JD Foote | Family Capital
@jd_foote
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Gen 1 legacy family + psychiatrist + 25y in SMB ops, investing. Use the Family Capital framework to build your legacy family NOW...
USA and New Zealand
Joined August 2022
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Here's an overview of how I talk about the six domains of Family Capital...
Cultural capital - the ways of looking at and behaving in the world that have made and will continue to make family members ‘successful’ in the broadest sense of the word and effective means of
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@dieworkwear
We seek acceptance and individuality through conformity - purchasing mass-marketed low-quality goods that don't perfectly meet our particular needs OR wants
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"SMB ownership can't be passive - it's a pipe dream!"
Well, my SMB investments cash flow seven figures to me every year, and I don't work in any of them.
If that idea appeals, here's how I got here 👇
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The sexiest way to get rich is to have one big success. Especially if it happens when you're in your twenties.
My path has been different, though, and might be the 'right' way for someone else out there.
In a nutshell, I have always worked hard when in W2 positions, doing
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FAMILY CAPITAL DIARY:
After leaving a portfolio business yesterday, I talked with the kids about the numbers and the returns...
They have each 'shadow' invested $100 into it, and I made a bit of a show of giving them each $30 as their proportion of the capital return we just
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Welcome to new followers after
@RobertMSterling
's tweet on the topic closest to my heart - building a 'legacy family', whether your net worth is $1000 or $1B...
TLDR re-introduction post:
I will be posting regularly about the why and how of building Family Capital, with snippets
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We love our setup:
100 acres, eight min from town
Five houses, 20+ppl
Two cabins
Store room
Workshop
Gym
Half-mile driveway (go-kart track!)
200+ fruit trees
Cattle, sheep, hens
A lot of work and $ to set up, but I'm glad to have it. We def *don't* call it a compound, though!
Do you think owning a family compound is the ultimate measure of success? If not, what is?
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Who wants a head start on building their legacy family?
I'm looking for advance readers for my book ('Family Capital: The Manifesto') to give me feedback.
Easy process - Google Docs, add comments as you think of them - and if it works for you I'd love to talk afterwards to
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I agree completely.
We are VERY conscious about our patterns of consumption, particularly with respect to what we're modelling for our children.
Everyone has to live within their means!
Ben Franklin:
'it is easier to build two chimneys than to keep one in fuel.'
Under-discussed and semi-controversial topic in wealth management: High-income parents who can provide their children luxurious lifestyles through college but who don’t have wealth sufficient to provide financial support into adult years.
These kids grow up with extremely high
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Don't hate me, but I am officially a Calendly guy now - saves a ton of time for both parties.
I use this boilerplate in the hope of avoiding any offence:
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Who wants to join me in a 'Family Capital Club'?
SMBTwitter is *amazing* but not somewhere we can talk openly about the nitty-gritty of our situations and plans without wondering who might see it someday.
I want to spin up a community for likeminded folks 👇
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SEARCHERS:
Looking to make 5 more search investments this year, check size 50-250K.
Happy to provide references from other searchers I've invested with, and I can give you a quick answer.
Happy to talk to people who are searching, or under LOI.
DM me!
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From the bowels of the plane, where they jam the families ;)
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@dieworkwear
@George851554471
It's not like 'my doctor' means they're on your personal staff...
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@jason_howerton
Nicely handled... Had a similar experience not so long ago 🙄
IMO, good parenting is way more about course correcting than having a genius-level master plan
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Shouldn’t my children start from nothing, like me?
Some people who have accumulated substantial financial capital worry that if their children inherit it, they will be deprived of opportunities to develop character.
It's a valid concern, but I suspect that some who plan to leave
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Photographers living on the farm = obligatory family shots
Not a fan of Instagram culture but have to admit it's lovely to have mementoes and I like it / helps me get a sense of people when they share family pics, so...
This is Generation One and Generation Two for our family
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Decided Allen Edmonds' Higgins Mill is the sweet spot - practical but beautiful
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Re-organized the farm gym over the weekend (Concept2, treadmill, infrared sauna down the back)
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SMB Twitter:
What's the 'best' SMB town?
I'm considering a base in the USA because, well, it's the USA!
We need:
✅Postcard pretty
✅Mild seasons
✅Business-friendly
✅Growing economy
✅Low-tax
✅Safe, friendly
✅Close to a biggish centre
Where should I be looking??
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Very sad to be heading back to New Zealand after an amazing 10 weeks with the family... Truly remarkable country.
Wonderful people, experiences, opportunities. Back in Feb (Dad only, probably)
Happy Thanksgiving!
