Successful business owners know that there is a certain complexity that resides at the intersection of business and family matters. For owners who are struggling to align the two, professional expertise can be difficult to find. In fact, there was no such offering until Richter, a Canadian-based firm with a presence in the US, innovated the market with an entirely new category: Business | Family Office.
At its core, business | The family office model is designed to meet both the business and personal interests of Richter’s clients and to act as an integrator at the heart of business and family. Business owners make decisions every day that can affect their families, legacies, transfer of wealth and financial stability. Richter’s integrated approach enables the firm to establish a trusted relationship with its business owners that can grow successfully over generations.
How does Richter do business? The Family Office Meets the Needs of Long-Term Clients ?
Tasso Lagios: Successful business owners have the added challenge of understanding how family will affect the business and vice versa. Alignment of those interests is the key to success in business and money transformation. Our Business | The Family Office utilizes an integrated approach to assist private clients and business families.
Our model consists of two platforms. The first, Richter Consulting, is a boutique value-creation business advisory practice that ensures the business’s long-term strategy aligns with the owners’ objective. Business leaders are assisted with all their business needs – from basic services like financial reporting and tax planning to critical strategic advice to help them achieve their business growth and succession objectives.
The second platform, the Richter Family Office, is an integrated in-house platform that provides independent strategic advice on the financial and personal objectives of families across generations. This includes wealth management, family governance, finance, governance, estate planning, philanthropy and financial literacy.
This integrated approach caters to all the needs of the client, whether business, personal or both – ensuring that every decision is made keeping in mind the interests of the owner and their family. We are the only firm serving both their business and family interests in such an integrated manner.
What unique approach does Richter provide to Canadian business owners with business advice and family office services?
Mark Yedid: Business owners often realize that their company’s long-term objectives need to be re-evaluated to ensure alignment with their family’s interests. We act as an integrator for business owners; We help them define long-term goals and objectives, assess the current situation, and establish a unique road map. Our collaborative thinking, combined with transformative conversations, means that business owners will gain the insight and foresight to seize opportunities and navigate uncertainties, supported by a team of professionals.
Lagios: We understand the impact of people and emotions on business and family matters. It is with a deep understanding of family dynamics and their history that we assist our clients in their entrepreneurial journey. Our approach is to strike a delicate balance between business owners and their families in a way that builds trust and open communication. To build and maintain relationships across multiple generations, it is important to be an active listener, ask the right questions and tough questions, and create personalized plans with long-term goals in mind. I would say it’s one of the most unique aspects of our approach.
Why is it important to assist clients of the same firm with both their business and family matters?
Yedid: In an ever-changing and complex environment, owners require the services of many different experts, and are seeking consistent and business-like advice. They require a holistic and integrated approach. Imagine you need one firm for audit, another for business valuation, another for wealth management and another advisor to vet your estate planning. Business owners lose valuable time and energy navigating all these aspects separately, but they do it because that’s the way it’s always been done. Worse, they don’t have anyone who sees the whole picture from both a business and a family perspective. Our approach is integrative, meaning that our team works collaboratively to help address each of these matters together. The strong relationships we build with our clients help bring our integrated approach to life because we understand their values, we know their long-term goals and we know who they are, what they do. and what they stand for.
What advice do you have for business owners seeking growth and success?
Yedid: Our advice is often to define a long-term growth objective. What is meant by growth? It can be financial, social, economic or one of many other forms. Once that is determined, it comes down to strategic and financial planning, organizational design, and more. The best starting point in this matter is to define objectives and ensure that they align with personal/family goals.
Lagios: When you work closely with owners like us, you quickly realize that it’s not just about making more money. When you devote most of your energy to growing a business, as business owners do, you want it to last for generations and have an impact on the community. It is more about establishing a vision and long-term legacy based on family values. You can’t make it all yourself; You need a team that is with you every step of the way. Surround yourself with the right people—a team committed to understanding your unique reality.
Click here to learn more about Richter and his new business, The Family Office.
