A number of years ago, John and Ann Williams sold their successful family-owned business and established a single family office to invest the sales proceeds and support their family’s investment, reporting, tax and other needs. They had professionalized the office with strategic investments in staff, including a senior level COO and CFO who reported directly to John. Over the years, the office took on more responsibility, not only for John and Ann’s affairs, but for those of their children and their children’s families as well.

Now that John and Ann are getting ready to retire

they ask for advice on succession planning for leadership of the family office. As a significant portion of the Williams’ family wealth is managed by their single family office, this decision takes on great importance for their family. This article will cover three important considerations to prepare them for this all-important transition.

Selecting the successor

Ideally,...