{"version":"https://jsonfeed.org/version/1","title":"The Business of Family","home_page_url":"http://www.businessoffamily.net","feed_url":"http://www.businessoffamily.net/json","description":"Mike Boyd interviews successful families and their advisors to learn how they steward their wealth across generations, managing succession issues to \"keep it in the family\". \r\n\r\nVery few family businesses do the work and even fewer make it beyond the third generation. \r\n\r\nFollow along to learn about family governance structures, family office investing, succession planning and raising happy, healthy and enterprising children of wealth. \r\n\r\nLearn more and subscribe: https://www.businessoffamily.net/\r\nFollow Mike on Twitter: https://twitter.com/MikeBoyd","_fireside":{"subtitle":"Multigenerational wealth creation involves so much more than just capital accumulation. The most successful families cultivate and collect values, stories, knowledge and resources to pass on to the next generation. The systems and processes to do this are very intentional. Very few do the work and even fewer make it beyond the 3rd generation. Find out how with The Business of Family.","pubdate":"2022-06-20T22:00:00.000+10:00","explicit":false,"copyright":"2024 by Mike Boyd","owner":"Mike Boyd","image":"https://assets.fireside.fm/file/fireside-images/podcasts/images/0/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/cover.jpg?v=2"},"items":[{"id":"92ce5d8e-acda-4ce4-be8d-29e1299d6eb0","title":"Scott Peppet - Building a Family-Focused Office for Sam Zell","url":"https://www.businessoffamily.net/scott-peppet","content_text":"Scott Peppet serves as the President of Chai Trust Company LLC, the private trust company that serves as the family office for Sam Zell and his family. Equity Group Investments, a division of Chai trust, provides investment management services on its behalf. \n\nFrom 2000 to 2018, Scott was a professor of Law at the University of Chicago where he focused on Bargaining, Dispute Resolution, Translational Law, and the complexities of multigenerational family enterprises. Scott speaks regularly on Family Offices, Private Trust companies as well as Intergenerational Leadership while also maintaining an active website. \n\nScott is a G2 family member. He is Sam Zell's son-in-law, having married Sam's eldest daughter.\n\nStandout Quotes:\n\n\n\"Business works on short wavelengths and family works on very long wavelengths\" - [Peter Evans, Scott] \n\"What does it mean to try and help family members really develop and really take ownership, so they can figure out how to deploy what they have?\" - [Scott] \n\"There are many different kinds of wealth… you probably aren't put on the earth to grow the financial capital, there's lots of professionals who can help you do that\" - [Scott] \n\"Too often, the implicit message sent to family members is 'this system is really here to steward the money\" - [Scott] \n“Families rarely fail for taking too much risk, they fail for taking too little risk” - [Scott] \n\"My goal is to create a family-focused office, not a family office, and a trusted company, not a Trust company\" - [Scott] \n\"If you want to succeed you have to have a family that understands what you're doing\" - [Scott] \n\n\nKey Takeaways:\n\n\nScott is the President of Chai Trust Company, LLC, the private trust company that serves as the family office for Sam Zell and his family. Equity Group Investments, a division of Chai trust, provides investment management services on its behalf. From 2000 to 2018, Scott was a professor of Law at the University of Chicago where he focused on Bargaining, Dispute Resolution, Translational Law, and the complexities of multigenerational family enterprises. He speaks on Family Offices, Private Trust companies as well as Intergenerational Leadership while also maintaining his active website. Scott is a G2 family member, as he is Sam Zell's son-in-law. \nScott got married to Sam's older daughter 20 years ago while he was already teaching as a Law professor. Since then he got increasingly curious about family enterprises till he fully transitioned into working in the family enterprise. After a few months of knowing each other, they started dating but Scott had no idea about her family wealth till she opened up about it. \nAbout Sam Zell: Sam is a serial entrepreneur, who first built a business in Real Estate, following which he turned to distressed Corporate Investing in the 80s, and then in the 90s, he created some of the largest REITs in the US today. He has continued to work on REITs and corporate investing since then. He has done several businesses over the years. Sam is also known for his straight talk, always making his stand clear in any discussion. He is also very astute and broad in his thinking. \nAs a Law professor, Scott worked on conflict intervention with corporations all over the world. When he started having kids, he got curious about how the family wealth could be managed productively for the family, especially for the kids. Sam encouraged him to work on it. Some authors that stood out in Scott's study were Jay Hughes and John Davis. \nScott describes the family structure; at the time Scott joined the family, Sam was 59 years, his 3 children were in their 30s, and as of now, there are 9 grandchildren. There was a form of governance structure, a board with his 3 children which wasn't functional as Sam made most decisions. However, now there has been a need to rebuild the structure as the company has evolved and this has been a huge part of Scott's focus since he moved full-time into the family enterprise. He has had to put in a lot of work to fully understand how the family enterprise functions; to make things change in a family system that often moves very slowly, you have to know where you're going. It involves a combination of urgency and patience, while thinking long-term, steps need to be taken early and consistently. Most of the family members are not employees, some of them are on the board. There is one board with both independent and family directors. \nThe business continues to be eclectic, investing across all kinds of sectors, especially with the benefit of permanent long-term capital. At the same time, complex actions and decisions can be taken quickly. Also, family learning and development are being built as the kids grow to become adults. \nIn the inflationary period currently, the business finds smaller companies that need capital and expertise to grow to the next level; companies that would rather grow their equity than sell to a PE company. These companies are great partners for the business since their interests are already aligned to grow the equity. \nWhile most families would rather have more joy over more money, the reality is that many family members Scott has met around the world don't have that much joy or self-possessed ability to do things in the world. They often feel enmeshed in a family structure they have little control over. This is not good for the family or the external world that could be benefitting from the good such families could accomplish. \nLaying the foundation for the next generation practically, Scott uses some rules. The first is based on the 5 Capitals; Not everyone is supposed to grow financial capital but they can add to the overall well-being of the family by building on the other forms of capital. Unfortunately, the experience in most families is that stewarding the money is the main goal, which is an implicit frame that must be dissolved. The second one is that each family member should participate meaningfully in every learning experience. Doing this means creating activities or agendas that are not solely about financial capital or the enterprise, although as the kids get older they get interested in the business itself.\nTo assess how well you're building human capital, score how often you were talking about money over the last few years in your family meeting. Most times it forms a huge percentage of those meetings, but in a setting where money isn't the focus, there is a push to find other topics that can help people open up. Scott's family has started experimenting with these kinds of meetings interspersed with other activities. \nThese kinds of meetings expose several overlapping purposes, help family members connect, offer a chance for content transfer, and contribute to self-development and self-growth. Different topics are often discussed and it becomes obvious how they are related. Listeners are encouraged to check Scott's curriculum diagram on his website. \nThere is often a dichotomy between responsible stewards and lazy inheritors, however, managing inherited wealth can be complicated. The general goal is to cultivate engaged owners and integrate financial capital into their lives productively, but there is no concrete formula on how to do it. \nMost family offices should just be Money offices because all their time is focused on financial capital and legal risk such that the family itself is secondary. On the other hand, a family-focused office is there to grow the family's human capital as much as the financial capital. \nTrust companies around the world have become ubiquitous in wealthy families although they often don't have much life in them. However, a trusted company is a part of the family ecosystem which goes beyond managing money to a level of trust-building with the family. That forms the basis of how Scott decides on whether or not progress is being made; 'what is the level of trust in the system?'. Not to downplay the role of financial investment, but there has to be synergy within the system. \nOver the long term, families rarely fail for taking too much risk, they fail for taking too little risk. They focus so much on preservation because they are afraid of taking risks, and they wither in the end. Sam Zell still takes as much risk as he used to, not as a gamble but with a critical assessment of each situation. It is important to preserve the investment company with its risk-taking culture, and at the same time grow a family that can continue such activity over time. \nThe family enterprise avoids governing by committee, especially on the investment side, so as to move quickly. Having family members behind an entity is not a bad idea but there's no point in having many family members making every investment decision. In Scott's family enterprise, this bureaucracy is avoided by ensuring decisions are narrowed down to the exact professionals. Other bigger family questions can be discussed by the family as a whole. Mike's family employs Adhocracy which encourages a culture to challenge the slow slide into bureaucracy. \nThe team behind the family enterprises consists of about 85 people and functions as one entity that is the trust company, the family office, and the investment management company. There are investment professionals, lawyers, a family office and operations group, and accountants. All of these are interdependent. The company is mostly focused in the US but there are also real estate investments in other countries. \nAs an outsider joining the family, it is easy to simply be a critic which will result in pushback from the family. From the onset, Scott acted from a place of love for the family and was concerned with how to continue to build productivity within the family. He intentionally took time to study the family business all the while continuing his profession as a Law professor. He advises inlaws to keep their jobs for as long as possible till they are sure they can add value to the family enterprise. He also understands that being an inlaw comes with restrictions from certain roles, but rather than get overly perturbed about it, he focuses on the ways to be helpful in the family. \nScott has a background in communication, mediation, and negotiation which has been pivotal in building consensus in the family business. Ultimately, there is no playbook to navigate the complexities in a family enterprise. \nA typical day in Scott's life involves some time spent on investments, working with boards or committees, family learning and development, as well as time spent on management. He has come to understand that his job is to get a grasp of the system as a whole; Sam explained to him that it will change from obligation to opportunity. \nThere are a few family heirlooms and the family has also documented some of its history like the story of Sam's family leaving Poland for the US. They do this mostly by putting together short films. It also serves as a way to communicate family values; Sam has always used art to communicate. \nScott's letter to his kids: We have the capacity as humans to grow into something greater, more awake, and more alive than we are now, into a different kind of existence. This is the uniqueness of being human; the constant evolution makes life wonderful. \n\n\nEpisode Timeline:\n[00:50] Meet today's guest, Scott Peppet. \n[02:00] Scott's relationship with Sam Zell. \n[04:54] How would you describe Sam Zell?\n[09:18] Did you develop an interest in how family enterprises function before or after meeting the Zell family? \n[12:35] How complex was the family when you joined? \n[16:44] Did you have to contend with people with multiple hats in the family business? \n[19:04] What does the office look like today? \n[21:40] Is there any particular industry that has growing potential now as regards investment? \n[24:40] How do you plan to raise the next generation in the family enterprise?\n[35:17] Going beyond stewards' first inheritors.\n[37:35] Creating a family-focused office and a trusted Company. \n[42:10] How do you manage risk in the family ecosystem?\n[44:37] How do you fight bureaucracy as the office gets bigger? \n[49:05] How big is the family enterprise team? \n[51:50] What was it like joining the family and navigating the complexities of a family enterprise? \n[55:20] How helpful was your career in Law and conflict resolution in the family business? \n[56:55] A day in the life of the President of Chai Trust. \n[01:00:50] Is the family intentional about keeping things for historical sake? \n[01:05:02] Scott's letter to his kids\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Scott Peppet.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Scott Peppet's website — Shifting from Obligation to Opportunity - Helping family members integrate and deploy their resources for their own and the world’s benefit.Sam Zell - Personal WebsiteEGI - Equity Group InvestmentsForbes - Sam Zell","content_html":"

Scott Peppet serves as the President of Chai Trust Company LLC, the private trust company that serves as the family office for Sam Zell and his family. Equity Group Investments, a division of Chai trust, provides investment management services on its behalf.

\n\n

From 2000 to 2018, Scott was a professor of Law at the University of Chicago where he focused on Bargaining, Dispute Resolution, Translational Law, and the complexities of multigenerational family enterprises. Scott speaks regularly on Family Offices, Private Trust companies as well as Intergenerational Leadership while also maintaining an active website.

\n\n

Scott is a G2 family member. He is Sam Zell's son-in-law, having married Sam's eldest daughter.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:
\n[00:50] Meet today's guest, Scott Peppet.
\n[02:00] Scott's relationship with Sam Zell.
\n[04:54] How would you describe Sam Zell?
\n[09:18] Did you develop an interest in how family enterprises function before or after meeting the Zell family?
\n[12:35] How complex was the family when you joined?
\n[16:44] Did you have to contend with people with multiple hats in the family business?
\n[19:04] What does the office look like today?
\n[21:40] Is there any particular industry that has growing potential now as regards investment?
\n[24:40] How do you plan to raise the next generation in the family enterprise?
\n[35:17] Going beyond stewards' first inheritors.
\n[37:35] Creating a family-focused office and a trusted Company.
\n[42:10] How do you manage risk in the family ecosystem?
\n[44:37] How do you fight bureaucracy as the office gets bigger?
\n[49:05] How big is the family enterprise team?
\n[51:50] What was it like joining the family and navigating the complexities of a family enterprise?
\n[55:20] How helpful was your career in Law and conflict resolution in the family business?
\n[56:55] A day in the life of the President of Chai Trust.
\n[01:00:50] Is the family intentional about keeping things for historical sake?
\n[01:05:02] Scott's letter to his kids

\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Scott Peppet.

Sponsored By:

Links:

","summary":"Scott Peppet serves as the President of Chai Trust Company, LLC, the private trust company that serves as the family office for Sam Zell and his family. Scott is a G2 family member and is Sam's son-in-law. He has married into the family and since then has helped navigate the complex system of one of the greatest entrepreneurial minds of this generation.","date_published":"2022-06-20T22:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/92ce5d8e-acda-4ce4-be8d-29e1299d6eb0.mp3","mime_type":"audio/mpeg","size_in_bytes":48925361,"duration_in_seconds":4077}]},{"id":"a9adc230-04b6-4f39-a352-99f2cae2a956","title":"Peter Evans - Trusted Advisor to Legacy Families & Member of a 7th Generation Family Holding Company","url":"https://www.businessoffamily.net/peter-evans","content_text":"Peter Evans is an advisor, consultant, and speaker to legacy families, family offices, and multigenerational enterprises all around the world. Peter creates the opportunities where affluent families have the greatest chance of flourishing.\n\nPeter is also part of a legacy family himself; he is a 5th generation member of a 7th generation American enterprise established in 1885. Peter married into this family and was astounded by the welcoming and inclusive nature of his wife's large family. The family enterprise is now a holding company with over 500 shareholders, all of whom are family members. Of particular interest are the Family Summits held annually, which are designed to re-engage family members, partake in family traditions and rituals, discuss philanthropy and reset for the year ahead.\n\nPeter shares his experience of what it was like to join a well-established legacy family and how he has used this unique experience to pivot his career and help other legacy families flourish.\n\nStandout Quotes:\n\n\n\"We can't really plan significantly for longer than 5-10 years, you just learn that along the way, things change; the world changes\" - [Peter]\n\"I'm really interested in making sure that the family's values are aligned with their actions\" - [Peter]\n\"To have some sort of formal way of telling stories, I think, is critical\" - [Peter]\n\"The most important thing you'll do are these rituals\" - [Peter]\n\"If we have the privilege of having wealth and means, we have an obligation to give back\" - [Peter]\n\n\nKey Takeaways:\n\n\nPeter is the 5th generation member of a 7th generation American enterprise established in 1885. He is an adviser, consultant, and speaker to legacy families, family offices, and multigenerational enterprises globally. He became a part of the family when he married his wife and was included. \nThe company began as a group of lumber companies started by two brothers who liquidated everything after 45 years to invest with their partner, Friedrich Weyerhäuser in 1901. Peter's family had continued to be involved with the business as it expanded, although there were no male heirs in the second generation, till the 3rd generation. The family later started a private trust company in 1964, at which point they became the 3rd largest retailer of building materials in the US. \nToday with diversification, they are now a holding company with over 500 shareholders, all of whom are family members. Peter's children are already involved with the family business actively and eagerly look forward to partaking in the annual family meetings. \nThe Family Summit: This annual family meeting usually runs over 3-5 days, on the same weekend every year, with activities like the coming-of-age ritual and elders’ ritual, Olympic games, business meetings, philanthropy group meetings, and talks by guest speakers. The goal is to make it so interesting that people want to come back.\nPlanning Never Stops; the family forms a long-range planning committee every 5 years to have a clean slate to think through everything. A pattern of liquidating a significant resource once every 20 years was also observed; this 'Generational Harvest' would provide liquidity to each shareholder, giving them the freedom to make their own investments. \nThe family investments today are largely in Real Estate, like residence halls or low-income housing units, all intentionally inclined towards 'doing well by doing good' which is a value the family holds. \nPeter left his role as president of the family enterprise in 2003 and has since then helped other family enterprises manage their multigenerational interests. He believes families with vast amounts of capital can make decisions that affect millions of lives and works to ensure that these families act in accordance with their values. \"I can hold a mirror up to you so that you can begin to see yourself, your family system, and your footprint in the world; the other thing I can do is open the window so that you can look out into the world and see how other families made choices during different transitions\" \nPeter's most satisfying work is sitting with family members and watching the interactions; his work is focused on helping build bridges in communication and relationships. His role is a position between being a business consultant, priest, and therapist all of which require a deep level of trust and respect. At its core, his work is about relationships. \nPeter’s role as a 'Personne de confiance': This is a confidential advisor based on their trust, respect, and honesty. The way to get into that role is to come into the family that needs help, taking time to build trust and confidence. Very often Peter has to model a way of doing things like chairing a meeting, inclusion, and effective decision-making while keeping in mind that the goal is to pass on the mantle of leadership. Most of the time, the G2 generation is the one that reaches out to him, however, in some cases when the patriarchs are comfortable giving up authority, this spurs the G2 to take up the mantle and learn how to hand over to G3. Sometimes, the G2 has even already made the transition in their lifetime, adapting to the values and culture while the G3 grows up having a completely different experience. \nStorytelling is critical in documenting family history. Peter uses this both in his family enterprise and while working with others. His family works with a full-time archivist who helps research the lives of people such that detailed questions can be asked and stories can be told more deeply. It also offers an opportunity to share lessons from the failures, trials, and tribulations of family members. \nWhile still active in his family he was always open to learning from other families and when he left his role, he wanted to be involved in creating the consciousness in families that they can impact the world. Based on Peter's background, he has the experience which gets him into those family spaces after which he starts work. \nFrom Peter's experience, when it comes to cultural mindsets like having female leaders, and diversity, there is a lot more openness in the US than in most other places. Although he tries to encourage such views, some cultures are just not ready for it. However, families of significant or multigenerational wealth are naturally global these days, hence it is becoming increasingly difficult to avoid influence from other cultures.\nFamily Rituals are the most important way to bring the family together continuously over the years because they help young people feel acknowledged. Peter's family has a children's program packed with several activities that keep them eager to return. After the age of 14, they can start going to business meetings. These activities help the family familiarize themselves with teenagers and create a more welcoming environment in the business meetings. \nIt is necessary to identify who is family and the kinds of roles available to different members. Each family does this differently, but Peter's family has selected the option of Inclusion. \nBuilding Family Governance starts with having a reliable cadence of meetings quarterly, as well as major annual gatherings; this goes hand and hand with excellent communication. The next step would be to memorialize family values and have a direction and then this can be the foundation of a constitution. The constitution is a living document and should be examined and changed as required. \nPeter also uses the concept of the \"5 Capitals\" within his family and the families he works with. \nPhilanthropy is another tool Peter has been familiar with. It is fun to watch families come together to figure out ways to give back based on their different interests and drives. \nVery often, families look at their business as heirlooms which begs the question \"Is the business an heirloom or an investment?\" Sometimes it is hard to sell a business because it's been our identity for years; thus, selling is easy if the business is only an investment but if it functions as an heirloom then it may not be advisable. In some situations, the business is on the spectrum in-between, which means only certain objects or aspects may be more valued as an heirloom. Mike's family takes pictures yearly on the same spot on a piece of land which over time has taken up the role of an heirloom too. \nFrom Peter to his children: \"This is your life, do what you love and do it often. If you don't like something, change it; if you don't like your job, move on. If you don't have enough time, stop watching TV. If you're looking for the love of your life, stop, they'll be waiting for you when you start doing the things you love. Stop overanalyzing; life is simple. All emotions are beautiful, when you eat, appreciate every last bite. Open your mind, arms, and heart to new things and people; we are united in our differences. Ask the next person you see what their passion is, and share your inspiring dream with them. Travel often; getting lost will help you find yourself. Some opportunities only come once so seize them. Life is about the people you meet and the things you create with them, so go out and start creating. Life is short, live your dream and share your passion.\"\n\n\nEpisode Timeline:\n\n\n[00:52] About today's guest, Peter Evans. \n[02:44] Peter shares his family history. \n[07:10] What makes your annual family meetings appealing to the younger generation?\n[12:28] Does a value system guide the investment making decisions?\n[14:00] Peter's work helping other family enterprises. \n[18:40] Peters role as a 'Personne de confiance'.\n[24:22] Family Storytelling as a tool in Peter's work with family enterprises. \n[29:08] Was it your experience with your own family that led you to work with other families?\n[31:39] What are some of the differences in culture that showed up during your work with different families across the world?\n[34:50] How important is it to have traditions that bring the family together?\n[38:41] Who is a Family member?\n[39:17] Building blocks of Family Governance. \n[44:10] Philanthropy in the family enterprise. \n[46:16] How shared experiences come into family meetings. \n[48:14] What is the role of Heirlooms in the family enterprise? \n[50:47] Peter's letter to his kids.\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Peter Evans.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Laird Norton Company — Laird Norton Company is a family-owned enterprise that provides long-term capital and resources to empower companies to thrive—and we’ve been doing it for seven generations. Peter Evans | LinkedIn","content_html":"

Peter Evans is an advisor, consultant, and speaker to legacy families, family offices, and multigenerational enterprises all around the world. Peter creates the opportunities where affluent families have the greatest chance of flourishing.

\n\n

Peter is also part of a legacy family himself; he is a 5th generation member of a 7th generation American enterprise established in 1885. Peter married into this family and was astounded by the welcoming and inclusive nature of his wife's large family. The family enterprise is now a holding company with over 500 shareholders, all of whom are family members. Of particular interest are the Family Summits held annually, which are designed to re-engage family members, partake in family traditions and rituals, discuss philanthropy and reset for the year ahead.

\n\n

Peter shares his experience of what it was like to join a well-established legacy family and how he has used this unique experience to pivot his career and help other legacy families flourish.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Peter Evans.

Sponsored By:

Links:

","summary":"Peter Evans is an advisor, consultant, and speaker to legacy families, family offices, and multigenerational enterprises all around the world. Peter creates the opportunities where affluent families have the greatest chance of flourishing.","date_published":"2022-04-24T14:30:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/a9adc230-04b6-4f39-a352-99f2cae2a956.mp3","mime_type":"audio/mpeg","size_in_bytes":38744816,"duration_in_seconds":3228}]},{"id":"4125db71-1a9c-47c5-a01b-571c8169102e","title":"Srinath Rajam - Separating the Family Conglomerate After 111 Years","url":"https://www.businessoffamily.net/srinath-rajam","content_text":"Srinath Rajam is a Director at TVS & Sons, Chairman at Kwik Patch, and one of the four sons of the high profile TVS group of companies. The TVS Group is a long-standing family business, running for over 110 years, which has interests in everything from auto components through to finance. Now after over a century in business, the TVS group has decided to amicably separate. Srinath talks about this historical event and how by keeping it amicable, it sets the stage for the next phase of growth.\n\nStandout Quotes:\n\n\n\"The process of how you manage a company is not taught anywhere; the process for how you manage people is not taught anywhere so these are things you need to learn by watching\" - [Srinath]\n\"Unless all of us are good human beings, we cannot work in a group\" - [Srinath]\n\"If the family is not in one piece... the businesses are going to fall apart\" - [Srinath]\n\"I don't worry about control, I worry about what's best for the business\" - [Srinath]\n\n\nKey Takeaways:\n\n\nSrinath is a 4th generation member of the TVS and Sons Family. He talks about a historic date when the family will finally be breaking up the company and separating after 111 years. Unlike many families which split with resentment and animosity, this breakup is rather amicable which sets the stage for growth in the next phase. \nThe seeds for the separation started in 1974, although from the onset, at a point when the Founder of the company had his influence waning as a patriarch, there was already a lot of mistrust. It was in 1974 that it became clear that there was no future for the company to continue as one large family which is now manifesting. \nOver the 48 years since the first conversation was had about splitting up, the company has lost opportunities to advance in IT, however, they were able to structure the core competence of the existing companies. \nThe first phase was in 1927 when the company became the dealer for GM in South India. The next phase was automotive component manufacturing which continues to be the most profitable aspect of the business. The third phase is a two-wheeler operation, which is the largest and most valuable company. Most recently, the supply chain has also been racked up, which is the TVS Supply Chain.\nAbout the two-wheeler operation: in 1972, as a young teenager, Srinath had discovered what looked like an electric bicycle which his grand-uncle was creating as a cheap way for people to move around. The engineers had said it would not be possible, but he invested energy, time, and money in it based on his conviction. By 1978, he passed on 10 days before the company was opened. The group was also into all sorts of automotive industries. \nThe strategy for the separation was that whoever is managing will continue to look after business till the separation, then the valuation was done in 2014, and the difference would be settled in cash. The Indian legal system encourages families to have such a business understanding, which was not initially accepted by all 64 shareholders but with persuasion, they agreed to implement it. The company also has very strict requirements regarding competence and experience to join in the business such that family members are not guaranteed an automatic seat. \nSome of these requirements for joining the family business include Graduation from an Ivy League school, a minimum of 3 years of work experience outside the family business with no help getting the job. These and more only qualify members to apply, after which a competency board will assign a mentor who looks after the possible future leaders, and then they can grow from there. These new family members entering into the business start with a small responsibility like one of the smaller subsidiaries and are mandated to only report to a professional, not their parents. \nBased on these requirements, most family members are only qualified to apply by their early 30s, which is beneficial for the company because emotional maturity is also critical.\nAlthough G4 wasn't particularly groomed for management, they intend to identify those things they lacked and make them available for G5. Since the process of managing companies or people is not taught anywhere, G5 has to be properly introduced by participating as observers in top review meetings. Most of the methods and practices being implemented to groom G5 are ideas from John Ward. \nEven though many families apply all sorts of family governance structures, not many are successful, meaning those structures do not guarantee anything. The question is \"How do you make this work?\". The first requirement is trust; without trust, none of these things can work. Next is transparency, and the third is to be Just and Fair. People working together must be good people who like being around each other. Additionally, fairness, compassion, and carrying people along, have been more efficient than any of these structures. \nTo address the issue of power grabbing in the 60s, a change in the business system was made such that no decision can be made without the unanimous consent of the members present. It protected the person managing the subsidiary such that they could not be fired easily but the bureaucracy at the same time restricted opportunities for risk and growth. Hence the success of the group depended on the competence and ambition of the people running each company. However, while the trust was lost and growth was delayed, the companies held on better to funds for reinvestment which promoted overall growth. This however created problems and resentment from the shareholders. \nWhen John Ward came along, he increased the dividends to the non-working shareholders from 10 to 25%. Dividend taxes were also removed from the income. His approach was to make the family happy knowing that most of their problems could be addressed with cash. Some of the dividends were also used to take care of the educational needs of non-working shareholders. \nThe family has about 80 shareholders, and after the break-up, things will fragment, and there will not be the usual large family get-togethers. Nonetheless, there will still be some rearrangement because some of these small businesses will come together to work to be more efficient. The strength of emotional bonds will also determine the interaction between these subsidiaries in the future.\nUnlike the previous structure of the large family where there was no exit clause, Srinath's family business will have one for the shareholders. The company will also take advantage of the newfound freedom from the bureaucracy of unanimous decisions, to take risks and opportunities to grow. \nIn Srinath's family enterprise now, G4 members are only allowed to pass the shares to the linear descendants. Spouses, sons-in-law, and other members cannot enter the family business. This doesn't necessarily guarantee any birthright for the G5; some G4 members have donated all their shares to charity. The G5 is guaranteed to get no more than a decent standard of living and good education.\nWhen it comes to lineage, no differentiation is made between sons and daughters, it is simply a factor of competence. TVS has a balance between business and compassion, rather than overly tilting in any direction. \nUnfortunately, the larger family has never compiled books, photographs, or formally tried to document the family history; this has been a huge disappointment. However, Srinath's uncles tell him not to worry about the past, but to focus on what he can now do in the future. \nThe logistics business was a brainchild of Srinath's cousin, Danesh, and started 10 years ago. The business supplies anything anywhere and unlike FedEx, they can design something and assemble it at the destination. The Rajam family only is entitled to the IPO; they are buying out the shareholding of everyone else. \nOne of the most important things to imbibe is to be fair and just, whether at work or in personal relationships. It goes a long way to make people trust you and builds the energy of people around you. \nFrom Srinath to his children: Firstly, be fair and just, be a good person. Secondly, you must add value to the community; do not chase wealth, chase the creation of jobs. Be a positive person always. \n\n\nEpisode Timeline:\n\n\n[00:50] Meet today's guest, Srinath Rajam. \n[02:33] What led to this amicable speciation agreement? \n[05:54] What are the main pillars that have made up the conglomerate over the last 100 years? \n[08:02] About the two-wheeler operation.\n[13:50] How have you decided where and how to draw the lines in separating this conglomerate? \n[16:42] What are the requirements for family members to join the business? \n[19:56] Are there comparisons between the success or failure of G4 and that of G5?\n[21:30] Where did the inspiration for this approach towards onboarding come from? \n[23:30] What formal family governance structures do you have in place?\n[26:32] What method hasn't worked well in keeping the family together? \n[34:00] How big was the wider family assembly? \n[37:50] After the split up, will you carry on the current family structures to your Family Enterprise?\n[40:38] How do succession and shareholding occur in your new family enterprise? \n[42:40] How do you view lineage in terms of sons and daughters?\n[45:51] After the separation, how does the thread of family history and storytelling continue? \n[49:22] Discussing the family logistics business. \n[54:40] From Srinath to his children. \n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Srinath Rajam.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:kwikpatch.com | India — Srinath Rajam is the Chairman and CEO of Kwik Patch (a JV with MYERS Industries, USA) and Director in TVS Mobility . ","content_html":"

Srinath Rajam is a Director at TVS & Sons, Chairman at Kwik Patch, and one of the four sons of the high profile TVS group of companies. The TVS Group is a long-standing family business, running for over 110 years, which has interests in everything from auto components through to finance. Now after over a century in business, the TVS group has decided to amicably separate. Srinath talks about this historical event and how by keeping it amicable, it sets the stage for the next phase of growth.

