The Shift: Emeraude is the successful startup's startup
Add Axios as your preferred source to
see more of our stories on Google.
Illustration: Sarah Grillo/Axios
A group of NWA partners launched Emeraude, a sort of "family office for hire" to solve the puzzle for entrepreneurs who need one, but don't (yet) require full-time staff.
Why it matters: Baby boomers are projected to pass down between $84–$124 trillion by 2048 in the Great Wealth Transfer, so many entrepreneurs are seeing a need for family office services to help transition their assets to the next generation.
Between the lines: A family office is a structured business outside of a corporation that deals specifically with the owner's wealth and affairs, and frequently manages its philanthropy and estate planning.
State of play: They're the sort of headaches most startups covered in The Shift hope to one day have — how to grow the business, transfer it to the kids or organize governance around philanthropy.
- Emeraude (the French word for emerald, but the Arkie pronunciation sounds like Emma-road) of Rogers can help do those things, aligning a family's values with its growth and legacy planning.
- It isn't a wealth management or investment company, managing partner Graham Cobb told me. Emeraude will help "oversee wealth."
Case in point: Graham gave an example of a business owner wanting to build a mixed-use commercial property, but no one in the company has any particular expertise in the work involved.
- "'We don't want to put it out to bid, because we're going to get gouged,'" he said of a scenario conversation. "'And we don't want to start a construction firm, and we don't want to start a property development firm.' So those are all things that family offices can do for the individual" that Emeraude can now handle.
Behind the scenes: The new company stands alone, but is chaired by Jim Smith and vice-chaired by Rebecca Hurst, who together run the Smith-Hurst law firm of Rogers.
- Kristin Baldwin, chief operating officer at Smith-Hurst, also is a managing partner.
What they're saying: "We can provide accounting and financial services, personnel and office management for [an entrepreneur's] businesses, as well as their day-to-day life," he said.
- "Managing some of that lifestyle concierge," like bespoke travel, Cobb said.
- "Even help you understand and access emerging health services and information. These are all things that successful individuals think about and want in their lives."
The bottom line: The company already is working with a large educational organization, some growing businesses and a few family office clients, Cobb told me.
🧩 The Shift is a regular feature to catch up quick on what's happening in Arkansas' economy and entrepreneurial ecosystem.