Category Archives: Mike Simmons

WIMS Client Spotlight: List Confidently

Licensed and operated in North Carolina, List Confidently is a residential and commercial real estate flat-fee listing service. Our team has done business in the real estate brokerage industry since 2016, and the List Confidently experts are experienced in countless real estate facets. We understand the processes and expenses that accompany real estate investing. As a tight-knit team, we dedicate ourselves to helping customers save thousands of dollars when selling their homes and business properties.

Our services allow customers who would otherwise advertise their properties unaccompanied as For Sale By Owner (FSBO) to list on the Multiple Listing Service (MLS), an invaluable resource typically available to buyer agents only. By listing a property on the MLS, it is exposed to a considerable number of buyer agents and syndicated through the most influential websites, including Zillow, Trulia, Realtor.com, and more. Not only that, but customers ultimately save commission and other fees by bypassing a full-time realtor.

With List Confidently, customers do not pay any fees upfront. And, in turn, we value their business more than any other flat-fee listing service in the industry. We do not bind customers to any agreement, allowing them to cancel anytime if necessary. List Confidently is a proud member of the National Realtors Association and the Canopy MLS.

WIMS Consulting Client/Portfolio Company Spotlight: Direct Power Pros Solar

Direct Power Pros Solar was recently formed by professionals from within and outside the solar industry. The team has extensive experience with both the positive and the negative aspects of the energy, so they set out to create a much better organization from the ground up. While the company is based in Charlotte, NC, the team is spread across the US and can serve most of the US already.

Not only did they create the best work environment and conditions for their sales and install professionals (which in turn creates the best product for their customers), but they’re also creating an entire community as well. For example, the referral partner program that is launching is going to help generate substantial income and revenue for those involved.

While it may still seem a bit futuristic or cost prohibitive, according to the US Department of Energy, “Solar energy can help to reduce the cost of electricity, contribute to a resilient electrical grid, create jobs and spur economic growth, generate back-up power for nighttime and outages when paired with storage, and operate at similar efficiency on both small and large scales.”

There are so many incentives available right now to encourage more widespread adoption of solar energy that it makes this decision much more compelling. These incentives also reduce the downside risk and increase the upside. If you’re interested in taking a deep dive into the basics of solar energy, you can check out this guide also from the DOE, Homeowner’s Guide to Going Solar.

The team at Direct Power Pros realized a great opportunity to create an environment in which installment and sales professionals are supported and held to the highest ethical standard. They strive to put the best solar systems together for their clients and ensure the process is smooth from start to finish.

They believe in a core set of principles:

That solar is the wave of the future and with a strong sales and install team, can assist in educating the public and providing a platform to create savings for their customers and enhance the adoption of renewable energy.
That trust and integrity are the only things they truly have and control in this world. They know that once their word is broken, it cannot be undone.
There are many options for going solar, some good and some bad. It is their job to help their customers navigate them and do what is best for them. At times, this may come at the expense of making a sale.
They pride themselves on educating people first and not pressuring them into a sale.
They use only the best installers and the best materials. They do not cut corners in the installation process and will ensure your project is completed in a timely and professional manner. They will be by your side throughout until your system is turned on and generating power.

If you’re interested in learning more about the benefits of solar power, reviewing potential financial incentives within your area, becoming a referral partner, or setting up a consultation, visit https://www.directpowerpros.com/.

WIMS Client Spotlight: Lincoln James Capital

Lincoln James Capital is a commercial real estate firm based in Charlotte, NC, but operating throughout the South East USA, that specializes in arranging debt for their multifamily and commercial real estate clients’ needs. They operate daily to earn their reputation as a customer-focused, honest, and dedicated company. Lincoln James Capital simplifies the process of getting the commercial loans you need, so you can move forward with confidence.

They’ve completed over $1 billion in commercial loan transactions.

