What Is Commercialization

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Commercialization is the process of transitioning technologies from the lab into products in the marketplace.

It is important because it brings new technologies to solve problems.

Technologies and products bring new capabilities and can also reduce costs of existing solutions.

Commercialization requires refactoring the technology into a product that can be reproduced in a cost-efficient manner.

Here are some key steps in commercialization:

Define the product to take to the market.

Identify the ideal customer. 

Test the product idea with the ideal customer to check for interest.

Sell the product to test the pricing and positioning.

Reformulate the product with the pricing and positioning for the customer.

Build a sales and marketing program to take the product to market.

It takes several iterations to find the right product with the right market. 

The first concept of a product and its customer will most often change as you talk with customers.

Be open to pivoting to a different product format and target customer. 

Consider these steps in commercializing your technology.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Key Questions for Succession Planning

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Succession planning is a key part of running a family office.

Here are some key questions to consider in planning your succession program.

Do you need a succession plan?

All family offices need a plan to help transition the business to the next management team.

That could be a family member or someone outside the family.

A succession plan in place prepares everyone for a transition.

When to start planning?

It’s best to start planning now if you have not already begun the process.

Succession planning will evolve over several months and sometimes years.

Where to start with the planning process?

Create a list of roles and responsibilities for the current leadership team.

Map out other resources and players including advisors and contractors.

This lays the groundwork for a succession planning process.

What to include in a succession plan?

Capture the jobs to be done now and in the future.

Create an emergency plan in case of a crisis.

How to find a successor?

The successor could be from within or outside the family.

Based on the family members’ interest in leading the family office and their skills will determine where the next stage of leadership will come from.

Consider these questions for your family office succession planning.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Succession Planning for Family Offices

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In running a family office, succession planning is an important function.

Here are some key considerations in succession planning:

Understand the generational differences in the family and how it may impact the future leadership.

Some generations do not want to continue a family office but rather pursue their own passion.

For succession planning it’s important to know who wants to join the family office and who does not.

Investment strategy may differ as the next generation will want to consider new investment opportunities such as ESG.

Goals for the family office may diverge from one generation to the next.

Consider those who may lead and where they will take the family business.

Internal rivalry may become an issue.

The greater the amount of money at stake the higher the chance of sibling rivalry taking over the family dynamic.

Assess your skills in succession planning and engage assistance from others in setting up a plan.

Succession planning takes years to plan and execute.  

It will not come together in a day.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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More Best Practices for Running a Family Office

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In running a family office consider these additional best practices.

Document your family legacy.

Capture in writing the history of the family and its business.

Share the story with the entire family.

Educate the next generation of the family.

Assess the skills and education.

Build a program to prepare them for taking a role in the family business.

Identify the core values and culture of the family.

Capture those values into a document and communicate to the entire group.

This can also be used in evaluating investment opportunities.

Assess the healthcare needs of the family.

Engage services to assist with family members in need.

In many families there are distant relatives who are not familiar with the core family.

Reach out to meet them, and understand their situation and build a relationship.

Consider these best practices for your family office.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Best Practices for Running a Family Office

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In running a family office here are some best practices to consider:

Set up a mission statement that captures the values of the family.

Tie that mission statement to the operational goals and financial results.

Set up the legal entity and the operations to match the goals of the business.

Look for tax-efficient entities and low-cost operational structures.

Focus on investments that fit the expertise of the family and their values.

This program should include generational transfer, tax, and reporting requirements.

Implement rigorous accounting and financial reporting from the start.

Publish quarterly and annual reports for tracking performance.

Seek out experienced professionals who can augment the skills of the family.

Setup up an organization structure so the rules of governance are clear.

Build an operations team that is efficient and cost-effective. 

Focus on the core business functions that need to get done.

Consider these best practices for your family business.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Best Practices for Setting Up a Family Office

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In setting up a family office consider these best practices:

Build an investment strategy that leverages the strengths of the family including their skills, resources and network.

Setup a formal diligence process to screen incoming deals in a rigorous manner.

Assess the skills and capabilities of the current family members and then decide how to bring in outside skills to augment the group.

Set up communication channels and a centralized system for capturing communications, documents, and other information.

Look for advisors who are independent and can put the family office first rather than a brokerage or fund network.

Document the family office mission statement, values, goals, and investment objectives. 

Facilitate communication with the family members especially around generational issues.

Managing a family office takes a special set of skills.

These skills may be different from the skills used to create wealth in the first place.

Consider these best practices for your family business.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Drawbacks to Starting a Family Office

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

There are drawbacks in starting up a family office.

Consider these challenges in setting up your family office.

The upfront and ongoing costs can be considerable.

These costs include the following:

Hiring professionals and operational people can cost a great deal in today’s market.

