1. Confusing Ownership with Control
One of the most common mistakes is assuming that legal ownership automatically reflects control.
In reality:
- Decision-making may be concentrated in one or two individuals
- Legal ownership may be spread across family members or entities
- Control may be exercised informally
When ownership and control are misaligned, questions arise during audits, disputes, or succession.
A family office must be able to clearly explain who controls what, and why.
一、混淆「所有权」与「控制权」
最常见的错误之一，是以为法律上的所有权等同于实际控制权。
现实中往往是：
- 决策集中在少数人手中
- 法律持有人分散
- 实际控制通过非正式方式进行
当所有权与控制权不一致时，在审查、纠纷或传承中容易出现问题。
家族办公室必须能够清楚地说明由谁控制什么，以及控制的原因。
2. Governance That Exists Only on Paper
Many family offices have:
- Governance documents
- Committees
- Written policies
But these documents are often not followed in practice.
When actual decisions do not align with documented governance, regulators and auditors focus on what happens in reality, not what is written.
Paper governance without real application weakens credibility.
二、只存在于文件中的治理
很多家族办公室：
- 有治理文件
- 有委员会
- 有制度说明
但这些并未真正被执行。
当实际决策方式与文件不一致时，监管机构与审计人员更关注现实，而不是文字。
形式治理无法建立信任。
3. Structures That Do Not Reflect How Decisions Are Made
A frequent issue is that:
- Investment decisions are made outside the family office
- Key management functions are carried out elsewhere
- The family office acts only as an administrative shell
This creates a gap between stated purpose and actual function — a red flag during review.
三、架构与决策方式不一致
常见情况包括：
- 投资决策并不在家族办公室作出
- 核心管理职能在其他地方
- 家族办公室只是行政外壳
这会造成目的与功能不一致，是明显的风险点。
4. Insufficient Substance
Substance is not about formality. It is about where decisions are made and who makes them.
Common weaknesses include:
- No real decision-making presence
- No dedicated personnel
- No clear operational activities
Without substance, even technically compliant structures become vulnerable.
四、实质安排不足
实质并不是形式，而是：
- 决策在哪里发生
- 谁在作出决定
缺乏实质的架构，很容易在审查中被质疑。
5. Poor Cross-Border Coordination
Family offices often operate across multiple jurisdictions, but:
- Advisors work independently
- Tax, legal, and accounting positions are not aligned
- Documentation differs by jurisdiction
This leads to inconsistencies that invite scrutiny.
五、跨境事务缺乏协调
家族办公室往往涉及多个国家，但：
- 顾问各自为政
- 税务、法律、会计说法不一致
- 文件之间存在矛盾
这些都会放大风险。
6.Treating Family Offices as Tax Projects
When family offices are designed primarily for tax outcomes:
- Governance becomes secondary
- Commercial logic is weakened
- Long-term sustainability is overlooked
Tax efficiency should be the result of good structure — not the driver.
六、把家族办公室当成「税务项目」
如果家族办公室主要是为了税务效果而设立：
- 治理往往被忽视
- 商业逻辑变弱
- 长期稳定性不足
良好的税务结果，应来自合理的结构，而非成为唯一目标。
7. Ignoring Succession and Continuity
Many family offices are designed for the current generation only.
Without clear planning for:
- Transition of control
- Decision-making authority
- Future governance
The structure becomes fragile when circumstances change.
七、忽略传承与延续问题
许多家族办公室只为当前一代而设。
当没有规划：
- 控制权交接
- 决策权转移
- 未来治理模式
结构在变化时会变得脆弱。
8. Over-Reliance on Templates and “Standard” Solutions
Family offices are often built using:
- Off-the-shelf structures
- Generic governance models
- Advisor-driven templates
These may not suit the family’s actual dynamics and often fail under scrutiny.
八、过度依赖模板与“标准方案”
许多家族办公室采用：
- 套装结构
- 通用治理模板
- 顾问主导的设计
但这些往往不符合家族真实情况，在审查时容易出问题。
Conclusion
Family offices rarely fail because of one mistake.
They fail because multiple small weaknesses accumulate over time.
Strong family offices are built on:
- Clear ownership and control
- Real governance
- Practical substance
- Aligned cross-border coordination
- Long-term thinking
Why Family Offices Fail — and What Successful Ones Do Differently 家族办公室为何失败——以及成功者的不同做法
结语
家族办公室很少因为一个错误而失败。
它们通常是因为多个小问题长期累积。
成功的家族办公室，建立在：
- 清楚的所有权与控制
- 真正执行的治理
- 符合现实的实质安排
- 协调一致的跨境结构
- 长期视角
越早处理这些问题，未来2的代价越小。