Jan. 11, 2026
Lessons - How Ultra-Successful People Think About Money | Ronald Diamond - $30B Family Office Advisor
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In this “Lessons” episode, Ronald Diamond, a $30B family office advisor, breaks down how ultra-successful individuals think about money, control, and long-term wealth. He shares how trust and estate planning strategies are used to legally protect assets, reduce taxes, and maintain control across generations—often in ways that are accessible beyond the ultra-wealthy. Ronald also explains why listening, patience, and relationship-building consistently outperform short-term thinking in business and investing. Throughout the conversation, he highlights how generosity, authenticity, and a long-term mindset are the real foundations of lasting financial and personal success.
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https://successstorypodcast.com
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➡️ Watch the Podcast on YouTube
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Transcript
WEBVTT
00:00.031 --> 00:05.824
[SPEAKER_01]: In this lesson's episode, explore how wealthy individuals approach capital, control, and long-term wealth.
00:05.985 --> 00:19.255
[SPEAKER_01]: Discover how trust and estate planning strategies legally protect assets and reduce taxes, understand why listening and relationship building outperform short-term thinking, and uncover how patience, generosity, and authenticity create lasting success.
00:26.660 --> 00:31.726
[SPEAKER_01]: Can we teach over some of the wealth transfer strategies that some of these individuals use?
00:31.746 --> 00:41.116
[SPEAKER_01]: I mean that'd be very valuable, so if somebody doesn't, you know, doesn't have the advisory of a billion dollar family office, but I'm sure some of the strategies could still be leveraged.
00:41.136 --> 00:49.465
[SPEAKER_01]: So when you have money and you're trying to pass it on to your children, your kids, what are the strategies that you can look into and use?
00:50.446 --> 00:56.633
[SPEAKER_02]: Well, when I ran ahead of my hedge fund, I remember I think I was like 31 years old
00:57.035 --> 01:08.790
[SPEAKER_02]: in the is a billionaire's office and he had a state planning attorney in the meeting and he had no idea to use the estate planning attorney had no idea what I was talking about from the from the business from the act from the finance standpoint.
01:09.971 --> 01:17.260
[SPEAKER_02]: And when the meeting ended I asked the my perspective client who ultimately became a client and like why was he why was he there?
01:17.280 --> 01:19.583
[SPEAKER_02]: I did it respectfully.
01:20.660 --> 01:35.260
[SPEAKER_02]: And he kind of put his hand on my arm and he's like you'll you'll understand one day he goes the goal is not to become a billionaire the goal to be worth zero but control as much as you can and all these trust in a state planning attorneys they're just getting stuff outside of people's states.
01:35.830 --> 01:38.894
[SPEAKER_02]: And that was sort of like an aha moment for me when I realized it.
01:39.234 --> 01:49.827
[SPEAKER_02]: So what these trust and estate planning attorneys do, and a lot of the wealthy people, the family offices, are closer with their trust and estate planning attorneys when they are the financial advisors.
01:50.247 --> 01:56.775
[SPEAKER_02]: Because the goal, again, is not to be a billionaire, to be worth as little as possible, but control as much as you can.
01:56.835 --> 01:59.138
[SPEAKER_02]: That's well-transfer.
01:59.911 --> 02:03.496
[SPEAKER_02]: it's a very tricky issue because you don't want to give the kids too much money, right?
02:03.596 --> 02:05.499
[SPEAKER_02]: So that's a problem unto itself.
02:06.641 --> 02:08.964
[SPEAKER_02]: But you want to bulletproof yourself for litigation.
02:09.004 --> 02:16.195
[SPEAKER_02]: You want to make sure that you have the ability to get things out of your estate, but you can still can control it.
02:16.215 --> 02:19.219
[SPEAKER_02]: And that's all these trusted estate planning is due.
02:19.469 --> 02:20.911
[SPEAKER_01]: And that's really it.
02:20.991 --> 02:29.604
[SPEAKER_01]: So if you if you start a trust and you start to transfer your assets into that, then you can become like a managing director of that trust and that does mitigate some tax responsibility.
02:29.664 --> 02:30.065
[SPEAKER_01]: Correct.
02:30.085 --> 02:30.846
[SPEAKER_02]: Yeah, a lot.
02:31.106 --> 02:35.673
[SPEAKER_02]: If you look any but any family office or anybody who's worth, you know, a lot of money.
