# Checks & Balances

Checks & Balances is a Multi Family Office based in Atlanta, United States.

## Overview

- **Organization type:** Multi Family Office
- **Headquarters:** Atlanta, United States
- **Region:** North America
- **Address:** Atlanta, GA, United States
- **Founded:** 1997
- **Assets under management:** Undisclosed
- **Website:** checksandbal.com
- **LinkedIn:** https://www.linkedin.com/company/checks-&-balances

## Regulatory record

- **CRD number:** 112145
- **SEC file number:** 801-60184
- **Registration status:** APPROVED
- **Latest Form ADV filing:** 2026-01-08T06:00:00.000Z
- **Reports private funds:** No
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/112145

## About

Checks & Balances was established in Atlanta in 1997 by Joe Rogers Jr., the chairman of Waffle House, Inc., alongside his spouse Frances G. Rogers. The firm grew out of the accounting and daily money-management discipline required to steward wealth created by one of the most resilient restaurant chains in the American Southeast. Rather than evolving into a broad wealth-management platform, the office deliberately stays small, serving a select group of affluent families, many connected through the Rogers' professional and philanthropic circles in Georgia. The office's investment strategy is conservative and liability-aware, reflecting its roots in professional-services and operating-business cash flows. While it does not publicly disclose detailed asset-class weightings, its deployment centers on commercial real estate — notably through vehicles like WH Capital Restaurant Properties, which holds Waffle House-related real assets — and traditional liquid portfolios aligned with multi-generational wealth preservation. Geographic focus remains overwhelmingly North America. The firm coordinates with external managers rather than competing for direct private-market deals, emphasizing integrated tax coordination, bill-pay, and trust-administration services that function as the operational backbone for its client families. Scale is deliberately contained. The firm manages an estimated $234 million in assets (Altss estimate) with a lean team anchored by the Rogers family and key business partners Lee Nunnally, a vice president at WH Capital, and Al Trujillo, president of the Georgia Tech Foundation. Frances Rogers herself bridges the investment and governance spheres, serving as a trustee of the Georgia Tech Foundation and the Lovett School, and formerly chairing the investment committee of Children's Healthcare of Atlanta. The family's philanthropic architecture operates through the Rogers Family Foundation and the Waffle House Foundation, separate from the for-profit office but steered by the same principals. The genetic difference between Checks & Balances and a conventional multi-family office is that the operator side of the family's wealth — Waffle House — remains an active, living enterprise. Joe Rogers Jr. runs the operating company while his spouse and the office's business partners run the permanent-capital vehicle that invests its dividends. That dual-citizenship, operator and allocator in the same leadership group, means investment decisions are filtered through the lived experience of owning and running a heavily-staffed, real-estate-intensive business, which is a structural constraint most financial-advisory-origin offices lack.

## Sectors

- Real Estate
- Restaurants & Hospitality

## People

- Joe Rogers Jr. — Founder
- Frances G. Rogers — Principal
- Lee Nunnally — Business Partner
- Al Trujillo — Business Partner

## Questions

### Does Checks & Balances invest directly in private companies or only through funds?

The office's principal private-market exposure is through direct holding of commercial real estate associated with the Waffle House ecosystem, notably via WH Capital Restaurant Properties. For diversified private-market exposure — venture capital, private equity, or other alternatives — it relies on commitments to external fund managers rather than building an in-house direct-investment team. Liquid portfolios are managed through third-party separately managed accounts and pooled vehicles.

## Related profiles

- [Atinum Partners](https://altss.com/profile/atinum-partners)
- [Brinson Family Office](https://altss.com/profile/brinson-family-office)

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Last updated: 2026-07-06T00:32:08.857Z

Canonical page: https://altss.com/profile/checks-balances

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology