Families go to 10 different advisers, get 10 different answers and end up doing nothing.

[20:31]

"the common issue with all of them is that they're the ones that are making the decisions are trying to source um all the advice and then become the expert to then be able to make the right decision. So they you know on average go to 10 different advisors get 10 different answers"

[25:27]

"At the very same time anybody's talking about 20 or 25% the big boys in this country, you know, the Black Rocks, the Apollos, others in real estate are trying to dumb down the expectations of their limited partners to say that, you know, 13 to 15% might be really good"

[29:55]

"So I think they have that patient mindset anything they allocate to now they know they might need to hold on to it for 12 to 15 years perhaps not the four to seven."

Full transcript

Next up, I'm going to bring up our founder and CEO, Richard Wilson. Thank you so much, everybody. Great. We'd like to invite up our final panelist to the stage. It's going to be our wealth management and multif family office discussion panel. As they're coming up, I've got a quick few notes.

I love the comment about having a uh zero management fee, you know, uh and a small maybe 5 10% uh profit fee to earn the trust of an investor. If you're getting started, you have to start somewhere. And having industry standard fees when you're a new firm is a tough cell. Also, uh I like the comment about um the the discussion around structures in general.

What I find is that so many people have not spent much time having a unique structure in the marketplace compared to their competitors. It just makes you more aligned. It doesn't have to be less fees. It should just be less fees when the investor makes no money or no fees when the investor doesn't make money uh versus charging them fees all of the time.

Uh the other thing I'd like to mention is that the emerging manager panel uh maybe next time around we could talk even more about Jine and co-g with large investment managers in your space as a strategy to build credibility and get momentum because I see people doing that here in the family office club as I mentioned earlier today and also as an emerging manager I just think you're always being evaluated and people want to work with people that are like themselves. So, uh, that you know like to do similar things is an obvious thing, but just the way that you talk, the way you hold yourself, what you enjoy doing in your free time. Uh, you know, and I find that investors turn off immediately when they find that someone has a different set of rules that they're living by in the world or a different uh definition of integrity or morals, etc. They just immediately will turn off working with somebody.

So, I think that's just important to be hyper aware of. So uh let's start this next panel, our last panel uh with Jim and we'll just go down the line just a quick uh one or two minute uh introduction on your daily perspective and then we'll we'll start the questions. So my daily perspective relates to senior living communities but as this is the title of this is a multi uh multi-family office perspectives right and wealth management firms and wealth manage well so when I was a venture capitalist way back in the day I I created some pretty good wealth for some uh family offices so I can have that perspective I the last uh comments about uh cryptocurrencies if I was advising anybody talking to a family office or a wealth manager. I'd spend a lot more time talking about senior living facilities than I would cryptocurrencies.

Uh the quantum computer has an impact on that and that's a different subject, but um so what about uh in your in your in your private equity, you know, VC senior living experience? Uh how many different times have you raised capital from wealth management firms, multif family offices? How many different types of That's a really good question. Maybe three times in the venture capital world, uh um once in the private equity world, and um in the senior living space, none from family offices because the scale of what we're doing is beyond most family offices.

So, in all honesty, but I wanted to talk about the senior living sector to help inform people. Sure. Sure. And you mentioned earlier that you're doing more international work, which is really one of the questions we had earlier. Great. Uh, Molly.

Yeah, as I stated earlier, we help um we work along with private equity firms and venture capitalists partnering with them to help scale business owners and uh in a very in a way that will not only help them scale their business, but also reduce their time in doing so and give them more free time to really achieve all that's important to them. And a real example of this um happened to me a couple weeks ago. I had a client that we sold off about a year ago because they weren't taking active advice and they owned a business. It was a family business and um got in the newspaper found him, his wife, his two kids and his three dogs all passed away with a with um a carbon monoxide.

And the reason why this is so important is because they didn't set up those streamlines. They didn't set up a succession plan. They didn't have any exits for them. Basically, that business that they built up, it was a multi-million dollar business. Uh it was basically worth nothing because it was buried with him. And so having somebody in there to be able to um set up those revenue silos, be be able to have that succession plan so if an emergency happened, I like to call it a CYP plan, the crap your pants plan, you know, in case something happens and you literally do that, you can have the next person in line in charge to be able to take over.