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Building Family Capital is the long game:
I grew up without money.
We only had an outhouse until after I left home (!)
The only financial gift I ever received was $100 for being HS valedictorian.
BUT now I have an SMB portfolio that returns 7 figures to me annually...
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𝗧𝗵𝗲 𝗳𝗮𝗺𝗶𝗹𝘆 𝗽𝗹𝗮𝘆𝗯𝗼𝗼𝗸
I recommend putting together a ‘family culture’ document or ‘playbook’ as a touchstone for your family.
This should include your family’s:
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Just received an unexpectedly early return of capital from a search investment
Looking to redeploy ASAP
If you have a great deal that needs capital and would like to work with an experienced and easygoing investor, my DMs are open!
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If you never make a million bucks
BUT
You break a nasty intergenerational cycle
You have my respect. Some things are more important than money - by far.
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Loving
@MainStSummit
- amazingly friendly people (eg
@ClintFiore
,
@KHendersonCo
, and
@JustinNicholasT
here) and lots to talk about
Already a great event,
@BrentBeshore
and co
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HUGE pile of carry-on for the family
Excited to touch down in the USA in about 14 hours...
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Moved to Carrd today for the family 'business' page (amazing software by the way)
Cool to see on the page the industries we're in, varying percentages but all significant investments, 'Business Bouquet' style:
electrical and HVAC
landscaping and swimming pool construction
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REALLY looking forward to
@MainStSummit
, starting tomorrow night
If we've bumped into / seen each other around on Twitter, please say hi!
Main reason for attending is to shake hands with others from SMBTwitter 🤝
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Calling capital from the kids...
Super-stoked when Miss 9 came to me after a business talk with the family, holding out $50 because 'I want a return like you were talking about'...
Now she, Miss 12, and Mr 6 are in for $100 each on an outdoor construction business, $100 on a
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This is the image that guides our family discussions about Family Capital.
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Just the kind of timeline I want to see... Warms my heart
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Regular reminder that I am *always* looking to put money to work (and add value) in SMB deals.
I've got 7 figures burning a hole in my pocket, would love to hear what you're doing / buying.
Self-funded, traditional, indep sponsor, sweaty startup, SaaS
Pls DM me or retweet!
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@Culture_Crit
'The proliferation of massive, unadorned, and cold structures that tower over our cities represents not only the triumph of technological progress but a quantitative exaltation of matter [...] a “cult of ugliness.” [...] “stunning and awesome in their utter inhumanity, their
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New Zealand does have a lot going for it
This is < 30 minutes from us
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Don't drink the Kool-Aid.
Build a strong domestic family, and teach your children the importance of rejecting cultural norms about marriage, children, and family.
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If you're at Main Street Summit and looking for capital / may soon look for capital, HMU
Way more likely to invest in people I've gotten to meet face-to-face, and this is a great opportunity for that (living in New Zealand)
This is me! Minus the green circle
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America is an amazing country - literally one-of-a-kind
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I did not expect to be saying this, but I just fell in love with Texas BBQ (bison ribs and brisket) courtesy of
@SaltLickBBQ
and
@bentigg
... Wow
PS the monkey is my daughter, not
@bentigg
. I know my wording made you wonder...
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We have Sneaker Sunday - what about Watch Weekdays?
I know there are some interesting SMBTwitter watches out there...
I don't wear this enough (no date, no water resistance) but I do love it
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THE STAGES OF BUILDING FINANCIAL CAPITAL
One of the trickiest things about starting from zero, financially, is knowing which direction to head. You don't come from money, and so you don't have a roadmap to follow - if you want a legacy family, you've got to pass on this
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DEAL SCOUTS WANTED!
Found a deal that's too big or too small? Let me know.
Bring me a business, and I'll pay you a nice chunk of change if I buy it...
Anywhere in the USA
EBITDA 250K-2m
I'm open to discussing any industry
DM me!
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An endlessly changing view from our living room = gold
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Anyone have a recommendation for an *excellent* graphic designer, based anywhere in the world??
Infographics etc
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I'm hoping it works out that way for my book! Taking an inordinate amount of time on details e.g. cover material, ribbon marker, paper, font, printer. Lots still to be decided
All while waiting for advance reader feedback to start flowing in earnest... Fun/weird time
It is actually beautiful and attractive to make an effort. It's not about being perfect, it's about the effort. There is a vital attraction to it. People are so twisted and screwed up in their heads, always trying to outwit everyone, while being so self conscious they have to do
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Family Capital update:
Been flat-out since sharing the idea publicly, now accepting membership applications… Official opening when we have the twelve 'founding families' on board.