02:35.713 --> 02:36.955
[SPEAKER_02]: They've got.
02:37.306 --> 02:42.476
[SPEAKER_02]: the state planning attorney in place and they've got trust set up and they've got stuff outside of their name.
02:42.496 --> 02:56.783
[SPEAKER_02]: It might be in their children's name, it might be in their children's name, it might be in their structure where they're bulletproof from a litigation standpoint and they maximize the benefits they could use within the law of what you can do to translate it.
02:56.763 --> 03:05.136
[SPEAKER_01]: No, I think that that's the one thing that's very frustrating is that the average person like they pay such a significant amount of tax and everything they do.
03:05.737 --> 03:10.144
[SPEAKER_01]: And it's usually because they don't have access to strategies that can mitigate tax.
03:10.424 --> 03:13.128
[SPEAKER_01]: And that's really it, like very legal strategies.
03:14.390 --> 03:16.513
[SPEAKER_02]: Look, the tax code is absurdly unfair.
03:16.894 --> 03:17.875
[SPEAKER_02]: I mean, it is what it is.
03:18.376 --> 03:24.846
[SPEAKER_02]: If you look at the people who've made those and private equity hedge funds, I mean, you're paying,
03:25.248 --> 03:26.790
[SPEAKER_02]: your carried interest.
03:26.830 --> 03:35.944
[SPEAKER_02]: I mean, a lot of that is tax is your benefiting from the tax system real state, you know, 1031 exchanges, you're benefiting from that.
03:36.025 --> 03:48.724
[SPEAKER_02]: So a lot of the people who've made their money has to do it, whether it's real estate, private equity, hedge funds, it is utilizing this tax code and being able to benefit from that.
03:49.430 --> 03:58.902
[SPEAKER_01]: Yeah, no, it's just smart to think that outside the box and just speak to people because these strategies are not mutually exclusive to wealthy individuals as a thing, like they can be used by anyone.
04:00.103 --> 04:19.167
[SPEAKER_01]: And then I guess the other question, is there any other, any other, I guess, before we pivot into like deals that you look at, is there any other strategies or or tips that you pick up from dealing with these ultra high net worth wealthy individuals that would be just good that could be utilized
04:19.467 --> 04:30.924
[SPEAKER_02]: Yeah, I mean, I pick up things every day from them and I think the most important thing I think I do is I try to I'm I'm good at it.
04:31.004 --> 04:31.685
[SPEAKER_02]: I'm not great.
04:31.745 --> 04:40.378
[SPEAKER_02]: I'm getting better listening is a skill set that people in general aren't really good at just listen to people and the people who've done quite well.
04:41.168 --> 04:45.973
[SPEAKER_02]: rather than talk so much, just listen to how they did it, what they did, what their strategy was.
04:45.993 --> 05:09.015
[SPEAKER_02]: I think listening to people who've been successful for anybody, what techniques they've used, what strategies you've used, what their MO is, I think the ability to listen is a skill set that most people are not really good at, and they're looking to think about the response to an answer before they actually fully listen to the full question.
05:09.518 --> 05:25.093
[SPEAKER_01]: You notice that that's something that is particularly like a particular skill set that people that are ultra successful, they have that in the space, like the ability to actively listen to sort of take a second seat in the conversation to make sure they get a hundred percent of that information.
05:26.255 --> 05:27.996
[SPEAKER_02]: Well, A, you're very good at that.
05:29.478 --> 05:37.686
[SPEAKER_02]: B, my dad told me that he was a banker and he said you could always tell the lawyers and the entrepreneurs.
05:38.273 --> 05:40.435
[SPEAKER_02]: because you go to a meeting with 10, 12 people.
05:41.156 --> 05:44.400
[SPEAKER_02]: And the lawyers would come in in general.
05:44.860 --> 05:47.943
[SPEAKER_02]: They would try to show the people that they're the smartest guys in the room.
05:48.464 --> 05:56.673
[SPEAKER_02]: However, that is, the entrepreneur, their agenda, they want to find the smartest guy in the room.
05:56.693 --> 06:01.378
[SPEAKER_02]: All I try to do, all I've done, is just surround myself with people that are smarter than me.
06:01.612 --> 06:05.128
[SPEAKER_02]: and various areas that I've trust implicitly and delegate.
