Aff Family office design and setup Our approach to designing and delivering family office services is rooted in a review of eight key areas that, if addressed effectively, determine long-term success. The major advantage of this approach is the way we scrutinize subject areas with a holistic view to operational, regulatory, tax, strategic and family-related aspects. This enables us to uncover hidden opportunities and risks, which might have been missed if we were to examine each area individually. Why set up a family office? 1) Your family and business are growing, and your business staff are distracted by supporting family needs. 2) You have a liquidity event, such as selling the business. There are many reasons why setting up a family office might make sense. Below are the advantages and concerns most frequently identified: Advantages • Maintain family cohesion • Maximize privacy and control over assets • Manage family risks • Support family entities and investments • Service family houses and other holdings Concerns • Cost of family office setup and operations • Complexity of market, legal and tax infrastructures • Difficulties in identifying and managing staff • Obtaining expert advice across a wide range of topics Types of family offices: A family office can take many forms. As family wealth increases and business needs get more complex, the family office may evolve from a simple founder's office into a complex, full-service company. And the office could revert over time. Founders office: Embedded: A Compliance or tax Often an assistant or shareholder services office: A CPA-led a few staff members group, handling the office that oversees who pay bills, make family's personal investments travel plans and financial affairs as and takes care of handle the financial well as corporate record-keeping, needs of the founder duties insurance and tax returns Investment management office: In addition to accounting