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TFOA Update | October 2024

About TFOA

The Family Office Association is a global peer network that serves as the world’s leading single family office community. Our group is for education, networking, selective co-investment, and a resource for single family offices to share ideas, deal flow and best practices. Members are not actively marketing products or services to other members and no contact information or email lists will ever be shared. Since our founding in 2007, TFOA has led the global single family office community by delivering world-class educational content, unique networking opportunities, and exceptional thought leadership to our highly curated network of the world’s largest and wealthiest families. If you’d like to access our free library of whitepapers or receive event updates and more timely information please visit: TFOA


The Family Office Industry

ABSTRACT: This paper examines the concept of a "family office industry" through the lens of two prevailing lenses (referred to as "laws") that capture the inherent tensions in the field: the "first law" highlighting the idiosyncratic nature of each family office, and the "second law" describing the cross-cultural phenomenon of wealth dissipating within three generations. The authors posit two emergent categories - internal family offices designed exclusively within a family, and external professional firms offering family office services - that exist in a symbiotic relationship exchanging expertise. While external firms drive standardization and operational efficiency, internal offices prioritize individualized legacy planning aligning to a family's unique mission. The paper argues the viability of a true "family office industry" hinges on negotiating this dichotomy, proposing that resilient models integrate strengths of both internal tailoring and external process. Ultimately, the "industry" etymology is scrutinized, reframing family offices as operating in the "business of legacy" - an aesthetic rather than purely financial paradigm requiring multi-generational vision shaped through family dialogue before advisors can develop executable plans.

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If you would like to comment on this whitepaper please visit the following link and let us know what you think: The Family Office Industry

Monthly Update

Please find below this month’s  Economic Update  which includes a wealth of data and exhibits on the USA economy and selected States. You will also find market returns, 10-Year expected asset class returns, private equity price and leverage multiples, GP commitment data by sector, and the current economic release calendar for your convenience. We hope you will find this report helpful.

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Marc J. Sharpe is the founder  and chairman of The Family Office Association ("TFOA"), a peer network of single family offices founded in 2007. In addition, he is an Operating Partner with Satori Capital, LLC, a multi-strategy investment firm founded upon the principles of conscious capitalism, a business approach that emphasizes extraordinary long-term outcomes for all stakeholders. He also teaches an MBA class on “The Entrepreneurial Family Office” as an Adjunct Professor at SMU Cox School of Business. Marc holds an M.A. from Cambridge University, a M.Phil. from Oxford University, and an MBA from Harvard Business School.

Please check your spam folder to be sure my email marc@tfoatx.com is on your safe senders list. I suspect you might find a few past emails from me there!


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