06:05.409 --> 06:08.483
[SPEAKER_02]: And if you do that, I think it's very hard not to succeed.
06:08.918 --> 06:10.862
[SPEAKER_01]: agree, not very smart.
06:10.982 --> 06:19.277
[SPEAKER_01]: Okay, and then last thing that I want to go into just very briefly, you get access to some of these incredible deals.
06:19.678 --> 06:26.691
[SPEAKER_01]: But then you put these deals in front of your network who trust you implicitly to basically make sure that these are good deals.
06:26.711 --> 06:28.995
[SPEAKER_01]: So when you look at some of these deals, what are you looking for?
06:29.275 --> 06:32.361
[SPEAKER_01]: Because that's a lot of responsibility, too.
06:32.746 --> 06:33.087
[SPEAKER_02]: Right.
06:33.147 --> 06:35.350
[SPEAKER_02]: But again, they also vet the deals too.
06:35.611 --> 06:35.831
[SPEAKER_02]: Right.
06:36.853 --> 06:39.738
[SPEAKER_02]: So that they've got another level of diligence.
06:39.758 --> 06:46.009
[SPEAKER_02]: And a lot of the deals we get might come from the family offices that we work with where they see a deal if just too small for them.
06:46.029 --> 06:46.209
[SPEAKER_02]: Right.
06:46.329 --> 06:49.254
[SPEAKER_02]: So a $20 million deal might be too small for them.
06:49.314 --> 06:50.657
[SPEAKER_02]: They thought they love the deal.
06:50.717 --> 06:51.418
[SPEAKER_02]: They've vetted it.
06:51.438 --> 06:54.543
[SPEAKER_02]: It's a terrific deal risk reward, but it doesn't make sense.
06:54.583 --> 06:58.450
[SPEAKER_02]: Like an individual investing $50 doesn't make sense to do the diligence.
06:58.919 --> 07:21.265
[SPEAKER_02]: So a lot of the deals we get are from the large family officers who see really attractive deals it just too small for them It's not too small for me, but still I mean so that that aside there must be some things that you do look for in deals like some strategies we do a lot of it is relate it I would say Most of the families that I work with
07:21.430 --> 07:34.887
[SPEAKER_02]: It's all a relationship business and with the right relationships, I think that you'll see people will know who you are and what kind of deals you're looking for.
07:34.907 --> 07:49.665
[SPEAKER_02]: I think that makes a big difference and I think that people also want to work with people that they like and they want to work with people that they trust and you know there's there's a person
07:50.050 --> 07:59.419
[SPEAKER_02]: You know, I, I'm a big believer in just given, um, is the end of the day, I can't tell you how or why, but the more you give, the more you get.
07:59.599 --> 08:00.660
[SPEAKER_02]: It just, it just happens.
08:00.780 --> 08:02.562
[SPEAKER_02]: I can't tell you why, rationally.
08:03.523 --> 08:04.404
[SPEAKER_02]: But I know it's true.
08:05.164 --> 08:11.771
[SPEAKER_02]: There was a guy in New York, um, and I'm always introducing people to be other people.
08:12.351 --> 08:17.016
[SPEAKER_02]: And I would say, 10 to 15 times a day, I will certainly mail.
08:17.156 --> 08:19.298
[SPEAKER_02]: I'd like to provide a mutually beneficial introduction.
08:19.885 --> 08:20.666
[SPEAKER_02]: I don't have a agenda.
08:20.986 --> 08:23.329
[SPEAKER_02]: I don't know, there's no benefit to me.
08:23.710 --> 08:26.854
[SPEAKER_02]: I just think that this person should know this person because they could each benefit themselves.
08:28.416 --> 08:29.517
[SPEAKER_02]: That's how you have to look at it.
08:29.818 --> 08:37.768
[SPEAKER_02]: Well, when I was in New York, I was in a family office conference and there was a guy who was trying to raise money for early-sage venture fund.
08:38.949 --> 08:44.897
[SPEAKER_02]: And we're talking in a pack-up party and like, oh, you should talk to this person to one thing led to another.
08:45.383 --> 08:50.787
[SPEAKER_02]: And after he talked to the guy from the venture capital, he said, why did you introduce me to that person?
08:50.807 --> 08:51.792
[SPEAKER_02]: Like, what do you mean?
