Centrolaw

  The resilience of businesses is increased across generations by family governance, heritage, and succession planning. Although family businesses are more likely to endure than other types of enterprises, notable cases demonstrate that stability is not a given and must be developed. Family heritage   The first step is evaluating the family's history before delving into the intricacies of a family business. What values does the family uphold? What values exist? Why is the family cohesive?   The family patriarchs frequently omit this stage. They might believe that family history speaks for itself and that present and future generations will be able to uphold it. Examples like the Lacoste family prove them wrong.    Family governance   Family governance is the foundation for coordination and communication and can be defined by a comprehensive structure of the family background. Family governance should capture more than rules affecting the family company. ...

  The zeitgeist in wealth management is family offices. Everyone owns one or desires one. You have a choice between single-family offices, which are dependent on the family and may be integrated into the family business or may be separate from it, and multi-family offices, which may be privately owned by several families or by unrelated third parties. In either case, there has been exponential development throughout the past ten years. The best option for a family will depend on a variety of factors. Both approaches come with costs, flexibility constraints, and a constant rise in staff numbers due to regulatory complexity. A virtual family office can thus change the game by utilizing technology and virtual collaboration in a flexible and multi-disciplinary environment. The Virtual family office structure: With a central cockpit to supervise the individual components that can adapt depending on the issues to solve, it is a single-family office designed to meet the family's unique n...