When a family business is sold, there can be significant amounts of cash released and when these amounts reach certain levels, it may be appropriate for you to consider the establishment of a Family Office to manage your family wealth.
There are options available to you regarding the type of family office you establish and these are covered in this episode.
Russ and Kirby of Tamarind Partners look at the timeframes you should be considering when making the decision to establish a family office and the discussions needed to ensure that there is purpose and a vision for the wealth and that a plan exists to achieving that. They look at the impact on dynamics of moving from an operating company that generates the family wealth to running a business that aims to preserve that wealth.