EFTA01104629.pdf

CRITICAL PATH TO THE DEVELOPMENT OF A GI SINGLE FAMILY OFFICE Philip F. Strassler Strassler, LLC EFTA01104629 FAMILY OFFICE FORMATION ACTIVITIES Selection of type of entity — considerations in choosing a C corp to avoid investment related expense issues PP Ownership of entity Naming of entity Entity formation — what state should it be formed in Selection of officers and directors Obtain employer identification number Family and non-family member clients Estate Planning Coordination EFTA01104630 INVESTMENTS 0. Investment return and risk determination 0. Selection of investment consultant 0. Governance — investment role: active vs. passive ▪ Family investment selection: customized allocation and investment selection SEC registration considerations 0. Investment committee Outsourced vs. internal CIO EFTA01104631 OFFICE FACILITIES AND ADMINISTRATION Office location and lease (lease vs. sublease, term, guarantees) Office design and furniture Business cards and stationery Establish filing system - paper, paperless and offsite FedEx, credit cards and other office services Petty cash Purchase insurance coverage for office EFTA01104632 SYSTEMS AND TECHNOLOGY Accounting and bookkeeping software/system Evaluate account aggregation and custom reporting of assets Performance reporting software/system Determine hardware and software needs (remote access — cloud computing) Computer system servicing needs Technology training Telephone system Obtain telephone and fax numbers Obtain domain name and email addresses Security of computers EFTA01104633 FINANCE AND ACCOUNTING ► Funding and budget ► Banking relationships - authorized signers list ► Custodial/prime brokerage relationships ► Brokerage account relationships Develop expenditure authorization and bill approval policy Review procedure and reconciliation process for intercompany transfers ► Cash and brokerage account reconciliation process ► Prepare operations manual ► Chart of accounts ► Reporting capabilities and online interface with financial institutions Determine risk metric and analytic needs EFTA01104634 FINANCIAL REPORTING NEEDS Evaluate CPA firms — compliance and advice ► Internal audit process ► External audit process ► Household staffing and payroll reporting EFTA01104635 HUMAN RESOURCES ► Develop job descriptions and compensation ranges ► Conduct search - use of relationships and recruiters ► Interview process ► Offer letters • Payroll administration, payroll tax and insurance registration • HR policies and manual ► Health insurance and other fringe benefits Receptionist hiring Executive assistant hiring i Senior Controller hiring ► 401 (10 and profit sharing EFTA01104636 STRASSLER, LLC Philip F Strassler EFTA01104637