This includes not only salary, but also healthcare, payroll taxes, and more.

This typically accounts for over half the cost of running a family office.

Other costs include investment advisory fees, insurance and trust fees.

Setting up the legal entity with a partnership, trust, and other entity structure also comes at a cost.

Some family offices use a fund structure for funding investment opportunities.

Funds typically come with a fee structure.

There are tax considerations for the entity and how to minimize them.

There are regulatory issues which vary from state to another.

In setting up a family, consider if there’s enough money to cover the costs and associated legal, and tax issues.

Check to see if you can identify and hire the necessary team to run it.

Finally, ask if  you have an investment or operations program for generating a profit.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Operational Objectives for a Family Office

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In running a family office there are several key operational objectives for the family office to achieve.

Here’s a list of key areas to consider:

Governance.

This includes leadership, board management, communications and succession planning.

The leadership should continuously improve the operational efficiency of the family office.

Cost structure.

The cost structure should be no more than 1% of the assets under management.

Where possible use variable cost structures to match services to the volume of business in the family office.

Skills.

The family office should have access to the necessary skills to run the business.

This includes both hired professionals as well as outsourced services.

Technology.

The operations need basic IT infrastructure with email, data storage, and communications such as mobile phones, video conferencing, and more.

The rise of cloud computing provides more integration between communication channels and data storage.

Risk management.

Operations need to take into consideration risks from cyber hacking, identity theft, phishing attacks and more.

Fraud prevention is another aspect of risk management.

Consider these areas for setting operational goals for the family office to achieve.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Choosing a Leader for a Family Office

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In setting up a family office, one must choose someone to lead it.

There are several types of leaders to consider:

Operations -- focuses on the day-to-day tasks of running the business.

This leader provides oversight over all aspects of the business including investments, tax and administration.

Specialist -- has expertise in one or two key areas such as investments or tax. 

This leader focuses on a few key areas and leaves the day-to-day operations to someone else.

Strategist -- has expertise in specific areas such as succession planning or investment strategy.

This leader focuses on a strategic goal and leaves the day-to-day operations to someone else.

Advisor -- coaches the members of the family office by providing advice and consultation.

This leader can help with challenging situations such as a crisis, or a major change in the family office.

The chosen leader must keep the family and its values and concerns at the forefront of the business.

Consider the type of leader your family business needs.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Problems in Family Offices

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

There are challenges in running a family office.

Here are some key problems to watch out for:

Treating the family office as a hobby rather than a business.

The family office is a legal entity with employees, investments and tax filings.

It’s important to treat it as a business for everyone involved.

Not setting a clear goal or purpose for the family office.

There are many investment opportunities and interesting things to pursue in today’s world.

If there’s no clear goal it will be difficult to develop a focused business with a purpose.

Not having clear governance in the family office.

If there are no rules and regulations then it will be difficult to build a successful business.

In addition to rules there must be leadership.

Without people leading the family office it can fail to achieve the goals of the business.

Also, there must be succession planning to prepare the leadership.

These are just some of the problems that family offices must overcome to succeed.

Review your family office for these challenges. 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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In this episode of Investor Connect, Hall T. Martin chats with Charles Albanese, a financial expert with over 30 years of experience across major corporations and startups. Charles shares his journey from AT&T Wireless to his current role at Keiretsu Forum, highlighting key strategies for raising funding. He discusses the importance of thorough planning, understanding investor needs, and effective communication.

Charles also provides insights into Keiretsu Forum, the world's largest network of angel investors. He explains how Keiretsu’s rigorous vetting process and collaborative due diligence help mitigate risks and support high-quality investments. With chapters worldwide, Keiretsu offers a robust platform for investors and entrepreneurs to connect and succeed.

Hall and Charles delve into the intricacies of financial management and strategic planning. Charles’s diverse background enables him to offer practical advice on maximizing profitability and building strong teams. The discussion is filled with relatable anecdotes and valuable lessons for both novice and seasoned investors.

Hall's engaging style and Charles’s expertise make this episode a must-listen for anyone interested in the world of angel investing. Whether you’re looking to raise funding or simply understand the investment landscape better, this episode provides actionable insights and strategies to help you succeed.

For more insights and to connect with Charles Albanese, visit his LinkedIn profile here https://www.linkedin.com/in/cdalbanese/, check out the Keiretsu Forum Mid-Atlantic website: https://keiretsuforum-midatlantic.com/, or reach out via email at calbanese@keiretsuforum.net.

________________________
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Costs of Running a Family Office

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

There are costs to running a family office.

Here’s a list of cost categories to budget for:

Professional costs including the services such as tax, accounting, and financial.

Family expenses such as living expenses, travel, healthcare, and taxes.

