Interested in how to protect newly acquired wealth or manage an embedded family office?

In this episode, Richard Jason Wolkowitz discusses how the family office concept has evolved over the years. He focuses on three main areas: existing single-family offices, embedded family offices within operating companies, and concept family offices that are formed to protect newly acquired wealth. Rich also explains how embedded family offices can blend business assets and personal assets, which can lead to problems if not appropriately managed.

Tune in to learn more about evolving strategies for managing a successful single or embedded family office!

[00:01 - 08:05] Exploring the Evolving World of Family Offices with Rich Wolkowicz

Introducing Richard to the show
Family offices have evolved dramatically over the last 30 years, becoming more fluid in the previous five years
The three main types of family offices: existing single-family offices, embedded family offices, and concept family offices

[08:06 - 17:48] Best Practices for Protecting Liability and Maintaining Licenses

Family offices are complex, involving financial management, tax, family dynamics, and values
Guardrails need to be put back in place to protect from legal liability, audits, and regulatory risks

[17:49 - 21:29] Setting Up Shared Services Agreements and Mitigating Risks

Three components to focus on: operational excellence, financial prosperity, and durable family harmony
Richard shares the challenges of multitasking for family office executives
Mitigation techniques such as setting up a shared services agreement

[21:30 - 32:34] Examining the Benefits and Costs of Embedded vs. Separate Family Offices

Banks, lawyers, and IRS are becoming more interested in looking into the expenses and overhead of family-owned businesses
Families can decide to keep it embedded or lift it out based on their discipline

[32:35 - 35:30] Closing Segment

Quotes:

"Life takes you on different courses. You can't plan it." - Jason Wolkowitz

"Pierce that corporate veil by commingling business with personal. Treat the business as if it's your personal." - Jason Wolkowitz

Connect with Richard!

Website: www.Xylogenesis.com

LinkedIn: https://www.linkedin.com/in/richardjwolkowitz/

Download our FREE Strategizing for Inflation Guide here: https://www.excelsiorgp.com/download/

Connect with me on LinkedIn!

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