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Economic crisis and geopolitical instability have further increased the relevance of asset protection and family legacy preservation for ultra-wealthy tiers of society. Threats from climate change, Covid 19 pandemic aftermath, and rising inequality of wealth distribution worldwide keep escalating the pressures on wealthy families to engage their resources for the social and environmental good more efficiently. Traditional philanthropy is often criticized for being a tax optimization and political influence tool rather than a way of the charitable activity of the wealthy. Subsequently, innovative ways of charitable giving like sustainable and impact investing have emerged and gained relevance thanks to changing values of next-generation heirs to a fortune. Considering the insufficient focus of financial intermediaries on impact products, family offices are placed in a unique position to incorporate impact investment in core service areas of financial advisory as well as succession planning and legacy creation. This business plan proposes a new concept of a multi-family office with a dedicated impact advisory team, supporting Portuguese and international wealthy families to build a strong legacy by systematic integration of sustainability and impact factors in their portfolio and asset structure. Portugal is currently at the forefront of attracting high-net-worth individuals from all over the world due to quality of life, safety, and beneficial tax regime, therefore existing multi-family offices primarily target non-resident clientele. Omnia’s main objective will be to introduce the multi-family office concept to Portuguese wealthy families and promote Portugal as an alternative jurisdiction for international owners of fortune. As circunstâncias causadas pela crise económica e a instabilidade geopolítica atuais têm aumentado a necessidade de proteção dos bens e do legado familiar das camadas mais abastadas da sociedade. Para além disso, a ameaça das alterações climáticas, as consequências da pandemia da Covid-19 e a crescente desigualdade na distribuição da riqueza em todo o mundo, têm pressionado estas famílias para que se empenhem, com os seus recursos, pelo bem-estar social e ambiental. A filantropia, nos seus moldes tradicionais, tem sido criticada por ser utilizada mais como uma forma de otimização fiscal e de influência política do que como forma de aplicação desinteressada da sua riqueza. Assim, em resposta a estas críticas e também devido à mudança de mentalidades da jovem geração herdeira destas fortunas, têm surgido alternativas inovadoras de aplicação de riqueza, tal como o investimento de impacto. Visto que os habituais intermediários financeiros não têm colocado suficiente ênfase em produtos de investimento de impacto e sustentabilidade, os Family Offices encontram-se numa posição privilegiada para incorporar este tipo de investimento nas áreas centrais dos seus serviços de consultoria financeira, de planeamento sucessório e de criação de legados. O plano de negócios aqui apresentado propõe um novo conceito de Family Office, com uma equipa de consultoria de investimento de impacto e sustentabilidade destinada a apoiar famílias portuguesas e internacionais abastadas na construção de legados significativos, através da integração sistemática de fatores de impacto nos seus portfolios de investimentos e nas suas estruturas de ativos. Devido à sua qualidade de vida, segurança e regime fiscal favorável, Portugal tem atraído possuidores de grandes fortunas, e os Family Offices existentes têm-se focado neste tipo de clientes não-residentes. O objetivo principal da Omnia é apresentar o conceito de Family Office a famílias portuguesas abastadas e contribuir para a promoção de Portugal enquanto destino para estrangeiros afluentes.

Objeto de aprendizaje que tiene como finalidad la presentación de la herramienta de análisis de vinculaciones accionariales de SABI y muestra su forma de uso, tanto para sociedades dependientes como accionistas. Entre otras, permite analizar sociedades holding y family office., Visualización complementaria en áreas de conocimiento afines. De utilidad para la realización de trabajos final de grado, trabajos final de master y tesis doctorales.

