FOA - Entrepreneurship in the Family Office.pdf - Summitas

EntrEprEnEurship 

in thE Family OFFicE 

A white paper by: 

Gabriel Baldinucci, managing Director, palm Ventures llc 

Angelo J. Robles, Founder & CEO, Family Office Association

Back to Basics 

The Family Office Association 

defines an SFO as follows: “A 

single family office (SFO) is a 

private company of dedicated 

professionals exclusively 

devoted to the investment, 

legacy, and personal needs 

of one wealthy family.” The 

focus is on ‘investing,’ which 

we take for granted as the 

core business of a single 

family office (SFO). We can 

invest passively or actively, 

but either strategy amounts 

to simply providing capital 

to enterprises. The other 

phrase that is often used 

when discussing SFO’s is 

‘wealth preservation.’ Many 

families have worked hard, 

possibly over more than one 

generation, to build their asset 

base and at some point the 

focus often shifts to preserving 

wealth and managing risks. An 

analogous mindset in sports 

is when a favored and leading 

team shifts their thinking 

from trying to score and win, 

to trying not to lose. They 

become conservative, passing 

and scoring less, and they 

sometimes end up losing their 

lead, and the game. 

FamilyOfficeAssociation.com 

Entrepreneurship in the Family Office 

Many SFO’s that are 

focused on preserving 

wealth have forgotten 

how to create wealth, 

which the younger 

generations then never 

get to learn. 

As a result, we hear the all too familiar 

stories of generations who are ill-prepared to 

provide for themselves or contribute to the 

family’s assets. While preserving wealth is 

important, many families built their original 

wealth not by ‘investing,’ but by the other 

seemingly forgotten method: actually creating 

new operating companies. To go back to the 

sports analogy, they played ‘offense.’ While 

aggressive investing can also be a way to play 

offense, entrepreneurship takes it one step 

further. While there are many SFO’s that are 

derived from, and still intertwined with, a 

successful operating company, even most of

Back to Basics 

ChapterS 

4 | How it Works 

7 | Returns 

10 | Risk 

12 | Non Monetary Benefits 

14 | It’s Not for Everyone 

16 | How to Get Started 

18 | Conclusion 

19 | About the Authors 

20 | About 

Family Office Association 

21 | Disclaimer 



these would struggle to replicate that success 

again. This is because they are typically not 

structured for ongoing entrepreneurship. 

This paper will examine a new type of SFO 

that is independent from any company and 

designed to create multiple new operating 

companies on an ongoing basis. Sir Richard 

Branson, founder of the global Virgin 

group, creates dozens of companies and 

realizes billions of dollars in exits from what 

is essentially his SFO. He and a minority 

of others are introducing into the SFO 

entrepreneurial talent and initiatives that can 

not only generate significant new branches 

of financial wealth, but that can also have 

surprising non-financial benefits for the family 

members behind the office. This paper will 

explain how entrepreneurship works in an 

SFO, how risk and returns differ from early 

stage investing, what the non-monetary 

benefits are, who should consider doing it, 

and how to get started.

Ongoing entrepreneurship (aka an 

incubator) is structured to create multiple 

new companies and several organizations 

have established methods and roles for this 

type of initiative. At its core is an internal 

Project Leader, who can go by several 

titles. 

How it works


This person forms the new strategies and for each strategy, creates a 

business plan. The Project Leader can be supplemented by assistants, 

analysts, and additional project leaders as needed. Management 

with industry experience is then recruited to refine the business 

plan and to begin developing the company with the internal team. 

Given their industry expertise, management is sometimes brought 

in even earlier to help create the initial plan. Most of the time, 

management works on an equity only basis, which keeps incubator 

costs low prior to the launch of the new company. That said, if the 

upfront work for the project is extensive or an executive is tough 

to recruit, he or she will sometimes receive a retainer or deferred 

compensation. As a benchmark for this overall process, a good 

Project Leader should be able to launch 2-3 companies per year 

with one support person. 