Um and so that's really what what we do. Uh Bo. Yeah. Well, with regards to working with family offices and and uh individual uh management groups, uh I think one of the benefits to groups like ours and what I think is is an opportunity for family offices is you can actually look to find more subject matter expertise or subject matter experts in certain areas uh that are starting to develop.

Whether it's people in real estate or people in oil and gas or people in early stage technologies, there are more and more subject matter experts for the silos and the asset classes that you're looking for. And that's the way we've approached uh working with wealthy family offices is that we present angel investing and early stage technology as an asset class. That's all it is. And to view it accordingly and of course to proportionalize your investments into those assets accordingly because they are higher risk.

Yes, they're higher return but they're much higher risk. So in in in taking that approach and working with this type of audience again we try to just educate the and approach it just like any other asset class but to proportion your your allocations according to the risk that you're going to be associating with and that resonate or seems to resonate with people. Sure. Sure.

And in uh Nick, in your case in Canada, what's been your experience with how open wealth management firms are of uh working with real estate investment firms and and what's been the the background experience on that and progress in your firm? Yes. So we on button might it might be off because that was the problem earlier. Maybe not.

There we go. Um, so, uh, with our, uh, with our firm, we've worked with a number of family offices on, uh, joint venture deals and and, um, development opportunities that were just a little bit too big for us to bite off on our own. So, we've got some experience in that phase, uh, or in that space. Um, we haven't, uh, spent a lot of time raising capital through uh, wealth management firms, but mostly through relationships.

Um but uh the time that we have spent uh everybody has real estate in their portfolio. So uh what it generally boils down to is uh um I guess an alignment of what our business model is with what the wealth management firms uh philosophies are and how they deploy their um you know clients capital. Sure. So, uh, Molly, in your experience, you know, seven years running your wealth management firm, uh, what is the best way for somebody here who's been raising capital from private investors directly to take Andress's advice of going to the adviser that they've known and trusted for a decade and build their trust and build a genuine relationship and show their niche expertise when uh, most wealth management firms are well known probably get approached by a lot of professionals.

You know, what would get your attention and what advice do you have for those here in the room that want to build their, you know, roster of wealth management clients? Well, as far as for us working with different strategic partners as such, uh, we are looking for somebody that is entrepreneurally minded, wants to grow, and really truly wants that partnership. Um, because a lot of times what we're doing is we're almost treating them as a client. We're scaling their their business.

We're looking at how can we add another 10 20 40% to their bottom line. Normally it's significantly more, but we always it's typically 20%. And so for us, it's more of an interview process. You know, we're constantly bombarded with a lot of people that want to partner with us because of our ability to help them not only scale our clients and their investments of what they're doing, but also for the for themselves.

Um, and so having that economic glue and being open-minded to that, um, you know, it may not be a revenue share. It may just being able to help each other be more successful. That's kind of the the underlying factor that we look at because, you know, the the referral system is, you know, I scratch your back, you scratch mine, is, you know, that that's like maybe in the 80s, but uh, in today's world, economic glue is kind of what make things extra sticky. Sure.

Sure. Um, and then Bo, in your case, I imagine that some of your investors have a CPA that they've trusted for, you know, decades that they might pass some materials by or they might need to be on a due diligence phone call or maybe even a wealth adviser. Can you talk about those interactions and um different maybe changes you've made to your strategy and communicating with those folks over time? Sure.

And a lot of cases, the the CPA or the tax attorney, whoever it happens to be, is the trusted adviser, but they don't know any more about the deal than probably one of the investors children does. Probably less actually if it's a technology deal. And so the key in that case is because that's an influencer, just like Molly was saying, you're dealing with influencers. Those because the CPA is going to be the influencer or the tax attorney is the influencer.

