The Onsite Visit and the Discipline to Walk Away

Adapted for endowment staff and committees from Chapter 10 of The Single Family Office by Richard C. Wilson.

The last part of full diligence is the onsite visit. You go to the manager's office, see how the firm runs and make sure nothing in the materials was stretched. You also get a feel for the people you would be partnering with for years.

Then you go back to your own team and decide. That last decision is where many of the strongest family offices I know made their money. They were willing to walk away, even that late.

What to look at on site

  • People in their seats. Does the team in the deck actually work there, full time?
  • Who does what. Ask a junior analyst to walk you through a recent position. Their answer tells you how the process really works.
  • Operations. Trade flow, cash controls, who can move money and who signs off.
  • Systems. Risk reports and portfolio tools in daily use, not just in a demo.
  • Culture. How people talk to each other and about clients.

Things that should slow you down

  • Key people who are "unavailable" every time you ask
  • Answers that change between the DDQ and the visit
  • One person controlling both trading and cash
  • Pressure to commit before a close date that keeps moving

Why walking away is hard

By step five, staff have spent weeks on a manager. A trustee may have made the introduction. The manager has been friendly. Saying no feels like wasted effort.

It isn't. The work told you something. That is what it was for.

Make it easy to say no

  1. Set the decision criteria before diligence starts.
  2. Ask staff to list reasons to pass in every committee memo, not only reasons to invest.
  3. Thank the manager clearly and quickly when you decline. You may want them in five years.

Frequently asked questions

Can a virtual visit replace an onsite visit?

Some institutions accept a virtual meeting for follow-on commitments to a known manager. For a new relationship, most prefer to visit.

Who should go on the visit?

Usually the lead staff member plus an operations reviewer. A committee member may join for large commitments.

How should we tell a manager no?

Briefly and quickly, with a short reason if you can share one.

Sources

  1. The Single Family Office, Chapter 10, Richard C. Wilson .

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