Episode 03: Common mistakes entrepreneurs make when approaching investors and how to fix them

Approaching investors for your business idea is fraught with perils and uncertainties, there's always a possibility that you could say or do the wrong thing. Our guest in this episode will teach us how to navigate this path. Richard C. Wilson is a 3rd generation Eagle Scout and founder of the Family Office Club the largest community of ultra-wealthy families globally with over 2,000 registered investors. The Family Office Club is an investor platform that, in combination with their investor advisory division Centimillionaire Advisors, LLC & PrivateEquity.com, provides investors with access to direct investments and virtual family office solutions. In this episode we discuss: Richard’s first business venture [2:47] The value of establishing core values and strengths in starting a company [4:08] How companies are handling this black swan event [7:01] Types of investments that are viable during a crisis [9:12] What is a family office and what do they do [10:15] What investments are their clients [12:50] Qualifications of investments for Richard's clients [12:50] What investors look for before making an investment [15:00] Things not to do when approaching investors [16:12] Investment predictions for the next 6 months [18:46] Importance of having a mentor [20:56] First steps in investing in a family office [25:21] Advice for startups [27:02] How to identify what investors are looking for and how to attract those investors [29:41] How to get in touch with Richard and the Family Office Club [33:20] Quotable Quotes When you become more wealthy the mistakes you make are much more costly and you're much more likely to make mistakes. Clients won't think you are a professional if you're promising too much. Your values are the most important thing. Before you spend money on anything, before you work with anybody, know what your company values are. If you figure out the desire that the investors have that's not being met by other people or the structure they would prefer as well as the gap and you only focus on your strengths, that trifecta allows you to cut through a lot. It's about focusing, listening, and then prescribing things vs just pitching people before you get to know them. Links to sources and tools Follow Richard, Centimillionaires and Family Office Club on social media for more great nuggets of information regarding investing and wealth management: Facebook page: https://bit.ly/2xqUXn3 Richard’s Linkedin: https://bit.ly/2RCxXZf Company LinkedIn: https://bit.ly/2Xubstf Twitter: https://twitter.com/richardcwilson Listen to their podcast, get access to free book and see membership options on their website familyoffices.com You can also send them an email at clients@familyoffices.com for inquiries Support our podcast Rate and review: https://podcasts.apple.com/us/podcast/pass-the-secret-sauce-by-matt-shields/id1506940483 the podcast on iTunes or wherever you subscribe. Tell a family member, friend, or colleague about the show. Subscribe: https://podcasts.apple.com/us/podcast/pass-the-secret-sauce-by-matt-shields/id1506940483 so you never miss an episode. Subscribe to us on YouTube https://www.youtube.com/channel/UCJ5eItxsGWyGKC91z...