From Humble Immigrant Roots To Creating A Family Office Empire | Tom Hoban
In this episode of the Millionaire Mindcast, we have an impressive guest, Tom Hoban who shares value and wisdom on conquering fears, the importance of natural humility and curiosity, risk and return equation, how to handle results during quick decision-making, and his impressive family core values!
Tom Hoban is Chairman and co-founder of Hoban Family Office, a platform for innovation (Coast Innovation Center), talent development, and leadership in service to the Coast Group of Companies, a diversified group of Today, The Coast Group is one of the region’s largest and most respected real estate services firms of its kind, managing more than $5B in real estate assets (multi-family, office, flex, mixed-use, self-storage, retail, industrial) with a service offering to property owners, franchisors, investors, and developers across the U.S.
Despite financial challenges, and being from a family of classic American immigrants, Tom was able to finish school without debt. Together with his brother, they started their entrepreneurial career as a partner in their 20s. Through their natural leadership skills, currently, they own a property management company. Being a humble servant leader, with innate confidence, and charisma helps them succeed in business.
With all the ups and downs, Tom believes that humans should be supposed to be afraid of stuff, but not supposed to be frozen by it. Therefore, people should understand how to measure risk. With natural curiosity and humility, people will get success. But then if you fail, stand up, get back to the basics, and do what you need to do.
Just never forget to live with the results on whatever decision you’ve made!
Some Questions I Ask:
* Where did your entrepreneurial and wealth-building journey start on? (01:34)
* Is confidence something that you cultivated over time or was just natural for you? Where did that come from? (04:23)
* Were you guys the first-generation entrepreneurs in your family? (07:16)
* How have you always processed and handled fears as it shows up in your life? (09:56)
* When did you feel it was time to really start taking some big risks? How do you discern against what you put your time or money into in terms of that risk rewards scenario? (13:53)
* Why did you guys decide to do the family office? What are the goals and visions? (30:49)
* How do you characterize what a family office is, and what that model is? (35:55)
* What do you say to people that want to build and grow their wealth, and want to pass it down to their kids? (40:24)
In This Episode, You Will Learn:
* Matt greatest lessons in life (09:03)
* Risk and Return Equation (11:14)
* A trait for early entrepreneurs to expect success (20:26)
* Handling results on velocity decision-making (26:28)
* Tom final thought (45:17)
* “You’ve got to have a lot to be able to succeed in business.”
* “Fear is an underrated emotion.”
* “Human, we’re supposed to be afraid of stuff, we’re not supposed to be frozen by it.”
Connect with Tom Hoban on:
Hoban Family Office
Sapiens book by Yuval Noah Harari