Diana Garrett’s story, Part 3: managing a large, multigenerational family

Please scroll down to read parts 1 and 2 of this story. Since the second installment, Diana has taken on the management of the family office.

“As defined by the family office, our family consists of my father and his sister and all their descendants—about 60 people altogether. Among our duties, my staff and I are responsible for family meetings. We have two or three meetings a year and an annual family reunion—just for pure pleasure. We also administer the grantmaking for the family foundation, and we act as a custodian and fiduciary for five or six trusts. We are the place where the family members who manage the business and the other family shareholders come together and communicate about matters of mutual interest. Finally, we offer family members assistance with financial planning or estate planning.”

from Barbara Blouin, Labors of Love: The Legacy of Inherited Wealth, Book II, Inheritance Project.