Lincoln James Capital Specializes in arranging financing for commercial real estate properties and businesses through their expansive network of lenders. With lots of loan program options to choose from, they offer you mortgage alternatives that suit your specific loan situation. And every aspects of the loan process—from the initial loan application to closing are handled by their carefully selected mortgage and in-house closing experts. This helps to speed up the entire loan process and get you the best mortgage terms within a shorter period. Their ultimate goal is to save their clients time and money!

Their core tenants include:

Commercial Real Estate Financing Unleashed – They provide creative financing solutions to commercial property owners through their extensive lender relationships, in-depth market knowledge, and the determination to exceed expectations.
Certainty of Execution – In uncertain times, their clients have come to trust that they will deliver on what they’ve promised.
Philosophy of Excellence – Integrity. Professionalism. Execution. Their philosophy of excellence demands the highest level of honesty, professionalism, and execution.

Visit their website and reach out to their Managing Partner Sokoni Scott to learn more about how they can help you get the financing you need for your commercial real estate project.

While you’re their make sure to check out their case studies section too!

About Mike Simmons & WIMS Consulting

Mike Simmons is the CEO of WIMS Consulting, a consulting firm and full-service marketing and sales agency specializing in marketing strategy, CRM programs, digital marketing, website development, business development, and additional services operating primarily in Charlotte, Miami, Tampa, and Southern California among other cities around the country. The firm’s ventures include equity positions in the following portfolio companies as well: EolianVR, ARRE (Augmented Reality Real Estate), Sunny Money Solar, and LDR BRD.

WIMS Client Spotlight: EF Hutton

EF Hutton is a fast-paced high-growth global investment bank founded by experienced investment professionals that have collectively financed over $250 billion for public and private companies alike. They offer strategic advice and financing solutions to middle market and emerging growth companies across the globe. With the focus of a boutique investment bank and the support of a global syndicate network, EF Hutton is the ideal strategic partner.

The EF Hutton proprietary platform includes hundreds of brokers and over $6 billion in assets under management between the UK and the US, allowing them access to capital across two of the world’s most developed and wealthy markets. Their unique organizational structure affords them access to capital on a transcontinental scale.

Large Global Syndicate Network
Strong Institutional Fund Network
16,000 Active Clients
500 Finance Professionals
$6 Billion Assets Under Management
Proprietary Global Network With A Presence In Every Market

At EF Hutton, they conduct all aspects of their business with the utmost integrity. They are dedicated to providing objective strategic advice and financing solutions to companies across the globe.

Powerful Partnerships:

EF Hutton’s dynamic operating structure offers a unique alternative to traditional middle market investment banks. EF Hutton is a division of Kingswood USA, a subsidiary of Kingswood Group (AIM:KWG); the synergies of these divisions and direct access to KWG provides EF Hutton a unique global presence and broad platform outreach. Their differentiated equity platform allows for cross border access to global asset managers, banks, middle market credit funds, family offices, and specialty lenders. Since the founding of EF Hutton in May of 2020, they have found the Kingswood Group to be a powerful partner that shares our vision of rapid expansion.

About EF Hutton

EF Hutton (formerly Kingswood Capital Markets), division of Benchmark Investments, LLC is a global, full-service investment bank headquartered in New York, New York. EF Hutton is a division of Benchmark Investments, LLC, a subsidiary of Kingswood US, LLC, an indirect subsidiary of Kingswood Holdings Limited (AIM: KWG). The synergies and direct access to Kingswood Holdings Limited provide EF Hutton with a unique global presence and broad platform outreach to ensure success for its clients.

About Kingswood Holdings Limited

Kingswood Holdings Limited (trading as Kingswood) is an AIM-listed (AIM: KWG) international, fully integrated wealth management firm with approximately 18,000 active clients and approximately $8.7 billion of assets under advice and management. Securities are offered through Benchmark Investments, LLC, Member FINRA/SIPC.

Contact

Joseph T. Rallo, CEO

590 Madison Avenue, 39th Floor, New York, NY 10022

[email protected]

About Mike Simmons & WIMS Consulting

WIMS Client Spotlight: Blanca Commercial Real Estate

Blanca CRE is Florida’s leading independently owned commercial real estate services firm, known for customizing solutions that drive success for their clients while giving back generously to the community and industry they serve.

