WEBVTT
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All right.
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Good day everybody.
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Welcome back to The Deal podcast.
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Today we're gonna talk about the different stages of growth within a family office.
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So you might see, you know them at different stages in their creation to longevity, maybe even passing from one to another.
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And with that, I brought in a, a mutual friend of Mr. Brian Adams, who introduced us to connect and talk about family offices.
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Tim, welcome to the show.
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Josh, great to be here.
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Thanks for having me as a guest.
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Yeah, you got it.
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You got it.
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Alright, so let's ask this question.
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When it comes to the three stages of family office, why don't you kind of describe them and then we'll peel back the onion on maybe what each of those specialties might lie.
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Definitely, um, you know, so it's interesting with family offices, a lot of times they're either embedded inside of an operating company or you have some type of liquidity event and you now have a legal structure that creates a family office.
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And, and so those three steps are, you have what I is called a founder's family office.
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Those tend to be, you know, what I would call more, more people light.
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Um, because you're still figuring out a lot of things, you know, defining the why of the family office.
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You're defining who the stakeholders are within a family office.
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You're determining, you know, do I have a 10 year plan or a hundred year plan for this?
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And how will we ultimately pass down the values that created the wealth to subsequent generations?
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Uh, you know, there's a lot of things that you're figuring out and, and along with that obviously is the front of the house, which is the portfolio construction.
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Um, that, and, and the back of the house, which is the reporting and the bill pay and all those other things.
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Um, and so you go, you go from a, a, a founder's family office.
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And then what you find is over like a 10, 20 year period of time, you determine what your core capital is.
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You determine what your surplus capital is.
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And that sort of helps you with, you know, what do I wanna have in stocks and bonds as an example, versus what do I want to have in more liquid strategies that, you know, in real estate or private equity or venture or private credit, or, you know, some specialty asset class.
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And a lot of that feeds back into what are the goals, long term or short term of the family.
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And so you see the, the second stage of a single family office is this midpoint.
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Level where you have determined a lot of those things and you begin to bring more people into, uh, the family office who begin to look at private deals, you begin to be able to play in different places within a capital stack.
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A lot of times, um, you know, maybe.
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You create a family council at that point, governance takes on a whole different role.
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And then when you get into the last, uh, type of a single family office called a multi-generational single family office, you tend to see, uh, you know, more professional management, um, across all aspects, all three aspects of a family office.
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Front of the house, back of the house, and then the governance in the family side where, you know, maybe you have an executive director who's running the family foundation.
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You have, uh, a chief legal officer, um, or a chief operating officer handling the back of the office or chief of staff.
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And then in the front of the house you have a chief investment officer that is handling the portfolio.
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You have trust company as a partner.
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Who's administering certain things and a lot of your investments become more, uh, what I would call, uh, you know, asset management type underwriting of how you look at things within a, within an endowment style portfolio construction.
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And so that's that evolution between sort of the exit point.
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From an operating company into a family office.
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Many times business school doesn't prepare you to run a family office.
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Operating a company doesn't prepare you for running a family office.
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And so that stage one is you're just a lot of times figuring out, you know, what you want from that family office to do and who the stakeholders are gonna be, and then having a vision for how much will I insource versus how much will I outsource?
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Yeah, I love it.
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We're gonna dive into which stage do you like most, uh, being involved in and, and getting pulled into with family offices and the work that you do.
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But before we do that, I heard a quote.
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I don't know if it's real or not.
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You can kind of guide me on this.
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Sure.
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Most wealth is dissipated, disappears by the third generation.
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Yeah.
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Now they could be a wealthy family, and by the third generation it's gone.
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Is that real?
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It's super real.
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Um, like 90% real.
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Wow, why so?
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Yeah.
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You know, so, so it's, it's called from shirt sleeves to shirt sleeves is is how you know people term that, which is the first generation goes to work every day with shirt sleeves and they work hard.
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And then by the third generation, they have to go back to work again.
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So the, it's the first generation makes the wealth.
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The second generation spends the wealth and the third generation loses the wealth.