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Standout Quotes:

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Key Takeaways:

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Episode Timeline:

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For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Srinath Rajam.

Sponsored By:

Links:

","summary":"Srinath Rajam is a Director at TVS & Sons, Chairman at Kwik Patch, and one of the four sons of the high profile TVS group of companies. The TVS Group is a long-standing family business, running for over 110 years, which has interests in everything from auto components through to finance. Now after over a century in business, the TVS group has decided to amicably separate. Srinath talks about this historical event and how by keeping it amicable, it sets the stage for the next phase of growth.","date_published":"2022-04-03T15:30:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/4125db71-1a9c-47c5-a01b-571c8169102e.mp3","mime_type":"audio/mpeg","size_in_bytes":40793338,"duration_in_seconds":3399}]},{"id":"2c4a5759-d322-4ff0-9d9e-69836dd1e35a","title":"Chris Powers - How Big Of An Impact Do You Want To Have?","url":"https://www.businessoffamily.net/chris-powers","content_text":"Chris Powers is the Founder and Executive Chairman of Fort Capital and the host of The FORT podcast. Chris is a serial entrepreneur with more than 16 years of real estate development and investment experience. Since founding Fort Capital, the company has invested over $1.4B in Class B industrial, commercial, multifamily, student housing, and residential and land development projects. \n\nHis drive to always remain curious, desire to connect with and learn from others led Chris to start his podcast, The FORT. In the FORT, Chris talks with leaders of businesses across real estate and a variety of industries and dives deep into ideas and topics that are not regularly discussed. Chris covers each guest's story and explores in detail the critical moments that led to success, failure, growth, and confidence. He has successfully published over 200 podcast episodes.\n\nStandout Quotes:\n\n\n\"You only are going to be on this earth one time, you really are not coming back again after the first time; let's make the most of it\" - [Chris]\n\"Everything that you were mad at your parents for when you were a kid, is everything you respect them for when you're an adult\" - [Chris]\n\"Money never mattered to my dad, being content and serving others did\" - [Chris]\n\"I think it's a very special thing in life to really want to be good at something\" - [Chris]\n\"If you're a parent and you actually can't give your kids the things they want, it makes it almost easy; what's tough is when you can give them what they want and you choose not to\" - [Chris]\n\"How can you expect someone that grew up with everything easy and given to them, to ever have that burning desire\" - [Chris]\n\"Kids don't learn by words, they learn by actions, so I can say everything I want to my kids but they're going to be watching what I'm doing\" - [Chris]\n\"You don't keep families together, particularly with the amplification of wealth, if you're not intentionally practicing the values\" - [Mike]\n\"We're living in a really cool generation where I think we're going to be able to tell our stories to our kids like nobody's been ever been able to do it before\" - [Chris]\n\"There's just very few people that matter in this world that you remember because of how much money they had, it's really about what they did… you will be defined by how much people remember you\" - [Chris]\n\"The majority of businesses that do really well hit singles and doubles over and over\"\n\"When's enough enough?... it depends on how big of an impact you want to have\" - [Chris]\nThe first great business decision you're going to make is who you marry\" - [Warren Buffet, Chris] \n\"There's things in life that are either giving us energy or taking away energy\" - [Chris]\n\n\nKey Takeaways:\n\n\nChris Powers is the Founder and Executive Chairman of Fort Capital. He is also the host of the podcast, \"The FORT\", as well as a serial entrepreneur with over 16 years of experience in Real Estate Development and Investment Experience. Chris is a first-generation entrepreneur with stories that shaped him down to his relationship with his children. \nChris's dad was a lawyer who valued education, however, after 13 years of being a lawyer, He decided to become a doctor. With two kids and a wife at home, He left law and started medical school at the age of 39 which took place over 8 years with a financial toll on the family. The experience during those years created the foundation for the impression Chris has about money, feeling fortunate to have been more deprived of things than his peers. Chris also learned the importance of doing things in life that give fulfillment. \nBecause of the experience of not having money over those years, Chris became an entrepreneur at a young age to get the money he needed. However, Chris has a fear that his success allows him to skip the chances to deprive his kids of the things they should be deprived of. \nFollowing the passing of his dad, Chris witnessed a turnout at the funeral and stories that depicted the level of impact people felt while his dad was alive. Although it was a traumatic unexpected event, Chris felt equipped at the time to take the reins in the family because his father had trusted him very early on to do things. This taught Chris that there's a level of transparency that is healthy with children, for them to start learning early on how the family operates. \n\"If you study people who are extremely successful in life endeavors, there is a common thread among them where they were in a position to really want something while growing up\". This has made Chris understand that it is hard but necessary to deprive kids of certain things even when they can be gotten. He is trying to teach his kids not to be overly reliant on his wealth but to forge their path. Additionally, having the nature to treat people very well even from childhood is a good foundation to build on.\nRaising great children amidst wealth is a challenge, and the importance of transparency cannot be overemphasised, especially when it comes to treating people well, or other issues affecting family values. This is important to note because kids learn by watching the actions of their parents, hence the teaching values has to be transparently done through actions. This transparency also translates to work, as Chris tries to make his work fun and appealing to his kids rather than intimidating. \nChris has been very intentional about leaving content for his children to learn from, especially in recordings and this is one of the motivations for his podcast, \"The FORT\". \nCurrently, Chris is working to create intentional family traditions that build the family experience. The first of these is an annual talk recorded and kept to give the kids later in life. \nStarting Fort Capital: While in school, Chris wasn't particularly trying to make a lot of money but came across someone in Real Estate who helped him learn and start Real Estate deals which resulted in his company \"Fort Capital\". It is a Real Estate private equity company based in Fort Worth Texas. It is focused on buying Class B industrial and multi-tenant properties, functioning as value-add buyers. As time goes by the desire to sell lessens because there have been great liquidity events from sales and holding cash from sales isn't very impactful anymore. This is beneficial especially for newcomers because Real Estate is a great tax tool. \nIt is easy to get overwhelmed by other companies that seem to be doing immensely well, and be tempted to keep taking high chances. However, the majority of businesses succeed by surviving and growing incrementally. \nTo be an entrepreneur you need someone supportive even when things aren't so great. Chris recalls how selfless his mum must have been to be supportive of his father's unexpected decision to study medicine. This played a major role in the success of his dad just like his wife plays to get him to where he is today. \nConcerning his view on generational wealth, Chris believes the easy route for a lot of folks with money is to let their kids assume that it's all going to be theirs, as soon as they believe it, whether it's true or not it can alter their lives. He is yet to decide on what he will leave for his kids but currently focuses on shaping their mindset on money. \"I want my kids to have something but I want them to earn it and I don't want them to live a life dependent on it; not because I think it would be bad for them to have money but I think it would rob them the joy of living a fulfilled life\"\nFrom Chris to his kids: The way they will be judged when they leave earth is by the impact they've had on others. For them to live a fulfilled life, they need to think each day, \"if it was all over tomorrow, what did I leave the world\"? An exercise for listeners concerning this is \"If you were at your 80th birthday party, write down what you would expect people you care about to say to you\". You've got one shot, make it count. \n\n\nEpisode Timeline:\n\n\n[00:49] Introducing today's guest, Chris Powers.\n[02:25] Chris describes inspiring life lessons from his dad.\n[12:24] How did you deal with the loss of your father?\n[16:30] How do you create balance with depriving your kids of some things for them to learn key values?\n[28:45] Are you being intentional about creating lessons for your kids to come across one day?\n[33:39] Do you have any intentional family traditions to build rituals around the family experience?\n[35:50] Chris shares his journey to success in his business.\n[45:33] Was there a breakthrough point where you knew you could breathe? \n[48:58] What did you learn from your mother and wife in the role they play to support the family?\n[53:04] Have you started to think about Generational wealth? \n[55:53] A letter from Chris to his kids\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Chris Powers.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Chris Powers — As an undergraduate, Chris Powers started buying rental properties and leasing them to fellow Texas Christian University students under the banner Powers Acquisitions LLC. Powers put down roots in Fort Worth after graduating in 2008, and rebranded his real estate endeavors to Fort Capital in 2012. Today, the company’s portfolio boasts 1.5 million square feet and $220 million in assets, and includes industrial, multifamily, and urban properties across Texas. Throughout the day, Powers’ passion for Fort Worth is clear from meetings with business leaders to talks with his own team members.Fort capital — Established in 2005, Fort Capital is a forward-thinking investment firm with a focus on real estate and private businesses. They look beyond the usual, and while we seek to provide our investors with superior financial results - their greatest returns are improved lives. Their team is their competitive advantage as they seek meaningful work and relationships.‎The FORT with Chris Powers on Apple Podcasts — The podcasts are the Conversations with leaders in real estate & business. They cover the stories often not publicly discussed.","content_html":"

Chris Powers is the Founder and Executive Chairman of Fort Capital and the host of The FORT podcast. Chris is a serial entrepreneur with more than 16 years of real estate development and investment experience. Since founding Fort Capital, the company has invested over $1.4B in Class B industrial, commercial, multifamily, student housing, and residential and land development projects.

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His drive to always remain curious, desire to connect with and learn from others led Chris to start his podcast, The FORT. In the FORT, Chris talks with leaders of businesses across real estate and a variety of industries and dives deep into ideas and topics that are not regularly discussed. Chris covers each guest's story and explores in detail the critical moments that led to success, failure, growth, and confidence. He has successfully published over 200 podcast episodes.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Chris Powers.

Sponsored By:

Links:

","summary":"Chris Powers is the Founder and Executive Chairman of Fort Capital and the host of The Fort podcast. Chris is a serial entrepreneur with more than 16 years of real estate development and investment experience. Since founding Fort Capital, the company has invested over $1.4B in Class B industrial, commercial, multifamily, student housing, and residential and land development projects. Chris shares the pivotal moments in his life that led him to become a values-driven, community-minded, first-generation entrepreneur.","date_published":"2022-03-20T19:30:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/2c4a5759-d322-4ff0-9d9e-69836dd1e35a.mp3","mime_type":"audio/mpeg","size_in_bytes":43495131,"duration_in_seconds":3624}]},{"id":"ce2782d3-6def-42ee-a247-ec7ed0143d27","title":"Anthony R Contrucci - A 5th Generation Member of the Schrage Family, Owners of the 126 Year Old Centier Bank","url":"https://www.businessoffamily.net/anthony-contrucci","content_text":"Anthony Contrucci is a proud 5th Generation member of the Schrage Family. He serves in many roles within his broader family enterprise including his role as President and Board of Director of First Bancshares, Inc. (FBS) a bank holding company located in Merrillville, Indiana. FBS’s primary operating asset is Centier Bank. Founded in 1895, the Schrage family has owned and operated the financial institution for 126 years. From humble beginnings, today they are the largest private, family-owned bank in the State of Indiana with approx. $5.8 billion in total assets, over 60 branches, and in excess of 900 associates.\n\nAs his career has evolved, he has developed a true passion for governance and operations. One of his current focuses is the codification and institutionalization of the key elements that differentiate his family’s enterprise. At its core, this speaks to their desire to remain a purpose driven enterprise focused on the preservation of their servant heart culture for generations to come. This spans the continuum of the impact that they have on their associates, their clients, and the communities that they serve overlayed by a holistic approach which incorporates environmental, social, and governance considerations.\n\nIn addition, his passion for governance and operations has evolved beyond that of traditional corporate. For the better part of the last decade, he has led their family’s formalized family governance efforts. As they continue the transition from the 4th to the 5th generation, it was paramount to Anthony, and his generation, that they build the requisite operational and governance structures to ensure success in succession not just for their generation but for generations to come. With the collective support of the 4th and 5th generations, He has allocated a considerable amount of my time establishing their family office and formalized governance structure and framework.\n\nAlthough he feels blessed to be able to serve his family and family enterprise in a variety of roles, the role he is most proud of is that of a devoted husband and loving father. He is married to his best friend and soulmate, Melissa Contrucci (nee Schrage) and has been blessed with two loving children.\n\nStandout Quotes:\n\n\n\"I really believe our success as a family kind of exists at the crossroad of this desire to be civically involved\" - [Anthony]\n\"That formula of putting people before profit is how you build long term sustainable value that transcends generations\" - [Anthony]\n\"In order to be successful in succession, you have to be intentional and you have to be strategic\" - [Anthony]\n\"If you think about the destination, you'll never start the journey\" - [Anthony]\n\"If you're trying to solve a problem that you can solve during your lifetime, you're thinking too small\" - [Anthony]\n\"Success requires action\" - [Anthony]\n\"You can't appreciate something if you don't know how hard it was to have or you didn't have to work for it\" - [Anthony]\n\"During times of dislocation, there's always opportunity\" - [Anthony]\n\"The most important investment I've ever made is my time in my children\" - [Anthony]\n\"Never try to replace your net worth for your self-worth\" - [Anthony]\n\n\nKey Takeaways:\n\n\nAnthony is a 5th generation member of the Schrage family currently serving in the role of President and Board Director of First Bank Shares, a bank holding company with a primary operating asset \"Centier Bank\" which was founded in 1895. They are now the largest private family-owned bank in the state of Indiana.\nThe Schrage family came over from Germany into the US in the 1800s, and over time the family has always been passionate about the community. This alongside the risk tolerance accounted for the success of the family because being involved with the community helped identify needs and create solutions. The name \"Centier\" Bank was coined intentionally to represent a century of service, the founding of the bank on Center Street, and that the bank strives to be the premier provider of financial services for the communities. The headquarter is in Merriville Indiana. \nDespite the pandemic, banking is a good business to be in right now. Data from the bank shows that Centier Bank tends to outperform during times of market dislocation or pain. Clients are put even before the shareholders in the business, and this is how long-term sustainable value is built over generations. 2020 has been the best year financially in the history of the bank. \nThis success was achieved by consciously and emphatically considering the safety of clients and workers physically while also keeping them confident about their finances. They set out to help communities through different programs, mortgages, credits, and low-interest loans.\nAnthony met his wife and her family at the age of 20 and she was his best friend before becoming his wife. Anthony had no intention of working in the family business but wanted to chart his course in life. He had always been in the financial sector, including commercial banking and investment. Later he started with wealth management in the family business, and then the investment services division. After a while strategic intentional steps were taken to ensure an impact in the community. Currently, Anthony spends time in the financial holding company level, family governance, and the family office. \nAlthough the family has grown since the first generation, there are 27 family members and 16 shareholders. There is a family assembly every year, and also a family governance structure. \nThe goal of the family assembly is both business and to bring the family members closer together. One of the main reasons for starting the family assembly was communication flow. Success and succession in a family business is literally the equivalent of fighting gravity; only about a third of family businesses make it from generation to generation. \nAs a broader family, the family meets monthly with specific agendas and occasionally invites subject matter experts. There is also a family business consultant and a family psychologist as well as other subcommittees. There are G5 monthly check-ins with no formal agenda. \nAbout the Family Portal: While trying to organize family documents that have piled up over many years and made work inefficient, Anthony came up with the idea of the Family Portal. This has been a great tool for increasing efficiency and improving workflow. \nWhen it comes to starting Family Governance, \"you've got to go slow to go fast\". Even it is a small start, it's about building the behavior; for Anthony's family, the starting point was about Mission, Vision, and Values. This is where to start to build a foundation with simple things like a code of conduct or attendance policy. It gives some wins and then these goals can be dialed up to more complicated plans. \nThe Emergency Transition Planning (ETP): This refers to very detailed planning done such that in the event of the demise of a leader, things can be set in motion to instill confidence in multiple audiences across multiple mediums. It's a succession plan on steroids.\nThe family psychologist has been very valuable especially in helping family members communicate effectively. This also includes constructive conflict, which is the most important thing in communication and trust-building. Additionally, having a facilitator around when the family constitution was created was very helpful. However, the values or by-products of this exercise are less important than the journey. Families are encouraged to start this process and take their time.\nAfter attending a family business conference where he was introduced to the concept of a Family Book, Anthony applied it in documenting the family history to ensure that future generations would understand how hard the journey was. While collating different materials to create the family book, an enormous collection was accumulated and Anthony had the idea to get a corporate historian to manage the collection. This brought the next idea to have a \"Centier Museum\" for these family artifacts. \nUsing the idea of cohesion dynamics which include the family aspect, as well as the business, financial and emotional aspects, Anthony understood that it was paramount to use the family history to keep family members emotionally tethered to the family business. This determines the filter they would use in making decisions regarding the family business because rather than simply thinking like investors, they would think like stewards if they felt emotionally tethered to the family enterprise.\nThe 6th generation is currently between the ages of 8-18years. For a long time, the family legacy was the bank, but now there's so much more opportunity for the G6 to get involved with the family enterprise and create an impact. \nAdvice for someone looking to lay the foundation for a Family Enterprise: Slow down; \"you have to be patient and focus\". The other thing is to save; \"live below your means and always have reserves because having that additional financial capacity allows you to be opportunistic\".\nThere has had to be a shift from being a family that operates a business to a family that has an enterprise. \"We had the belief for so long that the legacy was the bank but now I believe that the legacy is the culture that fuels the enterprise\" Thinking about it this way gives the motivation to lean into Family Governance and Family Office. It also shifts the mindset from being competitive to being more collaborative. All of this takes curiosity, communication, working through conflict, and never being afraid to fail, knowing that growth comes from failure. \nAnthony's letter to his kids: Happiness comes from the important things in life; love, health, the time spent, and experiences created with loved ones. True fulfillment comes from finding something you're extremely passionate about, that is meaningful but extremely hard; if you don't grind, demonstrate grit, fail, and pick yourself up, you will never find fulfillment and self-actualize. If you always lean into what's important in life and push yourself, you'll find that fulfillment. \n\n\nEpisode Timeline:\n\n\n[00:50] Introducing today's guest, Anthony R Contrucci.\n[02:05] The history of Anthony's family business. \n[08:20] How is the banking industry right now?\n[12:16] Anthony's entrance into the family and the family business.\n[17:40] The structure of the family enterprise. \n[29:28] How has your governance structure taken shape since its implementation?\n[37:55] Where did you start in terms of Family Governance?\n[41:34] The Emergency Transition Planning (ETP).\n[45:00] Discussing the role of the family psychologist.\n[48:30] How did the family constitution come to be? \n[51:14] About the Family structures put in place to guard the family history.\n[57:54] With regards to the 6th generation, how do you look to the future of the family enterprise?\n[01:00:21] What advice would you give to someone looking to lay the early foundation of a Family Enterprise?\n[01:05:08] Is there a new habit you've adopted that was meaningful to your journey?\n[01:09:16] Anthony's letter to his kids.\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Anthony R Contrucci.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Centier Bank - A Family-Owned Indiana Bank Since 1895. — Michael E. Schrage, CEO and Chairman of Centier BankHow Centier Bank celebrated its 125th anniversary","content_html":"

Anthony Contrucci is a proud 5th Generation member of the Schrage Family. He serves in many roles within his broader family enterprise including his role as President and Board of Director of First Bancshares, Inc. (FBS) a bank holding company located in Merrillville, Indiana. FBS’s primary operating asset is Centier Bank. Founded in 1895, the Schrage family has owned and operated the financial institution for 126 years. From humble beginnings, today they are the largest private, family-owned bank in the State of Indiana with approx. $5.8 billion in total assets, over 60 branches, and in excess of 900 associates.

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As his career has evolved, he has developed a true passion for governance and operations. One of his current focuses is the codification and institutionalization of the key elements that differentiate his family’s enterprise. At its core, this speaks to their desire to remain a purpose driven enterprise focused on the preservation of their servant heart culture for generations to come. This spans the continuum of the impact that they have on their associates, their clients, and the communities that they serve overlayed by a holistic approach which incorporates environmental, social, and governance considerations.

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In addition, his passion for governance and operations has evolved beyond that of traditional corporate. For the better part of the last decade, he has led their family’s formalized family governance efforts. As they continue the transition from the 4th to the 5th generation, it was paramount to Anthony, and his generation, that they build the requisite operational and governance structures to ensure success in succession not just for their generation but for generations to come. With the collective support of the 4th and 5th generations, He has allocated a considerable amount of my time establishing their family office and formalized governance structure and framework.

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Although he feels blessed to be able to serve his family and family enterprise in a variety of roles, the role he is most proud of is that of a devoted husband and loving father. He is married to his best friend and soulmate, Melissa Contrucci (nee Schrage) and has been blessed with two loving children.

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Standout Quotes:

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Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Anthony R Contrucci.