Link is in my bio...
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Money is a MEANS to an end. Not an end in itself.
Keeping it in the right perspective is really important if you want a thriving family.
Make plenty, by all means! But not at the expense of family wellbeing.
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Buying an SMB?
Your base case analysis should assume you JUST manage to keep up with the previous owner.
And your downside analysis should include a 30-40% drop in revenue. Your house may be on the line, and your sanity certainly is!
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Partly to strengthen the intrafamily relationships (maybe the most important part of Family Capital), my wife and I take turns 'dating' each kid - one parent-child date per week.
Last night, Mr 6yo and I took a twilight mini-hike around the farm...
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A good job well done!
PS I'm six feet tall and all these American guys are giants making me look teeny
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Searchers and others raising money:
Some investors (me, anyway) like to see a properly conservative base case.
We're going to recast it anyway, so save us the work + show that you're not irrationally optimistic + show it makes sense even with conservative assumptions = winning
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Today = halfway through ten-week USA trip with the family
Amazing country, great people, wonderful opportunities...
Pumped about adding to our investments here
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@SpiritofPines
@RobertMSterling
Young people don't have a proper lens through which to see the world, and their place in it. Way too much focus on the 1% of the 1%, devaluing hard work and calm progress toward right-sized goals
Strong families are the main part of the answer (and intentional parenting re
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Retweeting with 2000 followers - crazy!
Loving this community
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I've been saying for a while that this level of price insensitivity is new / not normal!
Dining (even fast food), Airbnb, services, housing... Everyone has been spending like they're rich
@shawngorham
I have friends that bring in +200k a year and they are all saying they are done eating out. They say it doesn’t make sense anymore to spend $100 on a nothing special dinner
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First post-acquisition meeting with the first guys I've backed in the USA.
No nasty surprises after takeover. Sales should eclipse last year. Tailwind of uncertain duration we'd been handicapping *hasn't* been driving profits to date. Customers seem fine with 50% deposits...
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Less rarefied but I was very happy with my 'Turkey Masterpiece' at the
@SMB_Attorney
and co bash - great conversations with great people
Speakers and VIP Dinner was 🔥🔥🔥
Screw pizza. Bone marrow waffles and frog legs baby. 😋
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If you're in this second category and want some/more exposure to the 'best' asset class of all, DM me!
I'm working on ways to help others put together something like what I've done, and I'd be glad to bounce around ideas - maybe it can be useful for us both 🚀
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Newsflash - lots of small businesses (especially professional services / creative / artistic) are really a heavy hitter + support crew.
Don't make the mistake of thinking you're buying a real business, and don't be surprised when your numbers *don't* look like theirs did!
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'15 minutes of full attention':
I heard this week about the '15-minute rule' of one of New Zealand's richest men - an absolute baller.
Apparently, one of his daily tactics is to remind himself in *every* activity to give 100% for the first 15 minutes...
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Anyone interested in mental health clinics in the USA? Startup or small acquisitions...
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Family Capital of the most precious kind... That's a real rabbit!
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Enjoyed
@NickButton10
images so thought I'd share a shot of a lovely evening view from our homestead
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Thanks to the 130+ people (wow!) who have volunteered to be advance readers for 'Family Capital: The Manifesto'. Much appreciated.
I have WAY more compassion for authors now... It's nerve-wracking to put yourself out there!
(DM me with legacy family questions any time, BTW)
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Avoiding lifestyle creep is a BIG part of achieving financial escape velocity without a big exit
It's weirdly satisfying to live on WAY less than you need to
“Houses were so cheap back then!”
The houses: 2bed 1 bath 950 feet, laminate and faux finishes
Today : Walk in closets, 3bed, 2 bath, 1 office , 2000 feet designer finishes
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My wife being able to stay home with the kids is one of the very best uses of our wealth.
Obviously (and sadly) not everyone who'd like this can afford it, but to look down on SAHMs is to HUGELY miss the point
My wife struggles bc in many social groups she's in, she's one of the rare stay-at-home moms
One group recently, a Mom made a crack "If I was a SAHM, I'd have all the time in the world"
I tell her it's a gift we do well & she can stay home. We know it's best for our kids
"Many
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An illustrious circle that has entertained and enlightened me over more hours on Twitter than I care to acknowledge.
@chirpty_team
shows how I've voted with my attention.
Links below - I highly recommend having a browse as these are SUPER interesting people. Say JD sent you ;)
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I've been thinking about this Family Capital stuff for a long while! Stumbled on this in Onenote, from nine years ago:
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I was raised in a family without money (like less than unemployment benefit).