The wealthy are heavily criticized and often at the center of discussion. The public narrative has become deeply polarized in recent years. Research has shown that they derive most of their wealth from active ownership of family enterprises and are different from the stereotypical rich and famous as featured in popular lists. In effect, enterprise families have a major impact on our society: They contribute significantly to global economic growth, employment, philanthropic capital, start-up finance, technological innovation, and even to the performance of capital markets. Moreover, those families with a transgenerational orientation are likely to contribute even more to society and the economy. Given the public debate and the importance of such families to the economy, it seems counterintuitive that in the field of family business research, where the family is the crucial variable theoretically distinguishing family businesses from other firms, the literature has so far neglected the family itself as a unit of analysis and has focused overwhelmingly on the business system. In my dissertation, I set out to study wealth preservation in enterprise families that share ownership of multiple assets (e.g., investments, real estate) and multiple entities (e.g., family business, family office and/or family philanthropic foundations) across multiple generations. I explore why so many fail to secure monetary prosperity for multiple generations. Many enterprise families have the objective of sustaining themselves into the future for multiple generations. They have to navigate challenges and embrace change while responding to environments full of volatility, uncertainty, complexity and ambiguity. While some multigenerational families show wealth preservation success, most others have been much less successful. This dissertation explores how enterprise families can preserve wealth for multiple generations by shifting the analysis from the family business to the family itself. I first conducted a conceptual theoretical study in Chapter 2, from which three concepts emerged clearly: Family governance (how families make decisions together); family social capital (relationships and cohesion); and the nascently researched family office (entity with the goal to preserve wealth). I subsequently opened a theoretical black box by conducting a qualitative exploratory study to zoom in on the origins of family social capital (Chapter 3). My multi-case study focused on seven enterprise family cousin consortiums. I developed four propositions that introduce explanations how enterprise family cousin consortiums enhance social capital to preserve family wealth. Next, I tested my findings with a quantitative empirical study in Chapter 4. The inductive part of this dissertation explains how family governance can be conducive, other than as a structure for policies and procedures, by contributing to family social capital as well as being a formal decision-making and problem-solving mechanism. In the deductive part of this dissertation I propose and test a moderated mediation framework that considers both the how and the when-question and I analyze the contingency role of generational ownership and business ownership to qualify the indirect effects of family learning and family identity in the relationship of family governance practices on family social capital. Findings are based on interviews, surveys, observations and contextual data of enterprise families, many with legacies going back more than 100 years - families with up to 1,000 members and assets worth billions of dollars. The practical relevance of the findings includes understanding that collective family action to preserve wealth is reinforced by effective governance, strong social capital and a family office emphasis on non- financial services. The key driver of family wealth preservation is relational, as opposed to being purely financial, and this research posits that wealth preservation is not about money.

The wealthy are heavily criticized and often at the center of discussion. The public narrative has become deeply polarized in recent years. Research has shown that they derive most of their wealth from active ownership of family enterprises and are different from the stereotypical rich and famous as featured in popular lists. In effect, enterprise families have a major impact on our society: They contribute significantly to global economic growth, employment, philanthropic capital, start-up finance, technological innovation, and even to the performance of capital markets. Moreover, those families with a transgenerational orientation are likely to contribute even more to society and the economy. Given the public debate and the importance of such families to the economy, it seems counterintuitive that in the field of family business research, where the family is the crucial variable theoretically distinguishing family businesses from other firms, the literature has so far neglected the family itself as a unit of analysis and has focused overwhelmingly on the business system. In my dissertation, I set out to study wealth preservation in enterprise families that share ownership of multiple assets (e.g., investments, real estate) and multiple entities (e.g., family business, family office and/or family philanthropic foundations) across multiple generations. I explore why so many fail to secure monetary prosperity for multiple generations. Many enterprise families have the objective of sustaining themselves into the future for multiple generations. They have to navigate challenges and embrace change while responding to environments full of volatility, uncertainty, complexity and ambiguity. While some multigenerational families show wealth preservation success, most others have been much less successful. This dissertation explores how enterprise families can preserve wealth for multiple generations by shifting the analysis from the family business to the family itself. I first conducted a conceptual theoretical study in Chapter 2, from which three concepts emerged clearly: Family governance (how families make decisions together); family social capital (relationships and cohesion); and the nascently researched family office (entity with the goal to preserve wealth). I subsequently opened a theoretical black box by conducting a qualitative exploratory study to zoom in on the origins of family social capital (Chapter 3). My multi-case study focused on seven enterprise family cousin consortiums. I developed four propositions that introduce explanations how enterprise family cousin consortiums enhance social capital to preserve family wealth. Next, I tested my findings with a quantitative empirical study in Chapter 4. The inductive part of this dissertation explains how family governance can be conducive, other than as a structure for policies and procedures, by contributing to family social capital as well as being a formal decision-making and problem-solving mechanism. In the deductive part of this dissertation I propose and test a moderated mediation framework that considers both the how and the when-question and I analyze the contingency role of generational ownership and business ownership to qualify the indirect effects of family learning and family identity in the relationship of family governance practices on family social capital. Findings are based on interviews, surveys, observations and contextual data of enterprise families, many with legacies going back more than 100 years - families with up to 1,000 members and assets worth billions of dollars. The practical relevance of the findings includes understanding that collective family action to preserve wealth is reinforced by effective governance, strong social capital and a family office emphasis on non- financial services. The key driver of family wealth preservation is relational, as opposed to being purely financial, and this research posits that wealth preservation is not about money.

