5Gen Family Office

For the time capsule: DaVita, Inc. Gardena, California Price: $3,303,984 | Cap Rate: 6.25% which I think is weird b/c this: DaVita, Inc. (Leasehold) Tucson, Arizona Price: $3,834,801 | Cap Rate: 5.50%

Starting to see CRE prices getting attractive. Even though we only buy once every 5-7 yrs it's good to keep a constant eye on the mrkt. A few slip away whenever were in buy mode, it's ok to fall Iove and get 💔if you learned from the research you did. #familyoffice

For the time capsule: KinderCare Woodbury (Minneapolis-St. Paul), MN Price: $2,908,000 | Cap Rate: 7.50%

@MikeBoyd @ginnygilder @seattlestorm Great interview @MikeBoyd great to hear about a single RIA structure & how it integrates w the family. We bolted on to an existing RIA instead of opening our own shop (we're smaller). We have had success running it w $15-20m of AUM (CRE separate).it is scalable, synergies r real

From this @ErskineCompany piece: - lawyers are expensive, esp left unchecked - mental deterioration is a fact with older gen, & make a tough process even harder - a trusted advisory board for the older gen can be an effective bridge and outside 'adult in the room'

The Gamestop thing is a reminder that investing is not the study of finance. It's the study of how people behave with money, and sometimes those behaviors are incredible.

Not sure how our RE performance would be different if we bought Private REITs and the like instead of buying single-tenant NNN but we learn together about the process &I hope that makes doing it ourselves w/ trusted advisors far more valuable. Plus, LoopNet is fun. #familyoffice

I often get asked what I am doing to ensure there will be another 5 Generations involved in the FO. My job is to keep my section of the river (of time) healthy. That being said I think about succession everyday. #familyoffice

If you have an idea but think “someone has already written that” just remember there are 1,010 published biographies of Winston Churchill. Some great thoughts on writing from @morganhousel. collaborativefund.com/blog/writing/

I keep needing to find various @dollarsanddata pieces. This is a great one on lump sum vs. DCA. Essentially put it all in now, but allocated (not all stock) #familyoffice ofdollarsanddata.com/lump-sum-inves…

Charitable giving or any other form of giving back is important. LT consider supporting adoption by your sibs and cousins by working towards equalizing shares to next-gen. #familyoffice

ESG investing is only getting started: 39% of #familyoffice intend to allocate *most* of their portfolios sustainably over the next 5 yrs, BUT mainly via exclusion-based strategies. I expect 'environment' to be synonymous as 'tech' v soon - vital to every company & investment

Family Constitutions are good at delineating shared values, but like written Financial Plans, it's more about showing your work than a doc the client will use. I am pretty sure it is mostly read by me & Atty (creating LLC). It's great to have it when it's needed tho #Familyoffice

I don't think there is anything I do that's more important than protecting & growing the principal. Using the endowment model is the bedrock of what I do.

#DavidSwensen books have been incredibly helpful. His explanation of the essential elements of his allocations and how to use them w/o Yale's resources are a great primer on risk mgmt vs. gain. If you focus on the long term, payouts take care of themselves. #familyoffice

CFP was great training for running the FO. #UCLAext has a great training program. Even if you don't pursue it further, it's helpful knowledge to have. #familyoffice #cfp

@MorningstarInc bucket portfolio is a great framework to use to make sure you have enough for payouts. It's not a recipe tho it needs to be customized. #familyoffice #HaroldEvensky #morningstar #christinebenz

If you don't love your family (a whole bunch). I think I would recommend just splitting everything up. Small, self-run FOs only work when there is a lot of love, shared values & trust flowing. IMHO &experience #familyoffice

"Touch dirt": Someone should go visit each piece of Real Estate every year & write a 1 pg about it. Great way to keep people involved. We try to own things in/near fun places. #FamilyOffice