08:52.254 --> 08:52.575
[SPEAKER_02]: He's like,
08:52.842 --> 09:15.525
[SPEAKER_02]: He doesn't invest in like I'm not my goal if this party is not just to find people for you to invest it right I just thought he was a nice person and you're a good person it'll be good to meet now fast forward I've never given that person or recommendation so I think the the problem the issue is we live in a society right now where we want to get and we want to get instantly.
09:16.012 --> 09:23.269
[SPEAKER_02]: And I think as you get a little, and I was much more my opponent when I was younger, I think what you realize is the more you give, the more you do get.
09:23.289 --> 09:30.105
[SPEAKER_02]: And I think that's a really important lesson that I've learned a lot from a lot of the family office, so I listen to just because I listen to them.
09:31.081 --> 09:39.553
[SPEAKER_01]: I'm curious when you, when you deal with people that are just starting out, do you see that one of the biggest determinants is their lack of patients?
09:39.573 --> 09:46.863
[SPEAKER_01]: Because that's what it seems like, that one particular individual, just like the lack of patients, has been a theme through this whole conversation to be honest.
09:46.943 --> 09:49.426
[SPEAKER_01]: It's like, what disrupts inpatient capital?
09:49.506 --> 09:50.287
[SPEAKER_01]: It's patient capital.
09:50.347 --> 09:53.432
[SPEAKER_01]: What, what did you do well during your career?
09:53.452 --> 09:59.620
[SPEAKER_01]: Will you or patient with the relationships you built and you gave, and you gave, and you gave, and you expected nothing in return and then eventually?
10:00.173 --> 10:03.577
[SPEAKER_02]: Well, again, I was much, I was much more my epic when I was younger.
10:03.738 --> 10:05.560
[SPEAKER_02]: So I didn't look at the world through the same lens.
10:05.980 --> 10:10.426
[SPEAKER_02]: As you get older, hopefully you evolve and mature and look at the world through a little bit of a different lens.
10:12.268 --> 10:23.903
[SPEAKER_02]: But I just think that you have to be able to look at things from a perspective of, you know, what's going to benefit somebody else and then if you do that again, ultimately.
10:24.288 --> 10:37.852
[SPEAKER_02]: It's not a quit, it's the intynthesis of a quid pro quo, it's basically figuring out if I knew somebody who would be great on your podcast, I would go out on my way to introduce you because I think you do a great podcast and I think they'd be a good guest period.
10:37.932 --> 10:47.268
[SPEAKER_02]: I don't, there's, I don't even need to be involved in any capacity, but it's a mutually beneficial introduction and I think that more and more people need to do that.
10:47.469 --> 10:49.452
[SPEAKER_02]: I think this generation right now.
10:49.972 --> 10:52.775
[SPEAKER_02]: Well, there's a lot of problems.
10:53.756 --> 10:57.481
[SPEAKER_02]: First of all, the phone is going to be the smoking of this generation.
10:57.961 --> 11:04.649
[SPEAKER_02]: Number one, two, I think the work ethic in general is not near where it is from my generation.
11:05.410 --> 11:07.953
[SPEAKER_02]: And three, they want to do things quick.
11:07.973 --> 11:10.395
[SPEAKER_02]: And anything good, it just takes a while.
11:10.696 --> 11:12.558
[SPEAKER_02]: It takes time, it takes patience.
11:12.578 --> 11:18.865
[SPEAKER_02]: And when you're 22 years old, it's easy to say it's hard to do.
11:19.368 --> 11:45.628
[SPEAKER_02]: If I had to do I when I was talking to David Rubenstein last and a podcast I did with him two weeks ago and like if you had to do over what would you do differently and he became he wanted to law he became a lawyer first he's like I went to have done that I would I did this I went to have done that we all have do all verse we would all do things differently I think but I think one of the major things that that I get out when I listen to people.
11:46.064 --> 11:54.399
[SPEAKER_02]: is I hate going to conferences and listening to people talk about how great their track record is, or how subtly telling you how wonderful they are.
11:55.180 --> 12:02.172
[SPEAKER_02]: I've made a ton of mistakes in my life, and a lot of entrepreneurs and people have made a lot of mistakes.
