Actually I think your profile is strong despite the low GPA. A 750 GMAT would assuage any concerns about your ability to handle the academics. Top 50 college is a plus and will also help GPA concerns. Plus, the longer you are out the more they will look at your career achievements over GPA. Family office essentially means you were running a small corporation and had your hand in a lot of varied and complicated deals and investments. Play this up as you suggest, certainly emphasizing the connection to oil and Gas. UT Austin would be a shoo-in, and you could likely get some scholarship money if you play your cards right. M7 definitely a possiblity with perhaps the exception of ivys Wharton/Stanford who can be snobs about GPA. Look at Duke--they have a good energy program. Chances in R2 should be roughly the same, by the way. Much better to do a superior application than to rush to get in R1. hope this helps.
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