As empresas familiares representam 90% das empresas constituídas no Brasil, participando de 65% do PIB e 75% da força de trabalho. Davis e Tagiuri (1982, pág. 200) definem que “uma empresa familiar é aquela cuja propriedade é controlada por uma única família e onde dois ou mais membros da família influenciam significativamente a direção e as políticas dos negócios, através de seus cargos de gerência, propriedade, direitos ou papéis familiares”. A governança corporativa trata dos assuntos que competem exclusivamente aos círculos de propriedade e empresa, enquanto a governança familiar aborda aspectos que envolvem exclusivamente a família. Como fórum existente na governança familiar tem-se o Family Office, estrutura criada inicialmente no Império Romano e que teve abordagem profissional a partir da industrialização norte-americana. Embora a participação de empresas familiares seja significativa para a economia brasileira, poucas são as estruturas de famílias empresárias que possuem o suporte de Family Office, e também poucos são os estudos acadêmicos que tratam do tema; portanto, há uma grande oportunidade a ser explorada. Pelo fato de o tema Family Office ter surgido recentemente no Brasil, o objetivo deste estudo é identificar e compreender o modelo de atuação dos Family Offices pesquisados no Brasil, para que estes possam servir de parâmetro para que outras famílias empresárias utilizem este modelo de estrutura como pilar fundamental na implementação de governança familiar na função de perenizar as atividades familiares. Isso se tornou possível a partir da realização de 18 (dezoito) entrevistas semiestruturadas com os gestores dos Family Offices, para que estes pudessem responder às perguntas do questionário. The family firms represent 90% of the companies established in Brazil, accounting for 65% of the GDP and 75% of the workforce. Davis and Tagiuri (1982, page 200) define a family firm as “an organization controlled by a single family and where two or more extended family members influence the direction of the business through the exercise of kinship ties, management roles, or ownership rights”. The corporate governance deals with issues which exclusively refer to property and company, whereas the family governance covers aspects which regard solely to the family. The Family Office is present in the family governance, which is a structure that was at first set up in the Roman Empire and since the American industrialization period has assumed a professional approach. Although the share of the family firms is significant over the Brazilian economy, there are few family businesses which are supported by Family Offices, and scarce are the academic studies that cover the subject - which means there is a huge opportunity to be explored. As the Family Office has appeared quite recently in Brazil, this study aims at identifying and understanding how this Family Office model works over the South and Southeast regions of the country, so as these structures could become a benchmark for other family firms to use them as a fundamental pillar when implementing the family governance to ensure the long term viability of the family activities. The study was performed from 18 semi structured interviews with the managers of Family Offices from the South and Southeast regions of Brazil, who replied a questionnaire previously prepared.

The world is witnessing dramatic changes brought about by Covid-19 and its aftermath, with significant implications for the management of organizations, and hence management studies We argue that the pandemic and its social and economic reverberations are triggering particularly salient challenges for family businesses (FBs) ? the most ubiquitous form of business organization in any world economy ? that call into question some fundamental assumptions at the core of FB research

El presente artículo está orientado a aquellas familias que habiendo constituido empresas familiares cuentan concapitales millonarios y a quienes se les sugiere, mediante un Consejo de Familia, constituir Family Office con lafinalidad de tener un mejor control del financiamiento de sus empresas y llegar a distinguir con claridad cuál esel patrimonio de la empresa familiar y cuando es el patrimonio familiar. Está institución está orientada a empresasfamiliares de capitales superiores a los 100 millones de dólares y sirve como un mecanismo de inversiónde grandes proyectos en donde se procurará preservar el patrimonio económico en aras de proteger a las futuras generaciones.

