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      "text": "After the family determines their vision of the family office, the next phase can be described as the design phase, in which a detailed business plan will be developed, including the choice of the most suitable jurisdiction, the services provided, staff requirements, the office location and infrastructure, the anticipated capital, the breakdown of operating costs, the measurable benchmarks, and the funding to be used.",
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      "text": "Families that still own the family business, and may be active managers in that business, face distinctly different issues to those that have sold the business and are managing their private family wealth. In some cases, the company's chief finance officer, legal counsel or controller, advises the family on estate and investment issues and in others there may be an internal department in the family business that functions similarly to a family office.",
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      "text": "An important question is: do some family members have the right skills and qualifications to run the family office or will external management be hired? When this decision has been made, the right level of family governance will need to be implemented to deal with the tension between principals and agents in the appropriate way. The need for an investment committee or a supervisory board with family representation will be part of the envisaged governance structure.",
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      "text": "Other important factors to take into consideration when creating the business plan of a family office include:",
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      "text": "One of the underlying determinants of the business plan and the family office is the question of whether the family office will be run as a profit center or as a cost center. It's equally important to determine whether or not there is any intention to open up the family office to other families as a multi-family office at a later stage, or if it is clearly intended to continue delivering services just for the founding family.",
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