Family Office Of America, Inc. (OTC: FOFA)

Family Office of America, Inc. is an early stage company that focuses on acquiring interests in CPA firms and receiving a portion of their revenues while providing family office services to those firms' clients.

The company was formerly known as Qualis Innovations, Inc. and underwent a name change in December 2024 to reflect its new strategic direction.

It operates through its wholly owned subsidiary Family Office of Maryland, LLC which delivers services in Maryland and serves as a platform for integrating acquired CPA practice assets.

The firm offers a comprehensive suite of family office services including financial planning, investment management, tax preparation, bookkeeping, estate planning, asset protection, insurance consulting and investment banking.

Family Office of America, Inc. generates revenue by acquiring a stake in CPA practices and sharing in the profits of those practices.

It also earns fees from delivering family office services such as tax planning, wealth management, asset management, estate planning, asset protection, insurance consulting and investment banking to individual clients.

Revenue is additionally derived from service fees charged for non attest accounting services obtained through asset purchases, for example tax preparation and bookkeeping provided to clients of the acquired practices.

The company has entered into asset purchase agreements with Toone & Associates LLP and Benson Family Office & Accounting Services LLC, under which it acquires client lists, contracts, intellectual property and other non attest assets in exchange for cash payments and, in the case of Benson, shares of its common stock.

Under these agreements the company assumes certain post closing liabilities related to the acquired assets and agrees to pay consulting fees to the sellers' principals for a defined period to support transition and service delivery.

Family Office of America, Inc. operates in the competitive family office and wealth management sector, facing competition from large financial institutions as well as boutique advisory firms.

The company differentiates itself through its focus on partnering with CPA practices, offering succession planning solutions and a broad suite of services delivered with an emphasis on independence, quality of advice and stable performance.

The underlying CPA market is large, with many practitioners approaching retirement, creating opportunities for consolidation and automation that the company aims to capture.

Statista estimates the CPA industry at approximately 147.5 billion dollars in 2023 with about 1.44 million CPAs in the United States.

AICPA data indicates that roughly seventy five percent of CPAs have reached retirement age, underscoring a looming shortage of practitioners.

These dynamics create a potential market for firms that can provide succession pathways and integrated services to aging CPA owners.

The company serves affluent individuals and families who are clients of the CPA practices it acquires or partners with.

Its customers also include certified public accountants looking to sell or monetize their practices while retaining an interest in the combined entity.

The company seeks to attract owners of small to medium sized CPA firms who desire an exit strategy that provides ongoing income and access to a broader platform of services.

By retaining a stake in the wealth management arm of each acquired practice, the company aligns its interests with those of the CPA owners and their clients.