12:02.813 --> 12:11.228
[SPEAKER_02]: I'd rather talk about the mistakes that I made than the fact that I might have done well in a specific strategy or
12:11.765 --> 12:39.544
[SPEAKER_02]: the biggest compliment I have received in a conference and I speak it a lot of these conferences all over the world is that was really authentic and I didn't take that as a compliment and I just took the things but saying that you were authentic I think that's really important and I think that a lot of these people look up to people like a David Rubenstein
12:41.195 --> 12:43.278
[SPEAKER_02]: Authenticity is really, really important.
12:43.519 --> 12:49.529
[SPEAKER_02]: And again, everybody started somewhere and everybody could help somebody in some way and you have to pay it forward.
12:49.889 --> 12:53.936
[SPEAKER_02]: And I just think if that's a mindset you have, people see through it.
12:54.356 --> 13:02.730
[SPEAKER_02]: And Authenticity is really important also because you have to be genuine and what you're doing.
13:03.098 --> 13:04.860
[SPEAKER_02]: and people see through that too.
13:05.241 --> 13:21.882
[SPEAKER_02]: So I just think that, again, the family offices that I've worked with in general, a lot of these people, so in the common threads they have, they're very authentic people, good or bad and just they're, they're, no one would really believe.
13:22.623 --> 13:26.608
[SPEAKER_02]: And they also have a lot of gratitude, which is a huge component of my life.
13:26.943 --> 13:27.825
[SPEAKER_00]: Thanks for tuning in.
13:27.965 --> 13:32.355
[SPEAKER_00]: If you found this valuable, don't forget to hit that subscribe button so you never miss an episode.
13:32.536 --> 13:39.231
[SPEAKER_00]: If you want to dive deeper into this conversation, check out the links in the description to watch the full episode, see you in the next one.
00:00.031 --> 00:05.824
[SPEAKER_01]: In this lesson's episode, explore how wealthy individuals approach capital, control, and long-term wealth.
00:05.985 --> 00:19.255
[SPEAKER_01]: Discover how trust and estate planning strategies legally protect assets and reduce taxes, understand why listening and relationship building outperform short-term thinking, and uncover how patience, generosity, and authenticity create lasting success.
00:26.660 --> 00:31.726
[SPEAKER_01]: Can we teach over some of the wealth transfer strategies that some of these individuals use?
00:31.746 --> 00:41.116
[SPEAKER_01]: I mean that'd be very valuable, so if somebody doesn't, you know, doesn't have the advisory of a billion dollar family office, but I'm sure some of the strategies could still be leveraged.
00:41.136 --> 00:49.465
[SPEAKER_01]: So when you have money and you're trying to pass it on to your children, your kids, what are the strategies that you can look into and use?
00:50.446 --> 00:56.633
[SPEAKER_02]: Well, when I ran ahead of my hedge fund, I remember I think I was like 31 years old
00:57.035 --> 01:08.790
[SPEAKER_02]: in the is a billionaire's office and he had a state planning attorney in the meeting and he had no idea to use the estate planning attorney had no idea what I was talking about from the from the business from the act from the finance standpoint.
01:09.971 --> 01:17.260
[SPEAKER_02]: And when the meeting ended I asked the my perspective client who ultimately became a client and like why was he why was he there?
01:17.280 --> 01:19.583
[SPEAKER_02]: I did it respectfully.
01:20.660 --> 01:35.260
[SPEAKER_02]: And he kind of put his hand on my arm and he's like you'll you'll understand one day he goes the goal is not to become a billionaire the goal to be worth zero but control as much as you can and all these trust in a state planning attorneys they're just getting stuff outside of people's states.
01:35.830 --> 01:38.894
[SPEAKER_02]: And that was sort of like an aha moment for me when I realized it.
01:39.234 --> 01:49.827
[SPEAKER_02]: So what these trust and estate planning attorneys do, and a lot of the wealthy people, the family offices, are closer with their trust and estate planning attorneys when they are the financial advisors.
01:50.247 --> 01:56.775
[SPEAKER_02]: Because the goal, again, is not to be a billionaire, to be worth as little as possible, but control as much as you can.
01:56.835 --> 01:59.138
[SPEAKER_02]: That's well-transfer.
01:59.911 --> 02:03.496
[SPEAKER_02]: it's a very tricky issue because you don't want to give the kids too much money, right?
02:03.596 --> 02:05.499
[SPEAKER_02]: So that's a problem unto itself.
02:06.641 --> 02:08.964
[SPEAKER_02]: But you want to bulletproof yourself for litigation.
