Case Study A: Can a Family Office help us with our substantial liquidity following the recent sale of our family business?
The Smith family Challenge
The Smith family (not their real name) sold their business and quickly realized that they were going to need some financial assistance with properly managing their newfound liquidity. As a family they were used to their wealth being wrapped up in the business and had all worked together well to control and preserve it, but now were going to have to make decisions that extended beyond their comfort zone. The Smiths were worried that they lacked the specific expertise required to manage their wealth successfully and with purpose and so it made sense to try to find a partner, in the form of a Family Office, that could provide the necessary expertise and operational capacity to make it all happen.
The Smiths explored a number of options and selected Northwood Family Office, due to the broad service offering and the family’s belief that Northwood could work on their behalf to achieve the best outcome for the family over the long-term.
Northwood now oversees the Smiths’ complete financial affairs. The family has the confidence that all of their complex financial matters are properly managed for them, including the following:
- comprehensive strategy for family and wealth
- goal-setting and cashflow forecasts
- set up and maintenance of family trusts
- written estate plan and guidance on periodic will updates, including consideration of cross-estate implications
- regular overall insurance guidance including, life insurance, home/car/medical insurance etc.
- consulting advice on private equity opportunities
- coordination of ongoing bookkeeping services
- facilitation and guidance of family meetings
- financial education for both parents and children
- tax and administration support
- investment management
- regular consolidated reporting across all asset classes and entities