They deliver outstanding results for their clients by leveraging their superior market intelligence, data-driven research, carefully customized strategies, and excellence in service. Their differentiators –including a client-first approach and passion –have attributed to their phenomenal growth and continued success on behalf of their clients. When you look at their client list, it’s filled with some of the most elite companies operating in South Florida as well.

They are a full service firm that offers a complete spectrum of brokerage and advisory services related to landlord representation, tenant representation, property acquisition and disposition, and property management.

For more details on their service offerings you can click below:

They are a women owned business distinguished by the WBENC Certification, they are proud to be a woman-owned business that maximizes opportunities, builds innovative solutions, and drives results for their clients.

The market reports they regularly publish are second to none and offer a ton of insight surrounding the South Florida market. They also have an office planning tool that is helpful.

The Real Estate Branding Revolution – Creating an Immersive Experience

We have seen the benefits of storytelling and branding as a marketing tool to create an experience for companies and people in almost every industry. As of late, we have seen the real estate industry begin using branding and storytelling to create a lasting impression on people to invoke emotions and appeal to their aspirations. But what does this look like and how can it best be leveraged?

Sports teams, athletes, actors, and “influencers” hire marketers, agents, and consultants to carefully curate, promote, and monetize their personal brand to better connect with fans. Restaurants are leveraging their atmosphere/vibe, décor, and community involvement to appeal to customers just as much as they focus on the actual food and beverage offerings. So why not real estate too?

Traditionally, real estate has been a game of square footage, location, and expectation of appreciation to determine value. The best players in the real estate game look past these objective features and focus on the subjective needs of their target market.

This means taking into account, and optimizing, the impact you can have on someone by establishing a memorable experience that will leave them itching to revisit the property, envision themselves living, working, or owning it, and at the very least passing it on by referring it to others.

Many in the industry are now treating their buildings and spaces like they are their own company by creating a brand around the asset that helps to differentiate from competition. Developers, investors, and brokers are leveraging technology more than ever to showcase their properties. Commercial and industrial buildings are now building their own websites, social media, their own videos, and marketing, and much more. Apartments and multi-family buildings are too. Plus they’re integrating CRM systems into the day to day operations to close the loop on leads, prospects, and track referral sources.

Some are now adding virtual and augmented reality walk throughs to show off the amenities, highlight key features, and visualize the surrounding community and more as well. Tenants (and potential investors) can get an even deeper feel for what a space can offer without having to physically be present in the space.

Creating a story surrounding a space to develop a certain desirable atmosphere for people matters more than ever. You are no longer just selling square footage as much as you are selling the ability to solve their problems, meet their goals, and help add value to their life, business, or whatever the case may be.

Building a brand that people want to share is a powerful tool. Creating that reputation of being the place to be essentially markets your space for you. This could be through adding more amenities such as a pool, a gym, a lounge, a rooftop patio, an art gallery, anything to foster an ambiance of originality that can be shared with friends and colleagues. People remember what they have not experienced before, giving you an advantage over competitors if you can differentiate in this way.

All of this adds incredible valuable for commercial properties, office buildings, and apartment complexes. If you can create an immersive impression, it can have an effect like the movie “Inception” that lingers longer after they visit the website, do a walk through, view a brochure, or watch a video. That is when you know you nailed it and is what you should aspire to.

What other approaches are you seeing being used to help tell these stories and create these brands?

WIMS Client Spotlight: The Christmas Team

The Christmas Team and their decorating elves are a commercial and residential Christmas light installation company. Voted “The Charlotte’s Premier Holiday Light Installation Company” by The Charlotte Business Group.

They pride themselves on impeccable customer service, custom-tailored design suited perfectly for your building, and their decorating elves. They do not only provide a luxury festive service; they create a Disney-like experience that your family and community will absolutely love!