You have to get them comfortable with whoever your subject matter expertise is or expert is that's conveying the knowledge because frankly they're not going to know any more probably if it's blockchain or artificial intelligence or whatever it happens to be. They're probably not going to know know more than than the industry is. But getting them comfortable again that's getting back to what we've talked about all day. Building relationships, being relatable, being open and honest, and being transparent with whoever the the CPA or the expert is or the influencer is, as well as with the investor, and and not trying, again, just being as open and transparent as you can, and trying to be committed to building a long-term relationship because if it's perceived that this is a oneoff kind of fly by night type situation where you just want the one-time deal, you're going to get shut down and you're not going to get anything out of that.

So, it's got to be, particularly if you're dealing with a third party, a commitment to a really a longer term relationship, which may not yield fruit immediately, but ultimately can. Sure. And there's a investor clubs or there angel investor clubs or medical professionals, etc., uh, all over the country. Usually, they have the terms on the website. You have to fill out a form and just hope that somebody on planet Earth reads it eventually and you don't hear back or you just get a polite decline template letter.

So besides reading someone's website and submitting the form, I mean, what advice do you have for someone here in the room who's maybe, you know, based in Austin with an operating business looking to raise capital or based somewhere else in a different niche? Uh, how do how can you get through that process besides the obvious of going to the website and seeing seeing if you meet the criteria? Well, you need to find somebody like Richard Wilson who reads every email and responds to everything system. But short of that, u if you're in a city Austin, Austin won't be hard.

Dallas probably won't be hard because you can find those organizations where they do have things and you can reach out and and you'll have to hit a number of people there'll be again in Austin's in here too there'll be pitch competitions you can go through frankly in most big metropolitan areas now there'll be at the chamber of commerce some type of technology or entrepreneurship committee where you can do pitch uh pitch reviews and have those type of that get that type of feedback that'll help you and ultimately get to where you want to go. Um, again, it's all about relationships and refining what you're providing uh in a way that's going to be received. And if you don't know that, this is the best. I mean, come and ask me.

I'll be glad to help whoever needs it. It's interesting. Most angel investor clubs I see, probably like 354% of the room are real estate professionals. Most angel groups I see are focused on operating businesses, not in real estate. Yet, on the same balance sheets of those angel investors, they do invest in real estate. It's just not the purpose of the angel investor club.

So, one, why is that? Why don't they have 30% of the ideas coming through be real estate ideas? Or maybe I'm off the mark and a lot of them do. Uh, or why do you think there aren't more angel investor uh real estate clubs out there since so many of them are focused on operating businesses? Is that me?

Well, I think real estate folks again there I'm not a real estate person, so you'll tell me you guys are kind of lone rangers to some degree and you like doing things. It's just not something that seems conducive to having a team of chefs. You get one cook, maybe one or two cooks and that's about it. Whereas with with an angel investing component with technology, you're going to have the technology expert who probably doesn't do sales very well and you're going to have to have someone who can sell it.

Then you have to have an operating component. There's just there more cogs in the machine. Whereas for real estate, you typically can have, again, correct me if I'm wrong, one or two chiefs or captains that can drive the ship, take care of most of what needs to be done, and they probably don't want any other any other captains in the cockpit, so to speak. I think Jim would like to partially corre correct you here, so let It's not so much a correction.

There's just different segments of real estate. Senior living communities are operating businesses. Each community might employ 40 or 50 people delivering uh quality care to the residents in various levels of care depending on the uh nature of their their needs. So it's one of the few sectors it's I guess a little bit like a hotel but uh in the case in the senior living community case it's it's healthc care related need-based and so it's not like a manager sitting in a apartment building or industrial building or something.

It's you're delivering active care every day interfacing with residents and uh and so the value systems of who those leaders are of those communities and the the company that has multiple communities is very important. And so the value systems that you find great leaders in uh corporate world or venture capital world which was what we did in the old days same value systems to find great leaders to be top quartile operators and managers of these kind of facilities. So it's a different segment. So it's not correcting you it's just an addendum.

So and I know that uh there's some family office club members that have connected with a few wealth management firms and uh you know like fatty was here on stage earlier. I believe they've done very well. Raised a couple hundred million dollars through a single wealth management firm relationship for example. Uh so I think that uh taking the time to build the types of relationships with an investor club or a wealth management firm can pay big dividends.

