I presume a lot of us on here dream about having our own family office one day. I figured it might be a good thread to share how the older generations amassed the wealth to be able to have a family office you work in.
I'll start:
Principals started investing commercial real estate in the early 90s as a result of a few family members being high income earners (think dentist, doctor, lawyer). Hit a huge boom over the past number of years while continuing to deploy their high income earnings, which then snowballed.
Effectively a good amount of money came from non-real estate income. Don't think they would have been able to do it if they didn't have that high income at the onset.
Some of our investors are HNI and invest through their family offices.
- entrepreneurs, some of them fairly young
- small business owners who were able to leverage/expand
- generational wealth/inheritance
That's all I know.
We have two family office equity partners. One is the family that owned a minor city's media empire back when that was big business (think city newspaper and main city tv news station). The other is more of an amalgamation of historic European wealth (a car company you'd know, an alcohol company you'd know, people who literally live in castles and got invited to the royal wedding, etc.) whose families collectively want to invest in American real estate.
Oddly enough, all cool and generous people. They don't present as stuck up or douchey at all and they get genuinely excited about silly things, like getting their own pair of safety glasses when touring the construction site.
What generation post-wealth are the family members?
I've always found with these guys that first and second gen are generally down to earth but it tends to slip from there.
I don't work there, but I've always found it funny that the group MIG is the family office for the founder of the hot pocket.
Associate 2 in RE - CommI don't work there, but I've always found it funny that the group MIG is the family office for the founder of the hot pocket. Guy rolled his favorite post-blackout meal into an empire. Lmao.
Hedge funders that want a slightly less spicy place to park their gains.
All the ones ive interacted with had the wealth come from oil & gas. I live in Houston so I guess you'd expect it
Regional Alarm Company who bought a bunch of CRE staring in the early 90s.
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