You’ve just completed the sale of your business. A major chapter has closed—and now you’re faced with the exciting (and often overwhelming) question of how to manage newfound wealth across generations. One important consideration is understanding the potential family office cost associated with managing wealth.
For many business owners, setting up a family office is the logical next step. But when should you start? What should it include? And how much does it really cost?
At Wealth Planning Law Group, we guide families through this critical transition. Whether you're establishing a single-family office or exploring a virtual model, the right setup can preserve wealth, reduce complexity, and support your legacy for decades to come.
What Is a Family Office?
A family office is a centralized platform that manages a family’s financial, legal, tax, and personal affairs. It can be:
The goal: to bring all aspects of wealth stewardship—investment oversight, estate planning, tax strategy, risk management, philanthropy—under one umbrella.
When Should You Set One Up?
The best time to start building a family office is well before—or immediately after—a major liquidity event such as a business sale.
Why? Because this is when:
- Assets need to be structured for tax efficiency
- Proceeds need to be invested with long-term purpose
- Family governance, education, and legacy planning become priorities
- Your life becomes more complex—quickly
Ideally, family office planning begins years before a sale and evolves over the 12–24 months following the transaction.
Timeline: Building a Family Office Step-by-Step
Here’s a general roadmap we follow with clients:
Phase 1 – 0–3 Months: Discovery & Strategic Planning
✔ Define family values, goals, and needs
✔ Assemble legal, tax, and investment team
✔ Identify structures (trusts, LLCs, foundations) needed post-sale
Phase 2 – 3–9 Months: Setup & Implementation
✔ Form entities (e.g., SFO, VFO, trusts)
✔ Create investment and risk management policies
✔ Begin family education and governance discussions
Phase 3 – 9–18 Months: Integration & Operations
✔ Onboard systems, advisors, and reporting tools
✔ Establish rhythms for family meetings and reviews
✔ Finalize philanthropic and multigenerational plans
Phase 4 – Ongoing: Stewardship & Succession
✔ Evolve strategy as family needs change
✔ Train next-generation family leaders
✔ Maintain oversight of advisors and performance
Cost: What Does a Family Office Really Cost?
Costs vary widely depending on the model:
Single-Family Office (SFO)
- Best for families with $100M+ in net worth
- Cost: $1M–$5M/year (staff, legal, compliance, systems)
Virtual Family Office (VFO)
- Ideal for $10M–$100M families who want flexibility
- Cost: $100k–$500k/year (coordinated advisors, outsourced services)
Multi-Family Office (MFO)
- Institutional services shared among families
- Cost: Often based on AUM (% fee) or flat fees
We often help clients start with a virtual model and evolve toward a custom solution as needs grow. Through our sister company, Fountainhead Global, we offer VFO services designed for post-sale business owners who want full coordination without the overhead of an SFO.
How We Help at Wealth Planning Law Group
We don’t just draft documents or provide one-off tax strategies. We build long-term relationships—ensuring your family office reflects your values, preserves your wealth, and adapts as your legacy unfolds.
Our collaborative process brings together legal design, tax strategy, investment oversight, and family governance—under one coordinated platform.
Ready to Begin Your Next Chapter?
The sale of your business marks the start of a new journey. A family office—when built with purpose—becomes the foundation for stewardship, impact, and peace of mind.
Schedule a discovery call today to learn how we can help you design and launch the right family office for your life after the exit.
Photo by Simone Hutsch on Unsplash