And in your case, Nick, um what's been your experience in Canada on where you've had the highest ROI of finding aligned investors? Was it within an investor club or an angel group like Bose? Within a wealth management firm uh like Molly's or uh we've been uh most successful I think in leveraging relationships where we'll have a relationship with uh a family office that is aligned with our values and they'll introduce us to other ones who then introduce you know and it becomes a bit of a network. So it's um and built over time.

So uh none of this stuff happens very quickly because trust takes a long time to build. Um you have to do what you say a whole bunch of times before somebody actually believes that you're going to do what you say the next time. Uh so for us it's really been a process of steadily building that trust. Um we're now a second generation business and uh and being able to move that forward.

So, I think be patient is is probably the biggest piece of that where you got to just continually go back and continually keep uh talking because timing is also an issue where you could talk to somebody who's perfectly aligned with you, the timing is bad for you and often these deals, you know, they come and go. Uh and a deal that's great for that person at one point in time isn't isn't later. So, um, yeah, it's it's about being in the game, being consistent, keeping those relationships alive. Sure, makes sense.

Uh, Jim, since, uh, senior living is such a operationally intensive type of real estate, but I also think people are somewhat familiar with it, like apartment buildings, like self- storage more so than data centers or warehouses, for example. Um, what would be your suggestion for due diligence approaches or, you know, cautionary tales or strategies to take for a family office that wants to conduct due diligence? Maybe they're looking at two senior living deals right now, uh, where they live. Um, what would you say is kind of the things to look at first or really make sure you don't miss while conducting due diligence?

Well, uh, real estate is local. They'll all have a market study, but the really really important thing is the operator or the management team at each one of the facilities. There'll be an executive director and uh other folks down and but the the the majority of the uh the people uh are going to be lower wage and so it takes really talented senior management to get the message and have everybody rowing in the same direction. So the operator in the senior living space is the tail that wags a dog.

It's all about them. So you want to have a top quality operator that's done many many uh communities in the past. Each one of ours uh that we have agreements with have done dozens of communities. So we're spread geographically but uh the operators is by it's it's number one, two, three, and four of what they should do to do due diligence.

And then the market study, it's local, but you know, people can read market studies pretty well and understand whether there's demand and what it is, but it's it's really the the values and the uh the vision and the leadership of the senior management. Sure. And uh Molly, in your case, uh you're working with business owners that might be second generation or might just be a successful first generation business owner, right? Um, so I think many people here in the room have raised capital from business owners.

It might be a law firm partner, maybe an operating business individual that's profiting seven figures a year and looking to put their money to work for them now. So what have you learned the hard way about attracting those business owner clients and what are you finding in common among your clients that's almost always the case that you could share here with the audience? Sure, that's a great question. So um, how we're attracting those type of clients is by doing things like this.

We speak all across the country. Uh really just being a thought leader. Uh we're constantly putting content out there on uh we're posting two or three times a day on social media with our own content and also curating. We underwrite a lot of research uh to be able to constantly have that presence of mind be seen as the expert within our particular realm.

So the more that you can do things like that um everybody wants to be a thought leader but no one really has the time to do so. So what we have really perfected is the ability to to do those things. So we can book a stage uh a week by with our systems and just by using an hour just an hour a week. Um you know for us to do postings and all of our thought leadership it really only takes us an additional couple hours for us to write articles um about 30 minutes.

Uh so being able to have the efficiencies and the systems and the team to be able to do something like that is absolutely imperative. Um so that's one way is uh thought leadership. We also use strategic partners and um our our clients are also obviously a wonderful resource for us for producing additional clients. Um there was a second part of your question.

Uh what's the common thing that most of them are wanting that you're you're able to serve or like a golden thread that you could share with the audience about um you know their most common request or pain points etc. Uh most of them just uh they you know they built this complex business right and they're the ones that are trying to you know the common issue with all of them is that they're the ones that are making the decisions are trying to source um all the advice and then become the expert to then be able to make the right decision. So they you know on average go to 10 different advisors get 10 different answers and then they are absolutely confused so they just don't do it because it's just too complex. And so what we've done is really simplify that process through our virtual family office.

