Why You Need A Family Officer (or a Small Business Advisor)
In November 2016 I moved to Jamaica from New York City with my husband who is a diplomat. It all seemed like an escapist fantasy, running from the big concrete city and impending winter ahead to the sun-bathed tropics with its laid back vibes and vast selection of beaches to relax on. In many ways, it was a dream come true, but it also came with its own challenges. It was my first official foray into the world of “trailing spouses” where your identity is undeniably intertwined with the career of your other half. I had done my fair share of travelling and living in foreign countries, but this move was challenging.
Shortly after moving to Kingston, I knew I needed to do something that would focus my mind and give me renewed purpose in my new environment. So in December that year, we decided to adopt a little Jamaica street dog puppy named Cleo from the local animal shelter. Cleo quickly became a member of our family, going on her daily walks, taking trips into the Blue Mountains for hikes, and becoming a regular fixture at diplomatic events. There was no doubt in our minds that she would come with us wherever my husband’s next job might be.
Cleo in front of the British High Commission in Jamaica.
When the time came to relocate, first to San Diego while we awaited the arrival of our first human child, and then London, where my husband would soon be posted, we dove head first into the world of moving a dog internationally. I’m the type of person who usually takes a spirited approach to problem solving and research so I was prepared for the challenge. Shortly after starting my research I knew that getting Cleo out of Jamaica wouldn’t be easy. It involved several rounds of vet exams and health certificates, applying for export licenses, all needing to take place without a short window of time before the flight is due to depart, and coordinating a government vet to be present during the departure at the airport. If you get the timing wrong, the dog can’t board the flight. If you get the size of the crate wrong, the dog can’t board the flight. If you even get the thickness of the bedding within the crate wrong, the dog can’t board the flight. And after going through all these steps, if the temperature is higher than 86 degrees on flight day, the dogs can’t board the plane. I knew that even with all my research and scrappiness I wouldn’t be able to do this on my own. At best, we would be incredibly stressed figuring out the right government agency to go to, the right person to talk to, the right forms to fill out. At worst, Cleo would get stuck in Jamaica forever. But the most likely scenario would be that we’d get something wrong and we’d lose a ton of money going through the process all over again and rebooking her on new flights.
In the end, we decided to hire a professional, an amazing woman named Charmaine. It was one of the best decisions I ever made. From the beginning Charmaine clearly laid out the process she would follow to get Cleo cleared for export. She had established relationships with everyone who we needed: the private vet and government vet, the person who would issue the export license, the staff at the airport who would be checking that all of Cleo’s paperwork was correct, and more. Charmaine was warm, communicative, and, most importantly, cared about Cleo and how much she means to our family. While it wasn’t the cheapest option, or without stress, Cleo left Jamaica and went on her way to her new home in London.
I use this story to illustrate the decision tree when hiring a Family Office (or a Small Business) advisor with Breakaway. Obviously, the stakes of one's finances are a little higher than that of getting a street dog out of Jamaica, but the outcome of hiring a professional solves some of the same problems and definitely alleviates the stress. By hiring a Family Office advisor to help manage your personal finances you are hiring someone who deals in the world of finance, investment, property management, estate law, and more on a daily basis. Things that you’ll get when you hire a Family Office advisor:
A team who is used to and has systems to manage complex online bookkeeping, budgeting and reporting. Our advisors work alongside one another, as well as with a team of bookkeepers who are well-versed in bookkeeping, accounting and processes. We crowd source for the best systems and reporting and help solve one another’s problems. And, honestly, we’ve seen it all.
Tried and tested software and partners. There are a ton of options out there, whether it be for accounting platforms, online security, or advanced reporting tools, and choosing the right one is not easy. There can be a significant upfront monetary investment as well as the time spent testing. We’ve done the legwork and researched the best options, tested them, and chosen what we think works best for our clients.
Financial peace of mind. By enlisting the help of a professional to manage your bill pay you are ensuring that everything is paid on time, mitigating unfortunate late fees and potential longer term interest payments. While the payment up front for a Family Office advisor could seem like a steep and unnecessary expense (you’re already doing this all yourself, right?) in the long run it pays for itself through the time you’ll get back to focus on more important things like your family, career, or personal pursuits.
Danielle Holder
Family Office Advisor
I would love to chat with you about Family Office and discuss how we can help you get your finances organized! Email me at dholden@breakawayba.com to set up a time to chat.