Sponsored By:

Links:

","summary":" Anthony Contrucci has spent his career in banking and finance with a focus on strategic planning, prospect development, relationship management and capital procurement. He enjoys the challenge of building brands and developing innovative and unique marketing initiatives as well as client acquisition strategies.","date_published":"2022-03-06T12:45:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/ce2782d3-6def-42ee-a247-ec7ed0143d27.mp3","mime_type":"audio/mpeg","size_in_bytes":52639033,"duration_in_seconds":4386}]},{"id":"e30f3917-9b84-4f94-b449-89da181d9976","title":"James (Jay) E. Hughes, Jr. - Family Wealth: Keeping It in the Family","url":"https://www.businessoffamily.net/jay-hughes","content_text":"Mr. Hughes, a resident of Aspen, Colorado, is the author of Family Wealth: Keeping It in the Family, and of Family – The Compact Among Generations, both published by Bloomberg Press, and is the co–author with Susan Massenzio and Keith Whitaker of The Cycle of the Gift: Family Wealth and Wisdom, The Voice of the Rising Generation, and Complete Faith Wealth, all published by John Wiley & Sons and is a co-author with Hartley Goldstone and Keith Whitaker of Family Trusts: A Guide to Trustees, Beneficiaries, Advisors and Protectors\". \n\nIn addition, he has written numerous articles on family governance and wealth preservation and a series of Reflections which can be found on his website jamesehughes.com.\n\nHe was the founder of a law partnership in New York City specializing in the representation of private clients throughout the world and is now retired from the active practice of law. Mr. Hughes was a partner of the law firms of Coudert Brothers and Jones Day.\n\nStandout Quotes:\n\n\n\"The first asset a family owns is its spiritual capital; if it doesn't have it, it better develop it\" - [Jay Hughes]\n\"If we're learning together and we're sharing what we learn, guess what? we're likely to make better joint decisions\" - [Jay Hughes]\n\"A family that's nothing but quantitative capital is toast\" - [Jay Hughes]\n\"You don't have entitled children and you will know how much is enough if you're concentrating on growing your qualitative capitals\" - [Jay Hughes]\n\"The two great obstacles to adjustment for a human being are sex and money; money is the worst of all because no nice person will speak of it\" - [Jay Hughes]\n\"Every family has ghosts\" - [Jay Hughes]\n\"Almost always, the plan that they have for transition...is a liability\" - [Jay Hughes]\n\"Way too much time I think is spent on saying we need to be resilient, that's good but the real question is we need to be enduring\" - [Jay Hughes]\n\"There's no such thing as financial resources, there are only things that are the representation of someone else's dream; anybody who doesn't get that right just misses the problem of the recipient\" - [Jay Hughes]\n\"It astonishes me, Mike, that many families with huge resources have never studied the fact that human beings don't learn the same way\" - [Jay Hughes]\n\"You don't just start; you start by building up those cells are going to make up the team on the journey\" - [Jay Hughes]\n\"Storytelling is incredibly important to discover our history\" - [Jay Hughes]\n\n\nKey Takeaways:\n\n\nJay's book \"Family Wealth\" was a huge inspiration over a decade ago for Mike's interest in the concept of Family Business.\nAfter a major midlife crisis, Jay realized that his work in the law had a major flaw being that he was the only person who could use the structures he was creating for clients. He understood that the responsibility of a professional is to make clients more capable and liberate them but he had made them less capable. He started focusing more on ideas to make families more independent and also shared these ideas. Jay started to shift away from legal structures which were focused more on the 'How?' questions, and move towards the 'Why?' questions which had more impact on families. He also spoke publicly on different platforms about it and the message was well-received, encouraging him to start his book. \nWith the clients however this approach was challenging, but Jay understood that if he simply did what clients asked, it would not help them achieve their goals. He learned to wait for clients to gradually open up to the approach. It had also become needful for Jay to have a beginner's mind with this new approach, not assuming he had all the answers as usual but showing concern and the desire to help families. \nWealth comes from the Anglo-Saxon term \"Weol\" which means \"well-being\"; Financial capital is a form of wealth but it is not wealth. In trying to figure out the assets of a family to understand them better, a Balance Sheet has proved to be a humane tool. \nUsing this tool, there are 4 qualitative forms of capital; the first is Spiritual Capital. This refers to a common purpose where every member of the family by affinity seeks to enhance the other's journey of happiness. The next is Social Capital; can you make really good joint decisions together over a long period of time? To make good joint decisions, there has to be Intellectual Capital, meaning the family has to be a learning system where what is learned is shared. Another form of capital is Thriving Human Capital which is followed by the only quantitative capital; Financial Capital. Financial capital is the engine that grows the others and does not simply function as accumulated wealth. It is critical to understand that the qualitative forms of capital must always be kept in focus above the financial capital that is meant to support them; a family that simply focuses on putting financial capital into consideration is not likely to succeed together. \nThere are now assessment organisms for a family that is thoughtful to annually assess the states of its capital. Sigmond Freud in his work realized that the most adjusted or happiest people were those who learned to love and work as a vocation, not labor. The vocation is often a dream which takes a while to manifest and forms the stories about how the aspiration of that dream inspires people to perspire towards achieving it. When parents ask their children more about their aspiration rather than debunking it, the kids realize how inspiring it is to them and if they can perspire towards it. \nThe Ghost Liability on a Family's Balance Sheet: As much as the balance sheet shows the assets, it also shows the liabilities, and one of the liability questions is \"What's our big obstacle?\". When looking at the internal obstacles, there is a high tendency to assume that the people in the room are the obstacle but it is pivotal to note that these aren't the only people in the room. Every family has ghosts which may be good ones brought up in stories or the \"Hungry Ghosts\" whose goals were unfulfilled and have lingering problems. Other kinds of ghosts are stories that are untrue but are told as if they are true. Surprisingly, another form of ghost is the plan for the transition itself and preexisting family structures which are often a liability. This is particularly because the transition plan would not have been able to consider people in the future who would later be constrained by it; in other words, usually, the plan is too small. To fix the problem, the old constraining plan must be shed, creating room for fragility and risk to form a new larger plan which will be used until it becomes too small for another generation. The qualitative capitals are groomed and grown in this process such that the new larger plan can accommodate growing those capitals. All the ghosts must be noticed and addressed accordingly so they don't cause problems in family transition.\nInevitably, beneficiaries will at some point realize that they're playing a role they didn't sign up for, and this will be a huge reveal that will hit them like a meteor. When this happens, parents need to be extremely caring and deeply understanding. The question now becomes \"is the meteor a gift or a transfer?\"; because a transfer is easy but gifts come with love and are very hard to make. The parents and other professionals have to work hard to ensure this comes across as a gift rather than a meteor of obligations. \nDespite this, the burden that comes with it cannot be ignored and must still be recognized with love. The key is for the kids to understand even from childhood that the purpose is to grow themselves; preparing early for this revelation increases the odds of a successful outcome. It should be noted that it can be very disastrous to justify this burden by saying \"By the way, you never have to work\" as if it is handled poorly this meteor could lead to some form of post-traumatic shock. Hence the people who do well are those who take time to explore it and grow because what is being received is not just money but the consequences of someone else's dream, and the goal is to use it to aspire to achieve the dreams of the recipient. Again, it is emphasized that this gift should be a consequence of magnanimity given with love to the recipient and the hope that it helps them find their happiness, anything else is a transfer that comes with ambition and expectations which may have a poor outcome. \nA starting point in this approach of a successful family enterprise journey is for families to understand the different ways by which members learn, knowing that a thriving human capital defines Intellectual Capital. This also applies to trustees. Working on this helps the family identify whose skill is needed at different points in time. It also helps to disseminate information for joint decision-making in ways that are best absorbed by individual family members. Another very useful tool is Enneagrams; they help understand how different personality types determine how individual family members view situations or react. The aim of this phase is to properly prepare by equipping the family before starting the journey.\nStorytelling for families isn't simply for the joy of the story; it helps understand time. A good way to foster storytelling is to have reunions where each person is asked \"who is the oldest person you knew and what did they tell you about somebody older?\". This also applies to those married into the family and helps them weave into the family. \nJay's letter to his kids; that they are loved and he would ask for their forgiveness.\n\n\nEpisode Timeline:\n\n\n[00:51] Meet today's guest, Jay Hughes Jnr.\n[03:10] How Jay's book 'Family Wealth' came about. \n[06:49] How did the families receive your approach of asking the \"why?\" questions?\n[15:20] Defining Wealth and the different forms of capital.\n[23:21] Is there a measuring stick for success in qualitative capital?\n[32:15] The Ghost Liability on a Family's Balance Sheet.\n[43:41] What is the most appropriate way to prepare beneficiaries and include them in the plan? \n[58:10] How does a family start this journey? \n[01:08:20] Jay's View on Generational Story-telling. \n[01:16:44] Jay's letter to his kids\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Jay Hughes.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Wise Counsel Research Inc — Mr. Hughes is a current active Fellow of Wise Counsel Research Foundation a Boston based think tank providing qualitative advice to families who seek to avoid the shirt sleeves proverb and to help their families flourish.Families Of Affinity — James (Jay) E. Hughes, Jr. is the author of the acclaimed classic Family Wealth and Family: The Compact Among Generations, and the co-author of The Cycle of the Gift: Family Wealth and Wisdom.Family: The Compact Among Generations: James E. Hughes Jr.: 9781576600245: Amazon.com: Books — The successor volume—and intellectual prequel—to Family Wealth\r\n\r\nWhy do some families thrive for generations? What accounts for the sad deterioration that other families experience? This book builds on the now widely accepted practices offered in Hughes's signature work Family Wealth and offers families the professionals who serve them a view of his panoramic insights into what makes families flourish and fail. It lays out the basis for the vision of family governance the author has developed through his work and research. His advice addressed not only what to do but how to think about the complex issues of family governance, growth and stability, and the ongoing challenge of nurturing the happiness of each family member.Family Wealth: Keeping It in the Family - How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations: Hughes, James E. — The landmark book that changed the way exceptional families think about their heritage, their wealth, and their legacy to future generations--now revised and expanded.","content_html":"

Mr. Hughes, a resident of Aspen, Colorado, is the author of Family Wealth: Keeping It in the Family, and of Family – The Compact Among Generations, both published by Bloomberg Press, and is the co–author with Susan Massenzio and Keith Whitaker of The Cycle of the Gift: Family Wealth and Wisdom, The Voice of the Rising Generation, and Complete Faith Wealth, all published by John Wiley & Sons and is a co-author with Hartley Goldstone and Keith Whitaker of Family Trusts: A Guide to Trustees, Beneficiaries, Advisors and Protectors".

\n\n

In addition, he has written numerous articles on family governance and wealth preservation and a series of Reflections which can be found on his website jamesehughes.com.

\n\n

He was the founder of a law partnership in New York City specializing in the representation of private clients throughout the world and is now retired from the active practice of law. Mr. Hughes was a partner of the law firms of Coudert Brothers and Jones Day.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Jay Hughes.

Sponsored By:

Links:

","summary":"James (Jay) E. Hughes, Jr. is the author of the acclaimed classic Family Wealth and Family: The Compact Among Generations, and the co-author of The Cycle of the Gift: Family Wealth and Wisdom. He has also written numerous articles on family governance and wealth preservation. Jay is a frequent speaker at symposia on the growth of families’ human, intellectual, social, spiritual, and financial capital.","date_published":"2022-02-13T15:30:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/e30f3917-9b84-4f94-b449-89da181d9976.mp3","mime_type":"audio/mpeg","size_in_bytes":57905918,"duration_in_seconds":4770}]},{"id":"5a744be1-45dc-4f9f-b533-7d9d85229da1","title":"Joe Pohlen - Caring for Elders & Why it's Important to Have Daughters","url":"https://www.businessoffamily.net/joe-pohlen","content_text":"Joe is the owner of Cardinal Senior Management, an operator of assisted living communities in the Untied States. Joe started the company with his business partner in 2015 and hopes to continue their growth in the coming decade with a focus on affordability and decentralized leadership. Joe lives in Grand Rapids, MI with his wife and 4 year old son. \n\nStandout Quotes:\n\n\n\"Unless someone's livelihood and their family’s livelihood depends on what you're doing, you're not an entrepreneur\" - [Joe]\n\"Unfortunately, the US gets a reputation for not caring for our elderly the way a lot of other countries care for their elderly\" - [Joe]\n\"If you want your family interacting with you in the US, I would recommend having daughters or making sure that you're close with your daughters-in-law\" - [Joe]\n\"No one really cares what you have to say, it's your actions and your consistency\" - [Joe]\n\n\nKey Takeaways:\n\n\nJoe Pohlen is the owner and Partner at Cardinal Senior Management, an operator of assisted living communities in the U.S. with a specialty in affordable assisted living.\nJoe started his career in Student Housing which was doing well but he wondered if that was his purpose in life. Knowing a few people who were working in assisted living and doing well, Joe started to figure out how to get into this field with his partner, Chuck. He started his journey and grew successfully. \nJoe manages assisted living facilities where inhabitants pay ahead covering housing, activities, and care; the big challenge, however, is that more seniors lack the financial resources to move into the facility. The solution to this would have to involve the federal government. For families who cannot afford the cost, they would first be moved in with a roommate, and Medicaid will be involved to pay a lower price to help retain the care of the elderly. There are plans to implement other strategies to help improve the care for the elderly especially for those who do not have the financial capacity required.\nThe majority of decisions in a family are made by the oldest daughter and also most visits are usually from daughters, hence it pays to build good relationships with the daughters to encourage visits from the families. \nFamilies also need to have conversations about steps to be taken to address issues related to the welfare of the elderly in different scenarios. People move into assisted living for two reasons, one is that they decide it's the right thing for them, and the second is when they lack a choice in the matter because the decision has been made for them. Those who decide on their own have a more successful experience. \nJoe and his wife had previously decided not to have a kid but they changed their decision in the lockdown, deciding to adopt a kid who they were strongly emotionally drawn to, without anticipating it. He hopes his son will learn from him especially through his actions.\nFrom experience, Joe observed that most families hand down wealth to the next generation very poorly and it often fails, hence he has always planned to spend his wealth rather than go through the same ordeal in trying to pass it down. His focus is on giving more of an education to equip his kid with the right tools to live successfully. \nJoe's letter to his kid: \"You are enough, your accomplishments are not the definition of who you are. Your mom and I love you. Continue to treat people how you want to be treated. If you go through this world doing the right thing even when it's hard, it will work out just fine for you\"\n\n\nEpisode Timeline:\n\n\n[00:50] Introducing our guest for today, Joe Pohlen.\n[01:41] About Joe's background\n[05:27] How did you build your team to provide care rather than just storage?\n[11:56] How do you handle families that cannot afford the cost of assisted living care?\n[18:20] How do you encourage more frequent family visits? \n[21:06] How can a family discuss the topic of assisted living for their elderly?\n[26:44] About Joe's personal and family life. \n[38:50] Joe's letter to his kids.\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Joe Pohlen.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Cardinal Senior Management – Mindful Stewards with Bold Results — Joe is the owner of Cardinal Senior Management, an operator of assisted living communities in the Untied States. Cardinal Senior Management corporate offices are based in Grand Rapids, MI. Co-founders Chuck Gray and Joe Pohlen began the company with an idea of finding unique properties that needed a fresh culture and an opportunity for turnaround. Autumn House East and West in York PA were the first buildings and community for the company.Home - Care Cardinal — Care Cardinal provides an intimate, home-like setting where staff and residents interact like family. We’re rethinking and redesigning how to care for residents.Home - Live Cardinal — Live Cardinal provides care, compassion, and dignity in their residential care homes that truly have a home-like setting. We believe that senior members of society should live out their golden years with dignity and respect, remain active and involved in their community to the best of their ability, and be surrounded by friends, old and new. Assisted living is not the only housing option for an older adult who needs care. An emerging alternative is a residential care home, which provide care to small groups of adults, typically over age 60. Live Cardinal specializes in this unique form of living for seniors: A residential care home for those who cannot live independently, but hate the idea of a large institutional setting.","content_html":"

Joe is the owner of Cardinal Senior Management, an operator of assisted living communities in the Untied States. Joe started the company with his business partner in 2015 and hopes to continue their growth in the coming decade with a focus on affordability and decentralized leadership. Joe lives in Grand Rapids, MI with his wife and 4 year old son.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Joe Pohlen.

Sponsored By:

Links:

","summary":"Joe Pohlen, Founder and Partner of Cardinal Senior Management has prospected and built a portfolio of multifamily, student housing and self-storage in West Michigan. He is an entrepreneur at heart with 15 years of professional experience, including 8+ years in management. He started Cardinal Senior Management (CSM) in 2015 to effectively manage buildings that struggled with occupancy and provide them with a plan of action to achieve a waiting list. ","date_published":"2021-12-12T17:15:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/5a744be1-45dc-4f9f-b533-7d9d85229da1.mp3","mime_type":"audio/mpeg","size_in_bytes":29237603,"duration_in_seconds":2436}]},{"id":"60dfcbcd-e7f8-443b-9a2b-6f0eeea9026f","title":"Bradley J Franc - Increase the Value and Maintain the Values","url":"https://www.businessoffamily.net/bradley-franc","content_text":"Bradly J. Franc (“Brad”), is the creator and author of the Amazon best-selling book entitled The Succession Solution: The Strategic Guide to Business Transition. His firm The Succession Coach LLC, works with business owners to create as well as execute on their succession plans. \n\nBrad is an attorney, entrepreneur, and business strategist who specializes in the transfer of family and closely-held businesses. He is also a former board member of Catalyst Connection. \n\nBrad began his professional career by becoming a CPA and working for the international accounting firm now known as EY. From there, Brad became an entrepreneurial strategic business adviser and a business lawyer representing every aspect of the closely-held business.\n\nStandout Quotes:\n\n\n\"Writing is the highest form of thinking\" - [Brad] \n\"It's not that there's a particular process but you pick a process\" - [Brad] \n\"The longer you wait, the fewer the options you have, with respect to succession planning\" - [Brad] \n\"You can't do strategic planning unless you understand the company's culture\" - [Brad] \n\"It is incredible how many times people think they know what they have, and they don't\" - [Brad] \n\"Conflict is good, it gets things out\" - [Brad] \n\"All progress begins with honesty\" - [Brad] \n\"Most people overestimate what they can do in a year, they underestimate what they can do in ten\" - [Brad] \n\"If you want to improve something, measure it, if you want to improve something exponentially, measure it and have a report on it\" - [Brad] \n\"Succession planning is a form of strategic planning\" - [Brad] \n\"For things to stay the same, things must change\" - [Brad] \n\"I try to tell that next gen, 'your job is to increase the value and to maintain the values' \" - [Brad]\n\n\nKey Takeaways:\n\n\nBradley is the author of the Amazon bestseller \"The Succession Solution\" and his firm, 'The Succession Coach' works with business owners to create and execute their succession plans. Brad is now an entrepreneurial strategic business adviser and a business lawyer representing closely-held businesses. \nBrad had started as a CPA with the goal to reduce taxes, and later he went on to go to law school. He realized he was helping but not solving the problem so he merged strategic planning with Estate and Succession planning which formed the Succession Solution.\nInitially, his goal was to simply put down the strategy so he could convince himself that it was feasible, however, he realized someone else could also benefit from reading it. This was how he went ahead to write his book, The Succession Solution. \nAfter starting a business that had made losses for two years, Brad employed strategic planning and the difference was clear; the business bounced back.\nThere are 3 types of succession; Succession of Knowledge, Management, and Ownership. It is unlikely to be able to ensure the succession of management and ownership without the transfer of knowledge. However, more often than not. Succession involves the transfer of ownership with closely held business owners. \nThe Succession Solution: Brad usually starts by discussing with the significant stakeholders to understand what is on the ground before getting fully involved. He also ensures the family is willing to cooperate and gets commitment upfront. \nThe 6 stages of the succession plan: The first stage is the Purpose stage; identifying the basic values, the vision, and the \"Why?\". Next is the Discovery stage; understanding where they are before starting. The third step is the Challenge; to identify their strengths, opportunities, and most importantly, the obstacles. Most of the time what people want to get from the 6 steps is certainty because uncertainty creates anxiety.\nBrad emphasizes that conflict is good however, how that conflict is managed is critical. Communication and trust are the reason most companies fail. \nThe fourth stage of the succession plan is the Mission stage. This is where the group sets milestones and creates strategies to overcome the obstacles previously identified. The Annual stage is next, and here the group decides steps that need to be taken within the next 12 months, to get closer to the milestones already set. The last stage is the Quarterly Review stage where the question is \"what do we do in the next 90 days to get closer to the objective for the Annual stage?\" \nThe conversation of succession planning is a function of the board, hence, while members of the younger generation can have a personal conversation with their parents as the business leaders, it is fundamentally expected that the board is well suited to answer these questions. It is also helpful to talk to the professionals.\nGiving purpose to the outgoing generation of leaders in the family business is highly essential as it is a part of their transition. A good step is to create a family council for them to transition into, allowing them to offer more insight particularly on the culture and values of the business. The family office and council would also need succession planning.\nSuccession planning is a form of strategic planning, as such, families should consider commencing strategic planning right after planning for succession. \n\"The job of the incoming generation is to increase the value and to maintain the values\" it is the job of the senior leadership to educate the upcoming leaders on the values of the business. \nLack of planning for succession can ultimately lead to a closure of the business or loss of key employees due to uncertainty.\nListeners who want to know how to get started with succession planning are encouraged to educate themselves first; Brad's book, \"The Succession Solution\" is a good resource. With adequate knowledge, they can also discuss with professionals.\nBrad's letter to his children: Never stop reading; if you want to improve yourself, read books.\n\n\nEpisode Timeline:\n\n\n[00:49] Introducing today's guest, Bradley J Franc. \n[01:53] Brad shares his backstory.\n[04:25] What inspired you to write your book, \"The Succession Story\"?\n[05:52] Discussing the importance and role of Strategic Planning. \n[09:10] At what point do you typically get involved in the business?\n[10:50] The Succession Solution (6 stages of the succession plan)\n[26:10] How can the upcoming generation approach the conversation of succession planning with the leader in the business?\n[32:13] Do you also create succession plans for the family council?\n[36:04] Consequences of poor succession planning. \n[40:21] What do you suggest as a first step in succession planning? \n[42:00] Brad's letter to his children.\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Bradley J Franc .Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:The Succession Solution — Bradly J. Franc (“Brad”), is the creator and author of the Amazon best-selling book entitled The Succession Solution: The Strategic Guide to Business Transition. ","content_html":"

Bradly J. Franc (“Brad”), is the creator and author of the Amazon best-selling book entitled The Succession Solution: The Strategic Guide to Business Transition. His firm The Succession Coach LLC, works with business owners to create as well as execute on their succession plans.

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Brad is an attorney, entrepreneur, and business strategist who specializes in the transfer of family and closely-held businesses. He is also a former board member of Catalyst Connection.

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Brad began his professional career by becoming a CPA and working for the international accounting firm now known as EY. From there, Brad became an entrepreneurial strategic business adviser and a business lawyer representing every aspect of the closely-held business.

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Standout Quotes:

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Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Bradley J Franc .

Sponsored By:

Links:

","summary":"Bradly J. Franc is an attorney, a former CPA and experienced entrepreneur. He has practiced business and estates and trust law at Houston Harbaugh for more than 25 years. During that time, he founded three successful businesses.","date_published":"2021-11-28T17:15:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/60dfcbcd-e7f8-443b-9a2b-6f0eeea9026f.mp3","mime_type":"audio/mpeg","size_in_bytes":31354462,"duration_in_seconds":2612}]},{"id":"a59b4116-1d94-4404-8da6-13a9105d2a05","title":"Dave Specht - Preserving Families and Perpetuating Businesses","url":"https://www.businessoffamily.net/dave-specht","content_text":"Dave Specht is the Director of the Global Family Business Institute at The Drucker School of Management. Dave is the author of, \"The Family Business Whisperer.\" Prior to joining the Drucker School Dave helped lead a Family Dynamics team at one of the largest Private Banks in the United States where he trained over 2,500 advisors. Dave is married and he and his wife have 6 children. His personal mission is to, \"Preserve Families and Perpetuate Businesses.\"\n\nStandout Quotes:\n\n\n\"The path to helping families is not in having the right answers for them, but it's about having the right questions for them\" - [Dave] \n\"Clients know if you're genuinely curious about their lives, or you're genuinely trying to get into a transaction with them\" - [Dave] \n\"What is your ambitious pursuit, what is it that wakes you up in the morning that you want to chase?\" - [Dave] \n\"Ultimately if we can stay grateful, entitlement can't sneak in… gratitude and entitlements are incompatible roommates\" - [Dave] \n\"One of the bigger challenges that families of wealth have is creating a rising generation with ownership mentality\" - [Dave] \n\"Most of the family wealth that we see lost is due to breakdown in relationships, not poor investment planning\" - [Mike]\n\"Fair does not mean equal\" - [Mike] \n\"You either define what it means to be wealthy or you will be defined by your wealth by others\" - [Dave] \n\"One of the biggest mistakes advisors make is discounting the spouse or not involving the spouse early; they're the ones that are going to nudge the process forward\" - [Dave] \n\"Your worth is not measured in dollars and cents\" - [Dave]\n\n\nKey Takeaways:\n\n\nDave is the Director of the Global Family Business Institute at the Drucker School of Management. He is the author of \"The Family Business Whisperer\". His personal mission is to preserve families and perpetuate businesses. \nAfter selecting Family Business Management as an elective to finish his Masters, Dave realized that several nonfinancial issues were keeping families from making good decisions and this piqued his interest. \nDave worked for a few years with a broker/dealer till he decided to focus more on working with the families directly. He later worked on his own in Family business consulting while creating a Family Business Program at the University of Nebraska. \nAsking Inspired Questions: What question are we going to ask that will get the person storytelling so we can learn what they care about? This idea was inspired by the effort he had put into the questions he asked his kids to understand them better. Dave describes the framework for Inspired Questions: Avoid yes/no questions; ask open-ended questions that lead people to tell a story. Secondly, don't ask questions you know the answer to. Lastly, ask questions that don't have a right or wrong answer. Having genuine curiosity is much more important than just seeing the interaction as a transaction. \nAlthough not from a wealthy family, Dave had learned some dynamics of wealth from his family, watching and understanding their actions in regards to finances. \nDave encourages his kids to have an ownership mindset and not limit themselves, even while keeping the values of a good honest job. What is your ambitious pursuit? If we focus too much on giving the best to our children, we may only pass on valuables rather than values. \nRaising children amid wealth (The 3Gs): Gratitude, Goals, and Grit are tools Dave recommends. Gratitude prevents a sense of entitlement. Having goals helps kids translate lessons learned as they grow while having a worthy pursuit more valuable than money. Grit involves knowing how to say No to your kids, when yes is always an option. How do you bail your kids out when they have trouble? \nDriven by his motivation to have as large an impact as possible in the world, Dave wrote his book titled \"The Family Business Whisperer\", targeted at both families and their advisers. \nFamilies often don't train the next generation to become owners because we don't want them to fail while we're watching. However, part of this training can be done by co-investing with kids to meet some of their smaller needs. Additionally, building a working shared ownership mentality among kids can be difficult but is necessary, so it helps to start with small shared decisions. \nIt is important to start to see wealth in the different forms it takes, from money to values and now, wellbeing. Parents need to define what it means to be wealthy, particularly understanding the different dimensions there are to wealth as it would be a mistake to simply focus on financial wealth. If we can get people to budget time and resources to develop other forms of capital in the family, it would improve the relationship with financial wealth. Half the battle is just showing up, making out the time to focus on the family, even though it is usually messy in the beginning. \nMothers of Influence: Often a patriarch is spearheading the family business, however, it is necessary to recognize those who played a support role. These groups of people are often the story keepers of the family business, and ultimately their perspective of the business determines the kind of story passed on to the kids, which affects the mindset of the kids towards the business. Advisors often make the mistake to discount the spouse; no better person is as motivated in pushing the process than the mothers that are fully invested in their kids. \nDetermining the role of spouses in inheriting a family business can be very tricky, however, it helps to put in perspective what the goal is, regarding the spouses.\nFamilies should first identify their hopes and goals concerning the family assets, after which the technical expertise can be invited to achieve those goals. Unfortunately, most families always start by inviting technical expertise to manage the asset before realizing the goals of the family members vary significantly. \nThe first step to successfully managing multigenerational wealth is to find someone that will ask the tough questions to identify the hopes and fears of family members. \nDave's goal at the Drucker school is also to have a global impact, using principles attached to management that align with the methods already employed by the school. It also provides a noncommercial environment to bring families together to be vulnerable and learn together; particularly the rising generation of family business leaders. \nFrom Dave to his kids: Your worth is not measured in dollars and cents. Happiness is found in ambitiously pursuing worthwhile goals, and that has nothing to do with money either.\n\n\nEpisode Timeline:\n\n\n[00:50] About today's guest, Dave Specht. \n[01:40] Dave shares his backstory. \n[08:15] Asking Inspired Questions. \n[15:13] How has your understanding of family dynamics played out in your family? \n[18:21] How to appropriately raise children amidst wealth.\n[22:42] The inspiration for Dave's book, 'The Family Business Whisperer'.\n[24:55] Ownership vs Stewardship\n[34:42] Did you introduce this idea of passing down different forms of wealth asides from money?\n[39:18] Mothers of Influence.\n[43:10] Discussing identity as it relates to multigenerational family business and wealth.\n[48:00] How can a family new to substantial wealth start working towards multigenerational success?\n[50:00] What do you hope to achieve at the Drucker School? \n[52:00] Dave's message to his kids.\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Dave Specht.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:The Family Business Whisperer — Dave is the author of, \"The Family Business Whisperer.\" Prior to joining the Drucker School Dave helped lead a Family Dynamics team at one of the largest Private Banks in the United States where he trained over 2,500 advisors. Drucker School Global Family Business Institute — Dave Specht is the Director of the Global Family Business Institute at The Drucker School of Management. Dave Specht — Dave Specht currently serve as the Director of the Global Family Business Institute at The Drucker School of Management. He is an ambassador for the family-owned business and write, deliver keynote speeches and develop programs on topics related to family business. He is the author of, \"The Family Business Whisperer\" and have a consulting firm called, \"Advising Generations.\"","content_html":"

Dave Specht is the Director of the Global Family Business Institute at The Drucker School of Management. Dave is the author of, "The Family Business Whisperer." Prior to joining the Drucker School Dave helped lead a Family Dynamics team at one of the largest Private Banks in the United States where he trained over 2,500 advisors. Dave is married and he and his wife have 6 children. His personal mission is to, "Preserve Families and Perpetuate Businesses."