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That's, that's the story that, that people will say.
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Um, and I, I tend to find that when those situations do occur, it, it's usually because there, there's not what I would call clear governance, uh, in place.
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And, and there's also, um, maybe you didn't have a, a full vision of what your core capital was to remain wealthy without having to go further out on the risk curve versus what your surplus capital might be.
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And so, you know, it's kinda interesting too with the, the rule of 72, right?
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Which you'll, you'll double your wealth, right?
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Every seven, uh, 0.2 years at 10%, you know, net of fees and spending, um, in taxes.
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Well, you can also do the reverse of rule of 72.
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And if you're spending down on corpus, um, you're really never gonna recover that.
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Um, it's the same thing like, uh, without getting too far off on a, on a tangent here.
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But why wealth can be lost is sometimes parents will leave their children, you know, let's say it's a family of three, three different corpuses, instead of keeping the family office together and having professional managers watch over it.
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And maybe two of those three children are not professional investors or, you know, maybe they're, they're also trusting people to invest their money.
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Who maybe aren't the best people to trust.
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So you can see a big change in a corpus.
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Um, and, you know, that can create, uh, sometimes infighting, uh, later.
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And so that's another reason why sometimes you go from shirt sleeves to shirt sleeves is that the corpus gets divided.
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Um, and you don't have the same sophistication levels.
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You know, many people are, aren't necessarily trained to be professional investors.
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That's why you surround yourself with people, uh, who have gone through that kind of training.
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Is that helpful?
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Yeah.
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Kinda feel like that was the long answer again.
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No, it totally makes sense.
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And if we look at like the first sibling recorded, right?
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That didn't turn out well.
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Right?
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If you study history, you know, the first sibling had a rivalry over, you know, assets and one of them died.
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So, you know, as we, as we look through, you know, these different stages, um, you know, family in itself, like, I had my family over last night for my daughter's birthday.
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She just turned 13.
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Happy birthday, Lily.
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Love you.
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Uh, sometimes family doesn't get along, so, you know, we'll, we'll dive into family governance and how to, how to.
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How to have some of the hardest conversations, which is around family and money.
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So maybe you could give us some tips there, but Sure.
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At what stage does Tim love diving into a family office and getting, uh, getting involved?
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To me, it's, it's, at any stage, you know it, a lot of times you have conversations, uh, and, and people wanna talk about public companies and, and that's fine.
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There's nothing, of course, nothing wrong with public companies.
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Um.
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But the reality is 82% of planet Earth is employed by private business, uh, which mean families.
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Mm-hmm.
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And.
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You know, my, I love that statistic and I love the fact that it, it tends to be families that do most of the generous giving and the philanthropy mindset around the world.
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You know, regardless of what country you live in, you, you see that time and time again, and families don't cycle in, in 2, 4, 6 year elections.
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They get behind entrepreneurs who create new stability and new jobs and new wealth within a community.
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Um, and they do the long-term public-private partnerships that can change a city.
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You look at a lot of the opportunity zones in the United States, and if you really peel back who the limited partners are inside a lot of those opportunity zones because you've had to go.
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Long periods of time to get the full tax, uh, treatment.
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With that, uh, you know, those are families that can go aquid for a long period of time, and because of that, you're transforming, uh, pockets of the United States into these incredible, uh, growth engines again.
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And so, um, you know, I love all stages, uh, to it because I, I think family offices are in private capital.
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Our, since the history of the world have really been the drivers economically, uh, with the exception of a period of time when the public capital markets came on.
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Um, and I think you're seeing a complete resurgence where, you know, a lot of families now compete in the middle market and into the bulge bracket, um, for operating companies.
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Just you, you look at 3G as an example of that and what 3G has accomplished with Burger King and with Hunter Douglas.
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And with Sketchers and, you know, a lot of the, the Tim Horton's and a lot of the operating companies that they have bought, um, and what they're doing.
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You know, I think they're a great example of a, of a single family office doing some big things.
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Yeah, man.
