Outsourced Family Enterprise Executive Services
The advanced planning and governance design only works if it is successfully executed. Often this involves coordinating the efforts of multiple generations of the family, nonfamily business leaders along with the family’s lawyers, accountants, bankers, investment managers, agents, and other professionals. Not an easy task for even the most experienced family office executives. Often this is a daunting task for the family leaders to tackle on their own. Too often, this is the primary cause for the family failing at achieving the outcomes they desire.
Further, for those few families that do successfully implement their strategies, many fail to maintain, manage, and update those strategies over time. That’s a huge challenge when you consider many of these strategies are intended to serve generations of the family into the future. One of commercial real estate families provided a great metaphor that we like to use. Many of your current advisors focus on designing the strategy. That is they focus on the architects role of designing the blueprint. Unfortunately, that’s where most stop in their support of the family. Few go to the general contractor roles of assembling the contractors and resources to build that blueprinted building. Even fewer, go to the stage of helping manage, maintain, and upgrade that building going into the future to achieve the success you are targeting. At Compleet, we focus on executing all three of those levels for our families. After all, what good is all that work and effort for the family if it comes apart in a few years or for the next generation.
This is where families and their family enterprise gain tremendously from hiring experienced executives to manage these highly complex family enterprises. However, as most business owning families or corporate leaders can tell you, hiring a suite of C Suite executives is challenging from both a cost and recruiting perspective. Even if the family wants to spend the resources on having their own focused team (a.k.a. Single Family, Family Office) having the level of work and opportunity to attract and retain such expertise presents a greater challenge.
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Family Chief Executive Officer/Chief Operating Officer
Some families look to us to be the executive running the team serving their family and family enterprise. They function as the chairman and board for the enterprise that we are accountable. Others are more involved in the day to leadership and look to us to be their chief operations officer focused on executing the strategy across the family’s advisors and members. In either approach we provide a continuum of management and leadership that fits the family’s needs and objectives.
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Family Chief Financial Officer
One of the most overlooked aspects for any family enterprise is the accounting and reporting functions needed to properly oversee the family enterprise. While very few businesses or executive families would dream of running their businesses without these functions, they often don’t do so for the much larger and more complex family enterprise. Some family members look to their business accounting teams to cover this need only to find those professionals are not used to dealing with trusts, foundations, and generations of family members. This use is often very uncomfortable for these business professionals and family alike. Compleet provides a complete set of solutions for aggregated investment reporting and financial reporting across the family generations, trusts, foundations, and entities.
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Family Chief Investment Officer
Most families have engaged investment advisors, brokers, and bankers. For most families the number ranges from a few different ones to dozens. While the family is highly dependent on these advisors for their investment planning and management needs, they are still uncomfortable with an industry focused on “managing” as much as they can for obvious financial reasons. While we don’t fault these professionals for making a living providing the service they do, we understand that the families we serve are looking for a truly independent professional to provide independent reporting and oversight for the family. At Compleet, we focus on providing this oversight and reporting with complete objectivity and independence.