The new company creation process is primarily comprised of six 

stages. The process begins with the Concept Phase, when the 

business plan is created and evaluated. Next is the Development 

Phase, during which the management team and key partnerships 

are put in place, including any co-investors. Management that is 

recruited early in this phase will typically assist in bringing in other 

management, partners, etc. In the company Formation Phase, the 

legal entity is created and the internal team takes their roles on 

the Board of Directors. The internal team starts with all the board 

seats, and gives them away as needed for key partnerships, coinvestors, 

etc. The Launch Phase is next, when the company opens 

for business. During this time the internal team and management 

work side by side to monitor customer feedback and early results 

so they can make any important changes. Once the new company 

is stable and successful on a small scale, the management team 

drives the Growth Phase with the internal team providing guidance 

and oversight, and potentially sourcing valuable partnerships, 

additional financing, or M&A candidates. Finally, the internal team 

works with management to identify and structure a successful sale 

or public offering in the Exit Phase. The goal is for the completion 

of this cycle to provide capital that will fund another generation of 

companies, potentially with a larger and stronger internal team. 

A common question is, “How can one person, or even a few people, 

manage 2-3 company launches per year?” The answer is twofold. 

First, the team gets leverage by partnering with industry veterans 

for each project. Second, the projects are in different stages of 

development at different points in time. Managing a steady project 

pipeline is an important part of the leadership role. At any point in 

time, a good project pipeline should have several projects in the 

Concept Phase, one or two in the Development Phase, and one 

company in the Launch Phase. The Development and Launch 


How it works


Phases are the most time consuming. In addition to these projects, 

as the operation matures there will be more and more projects in 

the Growth Phase that may need emergency help at various times. 

As the portfolio becomes larger, additional team members can be 

added as needed. 

Another important topic in this model is financing. An SFO can 

choose at what point, and to what degree, co-investors are included 

in the projects. On one end of the spectrum, the SFO can put in 

enough seed capital to prepare a company for a Series A round and 

then raise that capital externally. On the other extreme, an SFO 

can maintain 100% ownership and fund the company internally all 

the way through to exit. In between these extremes are options to 

invite some outside investment and maintain your pro-rata share 

in subsequent rounds. The decisions can be based on the capital 

requirements of a company, the company’s attractiveness relative 

to other internal projects, and the valuation the company is getting 

in the market for that round. 

In addition to the operational aspects described above, an SFO with 

a startup program has the opportunity to build a name in the startup 

space, which has significant benefits. A strong brand makes it easy 

to attract the best partners, management, co-investors, and team 

members. High visibility also means easier press for your companies 

when they launch, which translates into a lower cost of acquisition 

for your startup companies. To be sure, no one has executed on this 

part better than Richard Branson, and it has contributed greatly to 

the success of his operation. The good news is that incubators are 

still rare enough that a well-funded one can get the attention of the 

entrepreneur and venture community fairly quickly. 


How it works

Entrepreneurship can generate great 

returns and has the potential to 

create entirely new branches of family 

wealth. Many people think they can get 

exposure to potentially high returns and 

entrepreneurship through investment 

options such as a venture fund of 

funds, investing directly in a venture 

fund, or investing directly in companies 

independently or with an angel group. 

returns


While these options can also be attractive, they all represent various 

degrees of separation from what is ultimately creating value, which 

are the enterprises receiving capital. The farther from the value 

creation we go, the more people there are along the way to take 

a piece. 

Conversely, as you move closer to the initial value creation in a 

company, returns can increase. For example, several studies show 

that a well diversified portfolio of direct angel investments is 

expected to earn 27%. 1 Few families take advantage of the returns 

from angel investing as it is often misunderstood, time intensive 

and difficult to do directly, and few choices exist to invest indirectly. 

This is changing however as new seed stage investment managers 

are developing innovative strategies to achieve diversified returns 

of over 30% while providing access to early stage companies for 

larger investors (a topic for another paper). 

While these returns are attractive, they can be even higher when 

you continue to move closer to the source of value creation and 

actually found the enterprise internally. To illustrate, by the time 

angel investors purchase equity in a pre-revenue company, the 

typical pre-money valuation is between $1 and $2 million. 2 An 

investment of $100k in a company with a $1.5 million pre-money 

valuation will result in the SFO receiving 6.25% ownership in the 

company (.1m/1.5m+.1m). Startup companies will typically raise 

enough to give away only 30-35% in their first round of financing. 

However, many of these companies (not only internet) will have 

spent less than $100k to get to this point. Their $100k has earned 

them 65-70%, while yours will earn you 6.25%. You would have to 

invest $100k in ten more companies to achieve the same level of 

ownership as the founders, risking 10x more capital. 