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Yeah.
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Super cool.
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All right, so when it comes to the work that you do, you know, you're a family office advisor, you run some communities, kind of give an overview of maybe some of the different places that people, you know, if they're a family office listening in, you know, they can start researching and maybe getting 'em plugged in at different stages for where they're at.
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Yeah.
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Yeah.
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Great.
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Great question.
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So there's probably, uh, three areas of intersection for me, um, related to that.
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You know, as I mentioned, I've done a lot of m and a work, uh, for family offices in between family offices and, and working everything.
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Uh, you know, that, that you might imagine that comes along with capital formation to buy side related work, um, sell side related work.
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Today I am a consultant, uh, for a single family office outta Colorado, uh, which is, uh, the Anschutz Corporation and the Anschutz Investment Company, uh, but a consultant to it, um, and, and to that team.
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And that has been, uh, incredible, uh, to, to be able to work with that group.
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Um, I'm also, uh, the co-founder and CEO of.
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A family office community called Somos 22 and the, the name Somos Doses.
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We are the 22nd century.
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We created a what, what we think of as from the inside out.
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Uh, a a way for families to get together and be in community and create connection.
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We call it, uh, connection capital, which is how many high trust relationships do I have with people who know me.
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Share my values, pick up the phone the first time I call, you know, step forward when things get difficult.
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Um, you know, really become those people that you can count on.
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And what we noticed, uh, Brian Adams and I, you mentioned earlier when we co-founded, uh, Somos 22, and I'll get into Forza, which is a, a, an invite only side to Somos 22.
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What we were noticing was that.
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In the family office world, there is a lot of what we call responsibility driven isolation.
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That the further you ascend in, in role within a family office, um, the more of a risk containment strategy.
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A lot of times you see people run related to relationships because if you get trust wrong in the family office world.
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The downside to that is asymmetrical.
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Um, and so you tend to find sometimes networks that are, you know, what I would call more local.
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They're, they're flatter.
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Um, they're safer, uh, in that regard.
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But you may have a relatively small sample size of people within that network that are in the family office industry, uh, because it is local and it is more flat, meaning it's people, you know, through church, through your country club, through where your children go to school or your business school cohort.
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And so the number one request that Brian and I get time in, time out daily.
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We'd love to be connected to other family offices to just simply, uh, compare notes in a safe way, um, because there's not a lot of places to go and do that.
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And so our thinking behind Somos 22 was let's create a community where people can connect, um, and, and get, uh, you know, what I would call an entry level version of connection Capital through the events, uh, and the gatherings that we create.
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Forza, which is Fortress in Spanish, is, is really modeled after what I would call kind of a YPO level experience for family offices.
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Uh, you know, it, it leans more towards professional managers of family offices, but we are, it's all about depth, you know, and it's invite only our members pay dues.
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We have forums of eight people that become your personal board of directors.
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We have a broader call with everyone in the community.
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Every six weeks.
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We do two round tables that are two and a half days long.
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Brian and I make many bespoke introductions where we're acting as, you know, by proxy, the super connector to all of these different resources and families and ideas and things like where, where our members direct us of what they're, they're looking to, to be introduced to.
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Um, and it's an incredible community, so.
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And again, that's, that sits inside of Somos 22 as kind of the premium, uh, version of that.
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Last year we did 54 events.
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So almost 22.
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We hosted over 1000 unique family offices.
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Had over 3000, uh, unique visitors from those family offices.
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Uh, and, and our visitors came from 29 US states and 14 countries.
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So that's really been, um, for me, you know, back to your original question, I, I. That's probably now 80% of my time is, is really running the Somos 22 community, the Forza community, and a lot of the peripheral things that occur through those.
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Tim business aside, what kind of things bring you joy?
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Like where do you find your recharge?
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Where do you find joy in life outside of work?
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Yeah.
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Yeah, that's a great question.
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Um.
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I love being outdoors.
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I love writing, uh, very much, you know, enjoy listening to music.
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I used to own radio stations and I, I think that's still in my blood.
