Before You Build a Family Office, Fix This First

So oftentimes you have probably heard of a family office, whether it be virtual, fractional, multifamily office, or a single family office.

Oftentimes for entrepreneurs or high income individuals, they're potentially having conversations of, do I need this? Do I want this? Why should I maybe have this? Who should have this? And at least conversations I've had with my friends or business owners that I know of, it tends to be, well, what is it? Or, oh, that's only for someone who's worth $100 million plus, right? Today, we're going to go through a lot of what a virtual family office is and a lot of different questions around it because there's a lot of, maybe not confusion, but I would say it's more of an emotional gap where it's more of a sense of lack or a sense of scarcity or a sense of belief that they own it or deserve it or could even have it.

And then we'll also go through what it's like being in one as a client, right? And having different advisors who are actually working with you.

Something that at least I've found is that in some ways, people can kind of create their own virtual flame in the office.

Hey, I have these different financial professionals and legal counsel who are going to work together for my behalf.

what I tend to find is it tends to be disjointed.

It tends to be not allocated towards that individual, right? So maybe they don't have business experience, right, of growing or scaling and exiting a company.

So they're just a really nice person who's helping them maybe with their stock portfolio, right? But it doesn't help them with their like true goals.

And so today, Dale and I are gonna go through a number of different questions that you probably have and things that he hears and I hear in this space.

So Dale, what do you tend to find when someone comes to you and they're like, hey, what's this virtual family office thing? How would you define what a virtual family office is?