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Dave Specht.

Sponsored By:

Links:

","summary":"Dave Specht currently serve as the Director of the Global Family Business Institute at The Drucker School of Management. He is an ambassador for the family-owned business and write, deliver keynote speeches and develop programs on topics related to family business. He is the author of, \"The Family Business Whisperer\" and have a consulting firm called, \"Advising Generations.\"","date_published":"2021-11-14T17:15:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/a59b4116-1d94-4404-8da6-13a9105d2a05.mp3","mime_type":"audio/mpeg","size_in_bytes":41415931,"duration_in_seconds":3255}]},{"id":"3568cc93-9a87-4d9f-ac55-1ce5673cfecd","title":"Matina Agio - The Inheritance Muse","url":"https://www.businessoffamily.net/matina-agio","content_text":"Matina Agio is a personal inheritance consultant. Her work inspires a deeper perspective into inheritance - beyond the legal and financial. She provides niche counselling, facilitating her clients- often in midlife, to resolve inheritance-related dilemmas, manage their possessions and create a meaningful legacy. \n\nThrough her signature method - THE INHERITANCE MUSE METHOD™, she addresses both the tangible and intangible aspects of their inheritance, heritage & wealth. Matina’s clients include art collectors, historic home owners, affluent individuals and family office members around the world. Matina’s experience of living & working in England, France, Germany, Italy, US, Canada and Greece, allows her to address their varying backgrounds.\n\nStandout Quotes:\n\n\n\"For me, the main wealth of our inheritance lies in the intangible inheritance because it is that which is not vulnerable, and it is that which probably the most influential\" - [Matina]\n\"A bad experience may turn out to be a very wealthy experience, it depends on how we process that...sometimes we receive good gifts in bad packages\" - [Matina]\n\"Objects are storytellers, they contain memory\" - [Matina]\n\"We just give our kids things, but we should give them stories with our things\" - [Matina]\n\"The value of something to us is always what our experience of it is\" - [Matina]\n\"Our ownership is a symphony of things put together, and we as good conductors have to master that symphony... so we can have harmonious wealth\" - [Matina]\n\"It's not what happens to you but what you do with what happens to you\" - [Matina]\n\"There are people who own a lot of things and experience very little value and then there are people who have very little things and they experience a lot of value\" - [Matina]\n\"The legacy of someone and the effect that they have in your life can never be taken away... that's the most meaningful part of the wealth that you can give others\" - [Matina]\n\"Research shows that family wealth is almost never lost due to poor financial decisions, its almost always lost by a breakdown in relationships and communication with co-inheritors\" - [Mike]\n\"You cannot make decisions without understanding who you are because who you are will affect how that thing will play out in your life\" - [Matina]\n\n\nKey Takeaways:\n\n\nMatina describes an \"Inheritance Muse\" as someone who inspires others in relation to their inheritance. Inheritance can either be tangible or intangible. The intangible inheritance is more important because it is more influential and less vulnerable. It affects our beliefs, attitude towards life, abilities, and self-confidence. \nSince parents are not perfect, sometimes we get good gifts in bad packages, so to understand intangible inheritance, sometimes we have to open our minds and look at what is there and how we can manage it so it adds value to us. \nDescribing how she started her work with inheritance, Matina shares her back story; although born in Athens, her family had to relocate to Canada following a political event that made the family unsafe. A key determining factor in her career was the heritage and culture her parents brought from Athens, which influenced her greatly. \nThis spurred her on to study interior design and renovation of historic homes and eventually become a cultural entrepreneur. Following the death of her parents, she inherited the home in Athens and had to curate everything by herself and started to work on also curating the influence her parents had on her as part of the legacy for her children. \nStorytelling is the center of Matina's work; using the stories behind objects owned by clients to resolve issues. Parents need to tell stories about their things to their children because it is unlikely for a child to sell something that has a story to it. \nWhen navigating inheritance and trying to be a custodian of what has been left behind, employing the concept of \"Gratitude\" is highly efficacious, in that it helps to understand the value of these things. This gives a reason to own these things and helps us know what our relationship was like with those who left them behind. \nThe Legacy Scale: This is a process to understand the personal value of any property to a person irrespective of the market value.\n2 classes of Real Estate: Objective Real Estate is the first type and it includes properties that have value but no particular personal relationship. Assets such as family homes on the other hand make up the second type of Real Estate which is usually more complicated and may involve co-inheritance.\nThere are 3 ways you can value something: First is the intrinsic value which is the value of that thing for itself without the market value. The second is the synergetic value which is the value of something in relation to the other properties owned by a person, or the impact it may have on other aspects of wealth. The last is the subjective value which is the question of \"what does this mean to me?\nMatina shares that she only works with individuals and not groups, because with an individual, issues can be dealt with in-depth and with speed. Even if the inheritance involves other people, by working with one person you change the constellation because the most important thing for a person to understand is \" \"What do I want?\". The goal is to empower the individual to see how the inheritance fits into his life purpose and what action needs to be taken. \nMatina describes the idea of \"Life closure by design\"; preferably the age of 50 is the ideal time to be more conscious about life closure, especially having light ownership and getting clarity on what will be left behind using \"the Inheritance Muse method\". \nFor the younger generation who are about to receive, it is very important to create conversations with your parents on things they feel strongly about, their lives, and their values.\nWhen we have a relationship with something, the value of that thing is the value to us, not the monetary worth. Rather than keep that thing locked away, Matina advises people to use it in their lives in a more natural way. \nWhat we do with our inheritance has two aspects; the first is to optimize it and use it so we can create happiness for ourselves, the second is to preserve what we can so we can give it to the next generation with stories and history. \nThe work of the Inheritance Muse is to help people understand where the real value is, in their assets. Matina explains a term called Wealth Dyslexia as the inability to grasp the scope and range of your wealth in a way that will give you value\nRegarding the sale of property with a history, Matina highlights that it may not be possible to keep everything but properties can be sold with the story which adds value to it. Selling a property can help the owner feel lighter and focus more on things that have particular value to them. \nLegacy is the effect that our lives have on other people's lives whether good or bad. Daily, we are curating our legacy, by who we are, what we do, and what we say. It's never too late to work on this.\nThe awareness of the certainty of death is empowering as it should give the ability to live life more intentionally and assess the impact of our ideals in our lives.\nInheritance is a gift given, we have to look at this and say, \"what do I want with this?\" It is important to look at it in a nonmonetary way, so we can know its effect on our lives. This is also covered in the \"Inheritance Muse method\". Understanding who you are is as simple as finding out where you are in your life and what you want.\nFrom Matina to her kids: Resilience is very important and also finding time to tune into your deeper voice within. You have a choice in every moment. We are free to choose how we see something and how we respond.\n\n\nEpisode Timeline:\n\n\n[00:50] Meet today's guest, \"Matina Agio, a personal inheritance consultant. \n[01:43] Matina describes what it means to be an \"Inheritance Muse\".\n[03:39] What separates intangible inheritance from pure legacy?\n[06:28] How did you find yourself on this path?\n[16:56] How do you navigate inheritance?\n[19:00] Is Real Estate more difficult to manage than other items of value?\n[23:32] How often are you working with individual inheritors compared to co-inheritors?\n[26:35] How do people engage you, and when?\n[36:44] How do people go about deciding to let go of an asset with family history?\n[39:35] Matina's insight on 'Legacy'.\n[45:31] How should one approach inheritance?\n[48:15] Matina's letter to her kids\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Matina Agio.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Matina Agio — Matina Agio is a Greek-Canadian personal inheritance consultant. She has been involved with her heritage since childhood. Both her parents had a strong appreciation for Hellenic culture and values. Her father was a banker, earlier Greek-resistance fighter and advocate of Stoic philosophy. Her mother, a Swiss-trained artist was a characteristic aesthete & avid collector.How can the next generation turn pre-contemporary art into meaningful wealth - Simple — Article By Matina Agio","content_html":"

Matina Agio is a personal inheritance consultant. Her work inspires a deeper perspective into inheritance - beyond the legal and financial. She provides niche counselling, facilitating her clients- often in midlife, to resolve inheritance-related dilemmas, manage their possessions and create a meaningful legacy.

\n\n

Through her signature method - THE INHERITANCE MUSE METHOD™, she addresses both the tangible and intangible aspects of their inheritance, heritage & wealth. Matina’s clients include art collectors, historic home owners, affluent individuals and family office members around the world. Matina’s experience of living & working in England, France, Germany, Italy, US, Canada and Greece, allows her to address their varying backgrounds.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Matina Agio.

Sponsored By:

Links:

","summary":"Matina Agio is a personal inheritance consultant. Her work inspires a deeper perspective on inheritance – beyond the legal and financial. She provides niche counselling, facilitating her clients- often in midlife, to resolve inheritance-related dilemmas, manage their possessions and create a meaningful legacy. Through her signature method – THE INHERITANCE MUSE METHOD ™, she addresses both the tangible and intangible aspects of inheritance & wealth. Matina’s clients include art collectors, affluent individuals and family office members around the world.","date_published":"2021-10-31T17:15:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/3568cc93-9a87-4d9f-ac55-1ce5673cfecd.mp3","mime_type":"audio/mpeg","size_in_bytes":36469655,"duration_in_seconds":3039}]},{"id":"67f9998f-5222-4a8a-b1c1-70b74d90a61c","title":"Moses Kagan - On the Shoulders of Giants","url":"https://www.businessoffamily.net/moses-kagan","content_text":"Moses Kagan has been buying, renovating and managing apartment buildings in Los Angeles since 2008. His company, Adaptive Realty, along with its investor-partners, owns approximately $200MM worth of high-quality buildings in interesting neighborhoods. Unusually for a real estate private equity firm, Adaptive and its partners do not fix and flip; instead, they act as permanent holders and stewards of the assets under their control.\n\nStandout Quotes:\n\n\n\"Rich families that own good assets generally don't look to sell them to maximize Pre-tax IRR\" - [Moses]\n\"If you do not lose the building, the rents will recover\" - [Moses]\n\"When you start to think about things indefinitely, and you're not in a rush, it kind of opens up other possibilities in terms of structure and strategy\" - [Moses]\n\"It's very hard to go from zero to something… and it takes an entirely different set of skills to go from something to something much larger\" - [Moses]\n\"I do not believe that we as individuals live our lives for ourselves\" - [Moses]\n\n\nKey Takeaways:\n\n\nMoses has been buying, renovating, and managing apartment buildings in Los Angeles since 2008, through his company, Adaptive Realty, alongside investor partners. He focuses on sub-institutional deals. \nThe most important part of the strategy is that rather than buy, fix and sell buildings to maximize pretax IRR, they buy properties, make them high-quality assets, manage and refinance them to get higher returns. The strategy was born from his family values as they had always been involved in Real Estate but never engaged particularly in sales of property.\nThere are two reasons why people sell; firstly investors have a mindset too focused on Pretax IRR, and secondly, the sponsor gets their money after selling. If you just hold on and keep the building, the rents will recover. \nThe initial funds for the business came from friends and family of Moses, and later from another family office who partnered with them. This partnership helped them build a track record that encouraged other investors to feel comfortable with them. \nThe structure for the business model is not to buy, renovate and sell like the typical model with PEs, but rather they partner with wealthy families with the explicit assumption to hold on to the property not sell, however, liquidation rights goes to the family that put up all the capital. The primary strategy has been to refinance the property to pull the capital out and give it back to the investors who still retain ownership and cash flow from rents. Adaptive Realty only gets fees for their work but not cash flow from rents, sales or refinance until the investors have got their capital. \nDescribing his family history, Moses shares how his first building was bought with capital from the family money dating back 4 generations. The wealth he enjoyed from his family was mostly in form of basic needs being met and, particularly education. \nWhen starting a business with a partner, it is critical to have a decision-maker or tie-breaker irrespective of how profits are split. The relationship between Moses and his partner in terms of how earnings are split is quite stable even for the coming generation but open to discussions if need be. \nThere is currently no long-term family structure for his family, however, Moses spends a lot of time with his kids, to instill the values of passing on to the next generation what was done for them. \nDiscussing Storytelling, Moses emphasizes that your forebearers are a living part of your life, and tries to make those people present for his children even though they will never meet them. \nGaining exposure and immense assistance from his friends to succeed, Moses was also motivated to start finding ways to help people who didn't have the kind of opportunities he had. \nAdvice from Moses to those aspiring for multigenerational success: Don't put yourself in a position where one investor can wake up one day and force you to restart your career. This involves having different capital providers rather than being completely dependent on one. \nFrom Moses to his kids: We owe everything to those who came before us, however, we can't repay them. We can only try to do for those coming after us what has been done for us, if not more.\n\n\nEpisode Timeline:\n\n\n[00:48] Meet today's guest, Moses Kagan.\n[01:53] About the business, Adaptive Realty.\n[13:50] How do you get investors to join you with your strategy of holding properties permanently? \n[16:45] How have you structured Adaptive Realty to be different from the typical P.E model?\n[21:55] Moses shares his family background. \n[32:36] What's your perspective on multigenerational wealth?\n[38:28] What does the future look like in terms of the next generation?\n[41:07] Do you expect your children to get involved in the business? \n[46:15] Is there any form of family governance structure? \n[48:18] Moses shares his approach to storytelling as a method to pass on values.\n[52:55] How Moses works to help others who haven't had the same privileges he enjoyed. \n[57:06] Advice from Moses to listeners aspiring to build generational legacies.\n[01:00:33] From Moses to his kids.\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Moses Kagan.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Property management for exceptional Los Angeles apartment buildings — Moses Kagan's company, Adaptive Realty, along with its investor-partners, owns approximately $200MM worth of high-quality buildings in interesting neighborhoods.Moses Kagan — Moses Kagan has been buying, renovating and managing apartment buildings in Los Angeles since 2008","content_html":"

Moses Kagan has been buying, renovating and managing apartment buildings in Los Angeles since 2008. His company, Adaptive Realty, along with its investor-partners, owns approximately $200MM worth of high-quality buildings in interesting neighborhoods. Unusually for a real estate private equity firm, Adaptive and its partners do not fix and flip; instead, they act as permanent holders and stewards of the assets under their control.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Moses Kagan.

Sponsored By:

Links:

","summary":"Moses Kagan is the co-founder of Adaptive Realty, a boutique real estate private equity firm based in Los Angeles, which has about $200 Million in assets under management. Unusually for a real estate private equity firm, Adaptive and its partners do not fix and flip; instead, they act as permanent holders and stewards of the assets under their control.","date_published":"2021-10-17T17:15:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/67f9998f-5222-4a8a-b1c1-70b74d90a61c.mp3","mime_type":"audio/mpeg","size_in_bytes":48342640,"duration_in_seconds":3832}]},{"id":"ae82db1f-604c-4078-abf2-a025dc4a284f","title":"Sean Lang & Jeff Watters - Appointing a Non-Family CEO & Selling a 5th Generation Business","url":"https://www.businessoffamily.net/lang-watters","content_text":"The Lang family recruited Jeff Watters as the first outside CEO to lead Ainsworth Pet Nutrition in it's 5 generations. Sean Lang and Jeff Watters worked together, partnering with a private equity firm to scale the $100m per year business into a $2 billion dollar exit over the space of a decade.\n\nThis story covers not only leadership succession within a family business but also ownership succession and how the family have stayed together and united around a family office in the absence of an operating company.\n\nStandout Quotes:\n\n\n\"What's gotten us here, isn't going to necessarily get us there\" - [Sean]\n\"As a family, we realized that we would have to make a pretty major change in the journey... And we made the choice to start that journey from family-owned and family-run, to family-owned and professionally-run\" - [Sean]\n\"I think in any family business, there's a certain level of distraction or disruption that comes from the family, and if you can move that into the family council and outside of the board room, it seems to be better for everybody\" - [Jeff]\n\"The family office is being driven by a stewardship theme; Leave it better than you found it\" - [Sean]\n\n\nKey Takeaways:\n\n\nSean Lang and the Lang family represent a 5th generation business family who owned Ainsworth Pet Nutrition, while Jeff Watters is the first outside professional CEO recruited by the family to lead the business till it was finally sold. \nThe business started small, with deliveries made to \"mom and pop\" stores, expanded over the years, and all interested family members worked in the factory. After school, Sean started as a sales manager and worked his way up to be president. \nThe family realized that there was a need to make a major change to move with the competition and this would require great talent, moving from family-owned and family-run, to family-owned and professionally-run\nAlthough Jeff was in a place where he wanted more in his life personally and professionally, his relationship with Sean was initially not a professional one. Following further interaction, Jeff realized the family was committed to the business, and they were authentic and intentional about their growth. \nThe average tenure of a Public Company CEO is about 4 years, and a Family Business CEO is about 6years, even if you think you're going to be there longer than that, you have to plan according to the statistics. \nThe introduction of professional leadership after 5 generations took some time, however, this had been tried previously and even though it failed, the family had started to get used to the idea. The goal had become to keep the family culture but adopt the benefit of big company thinking and growth capabilities. \nThe notion of an organic, natural but very transparent onboarding process is extremely helpful for professionals outside looking to join a family business. \nJeff also encourages professionals considering entry into a family business. You just have to bet on yourself to a certain extent. Once you're satisfied that the other party has high integrity and will deliver on their promises, have the conviction that you're going to deliver on yours, and if it doesn't work out, it doesn't work out. There will be other opportunities. \nWhile Jeff's transition into the business had its hiccups, there was a lot of intentional effort from all sides to communicate effectively and create ways to tackle arising issues. This was made easier by the family culture of transitioning where the older generation completely let go of the business which allowed Sean to give Jeff the space needed. \nWorking with a Private Equity Company was pivotal in driving the rapid growth of the company moving from a 200 million-dollar company to a 2 billion-dollar company in 4 years. \nJeff describes that the main factor that drove growth while working with the PE Company, was a deep cultural alignment\nBetween the family and the company. It was all about a long strategic view of the business. \nThe family council was started by Sean's father, and one of the policies laid down was that incoming family members needed to work somewhere else for 2 years or until their first promotion whichever came later, before joining the business. \nIn the absence of an operating company, Jeff wanted to still have a family enterprise that could act as glue for the family, and help be a driver for education for the rising generation. This would also foster the creation of mechanisms to share the family history and culture with coming generations. \nIt's not always easy to leave it better than you found it, given the mathematical fact that families almost grow faster than businesses and assets, that means each family member needs to be self-sustaining and look at any help from the family later in life as icing on the cake, not the cake itself. \nSean shares he now has more time for family and personal relaxation, while also finding businesses to invest in. Jeff also tries to have fun, works with his wife on philanthropic projects, and serves on a number of boards.\nJeff's letter to his kids: Jeff tells them to be bold in the pursuit of what they love, hopefully, it will be something that allows them to leave this place a better place. He encourages them to take a leap of faith, the financial fortune is an opportunity for them to invest in their future in a way that can be fulfilling for them and differentiating for their community.\nSean's letter to his kids: The family business cocktail of money, love, and power is trouble. It can rip families apart easily and needs to be proactively managed within the family with the help of professionals.\n\n\nEpisode Timeline:\n\n\n[00:52] Introducing today's guests, Sean Lang and Jeff Watters.\n[02:30] Sean shares the history of the family business. \n[08:00] What was the reason for bringing in outside leadership?\n[10:00] How Jeff got involved with the business.\n[15:18] Were there any surprises while bringing in the idea of getting professional leadership after 5 generations?\n[20:21] Jeff describes his transition into the role of CEO.\n[29:30] Discussing the growth of the business, involvement of a Private Equity, and the decision to exit rather than transition to a 6th generation. \n[42:02] When did the Family Council begin?\n[52:25] What was the transition like after the final decision to sell the company?\n[01:00:22] Before the company was sold, there were plans to continue the Family Council?\n[01:03:51] What Next?\n[01:06:00] In a letter to your children, what is one lesson or idea you don't think many parents would mention but you consider important to understand?\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guests: Jeff Watters and Sean Lang.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:L Catterton and the Lang Family to Sell Ainsworth Pet Nutrition to The J.M. Smucker CompanyThe J. M. Smucker Company to Acquire Ainsworth Pet Nutrition, LLC, Maker of Rachael Ray™ Nutrish® Pet Food; Company to Explore Strategic Options for U.S. Baking Business","content_html":"

The Lang family recruited Jeff Watters as the first outside CEO to lead Ainsworth Pet Nutrition in it's 5 generations. Sean Lang and Jeff Watters worked together, partnering with a private equity firm to scale the $100m per year business into a $2 billion dollar exit over the space of a decade.

\n\n

This story covers not only leadership succession within a family business but also ownership succession and how the family have stayed together and united around a family office in the absence of an operating company.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guests: Jeff Watters and Sean Lang.

Sponsored By:

Links:

","summary":"The Lang family recruited Jeff Watters as the first outside CEO to lead Ainsworth Pet Nutrition in it's 5 generations. Sean Lang and Jeff Watters worked together, partnering with a private equity firm to scale the $100m per year business into a $2 billion dollar exit over the space of a decade.","date_published":"2021-09-19T15:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/ae82db1f-604c-4078-abf2-a025dc4a284f.mp3","mime_type":"audio/mpeg","size_in_bytes":49860127,"duration_in_seconds":4155}]},{"id":"069f2262-94e8-4f53-aa68-77935d2e8402","title":"Frazer Rice - Decision Making for Wealthy Families","url":"https://www.businessoffamily.net/frazer-rice","content_text":"Frazer Rice is a Regional Director for Pendleton Square Trust Company. In that capacity, he focuses on trustee, fiduciary and family governance issues for wealthy families. He is the author and podcast host of \"Wealth, Actually\" which centers on decision-making for wealthy families The podcast interviews wealth experts and entrepreneurial families and individuals.\n\nStandout Quotes:\n\n\n\"Something that's happening industry-wide or at least in the US is the concept that being a corporate trustee is a different business than the asset management side of wealth management\" - [Frazer]\n\"Most of the trust planning is articulating a move at the minimum from Gen 1 to Gen 2\" - [Frazer]\n\"I view the Trust and the planning around the Trust to be an outgrowth, when done correctly, of a solid communication structure that has been developed within the family\" - [Frazer]\n\"What the family bank approach is offering to families is a way for them to pass on their intellectual capital...to their human capital, the next generation by having them apply for the financial capital\" - [Mike] \n\"If the kids see what's important to the other kids early, and attach a dollar manifestation around that, I think that you're building the context so you have fewer blow-ups later on\" - [Frazer]\n\"I think the most important thing anyone can have in their lifestyle is the ability to be comfortable in their own skin\" - [Frazer]\n\n\nKey Takeaways:\n\n\nFrazer shares his background and experiences so far, from college to working in politics, after which he decided to study law and gained exposure while working in different firms. His career started down the path of wealth management when he worked with a Trust company. \nHe is also the author of the book \"Wealth Actually\" and the host of a podcast that discusses topics related to finance and wealth management even though that was not the initial plan for the podcast.\nPendleton Square Trust is an administrative Trust company that fulfills the function in a Trustee role aimed at helping families get access to good Tennessee jurisdiction. \n3 main Functions of a Trustee: First is the administrative function which includes safeguarding and reporting on assets, paying the taxes. The Second is the distribution of the asset to beneficiaries. The third function is the investment management of the asset which is excluded at Pendleton, Frazer believes most places don't do everything well.\nA trustee does not have to be a corporation, it can be an individual acting as a trustee with the ability to perform all 3 key functions, however, it may be difficult to find one person who is great at all functions. \nA lot of families would prefer to have more control, and a private trust company allows them to control the aspects they're comfortable with and outsource the rest. \nThere is a possible conflict where corporate trustees who also provide asset management services invariably provide their asset management services. \nThe most common customer for the company is a US family that is either actively transferring wealth from the first generation to the second generation or generally has a multi-generational approach.\nFor those families that have taken their hands off the wheel in terms of managing the wealth, the Trust company operates more like a family office but for those still actively engaged in the continuation of the business, that business becomes the real center of the family office. \nOne of the real destroyers of wealth is bad communication amongst the family, this leads to conflict, which leads to litigation and litigation is expensive\nThere's a lot of good work that needs to be done ahead of building the structures so that you're not only setting something up that takes care of the money for the family, you're also getting the family ready for the money. \nFamily or Shared Philanthropy is one of the tools that helps to work with families as it gets the family members to express their interests and helps them work together while considering the needs of each other. \nThe Vacation Fund Concept: This is another tool, and the idea is to have the kids make a joint decision around the investment of money by getting them to plan the vacation based on a particular amount available. It helps identify which kids have aptitude and interest, the aggressive or conservative ones, and other responses exhibited by the kids towards the task. Summarily the kids get involved in financial planning and learn critical points related to it. \nThe idea of a Family Bank is putting structure around the request of money for projects so that it forces preparedness in front of real people who have to make a decision. Learning that persuasion is important helps the next generation to deal with the real world. \nIt also provides an opportunity to combat the situation of assets growing linearly being overtaken by liabilities growing geometrically, as more opportunities explored can increase the growth of assets. \nThere's a big difference between Operational succession and Ownership Succession of a family business, the difference in roles may mean some people get paid more but this needs to be discussed earlier on before the transition period. \nFrom Frazer to his kids: I think the most important thing anyone can have in their lifestyle is the ability to be comfortable in their skin. The concept of trying to please other people's sense of success is a difficult road because you're never going to please everyone all the time, more so you will be running from things that could be your path to success. o\nRun your own race, be comfortable in your own skin.\n\n\nEpisode Timeline:\n\n\n[00:46] Introducing today's guest, Frazer Rice, Regional Director for Pendleton Square Trust Company.\n[07:26] About Pendleton Square Trust Company and Wealth Management.\n[08:46] The 3 main functions of a Trustee. \n[11:21] In the US, do families have to appoint a company to act as Trustee in an administrative capacity.\n[12:16] The concept of a Private Trust Company. \n[18:54] Who would you say is your most common customer?\n[28:02] Frazer shares tools used when working with families. \n[32:51] The Vacation Fund Concept.\n[38:40] Frazer's insight on a Family Bank.\n[47:57] Frazer's letter to his kids\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Frazer Rice.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:FrazerRice — Frazer Rice is a leading private wealth manager, with fifteen years' experience advising millionaire and billionaire families on finances, including fiduciary and estate matters.Wealth, Actually — Frazer Rice is the author and podcast host of \"Wealth, Actually\" \r\nThe book centers on decision-making for wealthy families Pendleton Square | Trust Company — Frazer Rice is a Regional Director for Pendleton Square Trust Company.","content_html":"

Frazer Rice is a Regional Director for Pendleton Square Trust Company. In that capacity, he focuses on trustee, fiduciary and family governance issues for wealthy families. He is the author and podcast host of "Wealth, Actually" which centers on decision-making for wealthy families The podcast interviews wealth experts and entrepreneurial families and individuals.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Frazer Rice.