And so all they have to do when they're working with us is be able to just make that decision because as a business owner, you really only have two jobs that you should only be focused on as well as the rest of your team. That's make money and do things that are making the money. Anything else needs to have a system needs to be delegated. And we what we do is really alleviate all those issues.

So that's all they're really doing. Great. Yeah, you reminded me of uh three or four little things. So the first one is that I think that um everyone's industry here is evolving to a niche focus. So if you're a wealth manager, you get helped by evolving to focus on a certain type of business owner that's probably of a certain age range and maybe even certain industries.

And if you're a multif family office and you're early on in the trend, you might be growing in assets through referrals, but I think in the future, family offices that are niche focused are going to attract clients faster and that's how you get a wedge in and get momentum in the space. So I think all of us, you know, trying to dial things in to be most helpful to a very specific uh type of investor is something that's worthwhile doing. Also, I think I find that most investment firms and wealth management firms and most people raising capital are about a decade behind on using tools. Lots of times people haven't started using a CRM even now and people started using those 20 years ago.

They weren't very user friendly till maybe 5 to seven or 10 years ago, but most people are behind on using social media for example. Uh, and I get that there's complex regulations, but in every niche, people have figured out a way to to do it under every type of regulatory structure just about, it seems. So, I think the fact that a lot of the people that hold the purse strings at large investment management firms and they have the gray hair and the, you know, the commercial real estate experience or the wealth management experience of 20, 30 years and they are the CEO or the president, they don't also have the knowledge of how social media can work. Even though we know that's not how you built the practice, that's not what got you momentum.

It's not how business is quote unquote done in your space. I think that's going to start to change over the next decade as uh people that are now in their late 30s, 40s start to be the president and CEO of sizable firms and then that's going to be something that's going to make the adoption of all this stuff that you're saying much more prevalent. Uh Molly, so right now is a great time to kind of be moving forward with that. And um I always like to quote Mona Marquard at Capital Con.

Uh she said that thought leadership is the holy grail of attracting clients and attracting investors. And all she does is raise capital for investment firms. And the last thing that you reminded me of was uh uh something that Gary Vaynerchuk said recently. He says he loves things that are tedious because he knows that nobody will do them and the value is in there.

If the target person that he's trying to work with would get value from it, the harder it is to create that thing, then the better the better happier he is about it because he knows he'll have almost no competition at all. And so I think when you combine those things together, then you get results in the marketplace and you get momentum. Uh I found. So Jim, what about yourself when putting together uh deals in the past?

Uh what's made the difference in getting deals closed versus just getting a meeting with investors because there's a lot of frustration around even if you do get an email answered, you do get a first meeting, you do meet someone here, you know, it not getting to a close or not fast enough and so people then have to go a different route. Well, it's it's personal. Uh like has been talked about most of the day, you build relationships with people. Building relationships is the hardest thing in business.

Uh so that's personal, but I as I thought back uh in the context of this uh this panel today, what's the most one of the most important things because I've been on the buy side most of my life investing in in things. Uh but now I'm on the sell side raising a large amount of capital for this project we're involved in. One of the most important things of all is context. So, this would be whether it's a small or midsize family office or somebody that's trying to raise money from a family office or another investor, it's really important to understand the context of what's going on around you.

If you come in and you're telling me something and I and I have the context of what's going on in the United States and I have the context of what's going on around the world, whether it's technology or whether it's what uh uh people are looking for in returns or anything uh and I talk to somebody who's coming in to talk to me that doesn't have that hasn't taken the time to understand that context. I just I know they're uh poorly informed. I I heard your panel earlier about internal rates of returns whatever. I was shocked by some of the comments 20 25% or whatever.

At the very same time anybody's talking about 20 or 25% the big boys in this country, you know, the Black Rocks, the Apollos, others in real estate are trying to dumb down the expectations of their limited partners to say that, you know, 13 to 15% might be really good as an equity investor over the next 10 years because there's a lot of stuff going on in the world. So you can't come in and if you're talking to somebody who has that context or the European context where I just got back from and you're telling them something and it's just you just haven't taken the time to understand what's going on. That's not a good thing. So context is important, but you want to build relationships.

