This family office was struggling with the increasing demands of individual family members, and finding it hard to manage having so many “bosses”. The family wanted to use the family office more but were feeling let down by the lack of capacity to meet their needs. Mistakes were occurring and communication was starting to break down.
We worked with the family and their family office to understand the blockages and agree a way forward. First we helped the family openly discuss their hopes and demands for the family office and its different functions. Secondly we worked with the office to develop its resources and reporting, creating more capacity and better accountability. Finally, we developed communication procedures between the family and the family office, with discussions to be reviewed annually as the needs and demands of the family continue to evolve.