Sponsored By:

Links:

","summary":"Frazer Rice is a leading private wealth manager, with fifteen years' experience advising millionaire and billionaire families on finances, including fiduciary and estate matters. His clients include business owners, hedge fund managers, real estate developers, corporate executives, foundations, and established families","date_published":"2021-04-19T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/069f2262-94e8-4f53-aa68-77935d2e8402.mp3","mime_type":"audio/mpeg","size_in_bytes":36448339,"duration_in_seconds":3037}]},{"id":"8b2ebbb8-3f23-47a0-8a2e-1fab944f4bbd","title":"Ben Grossman - Co-President Siblings Stewarding a 111 Year Old Family Business","url":"https://www.businessoffamily.net/ben-grossman","content_text":"Grossman Marketing Group was founded as Massachusetts Envelope Company in 1910 by Maxwell Grossman, whose lifelong dream was to own his own business. \n\nNow, 111 years since its founding, Ben Grossman, along with his brother, David, are the 4th generation of family leadership. Today, the company is a full-service resource helping clients with a broad range of traditional and digital marketing needs.\n\nBen Grossman holds a BA from Princeton University and an MBA from Columbia Business School. Prior to Columbia, Ben worked as a strategy consultant to Fortune 500 clients, as well as started and sold a sportswear and marketing firm.\n\nBen is also deeply involved in sustainability and how it relates to business, and writes and speaks frequently on the topic.\n\nStandout Quotes:\n\n\n\"Our prices make friends and our service keeps them\" - [Ben]\n\"What he was really saying was that life is made up 3 things; Family, Career, and Community, and education has always been of critical importance to our family\" - [Ben]\n\"Find a way to generate revenue as soon as possible because numbers speak for themselves and no one will ever question your existence at the organization if you generate sales and gross profit\" - [Ben]\n\"Learn the business, understand exactly what's going on in the business, so when you speak up you know what you're talking about, and you're right!\" - [Ben]\n\"What our grandfather and our father tried to impart in us is that although business is incredibly important, nothing in business is important enough to ever risk jeopardizing your family relationships\" - [Ben]\n\"That sort of value of just 'try and treat people the way you'd want your family to be treated' has been passed down from generation to generation\" - [Ben]\n\"Regardless of how successful you are, or your family's been over the years, you need to recognize that markets can change and you must always remain responsive to customers' needs\" - [Ben]\n\"Ultimately, we have to be willing to evolve because if we don't evolve, we will get left behind\" - [Ben]\n\"Always do right, this will gratify some people and astonish the rest\" - [Ben]\n\n\nKey Takeaways:\n\n\nThe company has always had a service-driven culture and this has kept the business going for over 110 years.\nBen explains that the company had initially started as an envelope company and had also bought up different companies during its growth, with the investment in promotional products being the most notable that boosted growth.\nFollowing his education, Ben had decided to step out and gain some experience although he was passionate about finally going back to join the family business. \nBen explains that based on lessons from his great grandfather, Life is made up of 3 things, Family, Career, and Community. Education has always been of critical importance to the family.\nThe \"Start, Stop, Continue\" Review Method: Ben had asked workers to review the company's methods to identify processes that needed to be implemented, stopped, or continued for better productivity.\nBen shares that following political engagements, his father moved on from the family business and is fully engaged in public service. He adds that working harmoniously with his brother is aided by the understanding that every win is for the company and not the individual, and also their roles tend to be complementary to each other. \nUnderstanding that it was necessary to establish credibility by generating profits immediately after joining the family business, Ben reached out to some prospects and started to achieve his goal within a month.\nOne of the critical values imparted by their grandfather was the understanding that business should never jeopardize family relationships. \nAnother key value learned was the importance of treating colleagues the way family would be treated in a workplace. \nYou need to be willing to adapt to ever-changing business environments and conditions. Ben remembers how the family had always focused on the customer, and that what differentiated their company was the incredible customer service. \nHighlighting the involvements of different family members in service to the community, Ben explains that service to the community is one of the values that have been passed down each generation beginning from the Founder.\nConsidering the future, the most meaningful investment made in recent times has been expanding into e-commerce.\nBen shares he would give his children the same advice he got from his grandparents regarding joining the business, and this is to do what their heart wants to do, follow their career path, and not be constrained to join the business based on the financial implications.\nFrom Ben to his kids: Always do right, this will gratify some people and astonish the rest\n\n\nEpisode Timeline:\n\n\n[00:49] Introducing today's guest Ben Grossman, and Grossman Marketing Group, the Massachusetts envelope company.\n[01:40] The history of the Grossman family business.\n[07:05] Ben narrates how he and his brother joined the business.\n[11:52] As brothers, how do you get along and what roles do you each play today in the business? \n[21:54] A listening tour: Using the \"Start, Stop, Continue\" Review Method.\n[25:36] Do you have any apparent failures that have set you up for later success?\n[32:15] Ben describes the family history of service to the community.\n[37:58] Has the family been intentional about documenting its history?\n[39:30] How do you pivot and evolve a marketing group like yours into the 21st century and beyond?\n[43:43] Are you nurturing your children to be the 5th generation of the business or leaving it to them to find their path?\n[48:35] A letter to Ben's Kids.\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Ben Grossman.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Business isn’t just about profit – reflections from four generations in business - Ben Grossman my great grandfather’s dollar-a-year check from the US GovernmentLetter the company sent out when he left to serve FDR and my grandfather left to serve in the ArmyLetter my brother and I sent out when our father left the company to serve as Treasurer of Massachusetts 70 years after our great grandfather left for public serviceGrossman Marketing – a century of excellence — Grossman Marketing Group was founded as Massachusetts Envelope Company in 1910 by Maxwell GrossmanBen Grossman — Ben Grossman is the co-leader of his family’s 4th-generation family business, Grossman Marketing Group, where he enjoys focusing on acquisitions and sustainability projects, among other thingsSwagCycle: — SwagCycle is a startup focused on responsibly managing the lifecycle of branded merchandise. When companies rebrand or get acquired, many often dispose of their obsolete branded merchandise. Leveraging SwagCycle proprietary network of partners, SwagCycle make this problem go away by helping companies repurpose and recycle unwanted branded items in a responsible, ethical, and affordable way.","content_html":"

Grossman Marketing Group was founded as Massachusetts Envelope Company in 1910 by Maxwell Grossman, whose lifelong dream was to own his own business.

\n\n

Now, 111 years since its founding, Ben Grossman, along with his brother, David, are the 4th generation of family leadership. Today, the company is a full-service resource helping clients with a broad range of traditional and digital marketing needs.

\n\n

Ben Grossman holds a BA from Princeton University and an MBA from Columbia Business School. Prior to Columbia, Ben worked as a strategy consultant to Fortune 500 clients, as well as started and sold a sportswear and marketing firm.

\n\n

Ben is also deeply involved in sustainability and how it relates to business, and writes and speaks frequently on the topic.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Ben Grossman.

Sponsored By:

Links:

","summary":"Ben Grossman is the co-leader of his family’s 4th-generation family business, Grossman Marketing Group, where he enjoys focusing on acquisitions and sustainability projects, among other things. 111 years since its founding, Ben Grossman, along with his brother, David, are the 4th generation of family leadership. Today, the company is a full-service resource helping clients with a broad range of traditional and digital marketing needs.","date_published":"2021-04-12T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/8b2ebbb8-3f23-47a0-8a2e-1fab944f4bbd.mp3","mime_type":"audio/mpeg","size_in_bytes":36522631,"duration_in_seconds":3043}]},{"id":"5c00992b-eebe-49c6-ba0a-519b957ed87e","title":"Berry Liberman - Using Financial Capital as Force For Good in the World","url":"https://www.businessoffamily.net/berry-liberman","content_text":"With one of the most recognisable family names in Australian business circles Berry Liberman is using her financial capital to make a positive impact in the world. Her family office, Small Giants, is 100% invested in Impact ventures - challenging the traditional notion of \"do anything to make it and then give it all away\" philanthropy.\n\nBerry Liberman is the co-founder and Creative Director of Small Giants and the Publisher and Editor of Dumbo Feather magazine. \n\nSmall Giants was founded in 2007 to create, support, nurture and empower businesses that are contributing to the world in a meaningful way. Dumbo Feather is a labour of love. Designed, edited and printed in Melbourne, Australia, it is a quarterly journal highlighting the stories of extraordinary people, living lives of passion and commitment to changing the world we live in.\n\n\"We spent our first decade growing a collective of businesses committed to positive change, including Impact Investment Group, The Sociable Weaver, Dumbo Feather and The School of Life. Our focus has been moving capital from the old economy to the next. We’ve sought to prove that a business can be profitable while remaining purpose driven and ensuring value for all stakeholders, including the environment. Likewise, we’ve found time and time again that value can be created without investing in extractive industries.\"\n\nStandout Quotes:\n\n\n\"Family was Business, and Business was family, it was one thing\" - [Berry]\n\"Both my parents in a way saw work as service, you contributed to the society that you were lucky enough to live in\" - [Berry]\n\"When you go to your grave, you go with only one thing, and that's your name\" - [Berry]\n\"If you know your shadow self, there isn't anything that can take you by surprise \" - [Berry]\n\"I wanted to do big work, and I didn't want to be afraid, and I knew that the thing that scared me most was everything that was happening on the inside of me\" - [Berry]\n\"One of the things about family businesses is they're often a massive spaghetti ball, and all of the spaghetti is interwoven into all the other spaghetti and it's very hard to separate\" - [Berry]\n\"Business and Financial capital can be a force for good in the world\" - [Berry]\n\"We didn't have the language for it at the time but we had the intuition, that growth at any cost, that the extraction economy, was coming to an end\" - [Berry]\n\"Money in families is complicated, and Family Business is complicated, and it's never about the money, it's about the people and the relationships and the emotional maturity of those people\" - [Berry]\n\"We are the custodians, not of financial capital that is our entitlement, but the financial capital that is handed from one generation to the next, much like fresh air and fresh water, we are custodians\" - [Berry]\n\"Impact investing is a paradigm shift, it's not an asset class, and once you make that shift in your mind, you can't do anything but invest that way\" - [Berry]\n\"You are the company you keep\" - [Berry]\n\"I would tell them not to hate anyone, ever, and to love hard, I don't think you lose anything when you love\" - [Berry]\n\n\nKey Takeaways:\n\n\nIn a true 'rags to riches' story of how the family clothing business began, Berry describes how her grandfather alongside the family, used to recycle the unsellable silk stockings discarded by a company, and eventually caused a shift in demand in his favor.\nBerry shares that she was raised perceiving business as fun, and something that involved the whole family. Unfortunately following the crash in 1991, the impact weighed equally upon the family.\nShe narrates how she was able to forge her path outside the norm, because there was very little attention on her, especially following the passing of her father and ensuing family changes.\nAs for her psychotherapy, It became clear there was a need to answer pertinent questions about herself and sort through unresolved issues personally. \"I wanted to do big work, and I didn't want to be afraid, and I knew that the thing that scared me most was everything that was happening on the inside of me\". She also disclosed that ultimately she wanted to be her own person but she didn't want to do it at the expense of family harmony.\nBy the time Berry stepped in to join the family business, seeing how it was being run, she knew she wanted to do things differently.\nNarrating the events surrounding the inception of the company \"Small Giants\", Berry highlights the deep concern that was born following her knowledge of very critical climate issues, and this ignited a passion to create a better world for her kids to live in.\nIt's an intergenerational project and the main goal is to become a good ancestor if you're a person of privilege and you have the resources.\nMuch like with the financial capital that is handed from one generation to another in family businesses, we are also custodians of the fresh air and water handed down to us.\nMike shares that the phrase \"Stewardship\" comes from environmental sustainability and so aptly applies in the context of this conversation.\nBerry explains that Philanthropy means \"love of humankind\" and in her view should be a whole portfolio vision; love of humankind with everything you have.\n\"The Doughnut Economy\" by Kate Raworth: This book describes a metaphor that likens the outer part of a doughnut to the bounds of the environment, and the inner part to society. Kate suggests living in the sweet spot between the bounds of ecology and human flourishing, such that you can engage in business but with more accountability built-in.\nThe pillars of investments by Small Giants include Food and agriculture, Energy, Finance, and the Built environment.\nWhile Berry admits that little effort has been put into planning for the future as regards her kids being involved in the family office, she notes that doesn't want them to do Small Giants necessarily. She would rather they had the same freedom she had, to go on their journey, with full support to become themselves fully.\nBerry emphasizes the importance of talking to her children; \"No topic is out of bounds, and I will let myself be challenged by my children because they've got a pretty good compass\"\nRecent research shows that Kids that know where they come from, and particularly the trials and tribulations of prior generations, are usually resilient as a result.\nFrom Berry to her kids: \"I would tell them not to hate anyone, ever, and to love hard, I don't think you lose anything when you love\"\n\n\nEpisode Timeline:\n\n\n[00:54] About today's guest, Berry Liberman.\n[02:30] Berry describes her family origins.\n[09:07] What were the key building blocks along the path to the growth of the business empire?\n[15:00] Could you tell us where you started, and what you wanted to do with your wealth as regards the impact you wanted to have on the world?\n[25:37] Berry describes the structure at the family table when she stepped in.\n[38:58] What are some of the impact investments you have made?\n[41:55] How do we ensure there is a return so that we can keep on doing good?\n[47:36] Small Giants' Pillars of Investment\n[51:22] Do you anticipate your kids getting involved in the Small Giants family office?\n[56:50] Has the documentation of your family history been intentional so far?\n[59:50] A letter from Berry to her kids.\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Berry Liberman.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Small Giants — Who We Are — Small Giants Academy is a storytelling platform and education institution dedicated to the transition to a more just and sustainable society.Dumbo Feather magazine — Berry Liberman is the the Publisher and Editor of Dumbo Feather magazineSkoll | Berry Liberman — Berry Liberman BIOGRAPHY","content_html":"

With one of the most recognisable family names in Australian business circles Berry Liberman is using her financial capital to make a positive impact in the world. Her family office, Small Giants, is 100% invested in Impact ventures - challenging the traditional notion of "do anything to make it and then give it all away" philanthropy.

\n\n

Berry Liberman is the co-founder and Creative Director of Small Giants and the Publisher and Editor of Dumbo Feather magazine.

\n\n

Small Giants was founded in 2007 to create, support, nurture and empower businesses that are contributing to the world in a meaningful way. Dumbo Feather is a labour of love. Designed, edited and printed in Melbourne, Australia, it is a quarterly journal highlighting the stories of extraordinary people, living lives of passion and commitment to changing the world we live in.

\n\n

"We spent our first decade growing a collective of businesses committed to positive change, including Impact Investment Group, The Sociable Weaver, Dumbo Feather and The School of Life. Our focus has been moving capital from the old economy to the next. We’ve sought to prove that a business can be profitable while remaining purpose driven and ensuring value for all stakeholders, including the environment. Likewise, we’ve found time and time again that value can be created without investing in extractive industries."

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Berry Liberman.

Sponsored By:

Links:

","summary":"With one of the most recognisable family names in Australian business circles Berry Liberman is using her financial capital to make a positive impact in the world. Her family office, Small Giants, is 100% invested in Impact ventures - challenging the traditional notion of \"do anything to make it and then give it away\" philanthropy.","date_published":"2021-04-05T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/5c00992b-eebe-49c6-ba0a-519b957ed87e.mp3","mime_type":"audio/mpeg","size_in_bytes":44052480,"duration_in_seconds":3671}]},{"id":"bfb358ea-92e9-4460-b6f3-73c0d4fa0f0a","title":"Denise Logan - Work, Money & Meaning: How to Let Go When the Time Comes","url":"https://www.businessoffamily.net/denise-logan","content_text":"An award-winning professional speaker and author of The Seller’s Journey: A Business Fable about Navigating the Emotional Obstacles to Selling Your Business, Denise Logan has addressed audiences on three continents about the psychology of business owners and how to make it easier when the time comes to let go. Known as The Seller Whisperer, she draws upon a twenty year body of work focused on the intersection of work, money, and meaning and how it is reflected in the legacies of today’s business leaders. \n\nShe has rightly observed that while work is where we spend the majority of our time, much of it is spent wishing we were somewhere else, doing something else. Divorcing meaning from our work too often leaves us blindly trudging through a mediocre life using money as the miserly arbiter of success in matters of soul and meaning. It leads to an endless chase for more, hoping to outsmart death and desperately prove that our life somehow mattered. Even worse, when work is how we define ourselves and we are faced with job loss or impending retirement, it can seem terrifying.\n\nWhat happens when your old answer to the question “What Do You Do?” no longer fits? If you thought you are what you do, and suddenly you don’t do it anymore, do you not exist? \n\nStandout Quotes:\n\n\n\"Every family's dynamic is slightly different and always the same\" - [Denise]\n\"So as fear starts to escalate, our thinking is disrupted\" - [Denise]\n\"The best transitions happen 5 years before someone is ready\" - [Denise]\n\"The reality is that every owner will exit their business, voluntarily or involuntarily... so you will either transition to someone or you will leave your business with it being unprepared\" - [Denise]\n\"if we look at mortality issues, often the more mortality resistance that someone has , the higher the likelihood is that they will also be avoiding succession planning\"\nOne of the questions I start early on with an owner is ''what does work provide for you, beyond the money?... where will you get those needs met outside the business?\" - [Denise]\n\"Succession happens at all different ages\" - [Denise]\n\"Are we simply creating roles in the business so family members have work to do, as opposed to are they the right people in the business?\" - [Denise]\n\"Change is hard at first, messy in the middle and gorgeous at the end\" - [Mike]\n\"Transparency always works, it is always better\" - [Denise]\n\"The arc of the journey for an owner is the same, whether we're talking about a $50000 hair salon or 500 million-dollar company, the arc of transition that's happening for someone is the same\"\n\"Transition will happen no matter what, so the question is 'what kind of transition do you want to have as a business owner?'\"\n\"Success is often determined by how prepared you are rather than just letting it be\" - [Mike]\n\"Our legacy comes from our daily actions, it is not just the amount of money that we leave behind or the money that we have accumulated\" - [Denise]\n\"We can often get completely spun up on what our number is, the number is not the number in the bank account, the number is the number of memories that we have left behind because that is truly how we will be remembered\" - [Denise]\n\n\nKey Takeaways:\n\n\nDenise started as a mental health professional and then moved into practicing Law where she started her firm but sold because she lost interest in the business. This prompted her to start a road trip till she was invited to help build a friend's business before the sale, an experience that kick-started her work of helping owners transition during the sale of their businesses. It also inspired her book, \"The Seller's Journey\".\nUsing the analogy of a fist, Denise likens the fear center in the brain, 'the Amygdala' to the thumb of the hand, pointing out that while the other fingers could restrict the thumb's movements the same way the frontal cortex can restrict the Amygdala, excessive pressure from the thumb or the Amygdala, in this case, can break free of the restraint, leaving the fear to roam free. This explains the chaotic nature exhibited by people, typical of family dynamics.\nAnother description using the hand involves the 5 ways through which fear shows up, the 5 fingers are used to represent them; Fight Flight Freeze Fawn, and Submit. Individually, there are often 2 or 3 of them that function more as natural go-to responses when facing fear, anger, or stress.\nThe anchor, Wave, and Island styles of attachment: An Anchor attachment is someone who can tolerate too close or too far. An Island attachment is the type of person who pulls away or isolates themselves when things get rough. A wave attachment describes a person who reacts to disruption by continually checking on others.\nIt is necessary to identify needs that are met by the business beyond the money because there is concern about how these needs will be met outside the business, and this could often form the basis for the continuous attachment to the business.\nAddressing the handling of messy parts of the conversation, Denise emphasizes the importance of honesty and transparency in allaying the fears that may misguide people's actions in the family.\nThe 'O-MY' syndrome (One More Year) occurs where a seller repeatedly creates reasons to delay their exit from the business whenever they get closer to the agreed time of sale. This is a signal that something else is going on, a different existential crisis and there are needs to be met.\nThe moment that you cease to exist is when the last person who has a story to tell about you passes. \nMoney matters, but it's not the only thing that matters. \nThere will always be a story that is told about you, the question is \"is it the story that you would like to have told about you?\"\nFrom Denise to her kids: The way you will know that you were loved was by how you were held and how you were cared for, not by what I left you. \n\n\nEpisode Timeline:\n\n\n[00:49] Meet today's guest, \"Denise Logan\" a.k.a 'the Seller Whisperer'.\n[01:45] An overview of the journey to becoming \"the Seller Whisperer\".\n[08:52] Denise's 'fist' analogy in describing the role of fear in the brain.\n[11:30] The 5 Appearances of Fear.\n[14:10] The anchor, Wave, and Island styles of attachment. \n[18:10] Do families typically find you when a transition is already underway or as they're contemplating a transition or an exit?\n[33:23] How do you handle the messy aspects of the discussion?\n[45:30] How often do sellers get caught up on a particular figure that they will only sell at?\n[50:39] Discussing the success of transitions generally.\n[01:00:56] A letter from Denise\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Denise Logan.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Denise Logan | Speaker, Author, Consultant — Weaving together her background as a lawyer, social worker and business owner has enabled Denise Logan to deftly guide hundreds of business owners and their professional teams as they navigate the complex emotional journey of selling their business and letting go into their own version of what’s next.New Book: \"The Seller’s Journey\" | Denise Logan — A new book by Denise Logan\r\n\r\nFewer than 30% of all businesses for sale successfully transition to a new owner and those that do typically take more than nine agonizing months filled with uncertainty. The longer a sale process takes, the more stressful it becomes for the owner & the deal team and the lower the probability of success.","content_html":"

An award-winning professional speaker and author of The Seller’s Journey: A Business Fable about Navigating the Emotional Obstacles to Selling Your Business, Denise Logan has addressed audiences on three continents about the psychology of business owners and how to make it easier when the time comes to let go. Known as The Seller Whisperer, she draws upon a twenty year body of work focused on the intersection of work, money, and meaning and how it is reflected in the legacies of today’s business leaders.

\n\n

She has rightly observed that while work is where we spend the majority of our time, much of it is spent wishing we were somewhere else, doing something else. Divorcing meaning from our work too often leaves us blindly trudging through a mediocre life using money as the miserly arbiter of success in matters of soul and meaning. It leads to an endless chase for more, hoping to outsmart death and desperately prove that our life somehow mattered. Even worse, when work is how we define ourselves and we are faced with job loss or impending retirement, it can seem terrifying.

\n\n

What happens when your old answer to the question “What Do You Do?” no longer fits? If you thought you are what you do, and suddenly you don’t do it anymore, do you not exist?

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Denise Logan.

Sponsored By:

Links:

","summary":"Weaving together her background as a lawyer, social worker and business owner has enabled Denise Logan to deftly guide hundreds of business owners and their professional teams as they navigate the complex emotional journey of selling their business and letting go into their own version of what’s next. A Business Fable about Navigating the Emotional Obstacles to Selling Your Business, Denise Logan has addressed audiences on three continents about the psychology of business owners and how to make it easier when the time comes to let go.","date_published":"2021-03-29T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/bfb358ea-92e9-4460-b6f3-73c0d4fa0f0a.mp3","mime_type":"audio/mpeg","size_in_bytes":45215764,"duration_in_seconds":3767}]},{"id":"f1b57935-0bdc-47c0-8570-f8ef380f2c15","title":"Julie Charlestein - The First Woman & 4th Generation Charlestein to Lead Premier Dental","url":"https://www.businessoffamily.net/julie-charlestein","content_text":"Julie Charlestein is a fourth-generation CEO and president of Premier Dental, a global dental development and manufacturing company serving the worldwide oral health professional market since 1913.\n\nJulie is the first woman and the fourth generation of the Charlestein family to lead the company. Since accepting the position as CEO, Julie has implemented changes to adapt to the times, and advanced its product line to advance Premier's market impact.\n\nThe Charlestein family have adopted an interesting ownership and control structure for Premier which Julie has kindly agreed to discuss with us today.\n\nStandout Quotes:\n\n\n\"Even though I had proved myself and worked in the company for 15 years before I became CEO...people were still looking at me like did I deserve to be there?\" - [Julie]\n\"The way that the transitions are the easiest is when everything is written down\" - [Julie]\n\"Giving one person control, I think, removes a lot of the family bickering\" - [Mike]\n\"Remember who you are\" - [Julie]\n\"The dollar is Round\" - [Julie]\n\"I think giving the next generation members the opportunity to opt-in, rather than have an expectation, often creates the greatest want\" - [Mike] \nTo start a revolution, the only solution, evolve\" - [Julie]\n\"Don't let perfect get in the way of good\" - [Julie]\n\"Science doesn't always sell\" - [Mike]\n\"Family is family and that's where you should be connected\" - [Julie]\n\n\nKey Takeaways:\n\n\nThe company was started by Julie's grandfather while working for his boss as a Dental Instrument Sharpener and has transitioned from the marketing of dental consumables for other brands to focus on their brand. \nJoining the family had never been an expectation by the family or part of Julie's plan, but it was looked upon as a thing of pride for the family.\nJulie explains that when it came time to join, she took conscious effort to familiarize herself with the general goals and ideals of the family business\nHighlighting factors like her young looks and family background, Julie describes the impression she got when she joined the family business, who thought she didn't deserve to be there. and after working hard, she proved them wrong.\nThe transition of the business from her father to her was seamless, and void of the typical situation where the prior generation holds on to the business even after completing the transition process in writing. Julie also notes the critical role of ensuring all processes involving transition are penned down in legal documents.\nWhile getting together as a family is pivotal for a family business and is being inculcated, there is room for improvement.\nJulie's Family Value: \"Remember who you are\", you need to have a sense of who you represent including your family, your community, the company.\nAnother family value from Julie: \"The dollar is Round\"; this means you can have money now and it can just as easily roll away from you, then roll back towards you.\nDescribing the evolution of the business under her, Julie explains her goal to make the company more data-driven and consumer-led, through branding, marketing, digitization, and social media.\nOne key lesson from a significant failure while running the family business was that \"Science doesn't always win\", as the scientific\nsuperiority of a product does not guarantee sales. This was realized following the creation of a multipurpose dental product, which seemed like it could do everything, but the product only ended up confusing consumers due to a lack of specificity in function. This experience had a strong impact on the parameters surrounding any development within the company. \nFrom Julie to her kids: Remember who you are, The dollar is Round, Respect, and Family ties.\n\n\nEpisode Timeline:\n\n\n[00:49] Meet today's guest, Julie Charlestein, a 4th generation CEO. \n[01:37] The backstory of Premier Dental Family Business.\n[09:28] Growing up, was joining the family business always an expectation?\n[14:22] Julie describes the transition of the business from her father to herself.\n[24:16] Does the family get together regularly for a family meeting or family council?\n[25:27] Are there any key values passed down through the generations that still hold today?\n[26:52] Do you do anything intentionally to document the history of the family?\n[28:10] Is there a 5th generation already involved or interested in the business?\n[29:40] The Evolution of the family business under Julie.\n[32:58] Julie describes one of her most significant failures. \n[37:25] Is there potentially another chapter for you beyond your journey with the family business?\n[38:10] Julie's letter to her kids\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Julie Charlestein.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Premier Dental Product Company — Premier Dental Products Company is a global dental manufacturing business that creates, develops and manufactures innovative consumables for oral health professionals worldwide.","content_html":"

Julie Charlestein is a fourth-generation CEO and president of Premier Dental, a global dental development and manufacturing company serving the worldwide oral health professional market since 1913.