Obiteljska su društva važan gospodarstveni čimbenik na domaćem tržištu i komparativnim tržištima. Unatoč tomu, nisu uređena kao izdvojeni tip trgovačkog društva te nisu predmet zakonske regulacije ni druge klasifikacije. U tim društvima obitelj ima prevladavajući utjecaj na vođenje društva, kroz vlasničku ili upravljačku strukturu. Specifičnost korporativnopravnog upravljanja u obiteljskim društvima jest to što počiva na preklapanju obitelji, vlasništva (članstva u društvu) i upravljanja društvom. Obiteljsko upravljanje (family governance) postaje jednako važno kao i upravljanje društvom jer obiteljska kohezija i skladni odnosi postaju uvjetom uspješnog poslovanja društva. U ovome se radu analiziraju instrumenti za postavljanje dobre obiteljske strategije, kao što su izrada obiteljskog ustava, te uspostava posebnih tijela kao što su obiteljsko vijeće i obiteljski ured, koji se bave isključivo raznim pitanjima od važnosti za obitelj. S obzirom na to da su hrvatska društva mahom upravo u trenutku prijenosa posla na iduću generaciju, takvi mehanizmi mogu pomoći u očuvanju obiteljskog sklada i uspješnog nastavka poslovanja društva., Family businesses have an important impact on a country’s economy, and Croatia is no exception. In spite of that, family businesses are not subject to any legal regulation or part of any national classification. Family businesses can be formed as any type of company under the Croatian Companies Act. However, regardless of their form, family businesses have unique features which distinguish them from any other type of business. In these businesses families have the prevailing influence, either through ownership or management. They are mostly long-term oriented and ultimately aim to transfer the business to the next generation within the family. Family tradition and values are embodied in the family business, and they often serve as both the business motto and a way to preserve family identity through generations. Specific dynamics of corporate governance in family businesses stem from the overlapping of family, ownership and business. In order to fully comprehend the governance of family businesses the role of the family in the business must be taken into account. Family governance becomes equally important as business governance, as family cohesion and good family relations become the condition sine qua non for the success of the business. Family governance is in fact a strategy for managing family matters which might have an influence on the family business. However, all measures taken to establish a family strategy are completely voluntary – their establishment depends on the will of family members as well as their conformity with the adopted strategy. Practice clearly shows that if family matters are not coordinated, especially if there are conflicts between the family members or a lack of a common business vision, the company’s future existence is at stake. This article analyses possible instruments for devising a good family strategy, as is the writing of a family constitution and forming special bodies within the company, such as the Family Council and the Family Office. Their only role is to govern different aspects of family needs in order to maintain family cohesion. As Croatian companies face the challenge of transferring a large number of family businesses, these instruments can help preserve family cohesion while ensuring the continuity of the family business.

Masteroppgave psykisk helsearbeid ME504 - Universitetet i Agder 2017 Children`s participation in mediation after parent`s brake-up/divorce is a political priori area. Our focus on the importance of preventive work gave us interest in investigating this theme further. The aim was to clarify children`s experiences from participation in mandatory mediation. We focused on how the children`s voices were weighted when the arrangement of care was made, and how the children wanted to be met in mediation. Our research-questions were: «How do children experience their voices being weighted in mandatory mediation after parent`s brake-up/divorce»? and «Which wishes of change in mediation do they tell about»? The study is Qualitative and is hermenutical-phenomenological anchored. We interviewed four children (age 14-18) and used Malteruds systematical condensation of text in analysis of the data. Results showed that children`s voices in our study mainly were weighted when the arrangement of care was made. Parents` and mediators presence and attentiveness was important for how the children`s experiences turned out to be (e.g parents` corporation and mediators involvement). The children gave concrete suggestions to how they wanted to be met in mediation, for example that they wanted mediator to contact them after mediation, to hear how they were coping. Research for the future may be a similar project with several informants to thoroughly investigate the theme, and maybe strenghten reliability. Research with aim to clarify parents` and mediators perspective is also topical, because children`s experiences cannot be seen without relating to parent`s and mediators influence. Key-words: mandatory mediation, family office, arrangement of care, children`s voices

Bu çalışmanın amacı, aile işletmelerinde yeni bir yönetim anlayışı olan aile ofislerinin yapılarını, faaliyetlerini, performanslarını ve sorunlarını incelemektir. Bu amaç kapsamında, vaka analizi yöntemi kullanılarak bir aile ofisi incelenmiştir. Araştırma yöntemi olarak belirlenen vaka analizinin araştırma tasarımı iki aşamadan oluşturulmuştur. Birinci aşamada, aile ofisinin kuruluş amaçları ile faaliyetlerine ilişkin veriler elde edilmiştir. İkinci aşamada, aile ofisinin faaliyet yoğunluğu, performansı ve karşılaşılan sorunları araştırılmıştır. Araştırma sonuçları, aile ofisinin yapısı, faaliyetleri, performans etkinliği ve sorunlarına ilişkin bulgular sunmaktadır. Anahtar Kelimeler: aile ofisi, sürdürülebilirlilik, aile işletmesi, varlık yönetimi, vaka analizi The purpose of the present study is to examine structures, operations, performances and problems of the family offices which is considered as a new management perspective in family businesses. In the context of this purpose, a family office is examined by using a case study method. The research setting of determined case study method is structured into two parts. In the first part, the information regarding to the establishment purposes and operations of family office were gathered. In the second part, operation intensity, performances and problems encountered of family office were investigated. The research findings shed the light on the evindence associated with the stucture, operations, performances and problems of family office. Key Words: Family office, sustainibility, family business, asset management, case study 106