Their offerings include lighting for commercial properties, residential properties, Christmas light shows, weddings, and event lighting.

Their all-inclusive service provides:

Lights – LED, Energy-Efficient, 5x Brighter than retail, Commercial grade lights.
Design Consultations – Custom Suited for your home or building.
Installation – Goodbye to long hours of unboxing, detangling, or setting up.
Removal – Bringing down and putting away will be a thing of the past.
Service-Calls – Keep your building fully lit all season long.
Storage Year-Round – No heavy lifting, untangling, or finding places to store.
Real Elves – Only company in the world that provides uniformed decorating elves.

They take the risk and hassle out of decorating for the season so you don’t have to worry about a thing during the hustle and bustle of the holidays! Visit their website http://thechristmasteam.com/ to check prices and book now!

The Christmas Team was started by Tim Guercio, who was named one of Charlotte’s “Top 30 Under 30 Future Leaders of Charlotte” by Elevate Lifestyle. He also is the CEO of Turf Pros Solutions Charlotte and Leads Digital Marketing.

Q4 2020: FINISH LIKE A SAVAGE & PREPARE FOR 2021 DOMINATION!

There’s something about Q4 that is always exhilarating to me. Knowing that “the game” is coming to an end, each and every play is more significant, there’s less margin for error. Perform well during this time and you can make up for a lot of previous mistakes and setbacks along the way. Let up or fumble the ball, and you can destroy all the momentum you made thus far. No pressure, right?

All of this is going on while simultaneously a new game is going to begin soon thereafter. Endings are always thrilling, but so are new beginnings after all. The new year coming up is especially enticing given the chaos of the current one. Whether it was a rough year, or an incredible one, you have to just keep looking forward and continue to get better.

Despite the hectic grind I’ve been on lately (pretty perpetual at this point), I wanted to take a little time to revisit and write up a quick/updated “Q4 Manifesto” which is mostly for myself, but then I decided to add a few extra tips for you too, primarily applicable to both your business and professional life.

Don’t wait for January 1^st to start your New Year’s Resolutions, now’s as good a time as any. It’s a misguided practice that usually doesn’t end well anyway. You don’t need an arbitrary start date to work on self-improvement, that should be a daily practice as it is. Why not start right now?
Get AGGRESSIVE – Close out ALL of those pending dream deals that have been lingering. Do much more outreach and lead generation. Don’t dwell on whether you’re annoying people or assume that they already have an expert helping them that does what you do. Push harder!
Think about and plan out ways you can continue to streamline your business & professional operations. This can include CRM, automations, revisiting your tech stack, delegating more tasks, etc.
Try not to eat and drink everything in sight just because it’s the holidays. Maintain (or in some cases start) your workout routine consistently and only indulge occasionally. It’s especially tough given all the parties and networking events, but some balance now will spare you later.
Enjoy time with my family and friends and BE PRESENT. Don’t spend that precious time distracted with your head in the clouds and worrying about things that are out of your control.
Debrief/Reflect on the past year. What worked, what didn’t, what do you need to improve upon? Lay it all out objectively and identify opportunities to get better. While this may seem obvious, it’s crucial.
Strategize for 2021 (and beyond) now. Spend an appropriate amount of time writing out specific goals, sketching out project plans, and dreaming big. From there be mindful, thoughtful, deliberate, and thorough enough to also make your plan realistic while still stretching yourself. Once this exercise is completed, start working on implementing that strategy ASAP to carry some momentum with you.
Add appointments to your 2021 calendar (monthly/quarterly, etc.) now to make sure you schedule the time to reflect on your progress and measure where you’re at along the way to ensure you continuously improve.

A few specifically for you:

Get and implement a CRM already! Seriously, how many times do I have to say it? If you need to spend some time asking a few questions on how to get started, reach out to me, that part is, and always will be, on the house.
Start a blog, a podcast, video/webinar series, whatever. Leverage content marketing to develop and enhance your brand and get your business’ name out there.
Finally start that business you’ve been day dreaming about for years now.
Or at least start working on that side hustle you’ve been planning.
Identify an organization you’re interested in and get involved in the community. This could be philanthropic or civic, doesn’t matter as much as simply taking action and giving back.

