When buying a family office directory to use in your capital raising ventures, you must choose wisely. This requires you to make an educated decision that is based on research, an understanding of where your firm stands, and an understanding of what you are actually purchasing.
Here are the 3 top mistakes that companies make when buying a family office directory:
1.) Paying too much. This deals directly to the budget you set for yourself. Do not delude yourself or convince yourself that you have more to spend when in reality you do not. Be realistic and do your research. Evaluate companies and their products against one another to really weigh and measure the pros and cons associated with each directory versus its cost. Most quality directories will cost $800-$2,000 any less and it is probably outdated or incomplete and paying more is simply not needed.
Also in relation to cost, know the refund policy of the companies you research and list as potential providers of the directory you seek. Do they offer any sort of refund? This can be the best way to ensure your purchase is a smart one and to ensure the information you receive is up-to-date, valuable, and relevant.
2.) Buying a directory that is not backed by great service. Some companies offer a great family office directory, but end their service there. They do not offer anything of value to buyers, such as free reports, free updates to the directory their clients purchase, or free information on a blog. Moreover, most companies offering a directory do not offer a networking event for hedge funds, private equity firms, CTA funds, real estate investment trust, investment banks, institutional consultants, and third party marketers to connect and communicate with family office professionals.
3.) Buying a family offices directory that can only be accessed online. While this may be convenient in the beginning, this sort of access does not allow for you, as the buyer, to use the information therein to its full potential. Data available online can not easily be added to a CRM program or be shared between multiple team members if access is restricted to one user at a time.
Moreover, if the company decides they no longer want to offer the service, you are left without the product you paid for. Buying a family offices directory that comes to you as a hard copy, or even better, an electronic copy, allows you to share the information with others on your team to utilize their skills and use the directory to its full potential. You are also able to use the information until you find it is no longer useful, not when the provider feels it is no longer useful to offer.
Lastly, you do not have to pay to access the data, access that may be cut off at one point or another due to a subscription ending or data being moved. When you purchase a directory that is fully delivered, you do not have to worry about the information being taken away.
Choosing a family office directory can be an expensive investment that requires you to really give it some thought and serious consideration in regards to you and your company’s needs. Do you need a directory that you can access whenever you need to? A directory that you can have open on 2 computers at once, or a directory that you can take with you on the plane where you may not have Internet access? Weigh your options and know that most companies ought to be transparent in the way they market their directory, the support they offer, and their policies. If something is unclear, simply email the company or firm to see if they can answer your questions; it is better to be safe than sorry.
Want to learn more about raising capital from or working with family offices? Download our free e-book at http://FamilyOfficeReport.com
or checkout our Family Office Directory at http://FamilyOffices.com
Tags: Family Offices Directory, Directory of Family Offices, Buy a Family Office Directory, Buy a Family Offices Directory, excel directory of family offices
