Connecting with Family Offices: Insights from Danielle Patterson

Speaker 1 (00:00:02) - Good day, everybody. Welcome to the deal, Scout. We got seven minutes on the clock and we're going to talk about the family office list. Danielle, welcome to the show.

Speaker 2 (00:00:11) - Yeah. Thanks. Josh. Thank you so much for having me excited.

Speaker 1 (00:00:14) - You're welcome. You're welcome. So what is the family office list?

Speaker 2 (00:00:18) - Great question. I always start with it's so much more than a list. It's actually insights data provided through a platform continuously updated. So clients typically looking to connect with family offices, typically to raise capital, can use the filters and align based on each unique family offices preferences.

Speaker 3 (00:00:40) - Yeah. So when you.

Speaker 1 (00:00:41) - Started this and when you when you got together with the group that started this, you created this and there's this list and you could connect and you you originally started it for groups that are looking to raise money from family offices, but it evolved over time to kind of really serve both sides of the equation. Why don't you explain what's in it for the actual family offices?

Speaker 2 (00:01:03) - Yeah, 100%.

Speaker 2 (00:01:04) - So it was a list, a static Excel list started by Douglas Fathers, a fund manager who really realized there were little to no resources. And as I got involved and love marketing and connection and advising, I realized a list is going to encourage, spray and pray like we need to evolve this into something that really teaches the research, the art and science of building relationships based on how you can approach with a value add opportunity. So when we launched our platform, we really expanded the details. So it moved away from kind of like this is a list one size fits all into really honing in and researching each of these families, because from their origins of wealth to how they're structured, how they importantly wish to reinvest, super different. So what's interesting is those looking to raise capital often, you know, our investors themselves, they're just looking for well aligned family offices with patient capital to benefit from their expertise. And the family offices benefit because they can create a true profile depicting their values, what they're interested in, it just helps create more connectivity, more transparency.

Speaker 3 (00:02:15) - Yeah, the.

Speaker 1 (00:02:16) - Art and science of relationships. And I like what you say, relationships, because what I've seen in marketing is people will buy a list, you know, go to LinkedIn family office and they'll download this list and then spray and pray. Right. And they they might not have even studied what's valuable to them or their values or their mandates. Right? So the art and science of relationships is a two sided benefit. Right. And you're helping cultivate that. Now tell us about some of the ways you're doing that. I see that you have master classes in education. How do you foster and help create an environment for win win on both sides?

Speaker 2 (00:02:53) - For sure. It's, you know, how can you take this with a value add approach? And it starts from a user in understanding, being empathetic, putting yourself in that investor's shoes, treating them like a person, not a number. And so that is, you know, all of the education, everything we reinforce through, you know, our marketing guidance through these master classes.

Speaker 2 (00:03:13) - It's really understanding the sector. They aren't like venture capital firms. You know, they're very unique. They're people. They're they're successful families who have made their wealth in a certain area. many of them with several still operating portfolio companies. So if you could really understand how they're structured, what they're interested in, so that you're not wasting your own time, but more importantly, you're not wasting theirs, you know, and it's not just about, you know, we call it the pitch slap, but really thinking, you know, how can I start to offer value and get to know this person, to even figure out if this is a good partnership? Because at the end of the day, it's it's really for the success of any venture. It's it's got to be a well aligned partnership on both sides. So we really teach and encourage that sort of, approach to the, the platform. Yeah.

Speaker 1 (00:04:07) - When you, you see a lot of pitches, you know, through the, through the platform, through your experience working with all these, you know, family offices, how many.

Speaker 1 (00:04:15) - Let's get a number. How many family offices do you have on the list. And maybe the the different types that we can pay attention to. Yes.

Speaker 2 (00:04:22) - Amazing. So it's very hard to, you know, put them all under one blanket. And so first things we're yes, we're going to categorize to help you. We have a total of grows every day but 4500 family offices. Now this is definitely a curated list. There's upwards of 17,000. And what I mentioned is in just the past three years alone, it's like tripled. So it's growing at a tremendous rate. but we have a third of that being single family offices. So they are the entities that represent that one individual family's wealth. We have multifamily offices, which are the entities that kind of collaborate. They take care of many. You know, household financial affairs of of several like minded families. And then you'll see you get family foundations. Often you can have, you know, a single family office that has its foundation. It's the more philanthropic side.

Speaker 2 (00:05:14) - And as the term is becoming more widely recognized, there's a lot of advisors that will offer custom family office services and even virtual family offices that can kind of outsource solutions to several. So you can see it's really growing and encompasses a lot, but at least by kind of understanding a bit about the different types, you can focus on the right sector.

Speaker 1 (00:05:37) - Yeah. And for a company that's raising capital, they can try the spray and pray method. But I'll tell you, working internally at a family office, I get a lot of emails. Right. And the ones that stand out are the ones of the people that are focusing on a relationship, that have done research, that have looked into it and said, hey, I see you do this and you've worked with this group, I know so-and-so, would you be open to maybe giving us some advice and, you know, those tend to move to the top? this is really great. two things cast vision. Where where is this heading for you? And then at the end, you could kind of wrap up to where can people find out more about you and maybe get involved with the group that you're building.

Speaker 2 (00:06:17) - Amazing. Well thank you. Yeah. You know, really creating more connectivity, just like you said, not just for those looking to connect and partner with family offices, but for the family offices themselves. It is growing at a tremendous rate. We're preparing for the largest transfer of wealth in all of history. As the baby boomers passed that what's currently 10 trillion in assets down, it's going to rise to 84. it's really going to have a huge impact on how private companies are funded and just to create more efficiency because so many of the single family offices I speak with are overwhelmed. And to make the process more efficient. So to find me, I'm very active on LinkedIn. It's my chosen social media platform, but I'm on all and family office lists.

Speaker 1 (00:07:02) - Org family office list or a great job. Danielle. fellow dealmakers. As always, reach out to our guests, say thanks for being on the show, and if you have a deal that you'd like to talk about, head on over to the deal Scout.

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