Yeah, I couldn't agree more. Like at uh our event next week, that's pretty much what the whole event about is context. Creating the right context, understanding the context, finding people who get your context, having everything aligned with what you're trying to do long term. So, I couldn't agree more uh with what you just said. I'd like to open it up to questions if we have a couple before we start uh the cocktails.

We have a microphone we can run over to you if you have them. Otherwise, uh I want to go down the line and just within uh one minute or less, uh most important last point that you wanted to perhaps get across during this panel or something you didn't hear mentioned enough today uh during the conference that you'd like to kind of emphasize uh as it relates to wealth management firms, multif family offices, etc. Oh, we had a question in the middle of the room here. We'll uh we got a microphone coming in just two seconds.

Every I think everyone agrees that we are uh late in this cycle. Um as your clients and you personally uh reallocate your portfolios, uh what changes do you see? Do you think it's just precautionary or do you think we're really getting closer to the end of the cycle? Want a comment, Jim? Well, uh, I don't think anybody knows, uh, you know, there's got a lot of yappers out there that talk about things.

Who knows where we are. I I I will say that one things, one of the things that, uh, a lot of smart people study are demographics. Demographics don't lie. So if you're in an area in real estate or in business or whatever that's going to be impacted by demographics either positively or negative positively like the senior living sector but you know study the demographics they don't lie population uh birth rates in the United States the demographics uh that doesn't lie.

Um so that'd be one thing to try to get some sanity out of all the discussion about end of cycle. We we don't worry about end of cycle. We we're going into a super cycle in our category, but you have to worry about if you're really GDP dependent um where that is, but I don't I would be disingenuous if I was going to pontificate on I think it's going to last for at least another couple of years. All the smartest people I've met in uh Europe or uh other places uh think that for the most part.

Uh beyond that, I don't know. Sure. You want to anyone else want to comment? I I would say that uh speaking speaking and hosting 250 events the last 12 years, I see a pattern of starting three years ago, everyone started to say, "Hey, I think the market's going to drop off in 12 to 18 months." And they've been saying that same thing for the last 3 years.

You know, the tax act coming out, I think, uh seemed to extend things. Um, and you know, no one no one knows what's going to happen obviously, but when people first started saying that more often, it was a stark difference from a year or two before people saying, "We're net sellers. We're not trying to sell everything, but we're selling a little bit more than buying. But then after being wrong for a year or two and the economy keep going and then looking around and the people who weren't so smart trying to reposition made more money because they held on to their assets, then I find that they're just being, you know, uh, caut, you know, cautionary and basically just making sure that whatever they buy, they can hold through a downturn.

Is kind of most family offices opinion like let's not get bed with someone and do a deal that doesn't have the staying power and isn't going to be resilient enough just to hold on until the market recorrects. Uh most not all but obviously uh many assets that debt 2008 2011 went back up to record highs you know same from 2001 etc. So I think they have that patient mindset anything they allocate to now they know they might need to hold on to it for 12 to 15 years perhaps not the four to seven. So just from my perspective, that's what I've seen.

If anyone else wants to, I would I would agree with that. Um I would say that the biggest mistake that you can make is thinking that there's going to be a recession. So holding on and not doing anything. Uh because uh the market is still moving and uh nobody's going to get the timing perfect regardless of what you know, how smart they are, what they think they know or anything.

Someone will somebody Yeah. But yeah, you know. Right. Right. So um I would say just stay in the market but but I would echo what Richard said where it's buy things that you don't mind holding for a decade and what you can you know what history has shown is that there will be market cycles and they will happen on a roughly decadel long you know cycle.

So you know there if you're if you're willing to hold you're going to ride a whole cycle and if you hold longer you'll ride two cycles and hold a little longer you'll ride 10 cycles right? So, it's just be okay to hold. And for a private investor in the room, you I started out the day talking about playing a unique game. And I think that you can have a different time frame and you can be more agile and more patient than anyone else in the marketplace.