02:09.004 --> 02:16.195
[SPEAKER_02]: You want to make sure that you have the ability to get things out of your estate, but you can still can control it.
02:16.215 --> 02:19.219
[SPEAKER_02]: And that's all these trusted estate planning is due.
02:19.469 --> 02:20.911
[SPEAKER_01]: And that's really it.
02:20.991 --> 02:29.604
[SPEAKER_01]: So if you if you start a trust and you start to transfer your assets into that, then you can become like a managing director of that trust and that does mitigate some tax responsibility.
02:29.664 --> 02:30.065
[SPEAKER_01]: Correct.
02:30.085 --> 02:30.846
[SPEAKER_02]: Yeah, a lot.
02:31.106 --> 02:35.673
[SPEAKER_02]: If you look any but any family office or anybody who's worth, you know, a lot of money.
02:35.713 --> 02:36.955
[SPEAKER_02]: They've got.
02:37.306 --> 02:42.476
[SPEAKER_02]: the state planning attorney in place and they've got trust set up and they've got stuff outside of their name.
02:42.496 --> 02:56.783
[SPEAKER_02]: It might be in their children's name, it might be in their children's name, it might be in their structure where they're bulletproof from a litigation standpoint and they maximize the benefits they could use within the law of what you can do to translate it.
02:56.763 --> 03:05.136
[SPEAKER_01]: No, I think that that's the one thing that's very frustrating is that the average person like they pay such a significant amount of tax and everything they do.
03:05.737 --> 03:10.144
[SPEAKER_01]: And it's usually because they don't have access to strategies that can mitigate tax.
03:10.424 --> 03:13.128
[SPEAKER_01]: And that's really it, like very legal strategies.
03:14.390 --> 03:16.513
[SPEAKER_02]: Look, the tax code is absurdly unfair.
03:16.894 --> 03:17.875
[SPEAKER_02]: I mean, it is what it is.
03:18.376 --> 03:24.846
[SPEAKER_02]: If you look at the people who've made those and private equity hedge funds, I mean, you're paying,
03:25.248 --> 03:26.790
[SPEAKER_02]: your carried interest.
03:26.830 --> 03:35.944
[SPEAKER_02]: I mean, a lot of that is tax is your benefiting from the tax system real state, you know, 1031 exchanges, you're benefiting from that.
03:36.025 --> 03:48.724
[SPEAKER_02]: So a lot of the people who've made their money has to do it, whether it's real estate, private equity, hedge funds, it is utilizing this tax code and being able to benefit from that.
03:49.430 --> 03:58.902
[SPEAKER_01]: Yeah, no, it's just smart to think that outside the box and just speak to people because these strategies are not mutually exclusive to wealthy individuals as a thing, like they can be used by anyone.
04:00.103 --> 04:19.167
[SPEAKER_01]: And then I guess the other question, is there any other, any other, I guess, before we pivot into like deals that you look at, is there any other strategies or or tips that you pick up from dealing with these ultra high net worth wealthy individuals that would be just good that could be utilized
04:19.467 --> 04:30.924
[SPEAKER_02]: Yeah, I mean, I pick up things every day from them and I think the most important thing I think I do is I try to I'm I'm good at it.
04:31.004 --> 04:31.685
[SPEAKER_02]: I'm not great.
04:31.745 --> 04:40.378
[SPEAKER_02]: I'm getting better listening is a skill set that people in general aren't really good at just listen to people and the people who've done quite well.
04:41.168 --> 04:45.973
[SPEAKER_02]: rather than talk so much, just listen to how they did it, what they did, what their strategy was.
04:45.993 --> 05:09.015
[SPEAKER_02]: I think listening to people who've been successful for anybody, what techniques they've used, what strategies you've used, what their MO is, I think the ability to listen is a skill set that most people are not really good at, and they're looking to think about the response to an answer before they actually fully listen to the full question.
05:09.518 --> 05:25.093
[SPEAKER_01]: You notice that that's something that is particularly like a particular skill set that people that are ultra successful, they have that in the space, like the ability to actively listen to sort of take a second seat in the conversation to make sure they get a hundred percent of that information.
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[SPEAKER_02]: Well, A, you're very good at that.
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[SPEAKER_02]: B, my dad told me that he was a banker and he said you could always tell the lawyers and the entrepreneurs.