\n\n

Julie is the first woman and the fourth generation of the Charlestein family to lead the company. Since accepting the position as CEO, Julie has implemented changes to adapt to the times, and advanced its product line to advance Premier's market impact.

\n\n

The Charlestein family have adopted an interesting ownership and control structure for Premier which Julie has kindly agreed to discuss with us today.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Julie Charlestein.

Sponsored By:

Links:

","summary":"Julie Charlestein is the CEO and president of Premier Dental Products Company, a global dental development and manufacturing business innovating new solutions to meet the evolving needs of dentistry.","date_published":"2021-03-22T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/f1b57935-0bdc-47c0-8570-f8ef380f2c15.mp3","mime_type":"audio/mpeg","size_in_bytes":27431392,"duration_in_seconds":2285}]},{"id":"cf04f2cc-b9c1-4dff-ad9b-051dd72f8ad0","title":"Carl Bates - High-Performance Family Boards from New Zealand to Africa","url":"https://www.businessoffamily.net/carl-bates","content_text":"Carl Bates is Africa's leading educator, appointer and guide of High-Performance boards. As the Founding Partner of Sirdar, he is world renowned for his practical understanding of governance and is constantly invited to share his knowledge and insight on the subject - in Africa, Sirdar is the largest provider of independent non-executive directors to private companies and family businesses.\n\nAs a G2 entrepreneur, Carl works closely with his Mother and spouse in his family property business in New Zealand, bringing real world insights to his professional service clients. Carl is particularly passionate about how boards can transform and scale-up privately-held and family companies.\n\nStandout Quotes:\n\n\n\"There's a difference between craftsmanship and entrepreneurship\" - [Carl]\n\"And I like the term 'Contribution', it's all about what we have to give and finding ways of being more effective in that\" - [Carl]\n\"I think having a purpose as a business is fundamental to what building longevity in any business is about\" - [Carl]\n\"In businesses, we can see a direct correlation between the makeup of the group of people at the top and the financial performance of the business\" - [Carl]\n\"It is a privilege that a family has when they're right at the beginning of the journey, and they make the decision to become a family business... and they put in place the structures at that point because it's a lot less emotional to argue about something that is 10 or 20 years out, than being in the middle of that thing in 20 years time\" - [Carl]\n\"Families need to define 'well, what does family mean to you?' - [Carl]\n\"The larger the number of beneficiaries of the family, the bigger the governance framework needs to be at a family level\" - [Carl]\n\"There's no such thing as an 'Original Mistake', there are so many families and so many boards around the world who have done this so many times before you, that rather than try and make an original mistake, go and see what other people have done\" - [Carl]\n\n\nKey Takeaways:\n\n\nCarl recalls he initially had no desire to live in Africa, a few years after this, he repeatedly had cause to travel there on business and realized he had to stay, creating offices all around Africa which help families and companies to develop their boards of directors. \nStarting University at 15 years and becoming a chartered accountant by 21 years, he had always wondered why even though each generation of his family had successful entrepreneurs, there was no build-up and transfer of wealth to the next generation. \nKnowing most of his great grandparents personally helped instill values that formed the foundation for the role he currently plays in business generally.\nCarl shares that the purpose of his family business is giving people a place to call home.\nExplaining the benefits and process of introducing new family members. Carl notes that the disparity in the energy levels between him, his wife, and other family members, allows for productivity to be maximized in different areas. \nSo often the succession planning is focused on when the person passes away, but if we don't take other family members on a journey of understanding the business over time, when the time comes they won't have the understanding of it to enable a successful transition. \nThe Contribution Compass is a tool used to understand family members as individuals, their personalities, and predict the expected roles they would play in the family. It is also used in business as a commercial tool since there is a direct correlation between the make-up of business leaders in any business and the success of that business. \nRegarding the formality surrounding the entry of other family members into the family business, Carl discloses that nothing would be gifted and members would have to buy into the business. He also emphasizes the need to legalize every aspect of this entry as he recommends for his clients too. \nI encourage family members to deal with things when they're not topical because that's when it's least emotional. \nRegarding planning ahead for families, the best place to start is to understand that being a shareholder doesn't necessarily mean sitting around the board table. It is also important to understand Family Governance from the perspective of defining what family means to each member.\n The Governance structure is predominantly focused on determining directly family-related issues but the Operational Board side is driven by the underlying Family business. This is where families go wrong; when they cannot differentiate between Family Governance and Governance of a Profit Generation Entity. \nWhile sometimes the family traditions do serve the purpose of bonding, in other cases, there is some resentment on the expectations from different family members based on such traditions.\nFrom Carl to his kids: It is important to spend time with your grandparents and great grandparents or people connected to them from that generation because there are threads that enable you to understand how your family has developed, and what the core values or cornerstones of success for you family are, through that time of engagement.\n\n\nEpisode Timeline:\n\n\n[00:49] Introducing today's guest, Carl Bates\n[04:04] Carl shares his professional backstory.\n[14:28] The purpose of Carl's family business.\n[16:17] Apart from you and your mother, are there other family members involved?\n[22:43] The Contribution Compass\n[28:00] In terms of families planning ahead, where do we start?\n[30:39] Where does the distinction lie between a Family Council and the Operating Board?\n[34:33] Differentiating between a Family Council and a Family Forum.\n[36:45] What is one of the biggest challenges that families have when trying to put a governance structure in place for the first time?\n[38:12] Comparing an Operational Family Business with one that is just \"stewarding the wealth\".\n[43:50] How are families celebrating their uniqueness and traditions over the years?\n[48:50] Carl's letter to his kids.\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Carl Bates.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Carl Bates — Carl Bates is an entrepreneur focused on creating meaningful economic impact within the countries and economies in which he has the opportunity to participate. Sirdar Group — ‘Sirdar’ is the name given to the lead Sherpa on a mountain expedition. Where others view a high mountain as a great challenge or an insurmountable obstacle, the sirdar sees it as a clear path of opportunity. The sirdar builds the right team, chooses the correct route and knows when to go for the summit.","content_html":"

Carl Bates is Africa's leading educator, appointer and guide of High-Performance boards. As the Founding Partner of Sirdar, he is world renowned for his practical understanding of governance and is constantly invited to share his knowledge and insight on the subject - in Africa, Sirdar is the largest provider of independent non-executive directors to private companies and family businesses.

\n\n

As a G2 entrepreneur, Carl works closely with his Mother and spouse in his family property business in New Zealand, bringing real world insights to his professional service clients. Carl is particularly passionate about how boards can transform and scale-up privately-held and family companies.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Carl Bates.

Sponsored By:

Links:

","summary":"Carl Bates is Africa's leading educator, appointer and guide of High-Performance boards. As the Founding Partner of Sirdar, he is world renowned for his practical understanding of governance and is constantly invited to share his knowledge and insight on the subject - in Africa, Sirdar is the largest provider of independent non-executive directors to private companies and family businesses","date_published":"2021-03-15T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/cf04f2cc-b9c1-4dff-ad9b-051dd72f8ad0.mp3","mime_type":"audio/mpeg","size_in_bytes":39645984,"duration_in_seconds":3107}]},{"id":"b817a783-ffe8-40c3-8f4a-78ad1cb23b30","title":"Juan Carlos Salame - Scaling a Third Generation Ecuadorian Retailer & Credit Provider","url":"https://www.businessoffamily.net/juan-salame","content_text":"Juan Carlos Salame’s family business began in Guayaquil in 1944. Domingo Salame, his grandfather, began selling at the local market prepaid vouchers so his customers could buy products at different local stores and, then, pay Mr. Salame in installments. \n\nA revolutionary idea that many decades later evolved to what we know today as credit cards. He later put in place a retail shop to sell the products himself. This business was transitioned to his son in the late 70s. A couple of stores have grown into a corporation with over 70 stores in Ecuador and a strong ecommerce presence. \n\nThe business model focuses on financing products to a population, many of whom, do not have a credit history yet. Juan Carlos and his brother have taken over the business in the last few years putting in place top technological systems and curating an innovative culture.\n\nStandout Quotes:\n\n\n\"Be respectful of everyone regardless of their position, their role, or what they do with their lives\" - [Juan]\n\"Be very low profile...with your life, with your business, Humility in that sense\" - [Juan]\n\"I would seriously encourage anyone to look for a mentor in the early stage who will help guide them through the different opportunities that they would face in their lives\" - [Juan]\n\"I would encourage anyone in their twenties or early thirties to form their own business, especially if they want to be like a CEO... they have to quickly learn and fail on a smaller scale\" - [Juan]\n\"Founding your own business is like 3 MBAs in one\" - [Juan]\n\n\nKey Takeaways:\n\n\nJuan describes the original business model which is still in play today. His grandfather had started selling coupons which allowed customers to buy products from other stores now and pay back in installments to him. He later opened his store to sell those products, in effect, he was a credit provider.\nThe business model is targeted at customers who don't get credit from their banks or lack a credit history to support them getting it.\nThe biggest aspect of the business is now e-commerce, especially following the lockdown in the pandemic\nDescribing that he was not forced into the family business, there was always some level of expectation that he would join the business, and he had already started getting involved at an early age. However he had left to get an MBA in the US, and decided to start his business rather than return to the family business, but after a few years, his father called him back. He stayed for a while and quitted since his working relationship with his father was poor.\nJuan shares that he finally went back to the family business with conditions given; the first was to have a board member to sort out rifts when they come up, the second was not reporting directly to his father.\nThe most challenging aspect of the business they had to change, upon joining the family again, was the culture of the company in order to attract new talent. Some managers also had to leave, as there was a need to work with people who were more aligned with the goals of the company.\nDiscussing his process of implementing change, Juan shares that his first step is to work with the people already in the company, if this fails, he then persuades the workers to make the necessary changes, and if that also fails, he would find someone else who can work with him.\nHistory did repeat itself as Juan's father also had issues with his father regarding joining in and transitioning into the family business.\nA key source of his knowledge was starting his own business, and also putting in the effort to be exposed to different industries by participating on their boards.\nInvesting in time with the kids has become a top priority on the list of worthwhile investments?\nThe family decided to assemble a book 2 years ago, which would tell the story of the family business and the family as well as the future of the business.\nKey lessons from Juan's journey: Be very strategic in how you go about implementing change. Being intentional about communication in the workplace and within the family is also very necessary as part of a family business. \nFrom Juan to his kids: Look for something that you want to do in life, something you enjoy, and something that adds value to the world. Juan would also encourage his kid to put the best effort into anything worth doing, find a mentor, and within the early twenties start a business because the knowledge gained is like 3 MBAs in one.\n\n\nEpisode Timeline:\n\n\n[00:49] About today's guest \"Juan Carlos Salame\"\n[02:00] Juan narrates the origin of the family business. \n[08:30] How did you come to join the Family business?\n[18:36] What changes have you been able to implement since you and your brother joined in?\n[21:40] Juan shares his approach to making drastic changes in a company.\n[27:56] Is there a multi-generational family plan in place for your children?\n[30:15] Have there been any transition issues since the business started?\n[31:45] How have you learned and grown on your journey?\n[35:12] What is the most worthwhile investment you have ever made?\n[36:13] Highlighting Values instilled in Juan which he passes on to his children.\n[37:09] Does your family invest in anything intentionally to try and document its history?\n[38:28] Juan shares lessons from his growth process \n[41:45] What would you say is your legacy?\n[43:05] Juan's letter to his kids\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Juan Carlos Salame.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Créditos Económicos","content_html":"

Juan Carlos Salame’s family business began in Guayaquil in 1944. Domingo Salame, his grandfather, began selling at the local market prepaid vouchers so his customers could buy products at different local stores and, then, pay Mr. Salame in installments.

\n\n

A revolutionary idea that many decades later evolved to what we know today as credit cards. He later put in place a retail shop to sell the products himself. This business was transitioned to his son in the late 70s. A couple of stores have grown into a corporation with over 70 stores in Ecuador and a strong ecommerce presence.

\n\n

The business model focuses on financing products to a population, many of whom, do not have a credit history yet. Juan Carlos and his brother have taken over the business in the last few years putting in place top technological systems and curating an innovative culture.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Juan Carlos Salame.

Sponsored By:

Links:

","summary":"Juan Carlos Salame is the Corporate Vice President at CRECOSCORP S.A. Juan Carlos Salame’s family business began in Guayaquil in 1944. Domingo Salame, his grandfather, began selling at the local market prepaid vouchers so his customers could buy products at different local stores and, then, pay Mr. Salame in installments. ","date_published":"2021-03-08T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/b817a783-ffe8-40c3-8f4a-78ad1cb23b30.mp3","mime_type":"audio/mpeg","size_in_bytes":33250951,"duration_in_seconds":2770}]},{"id":"918a28f5-8e5f-4aa7-a7ad-f21ca93808ea","title":"Nike Anani - Building a Generational Bridge in African Family Firms","url":"https://www.businessoffamily.net/nike-anani","content_text":"Nike is the founder and CEO of Nike Anani Practice, Ltd., in Lagos, Nigeria, where she helps second-generation family business members collaborate with the founding generation in an effort to build sustainable family enterprises in the region. No more than 2% of African family businesses successfully transition power to the second generation, and Nike has made it her mission to facilitate this generational merge.\n\nWith over a decade of experience working with select business families in Africa, Nike Anani helps owners lead their family organizations to long-term impact and legacy.\n\nHer clients choose to engage her, not only because of her extensive professional training, but also because of her practical experience as both a business founder and a NextGen. This allows her to uniquely empathise with both generations and act as a connector to the Founding generation.\n\nStandout Quotes:\n\n\n\"And that's an observation I have of founders and entrepreneurs, they're just amazing people that have an eye for opportunity\" - [Nike]\n\"As most founders do, it was about giving me the best opportunity to set me up for success and often in their minds, success is going as far away from the business to get the best experience...so they can come back\" - [Nike]\n\"In Nigeria, 90% of indigenous businesses are family businesses, but only 2% survive beyond the founder\" - [Nike]\n\"Family businesses are so key to the community, if they keep failing after a generation, then what's that doing to the economy?\" - [Nike]\n\"I think that starting from a relatively small base, the best way to build anything is with community, and actually building what that community wants rather than just dictating something that you found off the shelf from another culture\" - [Mike]\n\"If you've seen one family business, you've seen one family business\" - [Nike]\n\"A friend of mine says whenever you wake up is your morning, some people don't wake up until they're 85, they don't know what they want\" - [Nike]\n\"I need to be in the best version of myself so I can serve people to the best of my ability\" - [Nike]\n\"There's always something new to learn, we've never arrived, we're just on this ongoing journey of endless learning, in my view\" - [Nike]\n\"There's no position that's guaranteed in life, whether it be a position of material success or honor, today you might be celebrated but it doesn't mean tomorrow you will be\" - [Nike]\n\"It is important to ensure that people's external projections don't become your internal story, because your story is the most powerful thing that you can give yourself\" - [Nike] \n\n\nKey Takeaways:\n\n\nNike is a 2nd generation family business owner, and she narrates how her father started the family business initially as a side-hustle.\nDescribing events around her entry into the business, she shares the plan was to only stay for a few months in Nigeria, gain exposure to business in general, and move back to the UK eventually. However, she was drawn to the spirit of entrepreneurship there and felt more liberated as a young black female.\nNike explains that while her father had expressed general support for her in any field she was planning to go into, she had never expected she would work in the family business.\nA glaring disparity in the decision-making process between her former place of work and the family business was the time taken which could be much shorter or longer in different scenarios, leaving her befuddled about family business as a whole. This encouraged her to get professional education at the Family Firm Institute in Boston.\nEmploying her knowledge in her family business, Nike started the process of \"Governance\" which involved her siblings more, intending to avert the typical dissolution that plagued most Nigerian family businesses after the founding generation.\nAnother strategy adopted involved starting the conversation by creating a community called \"African Family Firms\" for African families facing similar challenges to meet and navigate through these issues. \nNike highlights various peculiarities of African families, noting how these have to be put into consideration when trying to find solutions to the survival of family businesses in Africa.\nYou won't know what you want until you come together as a family, have open conversations, and plan for different scenarios. Get clear as a family on who you are, what your values are, the goals of the family, and the purpose of the family business.\nEmphasizing the importance of continuous learning, Nike embraces the process as a part of being the best version of herself.\nA significant failure that set her up for success took place in school, where the result she got at some point would not be good enough for the jobs she wanted, and this motivated her to push herself harder than ever before to achieve her desired goal.\nNike’s parents impressed upon her certain values described as 4Hs and 2Ps. The 4Hs are Honesty, Hard work, Humility, and Harmony while the 2Ps are People and Places. All of these were included in the family constitutional value system when the formal family enterprise was set up.\nIt is important to understand that while people can project their weaknesses onto you and vilify you, their external projections should not become your internal story because your story is the most powerful thing you can give yourself, and you have to hold on to that story.\n\n\nEpisode Timeline:\n\n\n[00:50] Meet Today's guest, 'Nike Anani'.\n[01:56] Nike's personal and professional background.\n[08:30] How did the family make the jump from medical consumables to construction and building hospitals?\n[16:55] How were you inspired to learn more about the Business of Family?\n[23:00] Since the wake-up call that you received, what did you do about it for your own family or your friends' families?\n[29:50] Do people document entitlements for kin or rather more of a bloodline lineage?\n[32:53] Challenges surrounding Real Estate planning in Africa.\n[39:18] An overview of Nike's different roles in family business generally.\n[50:15] Has there been a specific failure that you've learned a great deal from?\n[56:00] Apart from education, what else came through as fundamentally important from your parents?\n[59:40] Nike's letter to her kids.\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Nike Anani.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Nike Anani — Nike is the founder and CEO of Nike Anani Practice, Ltd. With over a decade of experience working with select business families in Africa, Nike Anani helps owners lead their family organizations to long-term impact and legacy.Nextgen – the turning wheel | Nike Anani — Nike Anani's clients choose to engage her, not only because of her extensive professional training, but also because of her practical experience as both a business founder and a NextGenBuilding a Generational Bridge in Africa - Women in Family BusinessPodcast: The Connected Generation with Nike Anani — The Connected Generation Podcast with Nike Anani","content_html":"

Nike is the founder and CEO of Nike Anani Practice, Ltd., in Lagos, Nigeria, where she helps second-generation family business members collaborate with the founding generation in an effort to build sustainable family enterprises in the region. No more than 2% of African family businesses successfully transition power to the second generation, and Nike has made it her mission to facilitate this generational merge.

\n\n

With over a decade of experience working with select business families in Africa, Nike Anani helps owners lead their family organizations to long-term impact and legacy.

\n\n

Her clients choose to engage her, not only because of her extensive professional training, but also because of her practical experience as both a business founder and a NextGen. This allows her to uniquely empathise with both generations and act as a connector to the Founding generation.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Nike Anani.

Sponsored By:

Links:

","summary":"Nike is the founder and CEO of Nike Anani Practice, Ltd., in Lagos, Nigeria, where she helps second-generation family business members collaborate with the founding generation in an effort to build sustainable family enterprises in the region. ","date_published":"2021-03-01T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/918a28f5-8e5f-4aa7-a7ad-f21ca93808ea.mp3","mime_type":"audio/mpeg","size_in_bytes":44570331,"duration_in_seconds":3714}]},{"id":"44ddeb4d-540e-4346-956d-9330426c9ca0","title":"Tiho Brkan – The Most Interesting Man in the World? Second Passports, Territorial Tax, Mezzanine Finance + MFO Investing","url":"https://www.businessoffamily.net/tiho-brkan-2","content_text":"Tiho Brkan is back for a second conversation about family office investing, including a deep dive into real estate mezzanine finance investing, uncorrelated assets for downside protection, citizenship by investment, second passports, territorial tax systems and his global view of markets today.\n\nTiho is a Global Citizen & Investor, and today runs the multifamily office, The Atlas Investor on behalf of his family and other ultra high net worth families and individuals. \n\nI've been fortunate to build a friendship with Tiho since connecting last year and always enjoy our multi-hour conversations about the state of the world, investment opportunities and challenging each other to see things from different perspectives. Tiho has a mind like no other person I've met and it's a privilege to listen and learn to him whenever I'm given the opportunity.\n\nTo hear Tiho's first appearance on the podcast, please visit: Tiho Brkan – Global Deal Flow for Family Office Investors.\n\nStandout Quotes:\n\n\n\"Is Cash going to be King or is cash going to be trash?\" - [Tiho]\n\"While it's easy to make money today and everything seems to be working, the question for very smart investors is to anticipate what's around the corner\" - [Tiho]\n\"If you think about a Real Estate cycle, you have 4 stages; Early-stage, mid-cycle, late-stage, and downturn... in Early-stage, you want to be in equity as much as possible\" - [Tiho]\n\"We don't do deals with any developer that doesn't have more than one exit strategy\" - [Tiho]\n\"If a senior lender is doing 37 million, talk to them, ask them about the due diligence because they're putting far more money than you are and they've done it all\" - [Tiho]\n\"The way that you diversify your portfolio, you can also diversify your life\" - [Tiho]\n\"Stick around very experienced people who have been around for a long time, who have survived the cycles... Stick with a talented group of people who have a low personnel turnover\" - [Tiho]\n\"Negotiate... Negotiate... Negotiate\" - [Tiho]\n\n\nKey Takeaways:\n\n\nMike's previous episode with Tiho Brkan is one of the most downloaded episodes, and by popular demand, he had to bring him for a 2nd episode.\nTiho shares that a lot of investors in this period want to make a lot of money as quickly as possible, as this time is not very suitable for long-term investment.\nHe explains the reasons why this recession has been the worst in a long time, but this does not reflect in some assets and certain locations.\nIn normal valuation, reprisals happen where you hold cash which gives you optionality and the ability to be selective, but where money supply around the world is increasing at a rapid speed, is cash going to be King or is cash going to be trash?\nTiho explains that as a contrarian investor, you ride a certain wave until valuations become extreme for you, understanding that high valuations today entail future disappointing returns and so rather, you go and look for relative value elsewhere.\nFamily offices don't have to be restricted to one type of asset, they have an 'Open Mandate' and Tiho describes the various opportunities available for family offices. Most investors are asking, 'how much money can I make by next Monday?' while he is asking 'How do we only lose 20% rather than 50% in the upcoming downturn?'\nThe capital stack' and 'Mezzanine debt': There are 3 Real Estate strategies which are Core Real Estate, Value add Real Estate or Opportunistic Real Estate. Mezzanine debt is most commonly a strategy seen in opportunistic Real Estate investment. Mezzanine debt exposure is the most versatile in all 4 stages of the Real-estate cycle(early, mid, late, and downturn). With Mezzanine debt, you can get up to 15% returns per annum. \nTiho's due diligence process before investing: First, the deal must be 'shovel ready' meaning construction starts immediately. Next, note the purpose or theme and planning of the project, location of the project, the track record of the borrower, feasibility studies, the general contractor or quantity surveyor, Securities, and the Exit Strategy.\nWhat is the Monitoring process? This involves Weekly and fortnightly communication to get updates on the project. it may also involve site visits by you or a Real Estate expert, and construction status updates.\nDiscussing Residence Planning perspective: What is the purpose that we're trying to accomplish here?\nThe OECD tax model: This is divided into 4 segments of how income is taxed. First is the \"No Income Tax\", second is \"Territorial Tax\". \"Residence-based Taxation\" is third. Last is \"Citizenship Based Taxation\".\nAn important investing lesson: Stick around very experienced people who have been around for a long time, who have survived the cycles. Stick with a talented group of people who have a low personnel turnover.\nEverything is negotiable in the world of finance.\n\n\nEpisode Timeline:\n\n\n[00:50] Introducing 2nd-time guest \"Tiho Brkan\", by popular demand.\n[02:30] From your perspective, what have you seen evolve over the last few months from this pandemic?\n[09:03] Are Contrarian investors nowadays taking advantage of the increased supply of money or sitting on their hands?\n[13:52] Discussing the impact of the increase in money supply on preferences regarding the duration of family investments.\n[22:38] 'The Capital Stack' and 'Mezzanine debt' in Real Estate projects.\n[35:03] Tiho describes in critical detail, his due diligence process before investing in a deal.\n[46:00] The 'Monitoring Process'\n[52:50] Are there advantages to the double taxation agreement in a cross-border environment that investors should be thinking about?\n[57:26] The OECD tax model\n[01:05:10] An investing lesson to his kids\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Tiho Brkan.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:The Atlas Investor — Changing the way investors diversify into alternative assetsTiho Brkan (@TihoBrkan) / Twitter","content_html":"

Tiho Brkan is back for a second conversation about family office investing, including a deep dive into real estate mezzanine finance investing, uncorrelated assets for downside protection, citizenship by investment, second passports, territorial tax systems and his global view of markets today.

\n\n

Tiho is a Global Citizen & Investor, and today runs the multifamily office, The Atlas Investor on behalf of his family and other ultra high net worth families and individuals.

\n\n

I've been fortunate to build a friendship with Tiho since connecting last year and always enjoy our multi-hour conversations about the state of the world, investment opportunities and challenging each other to see things from different perspectives. Tiho has a mind like no other person I've met and it's a privilege to listen and learn to him whenever I'm given the opportunity.

\n\n

To hear Tiho's first appearance on the podcast, please visit: Tiho Brkan – Global Deal Flow for Family Office Investors.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Tiho Brkan.

Sponsored By:

Links:

","summary":"Tiho is back for a second conversation about family office investing, including a deep dive into real estate mezzanine debt investing, uncorrelated assets for downside protection, citizenship by investment, second passports, territorial tax systems and his global view of markets today.","date_published":"2021-02-22T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/44ddeb4d-540e-4346-956d-9330426c9ca0.mp3","mime_type":"audio/mpeg","size_in_bytes":49946539,"duration_in_seconds":4131}]},{"id":"e242c464-7f2d-4f6e-883d-03636ec022af","title":"Aaron Chin - My Ceiling is Your Floor - 2nd Gen Leader of Canadian Health Business [The Business of Family]","url":"https://www.businessoffamily.net/aaron-chin","content_text":"Aaron Chin is a second-generation business leader and CEO of Organika, a family-led Canadian company dedicated to providing innovative, premium health products to help inspire people to live healthier lives.\n\nGrowing up in the business motivated Aaron to build on what his father started 30 years ago. Since assuming leadership of Organika, in partnership with his brother Jordan, they have increased business seven-fold and have grown the company into an award-winning, globally recognized brand, focusing on innovation and a vibrant company culture.\n\nStandout Quotes:\n\n\n\"You start with the mission of the company and that'll help drive your decisions after\". - [Aaron]\n\"If you can tweak one little thing in your process that could save you 30minutes...do it\". - [Aaron]\n\"You are going to determine yourself, how well you do\". - [Aaron]\n\"I really do believe there's nothing like good old hard work\". - [Aaron]\n\"My relationship with my brother is bigger than the business... I think I can pass that down to my kids\" - [Aaron]\n\n\nKey Takeaways:\n\n\nAaron's dad had the dream when he moved from Malaysia to Canada to give his kids a chance to get ice cream whenever they wanted.\nFollowing the treatment of his kidney stones using natural products, he started the business with a vision to make healthcare accessible for all.\nDespite the rejection, his father persistently put himself and his products out there, till the business took off.\nAaron shares he always had an interest in the family business although his father never tried to impose any expectations to join.\nAaron narrates a simple experience where he noticed the boss employed by his father to manage the business got to the office one morning, and deleted all his office voicemails without listening to any one, inciting Aaron's suspicion of the poor management inherent in the business.\nRealizing the diet differences between the newer and older generation, the company pivoted from mostly vitamin pills to be more involved in superfoods, powders, drink mixes. \nThe surprising eventuality of Aaron becoming CEO in an Asian family where he is the younger brother and always at odds with his older brother, was partly made possible by the family dynamic which started to work out following certain events that strengthened the bond between them.\nAaron shares his vision for the company: I want to see us in every single home in Canada.\nExplaining that his dad wasn't overprotective but rather allowed them to make mistakes, and these mistakes helped them learn how to make fast and efficient decisions.\nThe question: What are you doing about it?\nIf you teach children what wealth means, it's rather thoughtful to leave wealth for them, but if not then it's just an expectation, and things could go wrong.\nTo Aaron's kids: Know the importance of Family because it is more important than even the business\n\n\nEpisode Timeline:\n\n\n[00:49] Meet today's guest \"Aaron Chin\".\n[01:25] Where did the family business begin, and how do you become involved in this story?\n[07:40] About Aaron's entry into the business: Was it always an expectation or some other circumstance?\n[16:09] Describing the business today.\n[19:55] How did the leadership transition come about?\n[24:40] Being the younger brother in an Asian family, how did you arrive at the CEO role?\n[27:15] What sort of investment process did you go through, and how did you formalize the business?\n[33:33] Would you say the company culture remains unchanged or has it morphed as a result of the impact of Private Equity coming in?\n[37:45] Aaron shares major lessons learned by trying things and making mistakes at the beginning\n[38:50] Is there a multi-generational plan to continue the legacy that your father started?\n[41:03] How do you feel about children inheriting wealth?\n[42:39] Aaron's letter to his kids.\n\n\nFor more episodes go to \nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Aaron Chin.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Organika — Aaron Chin is a second-generation business leader and CEO of Organika which is a family-led Canadian company dedicated to providing innovative, premium health products to help inspire people to live healthier lives.Aaron Chin (@organikaaron) Instagram","content_html":"

Aaron Chin is a second-generation business leader and CEO of Organika, a family-led Canadian company dedicated to providing innovative, premium health products to help inspire people to live healthier lives.

\n\n

Growing up in the business motivated Aaron to build on what his father started 30 years ago. Since assuming leadership of Organika, in partnership with his brother Jordan, they have increased business seven-fold and have grown the company into an award-winning, globally recognized brand, focusing on innovation and a vibrant company culture.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Aaron Chin.

Sponsored By:

Links:

","summary":"Aaron Chin is a second-generation business leader and CEO of Organika, a family-led Canadian company dedicated to providing innovative, premium health products to help inspire people to live healthier lives.","date_published":"2021-02-15T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/e242c464-7f2d-4f6e-883d-03636ec022af.mp3","mime_type":"audio/mpeg","size_in_bytes":32671346,"duration_in_seconds":2722}]},{"id":"5a2caa94-9110-479a-8a85-7d1c5f71088c","title":"Adii Pienaar - First Generation Wealth Creator & Living Life Profitably [The Business of Family]","url":"https://www.businessoffamily.net/adii-pienaar","content_text":"Adii Pienaar is the founder of three technology companies, two of which he’s exited so far to create first generation wealth for his family. A prolific reader, writer and maker, Adii brings a refreshing perspective to the way he views family, business and wealth.\n\nI was fortunate enough to preview his new book which was released last month, titled Life Profitability. In Life Profitability, Adii provides you with a new perspective for becoming self-aware, recognising your values, and understanding your impact. An enriched life and successful business are not mutually exclusive. In fact, this book will provide you with the first steps in building a business that is more sustainable with increased options for you, your employees, and your family.\n\n\n\nStandout Quotes:\n\n\n\"The biggest burden I felt was that transition from wealth generation to wealth maintenance\" - [Adii]\n\"I think in any kind of business partner relationships, as long as everyone is aligned towards the same goal, then everything is hunky-dory, and as soon as someone is not aligned with your process then everything is not hunky-dory\" - [Adii]\n\"Whatever I do, it should be that truest expression of self\" - [Adii]\n\"There are multiple things that pull us into different directions on a daily basis but having an awareness of when that happens... that's Mindfulness\" - [Adii]\n\"I truly believe in transparency for the kids\" - [Adii]\n\"The family office should serve as a leg up for the trustees and that's the kids, right? it's not a handout\" - [Adii]\n\"Neither the family office or any of our individual lives should be so rigid like we're constantly trying to fit into a single recipe\" - [Adii]\n\"The cost of anything we do in life is just Life\" - [Adii]\n\"I don't care if they miss 99% of it, even if they become 1% of the context of this conversation\" - [Adii]\n\"The way I think about legacy is, if I were to die tomorrow, the goal would be to have left my kids or anyone who cares enough breadcrumbs about who I really was\" - [Adii]\n\n\nKey Takeaways:\n\n\nA major transition point for Adii was moving from wealth generation to wealth maintenance.\nWith little information on how to run a family office, he was able to get started by asking questions and got propelled into motion when the law firm got the right people around him to explain the process.\nAdii describes his value system: How can I wake up every single morning and spend my time manifesting the truest expression and version of myself in anything that I do?\nAn ideal day for Adii is \"being present\".\nAdii explains that the main reason he went back into entrepreneurship was he wanted to create again, he was enthusiastic about building a team, and those are his higher values for now.\nWhile admitting that his kids have a great life especially from the financial perspective, he is concerned not to bring up spoilt kids who can't be individuals with their purpose.\nAdii describes the strategies he uses to help build his kids to become individuals with a backbone: Transparency, which involves letting the kids be fully aware and involved with the ongoings in the family office, as well as the concept of Gratitude.\nThe family office should always prioritize business ideas from the trustees.\nExpounding on the concept of 'Paying a Life Dividend': A business that's not just financially profitable but profits your whole life. Adi discusses the relevance of having assets that mean more than their financial value to the family, which is selected by stress testing, effective communication, and evolution.\nIt is important to sequence things, rather than doing two things at once and have none getting your full attention.\nEvery single minute of our day, we only have finite attention, time, and energy to do anything, so the decision to anything is costing us life.\nUnfortunately, mainstream media has created a narrow definition of success that serves barely 0.1% of the world, but there is a much wider and diverse definition of success for the rest of us, and it is our responsibility to define it.\nTo Adii's Children: Do the work, continue learning towards discovering who you are, and figure out how to manifest that in most of the things you do in life.\n\n\nEpisode Timeline:\n\n\n[00:49] About today's guest, Adii Pienaar, describing his origin story and path to First-generation wealth.\n[08:26] What does a family office mean to you, and how did you know what to do when you set out to do this for the first time?\n[11:19] How have you and your understanding of value systems evolved?\n[13:59] Adii describes his picture of an ideal day. \n[16:13] His motivation for diving into entrepreneurship for the 3rd time.\n[19:20] How have you explored this concept of multi-generational wealth or the family office?\n[29:50] 'Paying a Life Dividend'\n[37:34] Adii recounts a significant failure with the lessons learned.\n[40:15] About Adii's book: \"Life Profitability\"\n[49:12] What was the motivation for writing and publishing a book?\n[53:00] How else do you document your history within your family for the next generation to discover?\n[54:40] Adii's letter to his children.\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Adii Pienaar.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Adii Pienaar - Personal Website — Adii Pienaar is the founder of three technology companies, two of which he’s exited so far to create first generation wealth for his familyCM Commerce: Email automation for ecommerce stores — Adii Pienaar is the founder of ConversioWooCommerce - Sell Online With The eCommerce Platform for WordPress — Adii was co-founder of WooThemes/WooCommerceLife Profitability: The New Measure of Entrepreneurial Success by Adii Pienaar | Amazon — In Life Profitability, Adii provides you with a new perspective for becoming self-aware, recognising your values, and understanding your impact","content_html":"

Adii Pienaar is the founder of three technology companies, two of which he’s exited so far to create first generation wealth for his family. A prolific reader, writer and maker, Adii brings a refreshing perspective to the way he views family, business and wealth.

\n\n

I was fortunate enough to preview his new book which was released last month, titled Life Profitability. In Life Profitability, Adii provides you with a new perspective for becoming self-aware, recognising your values, and understanding your impact. An enriched life and successful business are not mutually exclusive. In fact, this book will provide you with the first steps in building a business that is more sustainable with increased options for you, your employees, and your family.

\n\n

\"Life

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Adii Pienaar.

Sponsored By:

Links:

","summary":"Adii Pienaar is the founder of three technology companies, two of which he’s exited so far to create first generation wealth for his family. A prolific reader, writer and maker, Adii brings a refreshing perspective to the way he views family, business and wealth.","date_published":"2021-02-08T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/5a2caa94-9110-479a-8a85-7d1c5f71088c.mp3","mime_type":"audio/mpeg","size_in_bytes":40966373,"duration_in_seconds":3413}]},{"id":"c195caae-2f13-4c68-9be2-61ed24a3d45e","title":"Mitzi Perdue - Matriarch of the Sheraton Hotels and Perdue Chicken Families [The Business of Family]","url":"https://www.businessoffamily.net/mitzi-perdue","content_text":"Mitzi Perdue is the daughter of one family business titan (her father founded the Sheraton Hotel Chain) and the widow of another, (her late husband was the family business poultry magnate, Frank Perdue), and she is also a businesswoman in her own right. She started the family wine grape business, now one of the larger suppliers of wine grapes in California. \n\nMitzi likes nothing better than to share insider tips for successful family businesses. Her family of origin (the one that started the Sheraton Hotels) began with the family business, Henderson Estate Company, in 1840, and her Perdue family started in 1920 in the poultry business. These two families have a combined tradition of 276 years of staying together as a family. \n\n\n\nStandout Quotes:\n\n\n\"The odds of a family business lasting 100 years are 1 in 1000\" - [Mitzi]\n\"The families who put a lot of effort into designing their cultures are the ones that survive, the ones that let things happen as they may, that rarely supports keeping the family business together over the generations\" - [Mitzi]\n\"70% of family businesses won't make it to the next generation, so if you want your family to last, put a lot of intentionality into letting the family members know from the youngest age that they're part of something bigger than themselves\" - [Mitzi]\n\"The biggest reason families don't last is family quarrels\" - [Mitzi]\n\"So a big piece of advice I'd have for every family is, deal with the problems, get them out, come to a resolution but don't go the press, don't go to adversarial lawyers\" - [Mitzi]\n\"We're measured by what you can give, not what you can get\" - [Mitzi]\n\"I don't think you can be happy if you're not part of something bigger than yourself...\nIf you want to be happy, think what you can do for somebody else, if you really want to be miserable, think what's owed to you\" - [Mitzi]\n\"In general, your family will be better functioning the more it knows its stories\" - [Mitzi]\n\"If your children turn out right, nothing else matters, if your children turn out wrong, nothing else matters\" - [Mitzi]\n\n\nKey Takeaways:\n\n\nMitzi is a part of two multi-generational business families, each of which has lasted for over 100years and over 5 generations.\nMitzi explains that a lot of conscious effort was put into strengthening the families over the years, noting in particular one of the strategies being the \"Service to the Family\" award.\nEvery single family that exists has a culture, but is it a culture that came about by accident or by design?\nIt is critical to be intentional about designing and maintaining family culture as it plays a major role in the success of a family business over generations, rather than just allowing things to happen as they may.\nPeople need a lot of guidance to be steered away from selfishness, and that takes intentionality.\nSeparating Ownership and Control helps create a perspective of the family as an entity bigger than any one person, and consequently gives a better understanding of the role of stewardship.\nMitzi explains her innovative idea to inculcate the family values in family members, right from childhood.\nNoting the importance of knowing how to handle family quarrels, Mitzi strongly emphasizes avoiding the press or lawyers but rather encourages outspokenness within the family.\nThree ways that a family can intentionally stay together: Family Newsletters, Family Reunions, and Philanthropy.\nMitzi highlights the positive effects of connecting with both present and past members of the family on the well-being, physically and mentally, of the family.\nAs a personal preference, Mitzi would rather use books as a means to archive family history compared to other forms of technology, as it may be difficult to access the archive in the future if the technology used to archive it is outdated by that time.\nMitzi recommends entering a new family with humility, observing them, noting what gains you points and what doesn't, also pointing out that while the two families had very different values, the values were very compatible.\nMitzi's letter to her kids: Be generous, be kind, be honest, work hard but be a good steward.\n\n\nEpisode Timeline:\n\n\n[00:49] Introducing Mitzi Perdue, to discuss actionable advice on how her family has maintained their businesses and family dynamics for generations.\n[02:28] Mitzi shares the origin stories of both business families she is a part of.\n[04:46] What generation are you in each of these families and what generation are these families up to?\n[10:08] Every family has a culture.\n[13:22] About the family values and how they are inculcated with other members of the family.\n[25:53]How big was the business when it went from family control to external control?\n[34:02] How has the endowment grown to keep up with the growing size of the family?\n[35:34] The 'What It Means To Be Us' book.\n[38:35] Do you have a process or value system around how you keep records for the family?\n[52:50] How was the process of assimilating two different value systems upon joining another family and what differences did you observe?\n[57:15] Is there a constitution for the family?\n[01:00:43] A letter from Mitzi to her children.\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Mitzi Perdue.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Mitzi Perdue — Mitzi Perdue is a Businesswoman, speaker, writer, Founder of the Sheraton Hotel chainInternational Hotels & Resorts | Sheraton Hotels & Resorts — Mitzi perdue's father founded the Sheraton Hotel ChainHow to Communicate Values to Children — Book by Mitzi PerdueHow to Make Your Family Business Last — Book by Mitzi PerdueHow to Keep Your Family Connected: Templates, Techniques and Resources for Strengthening Your Legacy - Book by Mitzi PerdueHome Page | PERDUE® ChickenFrank Perdue - WikipediaTOUGH MAN, TENDER CHICKEN: Business and Life Lessons From Frank Perdue - Book by Mitzi Perdue — This is the story of how Frank Perdue built his chicken and grain company from a father and son operation to an international company that today employs 19,000 people and sells to more than 100 countries.","content_html":"

Mitzi Perdue is the daughter of one family business titan (her father founded the Sheraton Hotel Chain) and the widow of another, (her late husband was the family business poultry magnate, Frank Perdue), and she is also a businesswoman in her own right. She started the family wine grape business, now one of the larger suppliers of wine grapes in California.

\n\n

Mitzi likes nothing better than to share insider tips for successful family businesses. Her family of origin (the one that started the Sheraton Hotels) began with the family business, Henderson Estate Company, in 1840, and her Perdue family started in 1920 in the poultry business. These two families have a combined tradition of 276 years of staying together as a family.

\n\n

\"Family

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Mitzi Perdue.

Sponsored By:

Links:

","summary":"Mitzi Perdue is the daughter of one family business titan (her father founded the Sheraton Hotel Chain) and the widow of another, (her late husband was the family business poultry magnate, Frank Perdue), and she is also a businesswoman in her own right. She started the family wine grape business, now one of the larger suppliers of wine grapes in California. ","date_published":"2021-02-01T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/c195caae-2f13-4c68-9be2-61ed24a3d45e.mp3","mime_type":"audio/mpeg","size_in_bytes":44716721,"duration_in_seconds":3726}]},{"id":"9cdf81e7-888e-46ed-ab11-023e268b2e5d","title":"Ginny Gilder - Olympic Medalist, G2 Family Office Founder, Social Entrepreneur & Owner of a WNBA Team [The Business of Family]","url":"https://www.businessoffamily.net/ginny-gilder","content_text":"Ginny Gilder, is an American former competitive rower and Olympic silver medalist. As a second generation entrepreneur, Ginny’s day job is running her family investment office, Gilder Office for Growth but her heart leads her to focus on expanding access to opportunity in the realms of sports and education, especially for youth. \n\nA serial social enterprise entrepreneur, co-owner of the WNBA Seattle Storm, and a writer, Ginny continues to look for ways to expand the footprint of women's professional sports in the U.S.\n\nStandout Quotes:\n\n\n\"The way that people really become good at something and grow wealth is by concentration\" - [Ginny]\n\"There are gifts hidden in tough times\" - [Ginny]\n\"You should keep doing something only as long as you're learning and growing\" - [Ginny]\n\"For any family that's lucky enough to have financial wealth you've got to think about whether you are going to insist that people get along, and at what price\" - [Ginny]\n\"The biggest thing that's probably shifted is recognizing what we really want, which is adult relationships with our adult children\" - [Ginny]\n\"If you want to see change in the world, well, you've got to invest, cos nothing's going to happen if you're not going to invest\" - [Ginny]\n\"What's really most important to most people is Human Connection... and if you really want to be connected, you've got to deal with the stuff that's the toughest\" - [Ginny]\n\n\nKey Takeaways:\n\n\nAfter making many mistakes starting a nonprofit, Ginny set up a business that helps start-up nonprofits avoid similar mistakes and achieve their goals.\nEarly in her career, she had goals that were not related to working in the family business.\nHaving a financial cushion had benefits, like the freedom to work without being tied to a focus on amassing wealth, although it came with less attention from their father.\nWhen the time came for a transition of the family business, she knew she had to step up to the responsibility placed on her despite her lack of knowledge or passion in the family business.\nThere has to be a lot of very direct conversations if you want to be in business with your siblings.\nGinny clearly explains that she has no passion for the investment business, but got involved, for the love of family, the financial security, and the business relationships that come with it. \nHaving an investment office rather than a family office with bells and whistles was geared at equipping her kids to be independent, self-sufficient, and capable human beings.\nHonesty has been hugely instrumental in navigating the family dynamics in Ginny's family, she also had to understand the importance of having adult relationships with her adult children.\nWhen things go wrong, that's when you have to figure it out and it's also when you find out the relationships that are solid.\nThe importance of dealing with difficult family relationships: it's so easy when life is good to think everything is fine but as soon as life gets hard if you haven't dealt with challenges and learned how to disagree and resolve differences, you're not going to make it through the hardest parts of life.\n\n\nEpisode Timeline:\n\n\n[00:49] Meet Ginny Gilder; sharing her personal and professional background.\n[01:34] Her family history and the origin of the family business\n[08:20] How Ginny got into the investment business.\n[22:50] What was your father's position when you started your nonprofit organization?\n[29:00] Ginny describes how the family dynamics affected the transition of the business to her generation.\n[30:42] What would you say that you've learned from the separation of roles between family and business?\n[33:22] What is the family business structure going forward?\n[40:05] How do you differentiate your investment office from a family office?\n[41:20] About Gilder Office for Growth\n[48:56] How do you navigate through your family dynamics in the world of wealth?\n[53:15] Tell us about what you're most passionate about in terms of one of the businesses that you own today.\n[01:00:40] Ginny's letter to her kids\n\n\n*For more episodes go to *\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Ginny Gilder.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links: Seattle Storm — Ginny Gilder is the co-owner of the WNBA Seattle StormGilder Office For Growth — Ginny Gilder is the CEO & Founder of Gilder Office for Growth","content_html":"

Ginny Gilder, is an American former competitive rower and Olympic silver medalist. As a second generation entrepreneur, Ginny’s day job is running her family investment office, Gilder Office for Growth but her heart leads her to focus on expanding access to opportunity in the realms of sports and education, especially for youth.

\n\n

A serial social enterprise entrepreneur, co-owner of the WNBA Seattle Storm, and a writer, Ginny continues to look for ways to expand the footprint of women's professional sports in the U.S.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

*For more episodes go to *
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Ginny Gilder.

Sponsored By:

Links:

","summary":"Ginny Gilder, is an American former competitive rower and Olympic silver medalist. An investor, Gilder is a co-owner of the Seattle Storm, a professional women's basketball team in the WNBA","date_published":"2021-01-25T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/9cdf81e7-888e-46ed-ab11-023e268b2e5d.mp3","mime_type":"audio/mpeg","size_in_bytes":45034893,"duration_in_seconds":3752}]},{"id":"17e24436-29b3-4bd7-9903-21b436c0c979","title":"Khalid Muhmood - Using the Family Holding Company to invest in Education [The Business of Family]","url":"https://www.businessoffamily.net/khalid-muhmood","content_text":"Khalid Muhmood is from the UK and through the family business holding company Dragonfly Education Group, is an operational investor in education. \n\nHe has been active in the business of education since 1994 when he and his wife, Arabella Peters, co-founded Apollo English and then the British University Vietnam. Since then they have invested in a number of businesses all focused on education.\n\nKhalid and Arabella see themselves as the founding generation of their family enterprise and intend to never sell their Dragonfly Education hold co. They’re actively involving their young children in business conversations and laying the foundation for generational wealth, legacy and impact.\n\nStandout Quotes:\n\n\n\"What's your biggest headache?\"\n\"Learning from successful family businesses; so many of them do not load up on debt\" - [Khalid]\n\"The future of education is blended, that means you've got to incorporate online with offline\" - [Khalid]\n\"Sophisticated multi-generational families.. have taken generations to figure out that they need to separate the Governance from the Operations, and that the family needs to be excellent stewards and owners first before they can consider playing an active role in Operations\" - [Mike]\n\"A well-run family business is difficult to beat, especially during downtimes\" - [Khalid]\n\"Why trade anything in, when we've found purpose?\" - [Khalid]\n\"If you’re building any business, I'd say that 'Focus' is the thing that's often lacking, especially if the entrepreneur at the beginning thinks they have to say yes to everything\" - [Khalid]\n\"Look for the good in life... because it really helps you enjoy the journey\" - [Khalid]\n\n\nKey Takeaways:\n\n\nIf you want to be truly in control of your journey in a business, you need to be the owner, not the manager.\nAt the very beginning, the vision was simply to get the business to survive.\nIt's only when you move from surviving to thriving that you can ask, \"what do you want to do?\" \nWhen asked \"what is your biggest headache?\" at an event, many of the entrepreneurs answered \"My father\".\nIf you're not happy with 60000 pounds per year, then any more money might not change anything.\nKhalid describes the challenges of Covid-19 as a learning period for the business as a whole.\nFinding a way to create balance and incorporate online with offline learning is pivotal, that will be the future for the family business.\nKhalid and his wife, Arabella involve their kids as much as possible in the family business even at the early ages of 8 and 10, with some tests to determine their level of interest and perception of the business as a whole.\nIn the future, the key role for the kids is going to be \"Good Owners\"\nThe stewardship role is critical\nOne of the tips to help foster togetherness among children is that if one of them does something wrong, punish them all.\nOther points to note is to never elevate one sibling above the other and to always leave them to sort out their arguments without being the judge.\nKhalid shares that the preferred investments taken by DragonFly are those in which a controlling stake can be bought.\nA major mistake that was made at some point was accepting an offer from Nokia when it should have been turned down because it was distracting from the core competency of the business.\nKhalid shares that his source of knowledge includes mentors, peer to peer learning, and mistakes.\nFrom Khalid to his kids: Look for the good in life because it really helps you enjoy the journey.\n\n\nEpisode Timeline:\n\n\n[00:49] About Khalid Muhmood and the inspiration for starting the business of education\n[06:01] Khalid explains some of the reasons behind the choice of Vietnam as a location for starting the business\n[08:59] What was the vision at the time of starting the business\n[15:03] The new vision for Dragonfly Education Group\n[19:41] How did the business hold up in this period of Covid19, do you have an interest in online learning?\n[24:34] Is there a vision of bringing your kids into the business if they're interested?\n[31:20] Do you have any other family structures aside from stewarding Dragonfly as the main asset?\n[32:53] Khalid shares some of the values, principles, and parenting approaches to raise well-rounded children amidst wealth.\n[36:37] Where does this family business DNA come from?\n[41:17] Where do you think you'll make the next operational or financial investment?\n[43:01] One of the major mistakes made in running the business: Losing focus\n[47:50] A letter from Khalid to his kids\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Khalid Muhmood.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Khalid Muhmood — Khalid is the Founder and Investor in education with a passion for delivering education that develops global citizens and fosters prosperity.Trung Tâm Anh Ngữ Apollo | Chương Trình Học Tiếng Anh Với 100% Giáo Viên Nước Ngoài — Khalid has been active in the business of education since 1994 when he and his wife, Arabella Peters, co-founded Apollo English and then the British University Vietnam. Since then they have invested in a number of businesses all focused on education.\r\nDragonfly Education Group — Khalid is from the UK and through the family business holding company Dragonfly Education Group, is an operational investor in education.","content_html":"

Khalid Muhmood is from the UK and through the family business holding company Dragonfly Education Group, is an operational investor in education.

