How to Manage Your Family Enterprise like a Successful Business

credit: The Cleveland Foundation Facebook page

If you're already rich, it's time to add "family office" to the list of things to do.

That's the moniker given to a firm that specializes in helping families manage their money, the Globe and Mail reports.

Toronto-based Richter Family Office has a four-stage approach to wealth creation, from growing the business to diversifying the portfolio to supporting the next generation.

"Similar to how a successful business is run by a C-suite or full management team, a family enterprise should be approached with a high level of oversight and diligence," says Tasso Lagios, Richter's managing partner.

Here's what Richter has to say: Stage one: Growing the business.

Stage two: Diversifying the business and investment portfolios.

Stage three: Wealth creation, business and family interests.

Stage four: Preparing for the transfer of wealth.

"Talking about legacy and financial intentions can be emotionally charged," says Richter partner Greg Moore.

"Children who grow up around the business don't necessarily know its ins and outs."

Conflict resolution.

Conflict is a common aspect of family dynamics, and when managed constructively, it can foster innovation and growth within a family enterprise," says Richter partner Justine Delisle.

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