Setting up a single family office is expensive, but fairly straightforward. Building and maintaining a successful one that’s cohesive, transparent and forward looking, however, is difficult.
Posts Tagged: Family Business
Through Innovation Connections Facilitation, businesses work with an experienced facilitator who can assist them to overcome a particular technical challenge or issue in order to become more competitive, productive and efficient.
There are two structures commonly used to facilitate philanthropic giving: a private ancillary fund (PAF) and a private charitable trust.
Have a focus – a common pitfall of foreign investors is getting carried away and investing in too many things. Too many things lead to white elephants, frustration from the investor and loss of money for the investor and the community.
“If time is on your side, then having conversations within the family are an important aspect of making long-term plans.”
‘Family councils are one of the most powerful and engaging tools for families to come together in a round table style to consider and communicate financial, social, intellectual, spiritual and human capital.’
Cultural diversity is being seen as increasingly important, particularly with companies that are expanding into Asia. The appointment of overseas directors or directors with varied cultural backgrounds is trending upwards and gender diversity is becoming a priority at board level for many organisations.
“Some of the key funding challenges family businesses and mid-market companies face in Australia include the fact that clients often do not approach banks that are suitable to their industry and needs”
“So many family businesses have been instrumental in growing the Australian economy over generations. Every business at the gala exhibited the same key themes – Culture, values and community.”