Family firms often evolve into ownership constellations with multiple family owners. Building on agency theory, we argue that the growing complexity within a group of family blockholders gives rise to what we label family blockholder conflicts, defined as conflicts within a group of family owners. To curb family blockholder conflicts, families often separate the family from its assets and install intermediary governance structures. We explore four frequently applied structures (uncoordinated family, embedded family office, single family office, and family trust), which vary in their degree of separation between family owners and assets and consequently the extent to which the firm might incur family blockholder costs and the double–agency costs associated with appointing agents to oversee agents. We conclude with a discussion of the distributive effects of the four family governance constellations for family wealth over time.

This paper reviewed publications about the family offices subject (organizational structures that manage the family wealth and provide all kinds of services for these families). This organizational structure can be used as part of the family governance plan. Family offices appeared initially to assist families in managing the product generated by the business: wealth. Currently, family offices can provide all kind of professional service. The results found by the analysis indicate that there are few scientific researches on family office, both international and nationwide. We analyzed a sample of 37 (thirty-seven) articles, of which 32 (thirty two) of them are international and five (5) are national authorship. The articles were written from 2001 to 2011. There is a predominance of opinionative researches (no scientific rigor) covering 70% (seventy percent) of the sample. Only 5% (five percent) presents a empirical approach. These results demonstrate that there is a gap to be filled with empirical research on family office both in Brazil and abroad. O presente artigo analisou publicações sobre o tema family offices (estruturas organizativas administram a riqueza da família e prestam todo tipo de serviços para as mesmas). Esta estrutura organizativa pode ser utilizada como parte do plano de governança familiar. Family offices surgiram, inicialmente, para auxiliar as famílias no gerenciamento do produto gerado pelo negócio: a riqueza. Atualmente, os family offices podem prestar todo o tipo de serviço profissional. Os resultados encontrados mediante a análise realizada permitem concluir que há pouca pesquisa científica sobre family office, tanto nacional, quanto internacionalmente. Analisou-se uma amostra de 37 (trinta e sete) artigos, dos quais, 32 (trinta e dois) são de autoria internacional e 5 (cinco) são de autoria nacional. Os artigos foram escritos no período de 2001 a 2011. Há um predomínio de trabalhos opinativos (sem apresentar rigor científico) abrangendo 70% (setenta por cento) da amostra. Apenas 5% (cinco por cento) apresentam abordagem empírica. Esses resultados demonstram que há uma lacuna a ser preenchida com pesquisas empíricas sobre family office tanto no Brasil, quanto no exterior.

Las empresas familiares tienen innumerables retos que asumir, teniendo como principal objetivo su continuidad y permanencia en el tiempo. Actualmente las empresas necesitan ser confiables no solo para sus inversionistas o socios, sino también para el gobierno, instituciones de control financiero, banca, empleados, proveedores y clientes. El estudio de Buen Gobierno Corporativo y su implementación generan que la gestión se vuelva transparente a más de innumerables ventajas que se describirán en esta investigación. La meta es generar conocimiento de este tema, definir su concepto, ventajas, desventajas y presentar una guía de implementación. Para ello se realizaron investigaciones de sus diferentes prácticas, las mismas que fueron estudiadas y analizadas recurriendo a bibliografía y múltiples estudios sobre este tema y que están disponibles en la internet, se entrevistará a empresarios fundadores, dueños o propietarios y ejecutivos de empresas familiares de Cuenca para llegar a conocer sus avances y conocimientos del tema y su alcance frente a los objetivos estratégicos. Con la información obtenida se pudo evidenciar que las prácticas de BGC están ya presentes en empresas familiares a nivel mundial más que en cualquier otra empresa precisamente por la complejidad del manejo de éstas. La estrecha relación familia-empresa-propiedad se la maneja correctamente mediante la implementación de prácticas de BGC como: directorios, Consejo de Familia, planes de sucesión, family office y protocolos familiares, de igual forma se concluye que asuntos como la Transparencia son beneficios intangibles que generan mayor valor a las empresas. Finalmente la formulación de la Guía práctica de implementación de BGC en Empresas Familiares se formula relacionando dos procesos creados anteriormente, y que han dado los resultados esperados. Magíster en Administración de Empresas