What is the entrepreneurs’ response to this? Their response 

(correctly) is that their capital and time went in when this was just 

an idea- their idea, and when no one was sure it would work. Your 

capital goes in when things are much further along - there may be 

a product developed, a great team, and maybe some customers 

or revenue. In other words, the founders reduced risk and created 

value with their work and creative insight. (They will also spend 

the next four years building the company, but the market shows 

that management can be brought in for the same salary and much 

less equity once a company has funding, which implies the bulk of 

founder’s equity is due to founder status). 

1 Robert Wiltbank, “Returns to Angel Investors in Groups”, Kauffman Foundation, November 2007, Right 

Side Capital Management, LLC, “Historical Returns in Angel Markets”, 2010 

2 Payne, Bill, “Valuation of Pre-Revenue Angel Deals”, October, 2010 


returns


Even with direct angel investing an investment manager is still only 

selecting from options that he or she can source and vet – a limited 

universe, or menu. Investors network to find the next Google and 

then they fight to invest in companies like Gilt and Quora at huge 

valuations. In the Branson model, the investment managers have 

a different skill set – they are the entrepreneurs. You do have to 

search to find good entrepreneurs, but once you find them, they can 

create multiple companies. This is not new - venture capitalists have 

been hiring entrepreneurs for a long time to create new companies 

in-house, the way General Catalyst did with Kayak.com, the way 

Betaworks does with many of its new companies, or the way Virgin 

does. These players are essentially vertically integrating to create 

their own deal flow. In this model, the focus changes from seeing 

good deals, to solving big problems. The goal is no longer finding 

the right investment, but finding a better solution to a consumer 

frustration. The constraint is no longer the current option set of 

deals, but the limits of imagination and creativity. 

The ability to generate creative insights (combined with hard work) 

is why some entrepreneurs are able to achieve multiple successful 

exits and outperform the average success rate of startups. 3 Good 

entrepreneurs beat the odds, and venture capitalists back them 

repeatedly because they know it. The development of these 

The goal is no longer finding the right 

investment, but finding a better solution to 

a consumer frustration. 

insights can also be learned and institutionalized. Richard Branson’s 

team actually has a successful process for creating new companies 

– one that can be taught and replicated. If someone internally can 

generate these insights and do the initial work that creates value, 

the SFO can start off as a majority shareholder of new companies 

at a fraction of the cost angel investors would pay, resulting in much 

higher returns. 

With the right people and the right methods, a $100k investment 

could earn far higher returns starting companies than it could with 

venture or angel investing, and with lower risk. 

3 R Gompers, Paul A., Kovner, Anna, Lerner, Josh and Scharfstein, David S., Skill vs. Luck in Entrepreneurship 

and Venture Capital: Evidence from Serial Entrepreneurs, July 2006 


returns

Entrepreneurship is still relatively risky, and 

thus the budget for it should be part of an 

allocation to alternative assets. However, 

SFO’s have several advantages that make 

them a natural place to start companies 

with reduced risk relative to an isolated 

startup. 

risk

One of the major risks a startup can face is whether or not it will 

receive funding. In the earliest stages, the capital markets are still 

very inefficient and success can be determined by who gets funding. 

One study puts the number of startups receiving angel funding at 

14% 4 , while another puts it at only 3% 5 . To make matters worse, 

of those that do receive angel investment, only a fraction of them 

ever receive venture funding later on. As an SFO starting companies, 

your ‘funding risk’ is inherently lower (or nonexistent), since part of 

your role is to allocate capital to promising investments in the first 

place. The danger is that you become less careful when vetting your 

own projects, but you can mitigate that risk by always inviting other 

disciplined early stage investors into your deals, as we discussed 

earlier. Furthermore, you would have been vetting the business all 

along, from the concept through to development and fundraising 

– there is no better insight or due diligence than conceiving and 

building a company in-house. 

Another risk mitigator with SFO’s is that they typically have extensive 

Rolodexes and networks, which they can leverage to create initial 

partnerships and recruit quality management and directors for new 

companies. We mentioned above how this natural advantage can 

be further developed to create a strong brand for the office, leading 

to more press and a lower cost of customer acquisition. 