Facilities costs including communications, technology, and administrative overhead.

Financial costs including advisory management fees, research, and reporting.

Here are other factors to consider as well in estimating the cost:

Complexity of portfolio -- the greater the number and variety of investments, the greater the cost to manage.

Number of services -- the more services the family office provides, the greater the cost.

Number of tax jurisdictions -- the more jurisdictions, the higher the cost.

Number of legal entities -- the greater the number of legal entities, the higher the cost.

A rule of thumb is that the cost of investments and family office costs should be no more than 1% to 2% of the family office assets.

Check your family office to see how the costs compare to the assets.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Functions of the Family Office

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

The family office provides many functions in a family business.

Here’s a list of functions to consider including in your family office:

Wealth management - this involves setting objectives, identifying investment opportunities and providing ongoing oversight.

Impact focus -- this includes pursuing investments and activities that promote a social, economic, or governance cause.

Investment management -- this includes designing an investment thesis and pursuing opportunities that meet that thesis.

Security and privacy -- this includes taking steps to secure the identity of the family members and mitigate cybersecurity threats.

Succession planning:  this includes preparing the next generation for leadership roles and transitioning functions from one generation to the next.

Tax management -- this includes managing tax returns and structuring investments for optimal tax outcomes.

Compliance -- this includes understanding and meeting compliance requirements for tax and other regulatory bodies.

Some of these functions can be outsourced to providers who offer such services.

Consider these functions for your family office. 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Types of Family Offices

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Family offices vary in type and structure.

Here are three types of family office structures to consider.

Single-family office.

This structure provides services exclusively to one family.

It offers the most customized program.

It is the most expensive type of family office structure.

It works best for ultra-high net-worth families.

Multi-family office.

This structure provides services for a number of families.

It offers commonly used services such as accounting, tax, and investment advisory.

It provides a lower cost structure as the expenses are spread among several families.

It works best for high net-worth families.

Virtual family office.

This structure provides services primarily through online means.

It provides the lowest cost structure possible as it utilizes fractional services from professionals.

It works best for families who don’t need custom services.

Consider these structures in setting up a family office for your family business. 

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Benefits of a Family Office

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

There are several benefits to setting up a family office.

Here is a list of key benefits to consider:

Carry out the stated mission of the family business.

Optimize the wealth of the family through investment strategies.

Reduce taxes through tax advantaged structures.

Provide education to the family members who will one day succeed the current leadership.

Provide continuity in the management of the family business through succession planning.

Preserve the family wealth through ongoing management.

Organize services for running the family business.

Coordinate advisors into a group.

Provide better control of the family business through a coordinated program.

Manage trustee functions more effectively.

Provide investment oversight of the family business.

Provide estate planning for the family business. 

Create a legacy for the family through the creation of the family office to showcase its values.

Consider these benefits in setting up your family office.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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Structuring a Family Office for Tax Benefits

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Structuring a family office for tax benefits is a key consideration in setting up a family office. 

Consider these points in structuring your family business for tax purposes.

Because the family office is a separate legal entity, one can move additional costs from the family members to the family office.

Investment analysis expenses can be tax deductible under Section 162 of the US tax code.

The case of Lender Management set forth the following criteria for deducting investment management work as expenses in the family business.

The family business conducts its activities with regularity and continuity.

The ownership and control of the family business is not the same as the family holding companies.

The family members can fire or replace the family office or change its services.

The family office engages service providers who may or may not be family members.

The family office is compensated separately from its normal return on its assets.

The family office has an obligation to provide those services and does so.

The tax advantage comes from shifting the costs of investment work from the individual family member to the family office entity which can deduct those fees from the revenue generated.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

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In this episode of Investor Connect, host Hall T. Martin sits down with Doug Willmore, Chief Executive Officer, and Cathy Key, President and Chief Business Development Officer of WorldTree. Join the conversation to explore the fascinating journey of a company that started small and now manages 300 tree farms across multiple countries. With a focus on nature-based solutions, WorldTree offers a unique perspective on scaling a green business.

Cathy shares her intriguing shift from anthropology to tech, leading her to redefine WorldTree's business model. Doug provides an update on their current fundraising efforts, shedding light on the progress they've made and the ambitious goals ahead. Their conversation touches on the challenges and strategies involved in raising capital in the eco-friendly sector.

The episode teases insights into the financial workings of WorldTree, including their revenue streams and valuation approach. Hall and Doug discuss attracting the right investors and balancing financial returns with impactful environmental benefits. The dialogue offers a peek into the strategic thinking behind successful fundraising campaigns.

Hall outlines the innovative approaches Ten Capital employs to connect with potential investors, blending online and in-person events. With hints at the unique tactics and experiences shared, this episode promises to be a treasure trove of valuable insights for anyone looking to navigate the complex world of startup funding.

