Defining the purpose of your family office is like setting the compass for your journey. It's all about determining the core objectives and goals that your family office will strive to achieve. In the first part of our How to Start a Family Office blog series, we will explore the significance of defining the purpose of your family office and delve into the key considerations that will shape its mission.
In his book, Start with Why, Simon Sinek says,
"All organizations start with WHY, but only the great ones keep their WHY clear year after year".
Keeping the purpose of your family office clear helps maintain long-term orientation to the goal, get strategic direction, and engage stakeholders through a shared purpose. It allows family offices to differentiate themselves, create lasting impact, and sustain their greatness over time.
Here are some key points to consider when defining the purpose of your family office: