Tell us who you are, how you've failed and what you learned before asking to partner.

[00:00]

"So, it's one, who are you? Second thing is, all right, how have you failed? What did you learn? I want to understand that. And then, last thing is, what is the cadence? As we're looking for access and expertise."

[02:36]

"We started out started out as a single family office 10 years ago, have transformed it into a alternative leading investment firm. We've deployed a close to about a billion dollars in originations and in credit models."

[10:21]

"Um and so, making sure that your partners um are aligned with you or when you're going even even your spouse, right? You talk to your spouse, hey, are you aligned with this opportunity? Because sometimes that's your biggest detriment when you're going into business."

Full transcript

So, it's one, who are you? Second thing is, all right, how have you failed? What did you learn? I want to understand that. And then, last thing is, what is the cadence? As we're looking for access and expertise.

If you can't give us those, we're not interested. If you can't make us stronger, we can't work with you in some way. But, why don't you tell us who you are, a little bit about yourself? We have a clock that's going to be in front of us giving us the time. We got 30 minutes here. So, maybe like 2 minutes to give a little bit of an introduction on who you are.

Hey, thanks very much. And thanks everybody for coming this morning. Tonight, we're a few hats, which I think are relevant today. Uh, first, I'm on the investment committee of a multi-family office based in the Silicon Slopes in Lehi, Utah. And also with that multi-family office, I manage private equity platform. And our focus is on growth capital.

And what we try to do is find that core, we find that SpaceX before people know about them. And that's what we dedicated our experience to. Uh, we have had funds in the past, but we're more we're working towards managed accounts. And they may be for single family, a group of families, or wealth manager that wishes more control, more flexibility over what we're doing than a traditional fund.

Perfect. From a more personal investing standpoint, I primarily focus on multi-family real estate holdings. But, from a more traditional professional background, I am in the field of medicine and public health. I'm a practicing physician and also have experience as a chief medical officer doing advising work for multi-billion dollar government public health enterprises. And over the last several years, I've been really, really interested in what builds trust in leaders and how do leaders leave a legacy.

So, I currently in my advisory firm, partner with fund managers, family offices, founders to create legacy books where we take their founder story, their origin story, and then also their leadership philosophy, and we put it into a strategic asset so that they can build more partnerships and also leave a legacy they can pass on to the next generation. And we've helped over 300 authors so far. That's a little about me. And I'm the founder of Lloyd and Co.

And the Lloyd Group. We started out started out as a single family office 10 years ago, have transformed it into a alternative leading investment firm. We've deployed a close to about a billion dollars in originations and in credit models. And our number one goal and what we're focusing on is better access to capital for folks that need it.

And also making finance and capital markets move as easily as sending a text message. So, that's what we're focusing on, building the next financial infrastructure for folks that need access. I love it. Okay. Before I get started, this is I think my fifth time speaking. I always want to thank Richard by putting this together.

The things that impressed me the most is he always has medical people cuz without our health, what do we have? Uh, number two, um, he usually has a philanthropist and something I got taught at a very early age is once you take care of yourself and your family, you give back to others. So, my son and I are going to Ethiopia where he taught this summer. And we're going to start a computer lab there.

But, again, I don't like talking about what I do so much, but we my son's done so much to help others. Anyway, uh, people say what do I do? I make rich people richer. And I can I can I can tell you that. You can you can go to finra.org. I've been doing this for 45 years.

I have zero client complaints, zero litigation. I've had T. Boone Pickens up here on Sunset. Stanley Black, one of the biggest philanthropists in the city is a dear friend and a client. I had the I one of my closest friends lives in Panama today. He was the highest paid athlete in the world in the '70s, Alfredo Pingu.

And the list goes on and on. But, anyway, so what Raymond James can do anything and everything for family offices. They talked about SpaceX. Tomorrow, a Raymond James broker's going to talk about how he got his clients into SpaceX. But, you had to have $50 million of net worth, $1 million minimum. But, for people who don't have that, we do other type of private placements.

Um, we're not Goldman Sachs, we're not Morgan Stanley. So, we can buy and sell businesses. We have a lot of bankers, but our sweet spot's more like 25 to 300 million, not the multi-billion dollar deals. But, anyway, people um, Richard was out of Florida. So, Tampa Tampa's where Raymond James is based out of. And again, uh, um, I would say I'm here to help you in any way that we can.

Uh, the last point is, um, we don't have brick and mortar. So, you have to be a client before we help you. So, that's a problem if you're just starting up and you don't have money or anything. So, it kind of works that way. Um, we're lending a lot of money, maybe as much as B of A, but you got to be a client.

So, um, again, cuz we don't have the brick and mortar. But, we're lending a lot of money. Okay. Founder and CEO of Impex Capital Group. Impex Capital Group is predominantly an investment firm focusing on commercial real estate. Um, we are asset agnostic in in a lot of different verticals of commercial real estate, multi-family, land development, self-storage, industrial, hotels, hospitality.

Uh, we are about a little over 2.2 billion in AUM, 21 states, so pretty much nationwide. And, um, uh, we are our our basic strategy is to do a lot of joint ventures and co-GPs offering balance sheet support. And, uh, we like to partner with different subject subject matter experts and geography experts. So, quick background before I got into real estate, had a business that I started literally ground up 15 years.

Um, and packaging products, sold the company to a private equity group. It was a great exit. And, then decided to get into into real estate. So, that's briefly. I love it. Let's give our panel one a little round of applause now that we get to know them a little bit.

All right. So, easy question to get started. Why don't we start with you, Ash, since you just finished? But, when we're talking about trying to find those transformational partners, you've built something multi-billion dollar asset under management. What's the number one detriment that you find for working with a partner? Like, what's something they're like, oh, no, that's something we won't work with you if you do X or if this happens while you're working with them.

Like, what's that number one thing? I think lack of experience or not having a good track record uh, personally, professionally in any way, I think that is usually a detriment that we would not be too thrilled to partner with. Um, yeah, we would like them to to really know their subject, be an expert in what they do. And and we can provide oversight, capital, bringing in debt, equity, and and so on.

So, I think experience is is important and that track record is very important. And how much of a track record are you looking for? Is there something that's a sweet spot where nothing under 5 years, nothing under 7? Are you fine with three? Um, it varies case by case. It's difficult to put a an exact number.

Um, you can tell many times and I think Richard mentioned earlier, it's all about the relationship, getting to know them, meeting them, feeling comfortable. I wouldn't say it's minimum, you know, three, five, seven, 10. But, I think in general, you know that they they have it, they got it, they they know their subject. And, uh, let's support them, let's partner them, let's provide capital to them, let's provide balance sheet to them to help them grow.

Okay. I love that, Ash. Kind of like the sixth sense. [laughter] Yeah, you get a feeling for it, especially when you've been growing something as large as you have. Gary, how about yourself? Number one detriment?

Well, I'll start it out reversing that and say, what are we looking for? And if you don't have it, that's the bad thing. As we're looking for access and expertise. If you can't give us those, we're not interested. We don't have a timeline. We've invested in first-time funds, but they weren't first-time investors.

They were very experienced investors, and they started out on a fund. What we're operating under for real estate, Mercatus, the multi-family offices, Tenaro Wealth, and it's K Funds and Atlas for our brands. And all of them share the notion that we're investing not actually just for a return, we're looking for something that makes us stronger. If you can't make us stronger, we don't care really what your record is, we can't work with you in some way.

So, that's uh it's got to make us stronger. If you can't make us stronger, not here. Okay. Jared, yourself, number one detriment to working with someone? Alignment. Okay.

Alignment. I think uh alignment is something that I've learned uh I would say the last couple of years because of failures, right? Um and so, making sure that your partners um are aligned with you or when you're going even even your spouse, right? You talk to your spouse, hey, are you aligned with this opportunity? Because sometimes that's your biggest detriment when you're going into business.

Can be, right? So, I think alignment is something that I've learned from my own failures and and shortcomings um is is is very very important. And how do you manage that one for setting up a let's say a relationship that you meet at a conference and then also versus maintaining that alignment? Like, do you have systems in place?

You're like, okay, are we still on track? Does it still make sense? Or what do what do you do personally to try to do that with your portfolios? Yeah, so I kind of I'm a systematic guy. So, I I think in in in threes a lot of the time. So, it's one, what is the who are you, right?

Like, that's that takes time, right? You can't rush that. So, I want to understand who are you as a person. I don't care about, you know, a deck. I don't care about necessarily, you know, what you you your resume. That doesn't matter to me.

So, who are you? Second thing is, all right, how have you failed? Mhm? Right? I want to under I want to understand that. So, you know, I look at someone, maybe they had a bank bankruptcy.

Okay. Well, what did you learn? Cuz maybe that's that's okay, right? So, I want to understand that. And then, last thing is, what is the cadence? All right, so what what am I going to have a cadence with that person?

Are they in my top 50, top 20, top 10? How important is that? And then, how do I build that cadence with them? Month to month, week to week? Are they in my mentorship group, etc. So.

Okay. Join the Family Office Club by visiting familyoffices.com. We look forward to seeing you at our next live event.