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Um,
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really?
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Yeah, definitely.
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Uh, you know, but where I recharge is, is through, uh, swimming and working out.
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And playing tennis and you know, like I said, writing, reading different things.
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You know, it's really where it, it's areas that allow me to grow, uh, and which is really important, you know, everything we do in Somos 22 is an example, is an experiential architecture.
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I'm writing a lot of the curriculum, uh, that we use, you know, in our Jeffersonian dinners or our connection luncheons or other things that we do.
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Um, and, and it's important for me to find periods of recharging, uh, in order to, to be able to think, um, fresh, you know, and, and be truly clear about how you go through the themes and you know, how you unlock different things, using the right prompts and questions and, and, and framing.
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Yeah.
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Could, would you mind, uh, letting us have a, a peer into some of your writing and maybe, uh, you know, maybe talk to us about something that you recently wrote?
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You know, what was, yeah.
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Let, let, let's just start there.
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I think that's a good place to start.
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Like, let's walk through something you recently wrote together.
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Mm-hmm.
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Okay.
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Uh, well, yesterday, um, I, I posted, I, I post on LinkedIn a lot
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okay.
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With, with where my writing is.
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And, uh, I wrote a very vulnerable post yesterday on, you know, the fact that, uh, success is rarely linear.
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And, you know, I I, it was interesting I was talking about, you know, I, I think most of us believe that the opposite of fear is courage, but I really believe that the opposite of fear is really curiosity.
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And curiosity is, is if, if you saw from my post, you know, I talk about curiosity, ask better questions.
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You know, what actually happened here?
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What did I miss the first time?
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What can I learn moving forward?
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Um, and I talk about really, um, being in a, a, a difficult situation in 2024, really kind of feeling like I had something that, you know, kind of brought me to my knees to set or could have brought me to my knees and that.
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You know, a lot of life is looking forward and not necessarily spending too much time looking backwards.
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You know, you get in your vehicle and you remove the rear view mirror and you review, remove the side mirrors, and you learn from um, what's happened and you own it.
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Then you integrate it and you move forward and it's about that and developing that kind of resilience.
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But I also find that, and why I choose LinkedIn as kind of my writing platform is, you know, I'm very much in the business world, but I'm very much care about the interconnectedness of us as human beings.
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Um, and so I write from a place of, uh, of a, of a person that's navigating life the way all of us are.
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And um, and I feel like we're stronger by sharing our stories.
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You know, it's interesting.
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I don't know if you've ever noticed this, you know, but when we hear somebody tell their story, we're actually.
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Feeling their story and relating to their story by it playing out in our minds with us in that story.
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You know, that's how that interconnectedness occurs as human beings.
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And so I try to write with that in mind.
00:20:28.934 --> 00:20:44.085
I try to write with what I call adjacent leadership, which is really shoulder to shoulder leadership versus, you know, sometimes thought leadership that tends to sit on a hill and, and, and talk to an audience below.
00:20:45.105 --> 00:20:46.544
Maybe not realizing it.
00:20:47.085 --> 00:20:47.384
Yeah.
00:20:47.444 --> 00:20:52.845
And so my mindset is more noticing things versus telling things, if that makes sense.
00:20:52.845 --> 00:20:55.273
There's a big delineation between those two.
00:20:57.075 --> 00:20:57.974
Yeah, for sure.
00:20:57.974 --> 00:20:58.335
Man.
00:20:58.335 --> 00:20:59.444
I'm inspired by that.
00:20:59.444 --> 00:20:59.894
Thank you.
00:21:00.375 --> 00:21:04.904
Um, I think that I. Here's an observation, Tim.
00:21:05.325 --> 00:21:06.134
Yeah, I might be wrong.
00:21:06.494 --> 00:21:11.954
I observe, I'm curious about life and people, and I think that's why maybe I'm addicted to podcasting.
00:21:11.954 --> 00:21:17.384
I've done about 2300 of these guys, so maybe one day I'll start getting really good at it and maybe one day I'm such a
00:21:17.384 --> 00:21:18.045
huge number.
