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Family Businesses: The Essentials by Peter Leach

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10Wealth management

Family offices and philanthropy

Once larger family businesses have established the family governance structures and mechanisms they need to manage complexity and the relationship between family and business, they often look for other ways to help foster their family commitment and vision, and to perpetuate their family’s legacy. Opportunities to achieve these objectives can be provided by the family office and philanthropic initiatives.

The family office

A family office is an investment, liquidity management and administrative/concierge centre. Because it enables family members to invest as a group, a family office improves the family’s buying power and lowers its portfolio management costs.

Despite some well-known US models ...

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