CLIENT

Our client (the “Principal”) is an investor who manages a significant portfolio of liquid assets, real estate, and private equity interests in businesses across a variety of industries, including technology, media, consumer, and manufacturing. He also supports many civic and philanthropic initiatives in Chicago and in the United States. The office employs a small staff and relies on the expertise of outside legal, fiduciary, and investment advisors to manage the portfolio and other business matters.

THE OPPORTUNITY

Reporting to the Principal, the CEO will work collaboratively with the existing family office team that would benefit collectively from ongoing oversight and executive leadership.

The CEO will work closely with the Principal to tailor a personal service delivery approach that supports an effective and productive working relationship that best serves the Principal’s information, operational, and decision-making needs.

Equally important will be the “business partner like” role that this individual will cultivate with the Principal, with a goal of serving as his business confidant; trusted advisor; sounding board; risk manager; and “co-pilot” to make sure that the business runs smoothly.

The CEO will have complete financial management and operational oversight for the family office, and he/she will play a critical strategic role in helping the Principal to further define the family office’s mission, vision and values and then execute on the same. This will include working collaboratively with the Principal in developing a long-term strategy to oversee and grow the assets, allocate resources appropriately, and improve processes and procedures. He/she will translate business goals into well-defined performance plans for the family office.

Finally, much of this role is about executive leadership and working collaboratively with the family office team to improve and professionalize the family office operations.

POSITION SUMMARY

The CEO will work collaboratively with the Principal and family office team to further develop and evolve the operational infrastructure for the family office and affiliated entities. The individual will strive to instill a “best practices” philosophy in all functional areas to improve workflow, simplify reporting procedures, and enhance service delivery to the Principal.

Family Office Management

• Execute the build-out of the family office service platform, recommending which functions should be handled internally and which functions should be outsourced, with the aim of maintaining a lean, efficient staff.
• Oversee day-to-day operations of the family office and related service entities, property management and aviation.
• Provide strategic financial input and supervisory decision making on issues and/or initiatives impacting the organization.

• Manage all external advisors and vendors on a day-to-day basis to ensure the Principal is receiving sound advice and high-quality deliverables for an appropriate fee.
• Hire, manage, and mentor staff as needed. Develop a plan for ongoing professional development of the staff and provide cross-training opportunities to insure flexible staffing.
• Plan and facilitate periodic meetings with the Principal, and appropriate advisors, including preparation of meeting materials.
• Promote a positive image of the family and family office, by adhering to a high level of professional standards and ethics, demonstrated by professionalism and technical knowledge.
• Develop and maintain effective and secure business systems, and work with IT service provider to provide safe, secure, and effective information technology systems.

Tax/Estate Planning and Compliance

• Provide support for and act as liaison with external tax advisors on an ongoing basis regarding tax reporting and compliance for the Principal, trusts, and other legal entities.
• Plan and report on philanthropic giving to maximize tax efficiency and comply with pledges.
• Provide support for estate planning matters and trust administration, as well as serve as liaison with estate planning attorney to execute estate planning transactions.

Financial Management and Reporting

• Work collaboratively with the outsourced Controller and investment advisors to assess the accounting and financial reporting structure, articulate current and anticipated reporting needs, make recommendations for improvement, and oversee the implementation of the same.
• Provide financial analysis, modelling, and/or projections for initiatives of the Principal.
• Provide periodic financial reporting including income, expense and cash reports, analysis and forecasts for the residences, investments, and/or special projects as needed.
• Assist the Principal and manage staff for personal property management, acquisition and maintenance.

Human Resources Responsibilities:

• Oversee the following for the family office:
  • Employment practices – policies and procedures
  • Compensation and employee benefits
  • Recruiting functions including job descriptions, hiring, and on-boarding

Legal and Risk Management

• Work with legal counsel on structures, transactions, and planning on various issues as needed.
• Evaluate, strengthen, and periodically review the internal control environment to ensure appropriate processes and procedures are in place to safeguard the integrity and security of all critical functions including financial management, investments, and cash.
• Evaluate and periodically review property and liability insurance policies to assure that appropriate types and levels of coverage are in place for all family personal and real property, business entities and affiliates.

Philanthropy

• Work collaboratively with the Principal to support and advise on philanthropic initiatives.

Aviation

• Oversee the management of the aviation team and assets.