Lastly, SFO’s don’t have fund lifecycle or timing issues, which means 

they can take their time developing a company the right way, and 

without unnecessary distractions. 

4 Jeffrey Sohl, “The Angel Investor Market In 2007: Mixed Signs of Growth”, Center for Venture Research, 

April 1, 2008 

5 http://angelsoft.net/a/venture-valuation 



risks

As we move from funding entrepreneurs’ 

creations to having them create new ones 

for us, our mindset shifts. As an investor, the 

focus is mostly on financial returns. 

non Monetary Benefits


When we are founders and owners creating something, the focus 

broadens to include the organizational cultures we build, the 

employees and other stakeholders with whom we work, and the 

legacies our companies leave behind. The resulting benefits of this 

role and mental shift are many. 

First, entrepreneurship preserves an alignment of wealth with value 

creation. Over time, the concept of wealth may become separated 

from the creation of goods and services that generates wealth. This 

is especially important for younger generations who may never 

have had a front row seat while a business was conceived and built. 

By watching an internal team solve market problems, younger 

generations are reminded of where wealth ultimately comes from 

and are forced to focus on problems bigger than themselves. These 

activities can be important role modeling and training, and since 

the work is creative and fun, it can also be a catalyst for getting 

younger generations involved. 

The family also has an opportunity to focus on its values as it 

decides which problems to focus on with new ventures. Building 

something that makes the world better can create a strengthened 

sense of purpose and direction for the family, and a more significant 

legacy to leave society. Many families achieve these goals through 

philanthropy, but for profit companies present avenues to address 

issues like obesity, poor education, or pollution in ways that a 

families’ philanthropic efforts may not. Companies like MinuteClinic 

and ZocDoc are improving healthcare access, while ZipCar has the 

potential to take millions of cars off of the road. Richard Branson’s 

businesses always take the position of “consumer champion.” For 

example, he has created a company that allows parents to freeze 

umbilical stem cells for their children’s’ future healthcare, and his 

other recent venture, Virgin Galactic, aims to one day make space 

travel widely accessible. 

Finally, for many people, the creative challenges, impact, and sense 

of achievement that come with entrepreneurship can be addictive 

and fun. 


non Monetary Benefits

Some people do not enjoy entrepreneurship, 

while other personalities, like Richard 

Branson, have a passion for developing new 

companies in this manner. What seems to 

drive the interested group is the creation 

of products and services that have impact 

– the innovation. 

it’s not for everyone


Often times the additional wealth generation doesn’t seem to be 

the primary driver, though financial benefit is surely a contributor. 

The financial value is almost more a measure of how much impact 

the individual has had – did you create a billion dollar company? 

How many millions of people are you serving and how have you 

made their lives better? While typically addressing less critical 

issues than philanthropy, some of the impact and legacy mentality 

has clearly spilled over. Sir Richard calls the philosophy, “business 

as a force for good”. For many people though, different outlets for 

creativity and achievement will lead them to places other than 

entrepreneurship. 

Another detractor is that entrepreneurship in the SFO requires time 

and/or people to execute the initiative. If there is no one from the 

family who has the interest and skill to drive the process, a quality 

person must be brought in. In most cases this is the best route, 

allowing the family to participate at different levels. The $100k we 

noted above to start some companies is actually higher when an 

additional person’s salary is spread over a few startups per year. 

It is much easier and less expensive (in the short term anyway) to 

write checks to funds. However, if the project leader is good, they 

should more than pay for themselves, and that should be true of 

any investment manager brought into an SFO. 

If a family is not ready, or interested, to create this kind of initiative 

in-house, there is another option that yields at least some of the 

benefits of entrepreneurship. If you can find an SFO that already 

has an active company incubation program, you can co-invest 

with them. While you may be investing slightly later in the value 

creation process, you will still be able to participate in new company 

opportunities where someone else has created the infrastructure 

to mitigate risk. Working with SFO’s that focus on developing 

investment opportunities can also provide access to later stage or 

distressed deals as well (a topic for another paper). 


it’s not for everyone

If you think that entrepreneurship could 

be an exciting addition to your SFO, you 

would first need to determine who will lead 

the initiative and how much capital you 

will allocate to it. If you have someone 

internally with the right experience and 

interest it would be natural to begin with 

him or her. However, many SFO’s don’t 

have this skill set in the family or on the 

team and they would need to recruit 

someone new. 

