Aside from our own investments and philanthropic ventures along with guiding a wide range of financial institutions over the years from family offices to hedge funds, one question we sometimes get is whether a family that’s finally reaching their goals should then take on a new adventure by creating a family office. This blog post touches on that.
There are times in life when you reach lows, especially for entrepreneurs dumping their lives/money into a vision as well as inherent personal/relationship issues that all humans face, though on the flip side the highs are great – if you can keep them going and win in the long run.
For example, imagine you’re an entrepreneur and start a small local business whether you provide plumbing services or serve up the best hot chicken (e.g. Dave’s Hot Chicken is growing at an unbelievable pace), and at some point you start to grow quickly based on demand and feel like you’ve reached the pinnacle of success. Should you put the brakes on that then split your time between such and launching a family office? Absolutely not! Keep that train on the tracks until it reaches the final destination.
Of all family offices we’ve guided, the recurring trend has been around finding unexpected success after working hard for years in areas they’re great at then reaching a pivotal point on where to go next. This particularly applies to business leaders that have achieved all of their goals in life and now simply want to enjoy each day to the fullest while giving back to family, the community and other important philanthropic causes while engineering the future financial infrastructure for preserving and growing generational wealth.
The moral of the story is that once you climb the mountain and feel like you have succeeded, open your eyes more because there may be more peaks to navigate/monetize before establishing a family office and going full force on that.
Hopefully this post sheds more light on family offices and if you have any questions feel free to reach out. We’re always here to help.