Family business owners are typically laser-focused on building a successful, competitive, innovative company that will grow and flourish over time. However, an interesting thing can happen as a family business becomes successful. Over time, a family firm can take on a role beyond being an operating company. It can also begin to function as a family office.
This happens almost by default, without anyone taking much notice. Family members begin to access business proceeds for personal uses. The business files tax returns on behalf of family members and manages their investments. Before you know it, you have a full-fledged family office operating within your family business.