The profile for this person should be a 

serial entrepreneur, venture capitalist, or 

corporate development executive. 

How to Get started


They should be able to develop a strategy, hire the right managers to 

execute on it, and help them to do so. Try to find someone who has 

experience in different industries, versus someone who has only built 

technology companies (unless you only want to focus on a specific 

area, like IT or healthcare). There is actually significant opportunity 

in consumer services and products because these areas do not have 

a robust venture capital community to serve them. This is primarily 

because traditional consumer businesses often require more capital 

than technology companies and may not adhere to fund lifecycles. 

We already know that SFO’s don’t have to worry about fund timing, 

and higher capital requirements (if there is an appetite) can often 

result in lower relative risk due to lower innovation and competition 

from new entrants in these markets. This is another reason that 

Richard Branson does well in traditional consumer services. 

In addition to the standard background with high quality schools 

and organizations, this person should be able to speak to several 

businesses that they conceived. The right person should have 

multiple concepts ready to discuss that utilize different business 

models (e.g. subscription) and partnerships to alter the value chain 

in a specific industry. Make sure you like the projects in his or her 

pipeline and evaluate if there is enough overlap in your mutual 

interests. This discussion will also impact capital requirements and 

you should be on the same page with respect to the resources being 

allocated to the initiative. Obviously, personality fit is important and 

even institutional entrepreneurs will be very different from typical 

investment managers. They are typically positive minded, driven, 

creative, and autonomous. They should be considered partners 

(versus employees), especially the really good ones. 

With respect to compensation, the good news is that this person 

doesn’t have to cost a fortune. Because they are entrepreneurial, 

equity in their new projects will be a large part of the package. 

You should be able to bring in a great person for what you would 

pay an investment professional - $300-$500k in cash, plus equity. 

The amount of equity will vary based on their experience, but a 

good starting place for discussion is the standard 20% that you see 

with most alternative asset managers. For a quality person, the 

investment will be well worth it. 

You can find candidates for this role several ways: First, try recruiters 

who specialize in venture capital, corporate development, or 

startups. You can also contact the career management centers 

at the leading business schools since they stay in contact with 

alumni as well as current students. Finally, you can network in the 

startup community’s numerous events and groups to meet serial 

entrepreneurs. 


How to Get started


Conclusion 


Entrepreneurship is an activity that is often left out of the SFO asset 

allocation as people tend to focus on preserving wealth, versus creating 

it. Ironically, this is how many families originally built their wealth, and 

while it has been forgotten, subsequent generations are left ill-prepared to 

contribute to family asset growth. Richard Branson and other families are 

demonstrating that going beyond investing to developing new companies 

can not only generate attractive financial returns, it can also be personally 

rewarding and have significant benefits for the family and its members. 

SFO’s have natural advantages as creators of companies, and with the 

right individuals and the right methods, a family can leave themselves, 

and the world, better off.


About the Authors 


GABRIEL BALDINUCCI 

Gabriel Baldinucci started his first company out of high school in 1988, a 

local pizza chain he sold six years later. He then earned an AB cum laude 

in Economics at Duke University and an MBA from the Stanford Graduate 

School of Business. Gabriel spent two years advising family offices at 

Goldman Sachs before leaving to return to more entrepreneurial ventures. 

He teamed up with Sir Richard Branson in late 2004 and spent five years as a 

Vice President and Project Leader for the Virgin Group’s new ventures arm. 

Gabriel is currently a Managing Director at Palm Ventures in Greenwich, 

CT. He lives in Greenwich with his wife Ann (also an entrepreneur) and 

their Jack Russell, Milton. Gabriel may be contacted at: 305-804-8674 - 

gbaldinucci@palmventures.com 

ANGELO J. ROBLES 

Angelo J. Robles is the Founder and Chief Executive Officer of the Family 

Office Association. Mr. Robles has been in financial services for over twenty 

years. He started the executive benefits division for Arthur J. Gallager & 

Co. where he was a director and served in similar senior roles at Metlife/ 

New England Financial and UBS. He is the founder and past President 

of the New England chapter of the Hedge Fund Association, and was an 

Internet pioneer in retirement planning for Fortune 1000 executives with 

401KRollover.com and IRARollovers.com, both of which he founded. 