00:21:19.515 --> 00:21:22.484
Yeah, I I might be a little, uh, I might be a little crazy, man.
00:21:22.484 --> 00:21:26.325
I just think, I think that there's so much power, like you're sharing in.
00:21:26.744 --> 00:21:33.480
In sharing conversations, stories, inspiring others, building relationships, and I think that could only.
00:21:34.380 --> 00:21:38.670
And not only be done through podcasts, but shared at mass with podcast.
00:21:38.759 --> 00:21:58.140
Here's the observation, is when working with very successful people, family offices, especially like first generational, the the, the people who went from broke to, you know, to incredible wealth, sometimes they are hesitant and resistant to share some of their journey.
00:21:58.994 --> 00:22:13.244
I think that is one of the reasons why there's such a big fall off between first and third generation is because of lack of sharing the, the tribal knowledge, the wisdom, the heartaches, letting people be a part of the story.
00:22:13.394 --> 00:22:13.664
Yeah.
00:22:13.664 --> 00:22:15.555
How many times did I go bankrupt?
00:22:15.555 --> 00:22:17.835
How many times did I miss payroll?
00:22:18.015 --> 00:22:22.035
How many times did I get in a fight with my spouse about finances?
00:22:22.035 --> 00:22:22.515
Right.
00:22:23.400 --> 00:22:26.609
So you're taking the adjacent leadership approach.
00:22:26.789 --> 00:22:29.460
Where did you find the courage to do so?
00:22:29.849 --> 00:22:37.619
Because I think a lot of people who are in a successful position or are dealing with a lot of successful people, they're scared of doing that.
00:22:41.220 --> 00:22:42.119
That's really interesting.
00:22:42.720 --> 00:22:45.450
Um, that's really interesting.
00:22:46.799 --> 00:22:48.930
You know, I, I think that.
00:22:51.689 --> 00:22:52.648
There is.
00:22:56.220 --> 00:23:05.970
I think that when, when you look at how, like if, if, if you wanna be around a hundred years from now, right?
00:23:06.148 --> 00:23:06.269
Yeah.
00:23:06.269 --> 00:23:09.929
With your family office, that's five generations from now.
00:23:09.929 --> 00:23:15.779
There's this great saying that puts time in perspective that traders think in seconds.
00:23:16.470 --> 00:23:18.059
Analysts think in quarters.
00:23:18.615 --> 00:23:22.335
Fund managers thinking five year increments and families thinking generations.
00:23:24.105 --> 00:23:37.335
And so I like to ask the question is, if you could fast forward in time a hundred years from now, what kind of questions would you want to ask your descendants?
00:23:38.204 --> 00:23:42.765
Like how, how would you be approaching that?
00:23:42.825 --> 00:23:43.184
Right.
00:23:44.609 --> 00:23:47.369
Um, and it's a, it's, it's interesting, right?
00:23:47.609 --> 00:24:04.259
Um, that of, uh, and so a lot of times, whether people realize it or not, the, the, the next generation is viewing the people who created the wealth, person who created the wealth.
00:24:04.980 --> 00:24:06.763
And they're like, can I ever live up to that?
00:24:07.575 --> 00:24:07.785
Right.
00:24:07.785 --> 00:24:22.575
Like there's a lot of, and, and, and it's because they haven't, they haven't heard of, of all of the, the setbacks and the failing fast and the, the risk that was taken that didn't pay out.
00:24:23.684 --> 00:24:35.865
Um, and so it's, I I think it's, that's why it's always very important to, to understand, you know, the why behind, uh, uh, family offices.
00:24:36.375 --> 00:24:36.944
You know, what.
00:24:38.430 --> 00:24:44.250
What, what you find is that family offices tend to form in moments of urgency, right?
00:24:44.250 --> 00:24:57.089
There's a liquidity event, there's a sale, there's some type of, of transition, you know, and, and as I mentioned earlier in our call, other times they grow inside of an operating business, right?
