Many times where an operating business has been transferred down to the next generation, sold outright, or recapitalized, the family finds it useful to set up a family office for the administration and management of their remaining collective assets.
Such an office can fill the gap left when the operating business has been sold and is no longer there to provide the recordkeeping, tax planning and general support the family members had become accustomed to over the years. An employee, perhaps a bookkeeper or business manager, is generally hired to run the office. Having an outside third party to administer things and a businesslike location in which to do it can achieve a level of professionalism impossible in a strictly family setting (i.e., Dad's home office in Boca), and the cost need not be high.