Family office master checklist
The International Family Offices Journal
Vol. 4 - Iss. 3 pp. 20–23
Of general interest to every family office, is the thoughtful checklist put together by Hakan Hillerstrom (Geneva). He begins with the observation that airline pilots always use detailed checklists before flights, so shouldn't families and family offices do the same? In Hakan's family office master checklist he includes some 46 checklist items. This idea carried over from airlines gives his article a great format. After noting the impressive failure rate for family fortunes, he suggests borrowing a tool from pilots: As many of you know, safety among the airlines has improved tremendously even as the number of airmiles flown has greatly increased. As a matter of fact, in 2017 there was not one single commercial airline accident in the world. Given this, we believe it is time to help families get better organised by creating a family business and family office master checklist that should be carefully reviewed every second or third year. By using this master checklist, families will hopefully mitigate future problems and avoid some disasters that today are still unfortunately all too frequent. He ends with the comment that we may not reach the airline standards, but the master checklist will hopefully help many families to avoid spinning out of control.