00:24:57.089 --> 00:25:04.378
These are private offices that are embedded within a company that the family still owns and runs, right?
00:25:04.769 --> 00:25:05.069
Mm-hmm.
00:25:06.013 --> 00:25:10.484
And you know, it's what you find right?
00:25:10.484 --> 00:25:21.825
Is is that the, the, the easy part of, of family office is doing the portfolio construction.
00:25:22.424 --> 00:25:22.694
Yeah.
00:25:23.115 --> 00:25:26.474
The hard part of family is that third leg of the stool.
00:25:26.474 --> 00:25:31.003
Not front of the office or back of the office, but it's the governance.
00:25:31.589 --> 00:25:32.669
It's the why.
00:25:32.699 --> 00:25:35.189
It's where all of the, it's the family council.
00:25:35.730 --> 00:25:56.669
It's how do you bring in son-in-laws and daughter-in-laws into the family and make them feel like in-laws not outlaws, you know, how do you create a family bank that allows each generation to self actualize and feel like they're a Gen one wealth creator, but still supported by the family?
00:25:57.390 --> 00:26:01.710
How do you impart the values that created the wealth down generationally?
00:26:02.130 --> 00:26:16.529
There's this great exercise by a New York based company called 2164, and they have these values cards, um, and you go through and there's 30 different cards that represent different values.
00:26:17.220 --> 00:26:17.339
Yeah.
00:26:17.339 --> 00:26:23.765
And you ask your adult children or your teen children, I'd love for you to rank your top five values for me.
00:26:24.930 --> 00:26:31.289
That resonate most with you, and I'd love you to rank the top five that don't resonate with you, the least five.
00:26:32.009 --> 00:26:37.049
And you sit down for an hour and you really talk to your children about those values.
00:26:37.049 --> 00:26:45.420
And, and what was the, the thought process about those values and when did they feel that for the first time and how they applied it into their own life?
00:26:45.420 --> 00:26:52.529
You never use a y based question the second you use a y based question, the conversation is over whether you realize it or not.
00:26:54.013 --> 00:27:08.054
So it's a, it's a great way to understand where people are, are, are sitting in life, how they see themselves, and you know, ultimately is there a way to help themself actualize.
00:27:08.054 --> 00:27:16.663
And I think the reason why, you know, back to your question five minutes ago, I, I think the reason why people don't talk about these types of things is because they're difficult.
00:27:17.325 --> 00:27:20.714
It's, they're matters of the family and the matters of family.
00:27:20.714 --> 00:27:23.924
Don't just, you know, operate the same way a business does.
00:27:23.954 --> 00:27:31.575
That's why I think it's interesting, like in Europe or in Latin America, um, or, or Africa for that matter, right?
00:27:31.575 --> 00:27:37.545
You have, you have a lot of operating companies that have been owned multi-generational.
00:27:38.744 --> 00:27:44.294
And there's a role for the family for the next generation within those operating companies.
00:27:44.325 --> 00:27:53.265
And so around the dinner table, you have conversations around about those companies and the children get to know those, and they meet the people who work in those companies.
00:27:53.265 --> 00:28:03.314
And, and then there are entry levels for them to join those companies and to, and, and then to have their own identity inside of those.
00:28:03.314 --> 00:28:05.714
Well, it's different if you've had a full exit.
00:28:06.420 --> 00:28:10.890
Now it's really a family office, um, that doesn't have an operating company.
00:28:10.890 --> 00:28:12.089
It's just different, right?
00:28:12.420 --> 00:28:25.200
And so having a way for, for people to, to see themselves as the most, you know, self-actualized, highest and best, healthiest form possible.
00:28:25.230 --> 00:28:29.880
And I, and I just think sometimes those are, are conversations that people avoid because they can be.
00:28:31.200 --> 00:28:32.640
They just take a lot of work.
00:28:32.940 --> 00:28:37.890
Um, and, and sometimes you don't know which questions to ask to get things started.
00:28:38.579 --> 00:28:38.730
Yeah.