Angelo has written several books and numerous independently published 

articles. Angelo is the author of the white paper, “Creating a Single Family 

Office for Wealth Creation and Family Legacy Sustainability,” and co-author 

of “The Lawsuit Lottery and Protecting Assets,” “Wealth Preservation & 

Asset Protection,” “Offshore Trusts,” and “Structured Solutions: What 

Family Offices Need to Know” and “Entrepreneurship in the Family 

Office.” 

Angelo is a contributor for quotes on the benefits of creating a successful 

single family office for families of wealth for Bloomberg Radio & TV, 

Thompson Reuters, Cable Vision CT News, Luxury Institute, Institutional 

Investor, Registered Rep, Investment News, Greenwich Times, Accounting 

Today, Web CPA, Accounting Crossing, EurekaHedge, HFM Week, Dubai 

International Financial Centre, IAI Review - Editrice Le Fonti Publishing 

House and other newspapers, websites, magazines and journals.



About the Family Office Association 

The Family Office Association (FOA) is a global membership organization 

exclusive to single family offices and families of wealth. We are based 

in Greenwich, Connecticut but have members from all over the United 

States and around the world. Our membership realizes the value of 

coming together in a confidential setting to share ideas and compare 

notes. The Family Office Association seeks to provide the combination of 

privacy and openness where relationships of trust can grow. The Family 

Office Association was started by the entreaty and with the guidance of 

a handful of single-family offices in Greenwich, Connecticut, who wished 

to have a regular and safe place to meet others with single family offices 

and share ideas. True to that spirit, FOA is the trusted and respected 

source that family offices and families of wealth can turn to for peer 

networking, expert resources, and fresh perspectives on how to maintain 

vigorous multi-generational wealth. FOA is the advocate of the concept of 

establishing and sustaining a single family office devoted to the: 

• Preservation of family wealth 

• The fostering of Stewardship in the next generation, and 

• The expansion of family philanthropic Legacy 

FOA endeavors to find the best experts and notables in the family office 

industry to educate the membership at our Spring, Summer and Fall 

Summits; monthly breakfast roundtables, and member led peer-to-peer 

sessions. FOA has hosted such legends at our roundtables and summits 

as John Paulson, Mike Milken, Bill Ackman, David Einhorn, Izzy Englander, 

Nassim Taleb, Daniel Loeb, Paul Singer, Richard Perry and Marc Lasry.


Disclaimer 

The Family Office Association (FOA) is an affinity group dedicated primarily 

to the interests of Single Family Offices. FOA is intended to provide members 

with educational information and a forum in which to exchange information 

of mutual interest. FOA does not participate in the offer, sale or distribution 

of any securities nor does it provide investment advice. Further, FOA does 

not provide tax, legal or financial advice. Materials distributed by FOA are 

provided for informational purposes only and shall not be construed to be 

a recommendation to buy or sell securities or a recommendation to retain 

the services of any investment adviser or other professional adviser. The 

identification or listing of products, services, links or other information does 

not constitute or imply any warranty, endorsement, guaranty, sponsorship, 

affiliation or recommendation by FOA. Any investment decisions you 

may make on the basis of any information provided by FOA is your sole 

responsibility. The FOA logo and all related product and service names, 

designs, and slogans are the trademarks or service marks of Family Office 

Association. All other product and service marks on materials provided by 

FOA are the trademarks of their respective owners. All of the intellectual 

property rights of FOA or its contributors remain the property of FOA or 

such contributor, as the case may be, such rights may be protected by 

United States and international laws and none of such rights are transferred 

to you as a result of such material appearing on the FOA web site. The 

information presented by FOA has been obtained by FOA from sources it 

believes are reliable. However, FOA does not guarantee the accuracy or 

completeness of any such information. All of such information has been 

prepared and provided solely for general informational purposes and is 

not intended as user specific advice. 

Copyright 2010 Gabriel Baldinucci and Angelo J. Robles 

Entrepreneurship in the Family Office

To learn more about FOA contact: 

Angelo J. Robles of Family Office Association 

203-570-2898 . angelo@familyofficeassociation.com 

Joseph Reilly of Family Office Association 

203-987-7316 . joe@familyofficeassociation.com 

Family Office Association 

500 West Putnam Avenue, Suite 400 

Greenwich, Connecticut 06830 

www. familyofficeassociation.com

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