About one-third of private business owners in the United States use a single family office to manage their investable assets, according to the “Second Annual Private Business Owner Survey,” from Brown Brothers Harriman.
The recently released survey of 400 U.S. private business owners found, though, that family offices were not meeting business owners’ expectations in every area: 44% of respondents said family offices fall short in investment and manager selection, and 30% expressed concerns about how well family offices handled estate planning.
The report also covered other topics, such as how private businesses are using AI, how they are preparing for the current federal gift and estate tax exemptions to expire at the end of 2025, and how business owners communicate with their families about their estate plans.
The survey also uncovered the challenges faced by private business owners. For example, although 91% said it is important for the business to remain in the family for the next generation, 29% are struggling to choose a successor.