Submitted by Maicon Juliano Schmidt (maicons) on 2015-04-08T15:10:20Z No. of bitstreams: 1 Caroline de Oliveira Orth.pdf: 852269 bytes, checksum: 7aff34bdbaa23ed31195e887905fef3b (MD5) Made available in DSpace on 2015-04-08T15:10:20Z (GMT). No. of bitstreams: 1 Caroline de Oliveira Orth.pdf: 852269 bytes, checksum: 7aff34bdbaa23ed31195e887905fef3b (MD5) Previous issue date: 2013-01-31 Nenhuma Este estudo teve por objetivo identificar a perspectiva de institucionalização das organizações Family Offices nos Estados do Rio Grande do Sul e de Minas Gerais. A Family Office, no contexto deste trabalho, seria a organização utilizada pelas famílias empresárias com o intuito de, entre outras finalidades, preservar o patrimônio familiar. Mediante a revisão da literatura, identificou-se que o tema ainda é pouco explorado academicamente, justificando um estudo de caráter exploratório. À luz da Teoria Institucional, tanto pelo viés econômico (preservação da propriedade) quanto pelo viés social (busca pela legitimação - isomorfismo), foi realizada a análise de conteúdo de 22 entrevistas efetuadas com pessoas relacionadas a 13 organizações Family Offices distintas, dois executivos de empresa familiar e um private banker, o que possibilitou identificar que as organizações Family Offices são de dois tipos: organizações Single Family Offices e organizações Multi Family Offices. As organizações Family Offices possuem estágios de desenvolvimento distintos e, geralmente, estão vinculadas à governança familiar. As regras de governança são estabelecidas mediante dois mecanismos: protocolo de família e conselho de família, e, em algumas situações, as organizações Family Offices confundem-se com esses mecanismos. Além disso, as famílias buscam formalizar valores que devem nortear a conduta de seus membros tanto nas relações internas quanto nas externas. As organizações Family Offices não precisam necessariamente possuir uma estrutura jurídica, exceto nos casos em que prestam serviços financeiros. Nesta situação, além de observarem as regras estabelecidas pelo protocolo de família, também estão sujeitas à regulamentação específica imposta pelo Estado. Esta regulamentação, embora incipiente, seria um fator característico do isomorfismo coercitivo. Contudo, a busca pela legitimação decorre da utilização de consultoria especializada, fator característico do isomorfismo normativo, ou pela troca de experiências com outras famílias empresárias, fator característico do isomorfismo mimético. This study aimed to identify the institutionalization of organizations Family Offices in Rio Grande do Sul and Minas Gerais. The Family Office, in the context of this thesis, would be the organization used by entrepreneurs’ families in order to, among other purposes, to preserve the family estate. Through literature review it was identified that the issue is still little explored academically, justifying an exploratory study. From the prospective of the Institutional Theory, both by economic bias, (property preservation) and the social bias (search for legitimacy - isomorphism) it was performed a content analysis of 22 interviews conducted with people related to 13 different organizations Family Offices, two executives of a family company and a private banker, which became possible to identify that organizations Family Offices are of two types: organizations Single Family Offices and organizations Multi Family Offices. The organizations Family Offices have distinct development stages and are usually linked with the family governance. The governance rules are established through two mechanisms: family protocol and family council, and in some situations, the organizations Family Offices are mixed with these mechanisms. Additionally, families seek to formalize values that should guide the conduct of its members both in internal and external relationships. The organizations Family Offices do not necessarily have a legal structure, except in cases where they provide financial services. In this situation, in addition to observing the rules established by the family protocol, are also subject to specific regulations imposed by the state. These regulations, despite incipient, would be a characteristic factor of coercive isomorphism. However, the search for legitimacy occurs from the use of specialized consultant, a characteristic factor of normative isomorphism or by exchanging experiences with other entrepreneurs’ families, a characteristic factor of mimetic isomorphism.