From the archive: This episode was originally recorded and published in 2019. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.
Richard Wilson helps implement discreet full balance sheet family office solutions for $100M+ net worth families through his firm Centimillionaire Advisors, LLC. He is also the founder of the Family Office Club, the largest membership-based family office association (FamilyOffices.com) with over 1,750 registered family office members and 25 live events per year.
Family Office Club – The private club with 1,750 registered investors & 25 live events a year
Single Family Office – Richard’s website
Family Office Book – Download Richard’s Family Office Book free!
3 Value Bombs
1) Capital Raising is a very highly valued skill set globally. If you consistently attract investors, you will be highly sought after.
2) Always put yourself in the right community.
3) It is important to have integrity.
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Today’s Audio MASTERCLASS: How to Raise Capital from Private Investors with Richard Wilson
[1:00] – Richard shares something interesting about himself that most people don’t know.
- Richard is a third generation Eagle Scout. And most probably there won’t be a fourth generation because he has three girls
[2:21] – Why is the specialized knowledge of raising capital so valued?
- Mostly because the people who are raising capital have never done it before, even though they are seasoned executives. Most people go through other means of funding.
- Everybody has a hard time raising capital. Everybody who is good at one type of capital raising wants to now go to the institutional level or to the family office marketplace.
- Capital Raising is a very highly valued skill set globally. If you consistently attract investors, you will be highly sought after.
[3:13] – What exactly is the worth of being highly skilled and trained in this area?
- If you are good at capital raising, then you’re typically going to be earning $2,000 to $500,000; and if you’re really good at it, then you would be earning close to a million or more.
[3:55] – Speaking of getting good, what are your top 3 strategies for someone who is actually setting out to raise capital?
- Get investors to come towards you – investors who are pre-qualified to invest in what you are offering.
- Learn how to navigate the 3 trust curves: Leadership, Opportunity, and Industry.
- Always put yourself in the right community.
[9:01] – You see a lot of people making a lot of mistakes; what are some of those mistakes that most investors make?
- People invest money, but they don’t expend any mental effort.
- Always make them feel excited about your presentation. It is important to show a simple process to potential investors on how you are adding value consistently to protect or grow the capital of your business.
- You should be willing to invest .1% of your target amount to be able to produce materials needed in raising your capital.
[12:40] – Can you break down family offices and why they’re so hot right now?
- Essentially, a family office is a more complete balance solution for the ultra wealthy.
- If you are worth $30 million and below, you might use a multi family office, which is like a wealth management firm. That’s more realistic and will provide a 360 degrees solution for you.
- If you are worth $50 million and above, you might want to have a single family office for yourself, which has a team dedicated to managing your business solutions for you.
[18:29] – How do we even find the ultra wealthy, and what is the best way to get their attention the correct way?
- The best way is to think about your local area – what type of wealth has been created, and then what kind of communities and groups can you actually be a part of?
- Most people who are ultra wealthy don’t even know what family offices means, and they like to reach out to people who have a solution for one of their top headaches.
[21:20] – What exactly is the Family Office Club?
- It is a community, a private club, with over 1,750 registered private investors and family offices in the club.
- It is a month-to-month subscription. In exchange for that, you get access to 25 live events per year. Half of them are training workshops to improve your capital raising, and the other half are the investor summits.
- They also have resources available; the most popular is their book: Capital Raising, which will walk you through the 5 steps of raising a capital.
[24:27] – What’s an action someone could take over the next few months to start moving in the right direction – to learn more about capital raising?
- Richard has a podcast and a book on the industry; in his book he interviews 30 family offices and you can download that book for free here: Family Office Book!
- Single Family Office – Richard’s website
[27:26] – Richard’s parting piece of guidance
- It is important to have integrity. It is your moral alignment into making good decisions and not conflicting with yourself and your own team at every turn.
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