So, as a private investor, I think that's really important to keep in mind. But we've had comments on stage before that also you have to realize that if an investment manager or private equity firm crumbles, are you invested in something where you could step in, you could run the asset or what would happen if they went out of business and you need to manage and operate? Do you have someone who's capable of doing that? It's just something to consider when going into deals if you do think that risk is is on the table.

Um, anyone else who wants to comment on that question or a little 30 second or one minute comment they wanted to make sure and fit in and then we'll break for drinks and uh, networking in the back. They just opened the bar one minute ago, but stay with us for another minute or two here and we'll wrap up. I will say one thing because I'm in the great state of Texas here. I wouldn't say this in California.

That's where I come from. A lot of crazies, but um, lot of yappers. Yeah. Yeah. Uh, but I'm in Texas so I don't feel like I run. How can you know how can you uh think about the investment equation when uh the politics in this country are so divided and you're going to have socialism, you're going to have free enterprise.

One thing I I do know all the best thinkers know, uh there's only so much even in this great country like we have, there's only so much oxygen in the one big room. Big government sucks out of the room, shrinks the private sector. Socialism's never worked, but we have a whole bunch of people running for president that think it does. And anyone else want to start a debate on uh we'll leave that over the over the uh over the alcohol.

I happen to uh happen to agree with you. I don't want to get into that. So uh but anyone else want to make a comment before we round off? Go ahead. You're Oh, sure. Um so I you know I basically I just kind of commenting more on to the transformation of wealth management and what that really looks like.

Um what really you know with what we have done and what we've created is you know being able to we we worked with a client for example actually a partner uh we took his business he said well I wanted to be I want to get 10% in the next five years of additional revenue and I I actually did cartwheels inside because I'm like oh that's so easy to be able to do that in like less than a year or in six months and in 18 months we took his business from where he was at to getting an additional 60% in revenue and really the secret sauce that no one's really talking about on how to do that. Yes, you can go to the doctor and get the medicine to treat your symptoms. But, you know, unless you actually deal with the root cause, you're never going to fix that disease or that issue that you really have. And that's what we do.

We went go so many people and I I know this because when my family sold their business, um they they lost everything. It was a multi-million dollar company. And that's because they operated from a mindset of fear and scarcity rather than that of abundance. And so we deal with a lot of business owners to overcome those fears, overcomes those root problems that they grew up with, their belief system that prevents them to be even more scalable, more successful.

And so I just wanted to share that with you as an additional piece that uh is kind of what allows us to really get over those barriers so business owners can truly achieve all that's really been important to them. Sure. Great. Thank you. Uh I always want to thank Richard and his team. I think they've done a great job today.

And nobody said anything about the folks at family office. So, thank you and and all your team and I'm not going to get between anyone in the bar at this point. So, Nick, anything else? So, uh just you guys know next Friday we're in Chicago. Lots of people join to come to an investor summit, but the influence uh workshop is next next Friday in Chicago.

And I really think the workshops are just as valuable, if not much more than this, because you'll walk away with practical changes, plans, 30 different ideas on how you could be working with investors differently and closing more deals. It's going to make every day you spend working on deals and investor more effective. And we really do truly believe that and we think we can transform how you work with investors. If you come to three or four of those workshops over the next 18 months, I hope you can come to at least one of either type of event uh each quarter going forward.

If you can't make it, maybe send a team member. If you've been to a certain workshop, maybe send a team member to that workshop instead of yourself so you get more value out of the membership. Don't forget to log in for recorded events, streamed events, talk to Jennifer if you haven't done a walkthrough of the portal. She'll show you all the different things included in your membership.

And finally, make sure you submit your materials once every 3 months. We'll do a three to five page analysis of them and give you plenty of ideas on what we would uh tweak or change. Maybe you won't agree with 5% or 50% of them, but there'll be an idea or two you can run with just from that. I don't know anyone else that does that even for $1,000.

And again, that's free with your membership. And it allows me to get to know you because now I've read everything that you're showing to the marketplace. So when you come up and shake your hand and we only get to talk for one or two minutes, I already have a frame of reference of who you are and happy to keep you keep you in mind to see if I could be helpful to you in some other way. So let's give our discussion panelists a round of applause and we'll see you next Friday.