CLIENT

Our client family (“Family”) is located in San Diego and spans three generations: (G2) matriarch; (G3) her two adult children; and (G4) the minor children of G3.  Only G3 is active in the management of the business.

The Family’s wealth is the result of (i) a dedicated, multi-generational commercial real estate investment business based in Charlotte, NC and focused on Southeastern and Mid-Atlantic markets, and (ii) the sale of the family’s movie theater business in 2005 after 75 years of continuous operation.

The position will be the first hire in a newly formalized family office structure separate, for the first time, from the commercial real estate business.  The new CFO/COO will build the family office from the ground up as a key member of the leadership team and will work closely with the family to develop a more formalized financial, strategic, and operational family office infrastructure.  While this position will be committed to serving the entire Family and have ongoing interactions with all of the Family members, the CFO/COO will report directly to the G3 CEO and work collaboratively with the CFO of the real estate business.

While the Family is open to a quasi-remote (hybrid) work model, “in-person” meetings with the G3 son (CEO) will be needed on a fairly regular basis, so having convenient proximity to San Diego will be a consideration. The position will require quarterly trips to Charlotte for shareholder and board meetings.

OPPORTUNITY

The mission of the family office is to achieve the financial and personal objectives set by the Family.

As the family office continues to evolve, it will handle the day-to-day aspects of the Family’s life by supporting – both directly and/or indirectly - a full array of family office services.  These will include initiatives around reporting and analytics; cash management; operations and systems; investment management oversight and compliance; strategic wealth management; best practices, governance, and decision making; tax planning and reporting; trust and estate management; aviation; and other projects as needed.

In addition to the family office leadership experience needed for this role, the Family is seeking an individual who aligns with its core values and can help to support and maintain these values.  These core values include respect, integrity, honesty, loyalty, continuous learning, thorough preparation, efficiency especially through adept usage of technology, accountability, a do-it-yourself ethos, and hard work. 

The CFO/COO will work collaboratively with the Family and have primary responsibility for continuing to evolve the family office platform, infrastructure, and service delivery model, and then managing and executing on the same for the benefit of the Family.

The CFO/COO will be responsible for improving upon and overseeing - for the non-commercial real estate business - core operational accounting, reporting, and cash management functions; investment management activities; tax, estate planning and risk management processes; trust administration oversight; and other projects as needed.  The CFO/COO will also help the Family to better understand the service delivery options and structures of various family office models, as well as the corresponding financial and tax implications of each.

During the initial phase, probably the first couple of years, this role will be very hands on and highly entrepreneurial as the service delivery model is developed, implemented, and refined.  Like most family office leadership roles, the CFO/COO will serve as the classic “expert generalist” with responsibilities spanning from direct involvement to collaborative support to quarterbacking and oversight.  The human capital strategy for the family office will be to operate with a lean, highly efficient staff/team and engage outsourced resources and/or advisors to supplement certain functional areas and/or competencies as needed.

The CFO/COO will work closely with the Family to articulate the values, vision and mission of the family office, and then tailor a personal service delivery approach that supports an effective and productive working relationship that best serves the Family’s information, operational, and decision-making needs.  This will be a dynamic, iterative process where flexibility and thoughtful, attentive creativity will be the norm, and “execution excellence” will be the required outcome.

Finally, strong management/leadership experience and a collaborative relationship with the Family and outside consultants, advisors, and service providers will be important to continuously improve the outcome for the Family.

POSITION SUMMARY

The CFO/COO will work collaboratively with the Family and advisors to:

• Develop and evolve the operational infrastructure for the family office;

• Provide critical operational and management support for the activities and initiatives of the Family;

• Provide critical cash management, capital allocation management, and investment management oversight support for the investment portfolio and business interests;

• Provide ongoing strategic management for the family enterprise.

Key areas of responsibility and/or leadership oversight will include, but not be limited to, the following:

• Family Office Management

o Oversee the day-to-day operations of the family office including accounting and financial reporting, trust administration, estate planning, treasury, budgeting, audit, tax, real estate, long range forecasting, risk management and human resources; many of these to be coordinated with the existing commercial real estate business infrastructure.

o Analyze operational issues and provide oversight and recommendations as needed.

o Provide strategic financial input and leadership decision making on issues and/or initiatives impacting the organization.

o Hire, manage and mentor staff as needed.

o Plan and facilitate periodic meetings with Family members and advisors as needed.

• Financial Management Accounting & Reporting

o Work collaboratively with the CEO 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.

o Provide financial analysis, modelling, and/or projections for project or planning initiatives as needed, as well as provide periodic financial reporting on relevant entities.

o Provide periodic statements of the Family’s financial position related to financial stability, liquidity and asset growth as needed.

o Ensure that Family members have accurate, relevant, and meaning financial reports and dashboards for decision making tools.

• Treasury & Cash Management

o Develop and/or maintain a reliable cash flow projection and reporting mechanism that will look across the needs of the entire enterprise, i.e., global cash management, and provide decision input for cash deployment, capital calls, minimum cash threshold for entities, and more.

o Oversee treasury financial systems, processes, tools, and control systems, and ensure maintenance of appropriate internal controls and financial procedures.

o Ensure timeliness, accuracy, and usefulness of investment reporting.

o Ensure legal and regulatory compliance regarding all financial functions and credit facilities.

• Investment Management & Capital Allocation

o While much of the investment management function is outsourced or handled informally by the CEO acting as CIO, this role will “take ownership” of the investment oversight function and serve actively as a collaborative interface between the Family and outside investment advisors.

o Provide ongoing support for investment initiatives including analysis and due diligence; portfolio allocation changes; performance assessment of outside advisors; and evaluation of new advisors.

o Work closely with outside advisors to help support the execution of investment initiatives, particularly by providing information and data, and through relevant questioning.

o Support liquidity planning and cash management incorporating anticipated capital calls and distributions and Family member needs.

o Participate in periodic investment meetings with the Family and outside advisors as needed.

