Wallace senior spent his childhood club racing in various small motor and sailboats and thus began his love affair with the sea. He started yacht brokering in 1980 with McMichael in Annapolis; initially this was for sales of sailing boats in the 10 to 20 metre size range, however, the bulk of business then and now is in motor yachts.
Wallace junior, born in Annapolis, MD, has lived in the Palm Beach area for the past 13 years. He has enjoyed sailing extensively in the British Virgin Islands, Belize and in the Bahamas. Upon graduation, from Eckerd College in 2007 he started work on his MBA but decided to put that on hold and went to work with his father as a junior broker.