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THE VISION


“The final stage of bringing together the three pillars


– family strategy and constitution; business investment strategy management; and compliance strategy and governance – were managed by a company called Lowenhaupt Global Advisors who successfully helped us with separating these responsibilities. “In our current structure we have established a


permanent role – general manager of finance and Family Office – to assist with this process, which was a significant step.” Along the journey, Mr Marshall has found the


International Family Office Association to be of great assistance. “The IFOA’s magazine touches on all the topics in


the three pillars. Our strong relationship with Charles Lowenhaupt was identified by IFOA. He has been very influential in helping us evolve our strategy. It’s one of the most comprehensive sources of information we have found.” Like many Family Offices, the greatest challenges


have been in sorting out the responsibilities of the various family members. With four children all at different stages of their careers and different understandings of the business, it is never a simple one-size-fits-all solution. “We have focused on an education program


including accounting, finance, risk management, business structures and estate planning.”


It has been a successful and rewarding ride. “All of the children are now engaged with the


business and the Family Office and continue to develop their skills and a clearer understanding of our family strategy and values. “The reality is we have a good process and


a structure which has allowed us to develop the family members as new leaders. Doors have also opened on the investment side which we didn’t expect. The platform for the Family Office has continued to evolve on all of the three pillars.” Mr Marshall says that a Family Office journey


needs to start with a solid grasp of the choices and options, and that each family will have its own set of challenges to meet. “Some will have had a liquidity event and are managing money, while some are still engaged with their original family interests in a private or public company.


“Making sure that today’s leaders have


a proper process in place to transition the responsibilities to the next generation is essential. This scenario is well described in the Charles Lowenhaupt book Freedom from Wealth which gives a roadmap for families having to deal with generational change. This is the family leaders’ responsibility to bring about a well-planned transition.”


FAMILY OFFICE: THE FUTURE 27


THE VISION


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