• Estate & Tax Reporting, Planning and Oversight

o Serve as the liaison with external trust and estate tax attorneys, tax advisors, insurance professionals, valuations specialists and other outside professionals.

o Discuss and develop trust and estate planning ideas on an ongoing basis with external advisors and work with estate planning attorneys to execute approved suggestions.

o Work with external tax advisors on an ongoing basis regarding tax planning strategies, and attend quarterly tax planning meetings.

o Oversee the administration, management, and reporting of the trust structures to ensure proper accounting and financial reporting.

o Provide ongoing support for tax reporting and compliance for Family members, trusts and other legal entities as needed.

• Legal and Risk Management

o In coordination with appropriate outside counsel, work with the CEO to oversee legal affairs of the family office, family members, and related entities.

o Work with legal counsel on structures, transactions, and planning as needed.

o 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 crucial functions including, but not limited to, financial management, investment, and cash.

o Evaluate and periodically review insurance providers and policies to assure that appropriate types and levels of coverage are in place.

o Work collaboratively to support Human Resource initiatives including employment practices, policies and procedures; employment contracts, compensation and employee benefits; recruiting functions, new hire set-up, on-boarding, and performance review process. 

• Technology and Information Systems

o Support the efforts of the IT service provider to oversee the day-to-day technology and systems operations of the family office. 

o Support managing the inventory life cycle of hardware, software, firmware, etc., including budgeting and strategic planning.

o Support the research, development, and implementation of best practices as they related to technology and systems infrastructures supporting the family office operations and controls.

o Develop and maintain effective and secure business systems, and work with IT service provider to provide safe, secure, and effective information technology systems.  Ensure that cyber security efforts are being well managed by outside service providers.

DESIRED CANDIDATE

The successful candidate will be a discreet, self-driven family office professional with strong financial and business management experience including strong strategic, financial, analytical, operational, and leadership skills.  The ideal candidate will possess the following qualifications/characteristics:

Skills and Experience:

• Bachelor’s degree with at least 15 years of relevant experience; CPA, CFA, MBA and/or JD preferred.

• Strong leadership experience in working with high-net worth individuals and/or complex family-owned businesses coupled with the ability to play a key role in the operational, financial, and strategic leadership as the direction and vision of the family office evolves over time.  

• Previous experience with an “early stage” and/or “professionalizing, i.e., raising the bar” family office model is preferred.

• Strong financial management and financial reporting skills, and must have the technical skills to aggregate, translate, and report upon financial information and develop meaningful and effective financial reporting and forecasting processes, reports, and systems across all organizations and entities.

• Must have a solid tax background with knowledge of flow-through entities, joint venture and fund formation issues, transaction structuring (M&A), and various trust and complex entity structures.

• Must have a strong investment acumen and a strong technical foundation and/or understanding for investment activities generally.  Analyzing portfolio allocations, experience with manager selection, capacity to evaluate direct investments, and familiarity with alternative investments including venture capital, private equity and real estate is a plus. 

• This role will be very involved with investment management and global cash management oversight, which are critical to the Family’s enterprise business model; so relevant experience in these areas is a plus.

• Familiarity with alternative investments including private equity and hedge funds is preferred, and deep familiarity with commercial real estate investment management is also preferred.

• Strong understanding of and familiarity with best practices in a family office environment related to decision making, governance, and operational structures.

• Solid experience in strategic planning, budget preparation and cash flow planning.

• Familiarity and/or experience with the set up and administration of a Lender structure model.

• Proficient with technology and open to adopting new platforms in the interest of greater efficiency.

• Practical experience in recruitment, selection, supervision, and development of professional and support staff (in sourced and out soured) is essential.

Essential Characteristics:

• Must be a self-starter, self-regulating and self-motivated, and must be able to work well with little direction or oversight, and not require feedback to be effective.

• Must be comfortable working within a very small company and working independently.

• Must be a creative thought partner with the ability to “roll up the sleeves” to play a key role in the operational, financial, and strategic leadership of the family office as it evolves and grows over time.

• Must be a strong decision maker and have a track record of taking ownership of - and driving - key initiatives. 

• Must thrive in a “check your ego at the door” culture where everyone’s mission is to collaborate and provide exceptional service to the Family.

• Must have good judgment on what is being said and know how to respond appropriately…from listening to agreeing to deferring to disagreeing.

• Ability and willingness to be both “hands-on” in the day-to-day family office operations and to “delegate when appropriate”.  

• The CEO does all his own financial modelling, spreadsheet analytics, frequently blacklines his own legal documents and the expectation is that the CFO/COO will be able to do the same.

• Must have an uncompromising commitment to “service excellence” including timely meeting deadlines.

• Must have exceptional emotional intelligence.

• Must be a strong communicator and facilitator, including the ability to communicate complex concepts and strategies in a clear and concise manner to various audiences.

• Must be self-confident, knowledgeable, and able to exercise sound judgment in conducting research, analysis and decision making.  A confident, self-directed problem solver.

• Must consistently operate in a transparent and collaborative manner with a “team first” approach.

• Must possess a strong understanding of – and appreciation for – how technology can be used effectively to improve operational efficiency.  The CEO and the real estate professionals rely heavily on email, Teams, Dropbox, Microsoft Office, and Addepar.

• Must be highly organized and able to manage multiple priorities simultaneously.

• Must be proactive, have a strong sense of urgency, and be comfortable with change.

• Must have integrity and be approachable, respectful and instill confidence and trust in his/her ability to handle complex and sensitive financial and personal information both internally and externally.