ESSENTIAL ACTIVITIES FOR A FAMILY OFFICE AT THE START OF A NEW YEAR

The beginning of a new year is the optimal time for 4S Bay Partners and other family offices to reset, strategize, and ensure alignment with annual and long-term goals. This period offers an opportunity to review past performance against goals, refine processes to ensure accountability in the new year, and set new goals that will underscore operations throughout the year and beyond. Below are key activities we address each new year:

1. Strategic Planning and Goal Setting

At the beginning of each year 4S Bay establishes goals for the office to accomplish. We start by revisiting our previous years’ goals. We highlight our achievements and note our missteps or challenges. The family’s vision is discussed with our Partners to discover new plans for the upcoming year. We align operational strategies with these guiding principles to ensure that annual goals not only reflect on these core values, but we also set our teams up for success; we want our annual goals to be reasonable and achievable. The annual goals are communicated to the office to foster collaboration and accountability.

2. Human Capital and Team Alignment

Each new year brings a new annual review season to the office. Each team member reflects on the prior year and drafts a Professional Development Plan to follow for the year. They consider the new office goals and align their new annual individual goals accordingly. By taking responsibility to establish these individual goals, individual employee efforts may be in line with the family office’s broader mission. As well, our office goals encourage team-building initiatives and spark professional development opportunities, all to strengthen collaboration and maintain morale. Of course, the new year is an ideal time to review staffing needs, update roles and responsibilities, and ensure compensation and benefit programs remain competitive.

3. Financial Review and Budgeting

New year – new taxes! At 4S Bay we ensure tax planning is prioritized—we reset the year by preparing for filings and evaluating opportunities for optimization. We conduct an essential, thorough financial health check of the family office to maintain healthy operations and set upon revising any financial policies and procedures we may find necessary. We ensure budgets are updated for all entities under management, review cash flow projections, and confirm liquidity for upcoming obligations.

4. Compliance and Legal Oversight

Annually we verify that corporate governance requirements are met for 4S Bay and related entities. Our team reviews key contracts, estate planning documents, and regulatory filings to ensure compliance. We update internal policies and procedures to reflect any changes in legislation and/or organizational priorities. The legal and operational teams revisit risk management strategies, including insurance coverage and cybersecurity protocols, to safeguard family assets and our employees.

5. Operational and Technology Updates

Our IT team evaluates back-office systems for efficiency and security. This includes IT infrastructure and data protection measures. Any new technologies evaluated in the prior year are implemented and training begins. 4S Bay understands that regular audits of cybersecurity practices are crucial to mitigate risks and by staying on top of its systems, we  are ready for the year ahead.  

By addressing these areas proactively, family offices like 4S Bay can position themselves for a successful year, ensuring operational excellence while staying true to the family’s values and objectives.