Unless you’re in the financial world the concept of family offices may seem as if families have an office to run their businesses whether it’s a chain of restaurants, real estate investments, etc. and that’s really where things started then evolved into investment vehicles known as family offices where the world’s wealthiest families create generational wealth.
And what’s most interesting in looking at the top family offices over time whether gauging them based on giving back (Ballmer, Besos, Gates, Walton, etc.) or other factors (performance metrics for XYZ) is that they started with something unique that truly changed the world and as a byproduct forever changed their lives as well.
Digging into this a little more without getting into the weeds, this is a prime example of why tech entrepreneurs need to be thinking ahead of the game – even steps before taking a round of funding or maybe pulling the trigger on an IPO.
And once such a liquidity event occurs, what position will you be in and what are you going to do next? That’s where establishing a family office becomes magical.
Looking at the tech space in particular and how companies can grow rapidly and be acquired for hundreds of millions if not billions in a short period of time, what do you as a Founder do tomorrow after clearing a $500M payday after busting your butt for many years?