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Building the Right Family Office, Using Parallel Governance Strategies Detailed by EY’s Family Enterprise and Office Leaders
New Podcast, Webcast Hosted by Family Enterprise USA Now Available
Creating the right family office and establishing separate governing structures for families and their businesses are the topics of two new videos featuring leaders from EY Family Enterprise Business Services and Family Offices.
In a new “Voice of Family Business on Capitol Hill” podcast, available now on Spotify, host Pat Soldano, President of Family Enterprise USA and Policy and Taxation Group, discusses with Catherine Fankhauser, Partner, Family Office Advisory Services, Ernst & Young LLP (EY), and John Feiten, Senior Manager in EY’s Family Office Advisory Services practice, “How a Family Office Can Support Family Needs”
The 30-minute discussion centers on the issue of a growing family-owned business and as family members involved increases the complications of managing investments, taxes, and other financial tasks escalate.
The three delve into how a family office can provide a single point of coordination for enhancing wealth management strategies and providing comprehensive support for a family’s varying needs. In the podcast, listeners learn how to stand up a family office based on the family’s current needs and long-term goals.
The episode can be heard on Spotify at: Family Enterprise USA “Voice.”
EY’s Parallel Governance
In separate webcast, featured online at www.familyenterpriseusa.com, EY’s Jim Wood, Managing Director, Family Enterprise Business Services, and Cooper Rentfro, Manager of EY’s Family Enterprise Business Services, take a deep dive with webcast host Soldano into complex family and business dynamics that can derail the generational transition of a family enterprise.
During this webcast, they address risk demands and boundaries between family, ownership, governance, and management.
Known as, Parallel Governance, or the establishment of separate governance structures for the family and the family-owned business, it enables clear communication and direction flowing between the two and joint responsibility for long-term success.
In addition, Parallel Governance paves the way for generational transition while delivering operational continuity and sound business performance, according to the EY executives.
America’s family businesses, the largest private employer in the country, account for 83.3 million jobs in some 32 million family businesses across the country. These businesses contribute $7.7 trillion annually to U.S. gross domestic product, according to research.
Family Enterprise USA and Policy and Taxation Group educate and advocate on behalf of family-owned businesses, family offices, and successful families on tax and economic policy issues with Congress.
“These episodes are designed to help the millions of family-owned businesses in this country to deal with the many complex issues they face, and how to overcome them,” said Soldano.
“The EY leaders provide real-life solutions and examples of how family-owned businesses and family offices can work together to make sure family businesses survive today and for generations into the future,” Soldano said.
About EY
EY exists to build a better working world, helping to create long-term value for clients, people and society and build trust in the capital markets.
Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform, and operate.
Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.
EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws.
About EY Family Enterprise
As trusted advisors to ambitious business-owning families, including more than 90% of the world’s top 500 family enterprises, EY teams have the experience and know-how to support the entire family enterprise — family members, their family business, and their family office.
The EY approach to working with family enterprises is anchored in the EY Family Enterprise DNA Model. This model supports both the personal and business performance agendas of family enterprise leaders by pinpointing four key areas of focus to achieve their ambitions: family, values, business and assets. We combine our understanding of these focus areas with decades of experience working with the world’s most entrepreneurial families to create a framework for guided conversations on topics that matter most to family enterprise owners.
EY Family Enterprise professionals can support you in identifying and optimizing the drivers that impact family businesses’ growth and longevity, preserve wealth, and culture, and solidify intergenerational legacies. Family Enterprise Business Services | EY - US
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The need for fact-based reporting of issues important to family owned businesses and protecting a lifetime of savings has never been greater. Now more than ever, successful families and family owned businesses are under fire. That's why Family Enterprise USA is passionately working to increase the awareness of issues important to family owned businesses built on hard work, while continuing to strengthen our presence on Capitol Hill. The issues we fight for or against with Congress in Washington DC include high income tax rates, possible elimination of valuation discounts, increase in capital gains tax, enactment of a wealth tax, and the continued burden of the gift tax, estate tax and generation skipping tax.
Family Enterprise USA promotes generationally owned family business creation, growth, viability, and sustainability by advocating for family businesses and their lifetime of savings with Congress in Washington DC. Since 2007, Family Enterprise USA has represented and celebrated all sizes, professions and industries of family-owned enterprises and multi-generational employers. It is a bi-partisan 501.c3 organization. Family foundations can donate.
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