00:28:38.759 --> 00:28:51.539
Um, you know, anyway, that's, I I think family is the most fulfilling thing in the world and we're very blessed to have family and, and I think family is also probably the most complicated thing in the world
00:28:52.559 --> 00:28:53.069
for sure.
00:28:53.069 --> 00:28:58.410
It is complicated and I think in that it's, this is gonna sound really weird.
00:28:59.999 --> 00:29:01.648
It's easy to talk about success.
00:29:01.648 --> 00:29:04.259
It's easy to talk about the wins.
00:29:04.529 --> 00:29:06.328
It's hard to talk about addictions.
00:29:06.328 --> 00:29:08.009
It's hard to talk about failures.
00:29:08.009 --> 00:29:13.619
It's hard to talk about failed relationships, failed businesses failed, fill in the blank.
00:29:13.740 --> 00:29:17.444
It really is how then do we expect our kids to learn?
00:29:18.690 --> 00:29:31.559
Or future generations of entrepreneurs and deal makers to, to learn unless we're bold enough and courageous, um, enough like you are to share those things with people willing to listen.
00:29:32.460 --> 00:29:41.880
Which Ping brings up kind of like two things before we say goodbye today is, um, I think, you know, how could people get involved with Somos 22?
00:29:41.880 --> 00:29:44.069
Who's it for and who's it maybe not for?
00:29:44.849 --> 00:29:45.119
Yeah.
00:29:46.875 --> 00:30:01.005
Um, so, uh, getting involved in Somos 22, you know, just coming to our events, uh, you know, really it, it, it, the people who come are either, uh, family office principals.
00:30:02.250 --> 00:30:18.390
Um, it, it could be family office, next generation members, or it is, uh, professional managers, um, like myself who come, uh, from that family office, uh, who are not, there would be people raising money.
00:30:18.569 --> 00:30:20.910
Uh, you know, you're, you.
00:30:21.779 --> 00:30:23.759
You, we, there's nothing wrong with that.
00:30:24.089 --> 00:30:28.619
Um, but that's not what we're trying to do within these, um,
00:30:28.828 --> 00:30:29.220
right.
00:30:29.578 --> 00:30:30.689
Within these gatherings.
00:30:31.769 --> 00:30:42.509
And so really an anybody that's looking to meet other families, compare notes, you know, the idea is we want all the relationships to be pulled based instead of push based.
00:30:43.535 --> 00:30:43.825
Yeah.
00:30:44.970 --> 00:30:57.598
Um, so that those families, you know, hence the name, we are the 22nd century, so almost 22, is that five generations from now in the 22nd century, people still know each other, family to family.
00:30:57.929 --> 00:31:00.148
You know, that was the, that was the thinking.
00:31:01.049 --> 00:31:01.409
Uh,
00:31:01.409 --> 00:31:02.038
that's special.
00:31:02.788 --> 00:31:03.089
Yeah.
00:31:03.095 --> 00:31:11.519
And then I think for portal alza, it's, it's anybody in the family office, uh, world who's really looking for deeper, more.
00:31:12.345 --> 00:31:28.604
You know, for deeper connection to people that there's frequency with, you know, some of the issues with the family office world in regard to how it's been organized is a, is a lot of it has been historically around conferences.
00:31:29.470 --> 00:31:40.118
Um, and, and conferences do a great job of exchanging information and education and having great content because you have the speakers and the panels and things of that nature.
00:31:40.659 --> 00:31:57.098
You know, what they tend to not do as much of is creating deeper relationships, and that's what we're trying to do is, is come next to what the conferences are doing and have it be more focused on, you know, long-term connection capital between families.
00:31:59.354 --> 00:32:00.734
Tim, I think that's really awesome.
00:32:01.515 --> 00:32:06.374
Last question, what questions should I have asked you in this interview that I maybe screwed up?
00:32:06.374 --> 00:32:08.984
I'm gonna include your show, uh, your contact info.
00:32:09.285 --> 00:32:15.555
I'm including a link to the post that you recently wrote, that really transparent post, which like almost made me tear up, man.
