/in/richardjwolkowitz/ 

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