I do *not* want that for my kids or later generations.
A big part of my drive for the SMB space was to create a playbook (and resources) for my kids...
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Happy 4th of July to my American friends - amazing country
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Family Capital perspective:
I'd rather have $10m and a loving and thriving family, than $10b and family dysfunction
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If you:
A. want to build a tiny home community
B. have RE/market knowledge and friendly planning rules
C. need equity
DM me - would love to do this
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I'm writing this book right now, sharing the details of how NORMAL people got rich at a NORMAL scale... Setting financial capital journeys in the frame of the legacy family.
If you've been successful in creating financial wealth and would be willing to be interviewed (anon is
Someone should write “How I Got Rich”, a book of interviews (possibly anonymous) with people who have got rich in a wide range of fields.
Would be a fascinating & valuable read, particularly for young people considering which path to take in life.
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Had some cash earmarked for an equity investment - not needed now.
Hit me up if you're looking for gap equity! And please feel free to forward this on
DMs are open
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Google says eight children from five mothers.
He made a lot of money, but an intact family is worth more.
Mick Jagger (80) plans to leave no assets to his 7 children
“My kids don’t need $500 million to live well. Come on”
He plans to leave his wife Melanie Hamrick (37) and 6 year old kid some space to live and resources to live their lives comfortably
For the rest of the estate
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🤝JD's negotiation tip
#1
Be LIKEABLE
People do business with people they like. Buying products, selling services, buying/selling SMBs... Everything!
I tell my kids "Whoa, you're pushing too hard -that's going to create annoyance and NOT take us to your goal. Soften up!" 👇
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"I know some people hate it, but Calendly seems to reduce the hassle for everyone! Feel free to lock in a slot, or if that doesn't suit just let me know an email address and I can set something up that might work for you."
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I've decided to go fully non-anon as a unicorn (not in the 1B sense!) shrink / SMB investor 👇
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I have my frustrations with New Zealand, but no denying that it's beautiful.
This is the old-school 'bach' we just rented, 25 minutes from home. The sleeping spaces are nooks behind the curtains, and that's the view from the deck.
Beach showing the cyclone residue!
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@dddthreepo
Landscaping and swimming pool construction, electrical and HVAC, asset rental, medical billing, excavator rental, manufacturing, mental health, staffing etc...
I choose business-by-business, but would like exposure to MSPs (for example) so prioritising that...
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14 years of marriage - boutique hotel with *pink* dining room!
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📣Want a sounding board in your SMB search, or as an operator?
In this phase of my SMB investment journey, I have bandwidth to review deals or bounce around issues or ideas with operators - I value this community and want to add value where I can.
My DMs are open...
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I'm hiring - pass it on!
All this SMBTwittering has got me itching for a search.
I'm looking for a bright, honest, energetic USA-based person to help out with the leg work - part-time, paid (duh).
My DMs are open & I'm ready to be impressed by your pitch
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MANAGING YOUR WEIGHT = MANAGING YOUR FINANCES
There are tons of parallels between financial and weight management traps and success.
In both domains, you win when you are playing the long game. Deferral of gratification / impulse control, plus having a clear plan + tracking
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I'd NEVER take this approach with our kids (we're VHNW)
I tell them how much I'm looking forward to stewarding *our family's* assets WITH them.
It's the mindset I want them to have when I'm gone, after all!
Similar to
@moseskagan
's perspective, and prob
@sweatystartup
@RobertMSterling
An old boss of mine was VERY wealthy. Told me his teenage son once asked:
"Dad, are we rich?"
His response?
"Your mom and I are..."
🤣
Now, the reality is, 9/10 times that kid will still get whatever he needs whenever he needs it.
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6yo struggling this morning - came into my study and asked 'Dad, can I do a hang to try to clear my mind?'
He managed a minute on the rings (yes, I have them in my study - means I can train back without leaving the house), left with a little smile.
Family memories = gold
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Thanksgiving flex at Houston Airport with new $30 Casio... Wears much smaller than this looks
Actually really useful when travelling - switch btwn four timezones with one button, saves quite a bit of hassle
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Entrepreneur / SMB anxiety killer:
Thinking on paper.
SMB life is full of problems to solve, with lots of variables and data points and options.
It's *very* easy to have these swirl around in your brain, possibly causing anxiety and sleepless nights, which will exacerbate the
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I am thinking to set it up on something like Podia or Kajabi - a group chat just won't cut the mustard.
Quick interview to establish your bona fides + NDA >> if there's a good fit (going to curate the membership carefully), off to the races…
DM me if interested!
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