There are plenty of others I’m forgetting. And I will likely revisit this some more over the next few months to continue tweaking it.

What are some of your Q4 goals? What about your 2021 goals? How can we help you achieve them? Please let me know, would love to hear from you!

The State of Technology & Innovation in Real Estate

The integration and adoption of technology into every industry is inevitable, even in industries that are traditionally relatively slower to adopt like real estate. Tech developments are enabling professionals in the space to be able to facilitate easier, faster, efficient, and more secure deals for all parties involved. Below are some of the emerging technology trends that are being integrated into real estate now, and in the coming years, many of which have been accelerated by the outbreak of COVID-19.

Augmented Reality & Virtual Reality

The AR/VR spaces have seen tremendous growth, and it seems with the onset of COVID-19 the demand and urgency to roll out these capabilities has only increased. With the need for limited contact during the pandemic, restricted travel, and work from home trends, it is only natural that AR/VR trends will continue to surface in the real estate industry.

AR/VR technology increases the efficiency of managing tangible spaces and properties. Buyers and investors can view homes, office spaces, apartment complexes, industrial properties, office buildings, etc. without having to physically visit these properties. This saves time and money. The benefits are plentiful and include:

Virtual tours to advance remote property viewing,
Increased efficiency of property marketing,
Web and mobile applications for easy accessibility (even if a user does not have a headset),
Detailed investigation of properties that saves time,
Potential to remotely cover all stages of the negotiation process,
More dynamic and real-time collaboration with architects, developers, GC’s, and brokers,
Ability to build out a space, input secured tenants, and decorate a potential property, and
Many other use cases and capabilities are being developed daily.

The increasing popularity of real estate mobile apps and websites to search for properties will only be enhanced by AR/VR technology. People are closing deals and investing in properties/land without even physically seeing properties and are saving time in eliminating those properties that they would otherwise waste view in person.

CRM, Automation, & Business Intelligence

CRM programs are still in an early stage of adoption in the real estate industry despite being around for a while, and regardless of having proven their incredible value to companies in every industry. This industry relies on, and has a heavy emphasis on relationships, so the value to having a great system is immense. In addition, the more a firm and its professionals can automate the sales and marketing process to supplement their activities, the more likely they will be to grow.

Further, not just helping with the management of relationships and sales but tracking and referencing data can really set firms apart as well. For example, “Business intelligence derived from big data is already one of the biggest trends in property management. It can empower a real estate application affecting the process of interaction of property owners, agents, and customers in the app. BI provides various tools for the optimization of decision-making. Business analysis algorithms are applied to get intelligent predictions defining the relationships of app users. Then, it is easier to give an answer to the question about what is going to happen. Reviewing internal data and analyzing business processes, BI is increasing your data-driven real estate business. With business intelligence software solutions, you can optimize your operations leveraging and processing all incoming data.”

Artificial Intelligence & Machine Learning

AI and ML have a bit longer of a way to go yet compared to the other trends, but they’re likely a lot close to widespread adoption then you’d think. An article from Forbes, highlighted some of their potential use cases:

“Right now, property search sites rely on simple preferences like location and size to display properties for sale; in the near future, however, AI may enable these sites to recommend properties based on additional preferences, personality traits, and values.

AI will also be able to help predict pricing trends more accurately. This type of technology would look at historical trends in the market for an area, but might also take into account area crime, schools, transportation, and marketplace activity.

It may also make the buying experience faster and easier. Companies are already creating ways to digitize the entire homebuying experience — no more reams of paper to read and sign at closing.”

