Richard C. Wilson, the CEO of the Family Office Club, to share his experience in coordinating the wealth teams of multimillionaire and billionaire families.
There’s a divergence between the investing strategies of the status quo and those of the ultra-successful. The ultra-wealthy leverage a family office model so they can focus their efforts on what they do best. Viewing wealth as a team sport allows you to stay focused and do what you love.
Episode Highlights Here:
Richard
People get excited by a new strategy, or something they understand or is at arm’s length, and they can get their arms around it. But many times they don’t spend much time on the structure, and you can show me the best deal in the world. But if it’s structured wrong, it could be a horrible deal.
Brett
What’s the number one secret to building commercial real estate, family office wealth?
Richard
I think the number one secret is structuring deals the correct way. And the way you structure deals has to depend on who you are as a family, what your priorities are objectives. And so it’s not just oh, here’s the one magical template, it’s really custom structuring and negotiating transactions to meet your needs, you could have a need just not to ever lose money, you could have a lead to, you know, a goal to produce more income, or it could be to double your net worth. But the structure changes all of that. And a lot of families who are newly ultra wealthy don’t know how to negotiate their own custom structures, they don’t apply their own customs structures to different situations. And so I’d say that’s the most important thing, because it’s often overlooked, people get excited by a new strategy, or something they understand or is at arm’s length, and they can get their arms around it. But many times they don’t spend much time on the structure, and you can show me the best deal in the world. But if it’s structured wrong, it could be a horrible deal. And then a mediocre deal can be made amazing if you structure it, right.
Brett
Got it. So structuring deals the correct way, meaning it’s customized to your goals and your objections and your code, I mean, your values, what you’re trying to achieve. Is that a fair summary so far? Correct? Yeah, for the same as A to B, right? A is where you’re at, and B is where you’re going? And until you have a clear vision on the B. Right, then it doesn’t really matter where you’re going, you know, because it’s going to be hard to get there. Right. So how do you help ultra high net worth individuals or families clarify their be Richard? Sure.
Richard
Well, the number one step in creating your family office is having your family office dashboard put together. So we have a one page PDF, it’s an editable PDF, you can print it off, or edit it and save it over time. Use out your CPA, your spouse’s, your kids, your wealth, advisor, etc. And it literally gets everybody on the same page. And by filling this out, it makes you say, Who are your top service providers? What is your mission? What are your values as a family? What are your goals? What are the top pieces of deal flow you’re looking at? What are your tax strategies, you know, like DST related strategies, etc. And so having that done gives great clarification on where you’re going. And it costs absolutely nothing. It’s not software, I don’t do consulting, we help set up family offices for people at no cost. Because if we get to know them, we end up doing business together. And that’s way more valuable than doing what we used to do, which is charge, you know, $7,000 a month to consult with family offices. So that’d be the very first step. And we’ve got a free PDF dashboard on setting up your virtual or single family office. And if anyone needs that, you can just reach out and I’ll shoot it over to them over email for free.
Brett
Hello. So it’s actually just really simplifying things and actually writing it out. Right. So like, we write out our goals, but you’re writing out for the family office, and then you’re actually just sharing that with all of the team members, right? I think Kevin Harrington says that well, right, you want to build up your dream team, right? So your CPA, you have your estate planning attorney, your financial advisor, commercial real estate, syndicate and operating partners, all of different members of the wealth team, if you will, unless you share that document. Is that a fair summary?
Richard
Yeah, that’s correct. And honestly, even if you didn’t share it with a single soul, it helps you get great clarity on where you’re going. If you don’t know where you’re going. How are you going to take advice from other people, you know, if you don’t have a, your own unique game design to your strengths of your DNA and your background and where you want to go, then your advisor at Goldman Sachs is going to design the game but the game board so he gets $200 Every time you pass go and you’re not going to have very much fun playing his game. You’re playing your game as an entrepreneur, typically, maybe you made your money in storage, manufacturing, stem cells, maybe some other weird small niche people never heard of, but your unique game should be custom fit to your DNA and goals and objectives and strengths. Right?
Brett
I can’t agree more. Excellent. So that’s the number one secret right, which is making sure that you’re structuring deals in the correct way that’s customized to your goals and your outcome and you’re clarifying your B where you’re going writing it down, clarifying all that that’s number one.
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About Richard Wilson
Richard C. Wilson is a third-generation Eagle Scout, husband, and father of 3 living in Scottsdale, Arizona. He is the CEO & Founder of the Family Office Club, the #1 largest association of over 3,000 registered ultra-wealthy families and their family offices. Richard has helped create and formalize 100+ family offices and counts a shark from Shark Tank, several billionaires, many REITS, and 500+ investors with an average net worth of $28M as clients. Richard works with clients through InvestorClub.com and Doctor’s Investor Club where he helps them access top screened direct investments. Richard’s 18-person team operates multiple media platforms including Dentist Investors, LLC, InvestorResidences.com, Billionaires.com, and CommercialRealEstate.com.
Richard has written three #1 bestseller family office books on Single Family Offices, How to Start a Family Office, and Centimillionaires ($100M+ net worth families). Richard has an undergraduate degree in business, an M.B.A., and has studied post-masters psychology through Harvard University’s ALM Division.
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