Q/A: If, When and How to Dismantle a Single Family Office

Q/A: If, When and How to Dismantle a Single  Family Office

A Q&A with Philip Strassler, Founder of Strassler, LLC

ABSTRACT There may come a time that a Single Family Office no longer meets the needs of the family it has been serving. When and if that happens, some families decide to take apart the SFO and outsource many of the services it had performed. The decision to take this step has serious consequences if it is not planned and executed with utmost thought, care and compassion—for members of the family as well as SFO management and staff.

Philip Strassler, founder of Strassler LLC, has helped many families disassemble their family office in recent years. In this interview he explains that even families not considering taking this step would be wise to put in place a succession plan in place so that if and when that might become a viable option, they will have plans and processes in place to make that transition as smooth and effective as possible.

OVERVIEW

Q. What are the most common reasons that a family might want to dismantle its SFO?

Q.  What procedures and steps should a family follow in order to unwind a family office?

Q.  What challenges do family members face with investing once they are in charge of their own assets?

Q.  Are there potential significant tax liabilities that might surface after the SFO has been dismantled?

Q. Once the SFO is gone, how can the family maintain its “family glue”?

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