Family office themes this week:

• The best way to pitch family offices

• How Taylor Swift became a billionaire

• An introduction to building wealth

• New family office deal-sharing newsletter incoming

• Join the Mr Family Office community on X

How to Pitch to Family Offices

Family offices are increasingly attractive targets for founders and fund managers. In recent years, their numbers have surged and there’s a growing public awareness of what family offices do. Naturally, with any significant pool of capital, there’s a strong desire to tap into it.

But finding family offices can be tough.

Forming a connection with the family offices can be even tougher.

And nailing the pitch is the toughest.

One of the most common words a family office will say is “no”. Aspiring founders and fund managers are often incredulous that a family office has passed on their opportunity, unable to grasp why their pitch didn’t resonate.

But when the pitch misses the mark, the family office has the luxury of moving on... there are always more deals around the corner.

So how do you pitch to family offices?

The short answer is - park the hard sell.

Here’s the long answer:

Start with Value, Not the Pitch 🎯

Many professionals rush straight in with their pitch. It’s understandable, they live and breathe their deal and they want to close. But without understanding what really matters to the family office, the result is often a polite brush-off (or sometimes just silence).

So, how do you approach family offices in a way that sets you apart?

The reality is that family offices are inundated with proposals. Every day, they receive ideas, investment opportunities, and proposed partnerships. The vast majority of these are generic, impersonal, and go straight to the bin.

Why? Because they lead with the pitch instead of leading with value.

When you approach a family office, your first instinct might be to dive into your sales pitch. Resist that urge. Instead, think about how you can add value from the very first interaction. Avoid being transactional at the start of the relationship.

Leading with value means offering something useful before you ask for anything in return. It’s about demonstrating your worth and showing that you understand their needs and can help meet them.

I’ve mentioned this on Twitter before and there’s some push back - it’s not fair to provide value for free, it’s not fair to have to wait. Well, it may not be fair, but it’s life.

Some actionable strategies for leading with value:

Gatekeeping or putting up barriers is also a red flag. If an introduction is to be made, make it.

Do Your Homework 🧐

Understand the “why” of the family office.

You can’t add value if you don’t know what the family office values. Dive deep into the family office’s history, investments, and philanthropic activities. What industries are they interested in? What are their long-term goals? What challenges are they facing?

Understanding the family office's background and current focus will allow you to tailor your approach. Personalization can make the difference between a pitch that gets ignored and one that sparks interest.

Some questions to get the ball rolling:

• Is there still an active operating business?

• Are they looking for synergies or diversification?

• What does the current portfolio look like?

• What size checks is the family office writing?

• Is the family office an active or passive investor?

How to be Pitch Perfect 🎯 

For the perfect pitch, preparation is key.

Put the research into practice.

The pitch should get straight to the point. Avoid waffle. It should be focused on the benefits to the family. Highlight how your proposal aligns with their existing portfolio or future goals.

Be concise and tailored to the family office’s specific interests.

Avoid generic pitches at all costs. And avoid generic language. For example, if you’re "leveraging innovative solutions to drive growth" or "providing exceptional service to meet client needs" don’t be surprised if the family office tunes out and loses interest.

If you’ve done your research well, you should be able to articulate clearly why this particular investment or partnership is a natural fit for the family office.

Use data and insights to back up your claims, but avoid overwhelming them with too much information. The key is to be succinct while still demonstrating that you’ve done your homework.

Structure your pitch to invite discussion rather than deliver a monologue.

Family offices often prefer a conversational approach, where they can ask questions and explore the proposal in real-time. This means you should be ready to pivot and adapt based on their feedback. Think of the pitch as the start of a dialogue rather than a final presentation.

Be open to their input and show that you’re flexible and willing to collaborate to meet their needs. This makes your pitch more engaging but also positions you as a partner who values their perspective and is committed to a long-term relationship.

Be authentic. As with all walks of life, authenticity opens doors. So be yourself and build genuine relationships.

What about the pitch deck itself?

It’s highly dependent on the proposition, but here are some great templates:

The Sequoia Capital Pitch Deck Template is one of the best in class.

Shaan Puri has a less formal but still excellent template for companies raising finance.

Patience is Key 🕰️

It’s a marathon, not a sprint. Family offices are not usually in a hurry. That can be frustrating but you have to be patient. Relationships can take years to develop, often through a series of informal meetings, coffees, and lunches.

But here’s the thing: once trust is established, things can move at lightning pace. When a family office trusts you, they’re more likely to bring you into the fold on deals, investments, and opportunities.

So, be patient. Don’t push for a quick win. Focus on building a genuine relationship, and the rewards will follow.

Stay in touch regularly. Send updates and interesting developments, but don’t be pushy.

Wrapping Up: The Long Game 🎯

Approaching family offices requires a shift in mindset. It’s not about a quick pitch and fast close. It’s about playing the long game - leading with value, building trust, and being patient.

If you can master this approach, you’ll build lasting partnerships that can reap dividends over the long-term.

So, start with value, do your homework, and be patient. The rewards are worth the wait.

𝕏 highlights

I started a new X Community - a place for hard-core family office people! Come and join the conversation!

Interesting stats from the Charles Schwab 2024 Modern Wealth Survey.

I asked for opinions on pitching to family offices. Here are the replies.

 💼 where to work

Three notable family office job opportunities currently open…

Public Investments - Lazard Family Office Partners (New York / Service Provider)

Director of Administration - Private Family Office (Ohio / Single Family Office)

Investment Manager - Private Family Office (London / Family Office)

📚 what to read

This week I listened to The Algebra of Wealth by Scott Galloway. For seasoned Mr Family Office Newsletter readers, there’s nothing new… but for young people starting out, this is a well-written introduction to wealth building.

📻 what to listen to

One for the Swifties out there… The Economist on How Taylor Swift became a Billionaire.

📺 what to watch

The Pursuit of Wealth: Barista to Billionaire by Andrew Wilkinson was one of my favorite books of the year. Here’s a long form interview.

And finally… deals

Are you interested in sharing deals or sourcing deals? If there’s enough interest, I’m considering a quarterly deal-sharing newsletter. This would include curated deals, deals from trusted sources, content around deals, the inside line on emerging opportunities, and tips and advice from industry experts.

If this sounds valuable to you, I’d love to hear your thoughts and feedback on what you'd like to see included!

This week’s newsletter was actually a long-winded answer to a question on 𝕏. So if there’s something you would like to hear about, let me know!

Some upcoming topics:

• Family conflict resolution

• Family office conferences

• Family office insurance

• Concierge healthcare and wellness

• Private jets

That’s all for today. Family Office Buzz will be back on Monday (here’s the last edition if you missed it) with more of the best content on family offices and beyond.

Until next week, see you on 𝕏 or LinkedIn

X

 in LinkedIn

✉️ [email protected]

📶 RSS feed

𝕏 @MrFamilyOffice