It may be a form of heresy to even question whether family offices really exist. Of course, the structure and concept known as the “family office” has yielded the creation of family office-focused clubs and organizations, drawn highly-skilled talent to family offices, and convinced numerous companies to create and staff service offerings geared toward family offices.

 

Yet there is value in exploring this question, and it is not purely academic. At a cocktail party, if you were to ask five people to define a family office, you would probably receive at least five different answers. Unsurprisingly, the more "family office experts" there are at such a party, you would find even greater differences in definitions. You might even hear arguments about what constitutes a "true family office" or “family enterprise” during this often jargon-filled discussion.  

 

Defining a family office can feel more like a Rorschach inkblot test. But does it have to be that way?

 

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