Crowdfunding & Fund Syndication

Purchasing real estate, especially in the commercial/industrial sector, obviously requires a large amount of capital, which creates high barriers to entry. Syndication through crowdfunding, (along with blockchain mentioned below) allows for part-ownership in properties. Similar to how crowdfunding has become popular for those wanting to invest in start-ups without the traditionally large amounts invested by private investment firms and angel investors, you can now crowdfund to invest in properties too. This easier access enhances the trend towards a “sharing economy” where expenses are distributed, yet relationships flourish, through sharing the tangible things that traditionally single people or businesses would own. This is further evident in the business space through the popularity of coworking spaces.

Blockchain

Blockchain is most often associated with cryptocurrency, but it is reshaping business practices in traditionally non-tech industries. Blockchain does not necessarily change how real estate business is done; however, it serves to mitigate many of the challenges that arise in real estate negotiations, creating a safer and more efficient approach for the industry.

Fraud has existed in every industry that uses paper contracts. Why try to develop fraud detecting software or practices instead of just getting rid of the real problem: paper. So-called smart contracts can link digital property ownership to the blockchain, preventing any altering of material terms once they are encrypted. The documents become impossible to forge as the cryptography keeps them safe.

Although records are impossible to forge, they are not impossible to update. Typically, up-to-date, and relevant property information can be difficult to obtain when dealing with real estate paperwork. Also, it often must be paid for. Blockchain, however, provides all the historical data on properties and relevant updates in real time, preventing the need for any intermediaries to provide and verify relevant information.

Real estate deals involve many different individuals: notaries, bankers, real estate brokers, and others. Blockchain allows the buyer and seller to reduce the time needed from some of these respective individuals for their deals.

Drones

Marketing has become less about specific products/capabilities and more about storytelling, creating an emotional attachment to material things. Creating videos using drones can help tell the story of properties while maintaining a cost-effective marketing budget. Different angles give a better big picture look into what a property can offer.

Furthermore, drones can also assist in estimating the value of a property. Not only can you see surrounding properties, but you can get a better feel of the surrounding community. Drones can be used to spot potential risks or maintenance issues, providing a more thorough evaluation of properties.

Conclusion

This article just scratches the surface here, as there are many other technologies rolling out related to construction best practices, architecture, maintenance, materials, marketing, etc. The industry is ripe for further disruption and optimization which presents incredible opportunity for those that embrace it and make the most of these emerging technologies.

Written By: Mike Simmons and Evan Shirreffs.

5 Ways Family Offices Can Optimize for the Present & Future

Over the past 50 years, the amount of family offices has grown to an estimated 3,500-5,000 as ultra-high-net-worth (UHNW) investors have increasingly used this approach to leverage and manage their wealth. Whether it be through Single-Family Offices (SFO’s), Multi-Family Offices (MFO’s), or a combination of both through syndication, wealthy families have seen the advantages of customized structures that meet specific needs and go much more in-depth than just financial investments.

With family offices varying in size, scope, purpose, and operation, it’s impossible to define the specific actions family offices should take, but it is possible to highlight key themes and challenges that most family offices face and offer advice on how to deal with common situations that arise. The increased level of sophistication for these investors has created a need for constant communication and transparency to ensure everyone involved in deals is on the same page and held accountable to achieve the desired results.

Vision – Clearly Communicate Goals to Foster Alignment

Family offices need to communicate their goals and alignment to all players involved, from their internal teams to management at their portfolio companies and everyone in between. With varying scopes of family offices, the common goals tend to surround income, total assets, and legacy. There is a varying degree to which these topics are discussed and articulated among family offices. Mapping out priorities that articulate the desired purpose and direction for the family’s wealth will encourage proper decision making and the right strategy. The proper structure of the family office can then ensure that governance framework, operating processes, teams, and advisors are set up in a way to support the family office’s purpose and values to achieve specific goals. Further, it will help identify the right KPIs/metrics to track and measure against as well.

Operations – Set up the Proper Delegation of Duties

Once everyone knows and embraces their role, family offices can then fill in the gaps where they need help, making the whole process much simpler and clearer. These gaps can be filled through streamlining operations via outsourcing. Outsourcing to specialized agencies not only provides expertise and more eyes on what matters, but it also allows family office executives to focus on the areas they’re passionate about.