About WorldTree
WorldTree is dedicated to nature-based solutions for some of our biggest global challenges, focusing on people, planet, and prosperity. They develop carbon forestry projects to protect native forests, produce renewable timber, and sequester carbon. By funneling private capital into the regeneration of undervalued farmland through Empress-based forestry, WorldTree is paving the way for sustainable solutions. Visit the company here: https://worldtree.eco/

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Structuring a Family Office

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Structuring a family office requires many decisions in order to find the optimal solution.

Consider these points in structuring your family business:

Who does the family business serve?

This typically includes the family and their offspring.  

What services should the family office provide?

There’s a cost to the business for providing services.

For those the family office serves, what specific services are performed?

It’s best to provide a core set of services that can be done cost effectively.

Are you using in-house or outsourced services?

The choice of internal or external support has a significant impact on the cost of running the business.

This is particularly important with financial investment work.

How much do you charge the family member for services rendered?

If everything is free then the cost can go through the roof.

Should the services generate a profit for the family business or just cover the costs?

There’s always overhead and uncovered expenses in a business that need to be paid for.

What oversight of expenses should be put in place?

There’s often the need for a controller function in the family business.

What legal structure should be used?

Most family offices use an LLC with S-Corp designation but there are benefits to C-Corp and other structures.

Consider these questions in structuring your family business.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

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Goals of a Family Office

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Family offices can pursue several goals.

Here’s a list of key goals to consider for your family office and their implications in setting up the business.

Investments -- the complexity of the investments determines the number and type of advisors to engage.

The simpler the investments the less support required.

Financial goals -- these include not only individual goals but also goals for the family office.

Pursuing ESG investments brings an additional layer of complexity to the process.

Households -- The family office also includes the houses and other personal property.

The number and geographic dispersion of the houses determines the complexity of managing the properties.

Legal entities -- The more legal entities the family has, the more work to be done in managing them.

This includes managing the entity, tax filings, and ongoing support.

Advisors -- This includes accounting, financial, legal, and other professionals who provide services to support the family office.

The greater the number of advisors, the greater the cost to the business.

The goals of the business determine the complexity of the family office structure.

In setting up a family office, consider these goals for your business.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
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Do You Need a Family Office

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Before setting up a family office, first consider if you need one.

Here are some key considerations to review:

Do you have the income to support a family office?

Aside from a high net worth on paper you’ll also need to fund the operations which require cash flow.

Consider the ongoing cash flow required to support a team.

There are virtual family offices which can provide the accounting and finance support without the cost of hiring full-time salaried professionals.

Avoid setting up a family office that requires outsized returns to succeed as this won’t be sustainable.

Do you have a complex set of assets and investments?

If so, you may need a family office structure to manage it.

If not, you can find a lower-cost solution through a financial advisor.

Do you have successors who can carry on the family office?

Without successors it can be difficult to maintain a family business over the long haul.

Is your estate in a high tax bracket?

A family office can reduce taxes through active management. 

Consider these points to see if you need to set up a family office.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
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Keys Steps in Setting Up a Family Office

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

In launching a family office there are several decisions to make.

Here are key steps in setting up a family office:

Choose a family office structure.

There are three types of family offices, single, multi, and virtual.

The single-family office serves one family while the multi-family office serves several families.  

The single-family office provides exclusive services while the multi-family office shares resources thus reducing costs.

There is also the virtual office structure which provides the accounting, financial and other resources primarily online. 

This reduces the costs even further.

To set up your family office first run a feasibility study to determine the cost based on your vision of that family office.

Next, define your program which includes what you will invest in and how you will manage those investments.

Next, build out the program with staff and procedures.

After that setup succession plans, tax reporting, and other functions to support the business.

Finally, launch the family office and measure the results. 

It’s often the case that the program and procedures will need to be modified.

Consider these steps in building your family office.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
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Before Setting Up a Family Office

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

A family office manages the wealth of a family.

Before starting a family office consider these points:

What is the asset level of the family office?

The fee is based on the assets under management.

The higher the asset level, the higher the fee.

What services does the family office provide?

The more services the higher the cost.

How much client service do you need?

The greater the client service required, the higher the cost.

Are you ready to start a business?

A family office is a business unto itself which requires attention from you now and your successors later.

What type of investing do you want to pursue?

Each investment category brings a set of risk factors and requires research and management.

Do you want to create a sustainable business?

This requires creating a succession plan and recruiting people who can carry on the business.

Before setting up a family office consider these points to determine if you should and how you should do so.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https://tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/  

For Feedback please contact info@tencapital.group   

Please follow, share, and leave a review.

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