05:38.273 --> 05:40.435
[SPEAKER_02]: because you go to a meeting with 10, 12 people.
05:41.156 --> 05:44.400
[SPEAKER_02]: And the lawyers would come in in general.
05:44.860 --> 05:47.943
[SPEAKER_02]: They would try to show the people that they're the smartest guys in the room.
05:48.464 --> 05:56.673
[SPEAKER_02]: However, that is, the entrepreneur, their agenda, they want to find the smartest guy in the room.
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[SPEAKER_02]: All I try to do, all I've done, is just surround myself with people that are smarter than me.
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[SPEAKER_02]: and various areas that I've trust implicitly and delegate.
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[SPEAKER_02]: And if you do that, I think it's very hard not to succeed.
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[SPEAKER_01]: agree, not very smart.
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[SPEAKER_01]: Okay, and then last thing that I want to go into just very briefly, you get access to some of these incredible deals.
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[SPEAKER_01]: But then you put these deals in front of your network who trust you implicitly to basically make sure that these are good deals.
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[SPEAKER_01]: So when you look at some of these deals, what are you looking for?
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[SPEAKER_01]: Because that's a lot of responsibility, too.
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[SPEAKER_02]: Right.
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[SPEAKER_02]: But again, they also vet the deals too.
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[SPEAKER_02]: Right.
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[SPEAKER_02]: So that they've got another level of diligence.
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[SPEAKER_02]: And a lot of the deals we get might come from the family offices that we work with where they see a deal if just too small for them.
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[SPEAKER_02]: Right.
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[SPEAKER_02]: So a $20 million deal might be too small for them.
06:49.314 --> 06:50.657
[SPEAKER_02]: They thought they love the deal.
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[SPEAKER_02]: They've vetted it.
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[SPEAKER_02]: It's a terrific deal risk reward, but it doesn't make sense.
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[SPEAKER_02]: Like an individual investing $50 doesn't make sense to do the diligence.
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[SPEAKER_02]: So a lot of the deals we get are from the large family officers who see really attractive deals it just too small for them It's not too small for me, but still I mean so that that aside there must be some things that you do look for in deals like some strategies we do a lot of it is relate it I would say Most of the families that I work with
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[SPEAKER_02]: It's all a relationship business and with the right relationships, I think that you'll see people will know who you are and what kind of deals you're looking for.
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[SPEAKER_02]: I think that makes a big difference and I think that people also want to work with people that they like and they want to work with people that they trust and you know there's there's a person
07:50.050 --> 07:59.419
[SPEAKER_02]: You know, I, I'm a big believer in just given, um, is the end of the day, I can't tell you how or why, but the more you give, the more you get.
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[SPEAKER_02]: It just, it just happens.
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[SPEAKER_02]: I can't tell you why, rationally.
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[SPEAKER_02]: But I know it's true.
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[SPEAKER_02]: There was a guy in New York, um, and I'm always introducing people to be other people.
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[SPEAKER_02]: And I would say, 10 to 15 times a day, I will certainly mail.
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[SPEAKER_02]: I'd like to provide a mutually beneficial introduction.
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[SPEAKER_02]: I don't have a agenda.
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[SPEAKER_02]: I don't know, there's no benefit to me.
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[SPEAKER_02]: I just think that this person should know this person because they could each benefit themselves.
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[SPEAKER_02]: That's how you have to look at it.
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[SPEAKER_02]: Well, when I was in New York, I was in a family office conference and there was a guy who was trying to raise money for early-sage venture fund.
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[SPEAKER_02]: And we're talking in a pack-up party and like, oh, you should talk to this person to one thing led to another.
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[SPEAKER_02]: And after he talked to the guy from the venture capital, he said, why did you introduce me to that person?
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[SPEAKER_02]: Like, what do you mean?
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[SPEAKER_02]: He's like,
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[SPEAKER_02]: He doesn't invest in like I'm not my goal if this party is not just to find people for you to invest it right I just thought he was a nice person and you're a good person it'll be good to meet now fast forward I've never given that person or recommendation so I think the the problem the issue is we live in a society right now where we want to get and we want to get instantly.
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[SPEAKER_02]: And I think as you get a little, and I was much more my opponent when I was younger, I think what you realize is the more you give, the more you do get.
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[SPEAKER_02]: And I think that's a really important lesson that I've learned a lot from a lot of the family office, so I listen to just because I listen to them.
