| Area | Where Family Offices Often Fail | What Successful Family Offices Do |
| Purpose | Set up mainly for tax or branding reasons | Start with clear long-term objectives and family intent |
| Ownership & Control | Legal ownership exists, but control is informal or unclear | Ownership, control, and decision rights are clearly aligned |
| Decision-Making | Decisions made outside the family office | Key decisions are made through the family office platform |
| Governance | Governance exists only on paper | Governance reflects how decisions are actually made |
| Substance | Minimal operational presence | Real decision-making substance and supporting functions |
| Documentation | Documents prepared once and not updated | Documentation evolves with actual operations |
| Cross-Border Coordination | Advisors operate in silos | Tax, legal, and accounting positions are coordinated |
| Tax Approach | Tax outcome drives the structure | Tax efficiency results from good structure |
| Succession Planning | Focused on current generation only | Succession and continuity built into the structure |
| Adaptability | Structure becomes outdated over time | Structure reviewed and adjusted as circumstances change |
