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Successful family businesses have a healthy balance of vision, responsibility and dynamism – within both the family and the company.
So, in our podcast series, we’re focusing on a range of major topics that concern the family entrepreneurs of today and tomorrow: family office and asset planning, family governance, value structure, successor planning, digitalisation, innovation and much more.
Together with experts from a range of industries, we tackle important issues and offer new perspectives as well as far-sighted answers – from behind the microphone.
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More and more wealthy people and business-owning families are considering moving abroad, whether for private, professional or business reasons, as a result of COVID-19 or because a new chapter in their life is beginning. This episode of our podcast looks at aspects that you should consider and clarify before moving. Topics include tax residence, tax privileges, flat-rate taxation, freedom of movement and legal structures, as well as wills and pensions.
New taxation rules, which have been adapted to the international standard, entered into force in Switzerland on 1 January 2020. The fifth episode of our Family Business Stories is dedicated to the effects and opportunities arising from this tax reform. We explain why international multi-corporations with the previous tax regimes are not the only companies that should pay attention to the new provisions. Step-up with grandfathering rules or replacement measures like the patent box or research and development deduction can also be attractive for family offices with subsidiaries operating in Switzerland, Swiss family businesses and SMEs.
In the fourth episode of our Family Business Stories, we take a look at future-proof structures for the family office. Complexity surrounding international assets is growing, regulatory pressure and the pressure to disclose are on the rise and COVID-19 is limiting the scope for movement and action. We recommend that family offices and asset owners rethink their (sometimes traditional) structures, streamline them where necessary and establish their hubs in countries where they can demonstrate substance that is sustainable and fiscally acceptable.
In the third episode we take a look at the governance and operational organisation of a family office. The family has to decide who is the owner, shareholder and final decision-maker. In most cases, it pays off to set up an Investment Council. And selecting the family officer is just as important, as they act as the contact person and trusted partner, and run the family office. The family officer usually specialises in certain asset classes and must understand their scope of action. The family and the family officer need to exchange views regularly and clarify how the costs are passed on to the users of the family office.
The second episode is dedicated to the strategic principles for setting up a single family office. This includes the vision for the family assets, as well as goals, values and room for manoeuvre. The various duties, such as asset accounting, controlling, reporting, regulation of successor issues and community engagement, are derived from the strategy. This then leads on to operational decisions like choosing a location, personnel, compensation model, budget and network. We also pay special attention to harmonising company, family and private assets as well as the associated interests.
In this episode, we talk about setting up a family office with the aim of structuring family assets in a sensible manner, exploiting cost and value creation advantages and avoiding conflicts of interest. We discuss the differences between a single-family office, a closed multi-family office and a commercial multi-family office. We also explain what type of family office is appropriate depending on the volume of assets and how to find a suitable family officer.