Family offices play a critical role in managing wealth, investments and legacy information for multi-generational family businesses. Beyond financial management, Family Offices also play a pivotal role in nurturing relationships, organizing governance, and facilitating communication among family members with varying degrees of involvement. Coordinating the communications, financial updates and event planning for the diverse needs and interests of their stakeholders can be an overwhelming task.
By utilizing a digital hub such as Trusted Family 2.0 (TF 2.0), Family Office staff can streamline their operations, provide transparency and build stronger connections among stakeholders.
The Sanderson* family business, a century-old manufacturer, recently established the Sanderson Family Office (SFO) to oversee wealth management, philanthropy, and ongoing support for family members. However, with over 35 stakeholders spread across three generations, the family office faced significant challenges in managing communications and information sharing.
They quickly discovered they were dealing with diverse stakeholder needs. Some stakeholders held shares and needed regular updates on distributions and financial performance. Other stakeholders viewed the family office as a way to stay connected with family members and wanted informal communication and social events. Then there was also a portion that saw value in the family business but had several other priorities in their life and only wanted occasional updates and easy access to necessary information when it was convenient for them.
The limited staff had a lot on their plate trying to manage everything from financial reporting to event planning, preparing reports and meeting documents as well as coordinating schedules of family members for important meetings. They found the communication was fragmented across multiple tools, some important information was getting lost and each family member expected different levels of outreach and accessibility. Some communication was in email, others attached to calendar invites, and still others in private chats or texts.
After reviewing options, the SFO decided to implement a digital hub. They chose the Trusted Family platform (TF 2.0) because it was able to be tailored to their family office and featured tools for communication, document sharing, and event management.
Key Features of the Trusted Family Operating System (TF 2.0):
After implementing TF 2.0, the Sanderson Family Office was able to streamline many of its administrative tasks and spend more of its time focused on strategic initiatives and stakeholder outreach. Most stakeholders found the platform easy to manage and enjoyed the on-demand access and customized notifications to better meet their individual preferences.
Overall, the family felt more connected with the office and business information as well as each other. Knowing they could access the information when they needed helped stakeholders feel confident in the decisions being made and their ability to voice their opinions.
By implementing TF 2.0, the Sanderson Family Office transformed its operations, fostering better communication, efficiency, and family unity. The platform became an essential tool for managing the complexity of a multi-generational family business, setting a strong foundation for continued success.
*The names and details in this case study are entirely fictional and used for illustrative purposes only. Any resemblance to actual families, businesses, or individuals is purely coincidental and unintentional.
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