Family Office Succession Success

Author: Kirby Rosplock, Family Advisor and Barbara Hauser Family Advisor

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Few families set up a family office with the intention of winding it down after only one generation. Yet succession planning (continuity planning) is one of the most challenging transitions a family office may face. Not only is there the continuity planning for ownership and management, but the family governance elements required to create a seamless passing of the torch are not easy to implement. Although succession is one of the most widely researched and discussed processes in family business and/or practical advice exists in the family office, very little empirical research domain. Many questions remain such as: What are some of the most common challenges that family offices are confronted with when mapping out succession? Which families are better equipped to weather the storms so often inherent in family office succession? We outline the common succession challenges that many family office face and offer four best practices to aid in successful succession. Finally, we close with a family office succession checklist for the reader to evaluate which are most germane for their own family office situations.

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