The contribution of family offices to family businesses: Conceptual analysis and future research agenda based on a systematic literature review

Abstract

[Abstract] In this article, literature on family offices (FOs) is systematically reviewed to examine how academic research in this field has advanced and to assess the relevance of FOs within family businesses. The main function of an FO is to preserve a family’s wealth in the long-term, as well as to facilitate the transfer of assets to subsequent generations. Since the 2008 financial crisis, entrepreneurs have become more aware that risk management is of vital importance. Driven by increased family wealth and the growing need for sophisticated investment strategies, FOs have experienced substantial growth. Nevertheless, despite the growing significance of FOs in the field of family businesses, they have a limited presence in academic literature. This scarcity is mainly due to these businesses’ reluctance in sharing information. Thus, existing FO literature is examined with a focus on the main topics identified in previous studies. We detail the implications of our study for the theoretical development of FOs and the field of family business in general. Our analysis identifies the relevant elements in family business research and demonstrates existing gaps in the field. To the best of our knowledge, this is the first study to develop a solid theoretical foundation in FO-related research, providing a framework for future research. From an academic perspective, our findings uphold the idea that FOs research is a promising, yet understudied, field in family businesses.