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[SPEAKER_01]: I'm curious when you, when you deal with people that are just starting out, do you see that one of the biggest determinants is their lack of patients?
09:39.573 --> 09:46.863
[SPEAKER_01]: Because that's what it seems like, that one particular individual, just like the lack of patients, has been a theme through this whole conversation to be honest.
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[SPEAKER_01]: It's like, what disrupts inpatient capital?
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[SPEAKER_01]: It's patient capital.
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[SPEAKER_01]: What, what did you do well during your career?
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[SPEAKER_01]: Will you or patient with the relationships you built and you gave, and you gave, and you gave, and you expected nothing in return and then eventually?
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[SPEAKER_02]: Well, again, I was much, I was much more my epic when I was younger.
10:03.738 --> 10:05.560
[SPEAKER_02]: So I didn't look at the world through the same lens.
10:05.980 --> 10:10.426
[SPEAKER_02]: As you get older, hopefully you evolve and mature and look at the world through a little bit of a different lens.
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[SPEAKER_02]: But I just think that you have to be able to look at things from a perspective of, you know, what's going to benefit somebody else and then if you do that again, ultimately.
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[SPEAKER_02]: It's not a quit, it's the intynthesis of a quid pro quo, it's basically figuring out if I knew somebody who would be great on your podcast, I would go out on my way to introduce you because I think you do a great podcast and I think they'd be a good guest period.
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[SPEAKER_02]: I don't, there's, I don't even need to be involved in any capacity, but it's a mutually beneficial introduction and I think that more and more people need to do that.
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[SPEAKER_02]: I think this generation right now.
10:49.972 --> 10:52.775
[SPEAKER_02]: Well, there's a lot of problems.
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[SPEAKER_02]: First of all, the phone is going to be the smoking of this generation.
10:57.961 --> 11:04.649
[SPEAKER_02]: Number one, two, I think the work ethic in general is not near where it is from my generation.
11:05.410 --> 11:07.953
[SPEAKER_02]: And three, they want to do things quick.
11:07.973 --> 11:10.395
[SPEAKER_02]: And anything good, it just takes a while.
11:10.696 --> 11:12.558
[SPEAKER_02]: It takes time, it takes patience.
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[SPEAKER_02]: And when you're 22 years old, it's easy to say it's hard to do.
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[SPEAKER_02]: If I had to do I when I was talking to David Rubenstein last and a podcast I did with him two weeks ago and like if you had to do over what would you do differently and he became he wanted to law he became a lawyer first he's like I went to have done that I would I did this I went to have done that we all have do all verse we would all do things differently I think but I think one of the major things that that I get out when I listen to people.
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[SPEAKER_02]: is I hate going to conferences and listening to people talk about how great their track record is, or how subtly telling you how wonderful they are.
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[SPEAKER_02]: I've made a ton of mistakes in my life, and a lot of entrepreneurs and people have made a lot of mistakes.
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[SPEAKER_02]: I'd rather talk about the mistakes that I made than the fact that I might have done well in a specific strategy or
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[SPEAKER_02]: the biggest compliment I have received in a conference and I speak it a lot of these conferences all over the world is that was really authentic and I didn't take that as a compliment and I just took the things but saying that you were authentic I think that's really important and I think that a lot of these people look up to people like a David Rubenstein
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[SPEAKER_02]: Authenticity is really, really important.
12:43.519 --> 12:49.529
[SPEAKER_02]: And again, everybody started somewhere and everybody could help somebody in some way and you have to pay it forward.
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[SPEAKER_02]: And I just think if that's a mindset you have, people see through it.
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[SPEAKER_02]: And Authenticity is really important also because you have to be genuine and what you're doing.
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[SPEAKER_02]: and people see through that too.
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[SPEAKER_02]: So I just think that, again, the family offices that I've worked with in general, a lot of these people, so in the common threads they have, they're very authentic people, good or bad and just they're, they're, no one would really believe.
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[SPEAKER_02]: And they also have a lot of gratitude, which is a huge component of my life.
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[SPEAKER_00]: Thanks for tuning in.
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[SPEAKER_00]: If you found this valuable, don't forget to hit that subscribe button so you never miss an episode.
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[SPEAKER_00]: If you want to dive deeper into this conversation, check out the links in the description to watch the full episode, see you in the next one.