00:32:15.555 --> 00:32:16.694
I'm, I'm grateful for that.
00:32:16.694 --> 00:32:20.144
So that'll be in the show notes if people are listening in and they wanna dig into that.
00:32:20.148 --> 00:32:20.354
Thank you.
00:32:20.595 --> 00:32:21.148
I'll put it in there.
00:32:21.930 --> 00:32:26.069
But what question, like, did I screw up and you're like, Josh, I can't, we talked about this, I gave you the notes.
00:32:26.069 --> 00:32:26.460
Like what?
00:32:26.519 --> 00:32:27.359
What should I have asked you?
00:32:28.305 --> 00:32:35.535
No, I think this is the kind of interview that I, I like where it, it went exactly the way it was supposed to go.
00:32:35.773 --> 00:32:36.075
Yeah.
00:32:36.374 --> 00:32:39.704
Uh, there wasn't anything missed in, in my opinion.
00:32:39.734 --> 00:32:42.859
Uh, there wasn't a question that, that I had wished you had asked.
00:32:43.509 --> 00:32:48.878
Uh, you know, and, and I think the, the types of conversations that just organically
00:32:49.269 --> 00:32:49.419
mm-hmm.
00:32:49.660 --> 00:32:50.919
Come about are the best.
00:32:50.979 --> 00:32:55.809
So I just appreciate us being able to have a, a fun conversation like this.
00:32:56.410 --> 00:32:56.559
For sure.
00:32:56.559 --> 00:32:59.140
Thank you again for, for including me.
00:32:59.924 --> 00:33:07.785
For sure, man, I, I'll tell you this, this is me kind of breaking that third ball that you see Ryan Reynolds do in movies where he talks to the audience, right?
00:33:07.785 --> 00:33:09.973
Like, this is me talking to the audience for a second.
00:33:10.244 --> 00:33:15.734
If you're listening in and like those kind of stories like touched your heart, right?
00:33:15.734 --> 00:33:22.634
Like I know you come to this show to talk about mid-market, you know, mergers, acquisitions, family office, private equity, investment banking stuff.
00:33:22.663 --> 00:33:23.144
Cool.
00:33:23.234 --> 00:33:23.773
Me too.
00:33:23.773 --> 00:33:25.424
That's why we called it the Deal podcast.
00:33:25.424 --> 00:33:26.595
Like we're deal makers.
00:33:27.015 --> 00:33:27.075
Yeah.
00:33:27.599 --> 00:33:33.209
I think if, if those kind of stories impact you, I want to give you a challenge first.
00:33:33.209 --> 00:33:34.378
Be willing to share your story.
00:33:34.378 --> 00:33:35.759
It doesn't have to be on this platform.
00:33:36.029 --> 00:33:47.369
Happy to maybe share that with you, but maybe it's you just being inspired by Tim's post and maybe put in a comment there, or maybe even writing your own post and sharing it with us so we can share it.
00:33:47.729 --> 00:33:52.200
But sharing your testimony, sharing your story, sharing your.
00:33:52.755 --> 00:34:01.365
Successes and Failures gives a way to do what we put together, the Deal podcast to do to inspire the future generation of deal makers.
00:34:01.365 --> 00:34:05.174
That's Jude's quote, uh, Jude David's quote, that's what he wants to do.
00:34:05.174 --> 00:34:08.384
That's why he invested heavily him and his team into building this with me.
00:34:08.894 --> 00:34:10.514
So that's what we want to do.
00:34:10.514 --> 00:34:15.014
So be inspired, connect with our guests, find a way to work with them.
00:34:15.465 --> 00:34:18.969
And man, if you wanna share your story, head over to the deal podcast.com.
00:34:19.829 --> 00:34:21.329
Fill out a quick form at the top.
00:34:21.389 --> 00:34:24.628
Maybe get you on the show next till then we'll talk to you all on the next episode.
00:34:24.898 --> 00:34:25.228
Cheers.
00:34:25.228 --> 00:34:25.409
All.
