When the founder of theMillionairesClub.org was asked to speak to a room where over a trillion dollars of private equity and family office wealth would gather, it was another opportunity to share what he calls a ‘dynamic reality,’ and that topic was “The Power of a Good Name!” Mr. Gene Anderson is known as an analytical thinker, problem solver and idea cultivator. A big problem he had seen with family offices was the following.
The original founder’s abilities and expertise of well-known household names, may not be the same skill-sets found in their children. Gene says,
“Many family’s offspring of past business titans have to spend much of their time seeking to find the next game-changer. The same ‘inventiveness’ the past moguls had in them, were often not the same gifts and talents their children had in them.”
However, Mr. Anderson realized something that these families might not have understood as well as they could have, and that was what Gene says is the strongest asset they have, ‘the power of their family name.’ In a world where high tech is quickly replacing old systems and ideas, many family offices are searching for ways to bring positive impact to the next generation. They understand that entire industries are being replaced.
So how do these private families compete with companies like Google, Facebook, Microsoft, Amazon, etc., when companies like these seem to obtain most of the best talent right out of the Universities? Mr. Anderson believes there is a dynamic force that family offices can bring to the table that large corporations cannot, and that is ‘foundership.’ When students from places like Stanford, Harvard, Cal Tech, etc., graduate, the recruiters are right there, ready to offer them a very nice compensation package, and they have the funding to back it up. So how does a student turn down an offer from a Fortune 100 company to do their own start up? This is where the power of a good name comes in.
Let’s say you are someone with a big idea. You really don’t want to work for a certain well-known person because you believe you have what it takes to be the next famous CEO. This is one huge advantage that family offices have. They have the ability to offer their family name and financial backing that start-up entrepreneurs really need. A family office might say, “I won’t pay you 250k a year to start, maybe 125k, but if you do what you say you can do, you will have my family name and backing to see your dreams come true and you will be the founder and CEO!”
This is what family offices have over the fortune size companies that have already had ‘their day.’ Mr. Anderson says,
“The corporations fear new game-changers. That is why many companies are obsessed with gobbling up all the new talent; to avoid possible extinction.”
Today, there is a place where entrepreneurs can meet many of these family offices and pitch their new ideas. It’s called themillionairesclub.org. The entrepreneurship program is called ‘Rising Stars’ and it’s free to join. Entrepreneurs can share their visions, and if any particular family office likes their idea, the contact for their dreams to come true just might be made. Family offices know that in order to remain relevant in the years ahead, they need to be available and open to new concepts and ideas. TheMillionairesClub.org is just one of many places entrepreneurs may connect with the family office partner of their dreams.