Deal Flow – The More Opportunities That Come Your Way the Better (if it is manageable)

The best deals typically come through referrals, but there are also plenty of solid opportunities that come in via cold calls, emails, pitch events, or online databases stacked with potential investments. No matter the source, access to these deals is paramount to succeeding in the private investing world. A few sources we have found useful are AngelList, PitchBook, LinkedIn, CrunchBase, etc.

In more of a nontraditional move, family offices can also find deals and collaborate through equity crowdfunding. A capital raise can start as Reg CF and later convert a round to Reg A. Start-ups are increasingly seeing the value in crowdfunding to raise initial capital as it helps to validate their business model and market fit. With less regulation than private equity, investors can also benefit from getting involved and take more ownership of great ideas at an early stage.

Syndicate Investments to Reduce Risk, Increase Upside, and Achieve Economies of Scale

Most family offices already co-invest through syndication with other family offices. Yet this only increases the need for transparency from all firms involved: the family offices, their teams, portfolio companies, and any outsourced agencies that are involved in establishing a smoother operation. Syndicating deals allows you to reduce the downside by committing less capital, it increases the amount of relationships/resources that the target company can leverage, and it also enables each family office/fund to be able to split expenses when appropriate.

Finding and deploying the right consulting firm is a key example of this, due to the essential need for trust and objective parties when dealing with a large amount of wealth from a small number of sources. If family offices do choose to outsource certain operational functions (like marketing, sales, finance, etc.), a firm that provides constant communication and quick action to resolve issues is necessary. With the right external agency, family offices can concentrate on the roles that align with their purpose and passion with respect to running a successful operation. Not to mention, they save even more capital by not having to hire full-time positions to do what these outsourced specialists have been doing well for years.

Succession Planning – Always Keep an Eye on the Future

Succession is one event that family offices must have even though it can be uncomfortable. Having a contingency plan in place allows for smooth transitions and operational stability across the board when the time comes. This could mean planning for the transition from one generation of principal(s) to the next, or from one family office executive to the next. CEO’s tend to be in their position for an average of approximately 5 years. For family offices, managing directors and executives tend to hold these offices for 10 years as they have established a rapport with the investor families. This means that much more of the operations are in the hands of the family office executives than in traditional businesses.

When succession occurs with these individuals, it can be tough for the family office to stay on course if objectives and procedures have not been communicated. Understanding the role of the family, the family office, the portfolio companies, and any external firms in the event of succession is key in mitigating risks and obstacles that can cause disruption. With less regulation and oversight regarding practices of family offices, a lot more is done on an informal basis, leading to the possibility of overlooking key operations. With a clear and defined plan, it provides an easier transition when any type of succession inevitably occurs.

Conclusion

As you look to scale your operations, investments, and grow, there are clearly a variety of routes to take. The key is determining the route that best fits your family office’s vision, the portfolio companies you want to invest in, and then ensuring that all parties involved, whether in-house or external, all understand and are committed to executing it.

Written By: Mike Simmons and Evan Shirreffs.

THE PRIMARY MISSION OF WIMS CONSULTING IS TO HELP YOUR FUND AND ITS PORTFOLIO COMPANIES GENERATE A HIGHER ROI NOT ONLY INTERNALLY, BUT ON BEHALF OF YOUR INVESTORS AS WELL. WE CAN ASSIST WITH SCALING YOUR INVESTMENTS TO HELP INCREASE VALUATIONS IN ADVANCE OF ADDITIONAL FUNDING ROUNDS, LIQUIDITY EVENTS, EXITS, OR IPOs. WE CAN PROVIDE A LOT OF DIFFERENT SERVICES, CREATE AND IMPLEMENT A ROBUST STRATEGY, AND EXECUTE EACH TACTIC, BUT EVERYTHING THAT WE DO TRULY BOILS DOWN TO THAT ONE SINGLE OBJECTIVE OF ADDING MORE VALUE TO YOUR FIRM.