Startup Funding Espresso Problems in Family Offices
Problems in Family Offices Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing. There are challenges in running a family office. Here are some key problems to watch out for: Treating the family office as a hobby rather than a business. The family office is a legal entity with employees, investments and tax filings. It\u2019s important to treat it as a business for everyone involved. Not setting a clear goal or purpose for the family office. There are many investment opportunities and interesting things to pursue in today\u2019s world. If there\u2019s no clear goal it will be difficult to develop a focused business with a purpose. Not having clear governance in the family office. If there are no rules and regulations then it will be difficult to build a successful business. In addition to rules there must be leadership. Without people leading the family office it can fail to achieve the goals of the business. Also, there must be succession planning to prepare the leadership. These are just some of the problems that family offices must overcome to succeed. Review your family office for these challenges.\xa0 \xa0 Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding. Let\u2019s go startup something today. _______________________________________________________ For more episodes from Investor Connect, please visit the site at: \xa0 Check out our other podcasts here: \xa0 For Investors check out: \xa0 For Startups check out: \xa0 For eGuides check out: \xa0 For upcoming Events, check out \xa0\xa0 For Feedback please contact info@tencapital.group\xa0\xa0\xa0 Please , share, and leave a review. Music courtesy of .