\n\n

He has been active in the business of education since 1994 when he and his wife, Arabella Peters, co-founded Apollo English and then the British University Vietnam. Since then they have invested in a number of businesses all focused on education.

\n\n

Khalid and Arabella see themselves as the founding generation of their family enterprise and intend to never sell their Dragonfly Education hold co. They’re actively involving their young children in business conversations and laying the foundation for generational wealth, legacy and impact.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Khalid Muhmood.

Sponsored By:

Links:

","summary":"Khalid is from the UK and through the family business holding company Dragonfly Education Group, is an operational investor in education. He has been active in the business of education since 1994","date_published":"2021-01-18T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/17e24436-29b3-4bd7-9903-21b436c0c979.mp3","mime_type":"audio/mpeg","size_in_bytes":36749424,"duration_in_seconds":3004}]},{"id":"1b2595c4-4a42-4198-a868-12dc8e32f597","title":"Ashok Melwani - Negotiating an Exit From the 4th Generation Family Business [The Business of Family]","url":"https://www.businessoffamily.net/ashok-melwani","content_text":"Ashok Melwani started his career as a teenager, working in his family’s fashion retail stores during the school holidays. In 1982, he joined the business full-time, working his way up from brand manager to an executive director of the 4th generation Indian family business. He's a seasoned entrepreneur with decades of experience in retail, food & beverage and distribution, and now an executive coach. \n\nAshok is a guide to the road less travelled. His story is a fascinating journey of a struggle to leave the family business and ultimately forge his own path.\n\nStandout Quotes:\n\n\n\"My most disliked few words, 'You should know what to do'.\" - [Ashok]\n\"If the CEO of a business is not passionate about a business, he has no business to be the CEO\" - [Ashok] \n\"If the family business is the only thing on your resume, it's not very worthwhile\" - [Ashok] \n\"Crowd brings crowd to a restaurant\" - [Ashok] \n\"Two things I and my wife can never give you as parents, we cannot give you resilience, it only comes from hardship... We cannot give you self esteem, it comes only from achieving your own goals and making a name for yourself\" - [Ashok] \n\"Everybody has a price at which they might do something which is borderline unethical, and the price depends a lot on your socio-emotional background\" - [Ashok] \n\"When one door closes, another door opens.. in order for that to be true, you have to do your part which is don't hang around too long when the door closes\" - [Ashok] \n\n\nKey Takeaways:\n\n\nAshok shares that although he wasn't particularly excited to work in the family business, the incentives and knowledge gained made it a perfect introduction to the retail business.\nIf the family business is the only thing on your resume, it's not very worthwhile, even if you were the MD.\nAshok discloses that following the impact of the Asian financial crisis on his transition out of the family business, he had fallen into depression for close to a year.\n If you leave a family business, you don't want to have some small share in the business and start second-guessing whoever is left behind.\nAlthough he had a clean exit, there were effects on the family dynamics at the time, as some family members didn't understand why.\nDespite the many setbacks, looking back, there is no doubt that leaving the family business was the right step to take for Ashok.\nI have no respect for trust fund kids.\nYou have a life outside and beyond the business, a lot of entrepreneurs are consumed by their business even when they should be spending time with family.\nAshok admits that based on his experience with his family business, he was not encouraged to start another one involving his children\nAfter interacting with younger family business executive owners, a common notable point was that they were given time to work outside the family business before coming back.\nFrom Ashok to his kids: when one door closes, another door opens, don't wait around too long afterward.\n\n\nEpisode Timeline:\n\n\n[00:49] Introducing \"Ashok Melwani\" \n[01:56] Ashok narrates how he joined the family business\n[02:50] What sort of products was the business offering?\n[13:03] Your career with the family business, where did it reach, and what happened next?\n[31:32] Ashok explains he had a clean exit from the family business.\n[34:00] Would you say that leaving the family was the right decision for you?\n[35:04] How is the family business going today?\n[36:31] Did you ever try and nurture your children to work with you and create another family business?\n[38:28] Ashok's opinion on children inheriting wealth\n[40:39] A notable experience that helped shape his journey.\n[44:00] What advice would you give to a driven entrepreneur who aspires to be the founding generation of a multi-generational family business?\n[44:57] What's your take on generational businesses?\n[46:46] My next stage in life involves venturing into Leadership Coaching\n[47:35] Ashok's letter to his children\n\n\nFor more episodes go to \nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Ashok Melwani.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:SUMIDA CORPORATION — Melwani has been an Outside Director of Sumida Corp since April 2003INSAS BERHAD - Strength in Depth and Diversity — Ashok Melwani served as a Non-Executive Director of Insas Bhd since November 29, 2004","content_html":"

Ashok Melwani started his career as a teenager, working in his family’s fashion retail stores during the school holidays. In 1982, he joined the business full-time, working his way up from brand manager to an executive director of the 4th generation Indian family business. He's a seasoned entrepreneur with decades of experience in retail, food & beverage and distribution, and now an executive coach.

\n\n

Ashok is a guide to the road less travelled. His story is a fascinating journey of a struggle to leave the family business and ultimately forge his own path.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Ashok Melwani.

Sponsored By:

Links:

","summary":"In 1982, he joined the business full-time, working his way up from brand manager to an executive director of the 4th generation Indian family business. He's a seasoned entrepreneur with decades of experience in retail, food & beverage and distribution, and now an executive coach. \r\n\r\nAshok is a guide to the road less travelled. His story is a facinating journey of a struggle to leave the family business and ultimately forge his own path.","date_published":"2021-01-11T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/1b2595c4-4a42-4198-a868-12dc8e32f597.mp3","mime_type":"audio/mpeg","size_in_bytes":36713848,"duration_in_seconds":3059}]},{"id":"ebead95c-21c0-497d-9b57-91a326119cc0","title":"George Isaac - Family Business Consultant, Board Advisor & Prior CEO of Isaac Family Businesses [The Business of Family]","url":"https://www.businessoffamily.net/george-isaac","content_text":"George Isaac’s grandfather founded the first Isaac family businesses in 1899 in Bryan, Ohio, beginning a long history of serial entrepreneurship and the subsequent creation of several successful enterprises. A lot has changed since then, but the Isaac Group continues to thrive, now under board oversight and management by its third and fourth generation. \n\nGeorge grew up as a child of family business owners and has run several Isaac multigenerational family businesses as a CEO and board member. More recently, he is the founder and president of GAI Capital Ltd., a family business consulting firm and the author of a newly released book titled Your Business, Your Family, Your Legacy: Building a Multigenerational Family Business That Lasts\n\n\n\nStandout Quotes:\n\n\n\"I realized that some of the things I did in running our family business and what a lot of people are doing today are not best practices\"\n\"I used to think that the goal was to get everybody in the family to stay in the family business and figure out a way to make them live happily ever after... My goal now is to understand the real needs of each family member and see if they fit within what the family business is going to be about\"\n\"The majority can rule and figure out what they want to do but you need to deal with the minority issues... so that you can satisfy their needs\"\n\"The most important to me of the whole thing is just being certain that your ownership group is aligned\"\n\"There are times when you should sell your family business\"\n\"Shareholder returns are much different than business returns... Figuring out how you provide real-life shareholder returns is an important step that many of us don't recognize\"\n\"Money is not everything by any means\" \n\n\nKey Takeaways:\n\n\nAlthough George had gotten involved in the family business at a very early age and had planned to join fully after school, he decided to go out and get outside experience first.\nGeorge notes that the Authoritarian leadership style of his father, although a good leader, made for a rather weak management team generally.\nThe 2 conceptual parts to George's 9-step succession planning roadmap: Family Transition Planning and Business Transition Planning.\nGeorge explains that formerly his goal would be to make everyone stay in the family business and be happy, but now he tries to understand the individual needs of each family member, to see if they fit into the family business as a whole.\nIt is necessary to revisit the topic of people's needs and be sure the business is aligned with taking care of these needs because those needs change over time. \nThe 2 Basic components of selling the family business: the financial side and the personal side.\nHeadwinds that perpetuate a multi-generational family wealth: FIST ( Family units, Inflation, Spending rate, Taxes)\nGeorge shares some insight from the book \"Everybody matters\", describing how attention to the little things can go a long way in making workers satisfied\nThink about what you want your legacy to be; are you aligning yourself with that legacy?\nBe Curious and Have Empathy\n\n\nEpisode Timeline:\n\n\n[00:49] A short overview of George's background and the Isaac family business \n[05:12] George is the 3rd generation of the family business\n[05:28] What sort of product lines is the business in?\n[06:22] How did your story evolve into the family advisory work?\n[09:44] About the A 9-step succession planning roadmap from George's book\n[17:16] George highlights implications to consider in selling a family business\n[23:37] The Family Business Wealth Evaporation Trap\n[33:05] F.I.S.T\n[36:51] Is it possible to maintain wealth at a reasonable level even though the family grows at a compound rate as the generations go on?\n[39:47] George shares his opinion about children inheriting wealth.\n[41:51] George recommends the book \"Everybody Matters\" by Bob Chapman\n[44:31] From George to his kids\n\n\n*For more episodes go to *\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: George Isaac.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:George Isaac - Management Consulting, Family Business Consulting, Corporate Board Membership — George Isaac is the founder and president of GAI Capital Ltd.Book: Your Business, Your Family, Your Legacy: Building a Multigenerational Family Business That Lasts - George A. Isaac — **5-star \"Amazon's #1 New Release\" Rated Book** \r\nWhether you are an experienced family business or family office executive, board member, owner, or next-generation family member, George Isaac has written the definitive handbook on the challenges of managing a multi-generational family enterprise.Ten Critical Initiatives for Family Business Longevity - Tharawat Magazine — Your family business is your best vehicle for generating income, preserving wealth and serving the needs of your stakeholders. Yet, sustaining family enterprises for the next generation is a continuous challenge, with the majority not surviving.Family Business Pandemic Cash Flow Survival Strategies - Family Business Magazine","content_html":"

George Isaac’s grandfather founded the first Isaac family businesses in 1899 in Bryan, Ohio, beginning a long history of serial entrepreneurship and the subsequent creation of several successful enterprises. A lot has changed since then, but the Isaac Group continues to thrive, now under board oversight and management by its third and fourth generation.

\n\n

George grew up as a child of family business owners and has run several Isaac multigenerational family businesses as a CEO and board member. More recently, he is the founder and president of GAI Capital Ltd., a family business consulting firm and the author of a newly released book titled Your Business, Your Family, Your Legacy: Building a Multigenerational Family Business That Lasts

\n\n

\"Your

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

*For more episodes go to *
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: George Isaac.

Sponsored By:

Links:

","summary":"George Isaac is the founder of GAI Capital Ltd., a specialty family business consulting practice focusing on business value creation and longevity, succession planning, governance, family dynamics, and wealth management and transfer. Isaac has held roles as a family business CEO, shareholder, director, private equity investor, Deloitte management consulting partner and member of Young Presidents’ Organization (YPO) Family Business and Family Office networks. ","date_published":"2021-01-04T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/ebead95c-21c0-497d-9b57-91a326119cc0.mp3","mime_type":"audio/mpeg","size_in_bytes":33800463,"duration_in_seconds":2816}]},{"id":"7aa08729-e12c-4cab-b35a-30c6931acfa3","title":"Gautam Goel - 4th Generation Steward of Dhampur Sugar Mills [The Business of Family]","url":"https://www.businessoffamily.net/gautam-goel","content_text":"Gautam Goel is the fourth generation Managing Director of Dhampur International Pte Ltd, the parent company and Dhampur International Pte Ltd. \n\nFounded in India in 1933 by Gautam’s great grandfather, he along with fellow members of the current generation continue to steward the family and business legacy today.\n\nListen on to hear how the business was intentionally split off from a wider family group to resolve in-fighting, how they’ve professionalised the business and what challenges they face when contemplating the 5th generation’s involvement. \n\nStandout Quotes:\n\n\nMy dad used to tell me \"if you want to join the work, you have to make sure you are capable, I won't yield an inch if I don't think you are capable and you have to fight for your position, I am not going to give it to you\" - [Gautam Goel]\n\"I don't believe in the saying Look before you leap because very often you don't leap, only when you leap do you realize what your capabilities are\" - [Gautam Goel]\n\"Do unto others as you would have them do unto you\" - [Gautam Goel]\n\"Don't be fixated on results, put in your best, do your effort and leave the results\" - [Gautam Goel]\n\n\nKey Takeaways:\n\n\nGautam encouraged his daughters to go to college, explaining that going straight to work makes you grow up fast and there is no need to rush the experience when you can enjoy it.\nWhen trying different things, it is important not to move too fast from one to another because you might not give each your full attention\nBusiness can't be a democracy, one person has to make the decisions\nGautam explains that to be in this industry in India, you cannot solely be profit-oriented, you need to have a mindset to do good for your community.\nNot encouraging recklessness, but as long as you have common sense, it's good to be adventurous and make some mistakes to figure things out.\nDon't be fixated on results, results are not in your control, your effort is\n\n\nEpisode Timeline:\n\n\n[00:49] About Gautam Goel and the history of his family business.\n[14:31] How did you end up joining the family business?\n[20:25] Gautam describes the natural process of his succession noting how this affects decision making in the business\n[24:55] What does the business look like today, from where it started?\n[34:36] Is there a next-generation that is interested in joining the family business, and what challenges do you foresee?\n[40:36] Integrating the idea of outside leadership in the family business\n[42:26] Are there structures or plans in place regarding family governance?\n[43:48] Gautam's thoughts on children inheriting wealth\n[45:50] Are you taking any steps to document the history of the family business?\n[46:25] Gautam's letter to his kids\n\n\nFor more episodes go to \nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Gautam Goel.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Welcome To Dhampur Sugar Mills Ltd — Gautam Goel is the fourth generation Managing Director of Dhampur International Pte. Ltd","content_html":"

Gautam Goel is the fourth generation Managing Director of Dhampur International Pte Ltd, the parent company and Dhampur International Pte Ltd.

\n\n

Founded in India in 1933 by Gautam’s great grandfather, he along with fellow members of the current generation continue to steward the family and business legacy today.

\n\n

Listen on to hear how the business was intentionally split off from a wider family group to resolve in-fighting, how they’ve professionalised the business and what challenges they face when contemplating the 5th generation’s involvement.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Gautam Goel.

Sponsored By:

Links:

","summary":"Gautam Goel is the fourth generation Managing Director of Dhampur Sugar Mills Ltd, one of the leading integrated sugarcane processing companies in India. ","date_published":"2020-12-28T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/7aa08729-e12c-4cab-b35a-30c6931acfa3.mp3","mime_type":"audio/mpeg","size_in_bytes":35884094,"duration_in_seconds":2990}]},{"id":"4ac19b5a-ba1a-4f5a-b0c1-50572662e138","title":"Val & Annie Hollingsworth - 7th Gen Hollingsworth & Vose - Manufacturing Innovation Since 1728 [The Business of Family]","url":"https://www.businessoffamily.net/hollingsworth-vose","content_text":"It's not often we get to hear from a 7th generation American manufacturing family with a company that dates back to 1728 and in their family since 1793. The Hollingsworth & Vose Company is a technical manufacturer with a rich history of R&D and innovation.\n\nHere to share their story with us are Val & Annie Hollingsworth, first cousins and both members of the 6th generation, stewarding this incredible and impactful company to the next generation.\n\nVal Hollingsworth has served as President of Hollingsworth & Vose Company since January 1997, and added the title of Chief Executive Officer in January 1998. He began in operations, working as a Shift Supervisor and as a Production Manager, then held a series of manufacturing, sales, and marketing positions. He served as Mill Manager of our West Groton Mill and General Manager of the Battery Separator Business Unit. While the majority of his career has been at H&V, he also spent two years in the Investment Banking Division at Lehman Brothers in New York. Val earned a BA from the University of Pennsylvania, and an MBA from Dartmouth's Tuck School of Business.\n\nAnnie Hollingsworth was elected to the H&V Board of Directors in 1997. She currently serves on the Nominating & Governance and the Executive Compensation committees of the Board. Prior to joining the Board, Annie worked at H&V starting in 1984. She held several positions in Sales and Marketing including Product Manager, Battery Separator and Marketing Manager, Nonwovens. She was instrumental in getting H&V into the battery separator business. Annie’s father, Mark was the CEO of H&V from 1963 – 1983.\n\nStandout Quotes:\n\n\n\"Our company's history has been one of finding new and more technically oriented products in order to replace products that are maturing and obsolescing… Because the family had so much invested in this, we couldn't take the risk of being obsolete\" - [Val Hollingsworth]\n\"If you're trying to optimize profitability, which we all are, how do you start to invest in things that may cannibalize an already existing product?\" - [Val Hollingsworth]\n\"If we could be a good company.... that would attract good people, those good people would do good work\" - [Val Hollingsworth] \n\"Ultimately, you have to trust other people to become the real experts and get in-depth, so it's more a matter of helping find and develop the right people and giving them what they need\" - [Val Hollingsworth]\n\"There has always been an unwritten ethic of having to go the extra mile if you're from the family and you're in the business\" - [Val Hollingsworth]\n\"If the family can contribute in helping set the right tone, and helping nurture the sense of purpose and values that are relevant, both for the family and ultimately for the company… that's invaluable in creating the atmosphere and dynamic that attracts good people\" - [Val Hollingsworth]\n\"Be a good steward, Don't take it for granted\" - [Val Hollingsworth]\n\n\nKey Takeaways:\n\n\nAnnie highlights that the company's resilience over the decades comes from a strong focus on customer relationships as well as Research and Development.\nVal notes a conscious intent in the company from the beginning to continually reinvest, describing some of the intricate planning involved in the company's production line.\nThe business tries to keep up with a mantra of having the best product in the market, a better one in customer evaluation, and an even better one in the labs.\nVal also describes the role of the workers in building the company's resilience, stressing the importance of having and keeping good people.\nTrusting the employees plays a vital role in creating a balance for Annie and Val, between having knowledge of the technical expertise required in the family business and the job of stewardship.\nUnlike Annie's Father who had to step up to the needs of the company without having much of a choice, Val and Annie were not under any pressure and joined purely out of interest.\nThe challenge for the older generation (6th generation) is to be open to change, to understand the important things that can make the company relevant to the next generation, and to know how to communicate with them.\nAnnie shares that she would encourage her kids to pursue their passion, as there are many ways to be a good family member or stockholder, but to ensure they continue to honor the company.\nVal points out that with good stewardship, the family business could give meaningful contribution to the world.\n\n\nEpisode Timeline:\n\n\n[00:49] Meet Val and Annie Hollingsworth, as they share the early origins of their family business dating back to the late 1700s\n[07:17] What is it about this company that has allowed it to remain so resilient for so many years?\n[14:55] Val points out that the business also has multiple generations of employees\n[16:42] Can you share some of the more notable products that the company is known for manufacturing today?\n[22:14] Annie and Val each highlight events leading up to their entrance into the company and the journey so far.\n[29:35] How do you balance understanding the depth of the technical expertise in the business with your stewardship role as a family member?\n[33:33] Some of the strategies employed in keeping all the various stakeholders up to date with happenings in the business\n[39:04] The business has an associate development program that exposes workers to the different areas of the business so that they can make a good match.\n[43:38] Val describes the role of non-family members in the success of the overall business.\n[46:30] How does the governance side of the family business work?\n[54:24] Does the family do anything to ensure that the business's history is documented over time?\n[55:50] The future of Hollingsworth and Vose.\n[59:44] Annie's letter to her children\n[01:00:40] Val's letter to his children\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guests: Annie Hollingsworth and Val Hollingsworth.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:H&V - Hollingsworth & Vose — Hollingsworth & Vose Company (H&V) is a global manufacturer of nonwoven materials and engineered papers used in filtration, energy, and industrial applications. The firm is a privately held business founded in 1843; its headquarters are in East Walpole, Massachusetts, USA.","content_html":"

It's not often we get to hear from a 7th generation American manufacturing family with a company that dates back to 1728 and in their family since 1793. The Hollingsworth & Vose Company is a technical manufacturer with a rich history of R&D and innovation.

\n\n

Here to share their story with us are Val & Annie Hollingsworth, first cousins and both members of the 6th generation, stewarding this incredible and impactful company to the next generation.

\n\n

Val Hollingsworth has served as President of Hollingsworth & Vose Company since January 1997, and added the title of Chief Executive Officer in January 1998. He began in operations, working as a Shift Supervisor and as a Production Manager, then held a series of manufacturing, sales, and marketing positions. He served as Mill Manager of our West Groton Mill and General Manager of the Battery Separator Business Unit. While the majority of his career has been at H&V, he also spent two years in the Investment Banking Division at Lehman Brothers in New York. Val earned a BA from the University of Pennsylvania, and an MBA from Dartmouth's Tuck School of Business.

\n\n

Annie Hollingsworth was elected to the H&V Board of Directors in 1997. She currently serves on the Nominating & Governance and the Executive Compensation committees of the Board. Prior to joining the Board, Annie worked at H&V starting in 1984. She held several positions in Sales and Marketing including Product Manager, Battery Separator and Marketing Manager, Nonwovens. She was instrumental in getting H&V into the battery separator business. Annie’s father, Mark was the CEO of H&V from 1963 – 1983.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guests: Annie Hollingsworth and Val Hollingsworth.

Sponsored By:

Links:

","summary":"Val Hollingsworth has served as President of Hollingsworth & Vose Companysince January 1997, and added the title of Chief Executive Officer in January 1998. Annie was elected to the H&V Board of Directors in 1997. She currently serves on the Nominating & Governance and the Executive Compensation committees of the Board.","date_published":"2020-12-21T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/4ac19b5a-ba1a-4f5a-b0c1-50572662e138.mp3","mime_type":"audio/mpeg","size_in_bytes":45317329,"duration_in_seconds":3776}]},{"id":"ac9c5634-7d1e-4d69-bbd3-7dc57e20a8ca","title":"Jeff Gould - Generational Real Estate Families with Lineage Asset Advisors [The Business of Family]","url":"https://www.businessoffamily.net/jeff-gould","content_text":"Jeff Gould is the founder Lineage Asset Advisors (LAA) a full-service commercial real estate advisory and consulting firm providing customized commercial real estate services to help families make seamless transitions with their properties – from one generation to the next.\nLineage collaborates with estate planning advisers to develop and implement portfolio solutions that meet the goals of multiple generations. Their aim is to preserve and enhance family wealth and legacy during difficult life transitions while establishing a culture of respect, peace of mind and financial sustainability.\n\nStandout Quotes:\n\n\n\"Like most forms of financial planning, the sooner you plan ahead, the much easier it is to implement and follow through\" - [Mike Boyd]\n\"Even if the family is risk-averse, I think it is really critical for them to understand that the risk of doing nothing may still be higher than the risk of doing something if they plan to keep the assets\" – [Jeff Gould]\n\"I think many families need to stay nimble in the future and really adjust for change\" – [Jeff Gould]\n\"Wealth and wealth transfer doesn't always lead to happiness, in fact in many cases it leads to conflict and challenges and strife among family members, so we want to try to shift that conversation, and that takes effort and planning\" – [Jeff Gould]\n\"Life is generally empty and meaningless, and we have the ability to establish positive and productive meaning in the midst of a world in constant transition\" – [Jeff Gould]\n\n\nKey Takeaways:\n\n\nThe ideal scenario would be to involve Jeff early in planning for the transition but the reality is that he is engaged much later when things need to move quickly.\nThere is a unique skill set that is needed to be a trusted adviser to help the family understand what they have in regards to Real Estate, and develop a plan with that Real Estate called a \"Shared Asset Ownership plan\" that considers the variables of the next generation.\nThe 3 phased process includes Discovery, Planning, and Implementation.\nAddressing the issue of Deferred Maintenance; the 'Do Nothing Scenario' and the 'Do Something Scenario'\n5 Transition Strategies in Real Estate planning: Communication and Education, Conflict Resolution and Accepting differences, Rediscovering your commercial Real Estate portfolio, Developing a mindful asset transition plan, and Implementing the plan and adjusting for change\nJeff's advice to Real estate entrepreneurs: Creating your estate plan and developing a shared asset ownership plan that aligns with the next generation.\nJeff explains that he helps the family understand that it is a fortunate situation to be carrying on and stewarding the transition of the assets rather than focusing on the personal value of the asset to each family member.\nBe respectful to everyone you encounter.\n\n\nEpisode Timeline:\n\n\n[00:49] Jeff Gould and his professional background\n[06:06] Do you usually get called in at the time of a transition event in a family or ahead of that time to plan a healthy transition?\n[08:37] Jeff gives a general picture of the different categories of clients he works with.\n[11:12] What are the particular challenges with the real estate space that create the need for Jeff's specialty, to steward assets in family transition rather than a generic accountant or financial planner?\n[16:51] Jeff describes the 3 phased process of his work with families\n[24:00] Addressing Deferred Maintenance\n[30:50] What would you say is the appetite for innovation in Real Estate?\n[35:06] 5 transition strategies in Real Estate planning\n[39:44] What advice would you give to a founding generation or Real Estate entrepreneur to best prepare themselves to have a great plan in place?\n[43:24] Do you work with any families that are multigenerational into the 3rd, 4th, or 5th generations?\n[49:38] From Jeff to his kids\n\n\n*For more episodes go to *\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Jeff Gould.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links: Lineage Asset Advisors — Lineage Asset Advisors was founded to help multi-generational families solve the unique issues that arise when transitioning their real estate portfolios from one generation to the next. For over thirteen years, LAA has worked directly with families and their estate planning teams to develop roadmaps for successful commercial real estate generational transitions.Jeff Gould — Jeff is Principal and Founder of Lineage Asset Advisors which is a consulting, asset management and transaction advisory firm based in Los Angeles. Jeff consults with multi-generational families, family offices, and developers that own and operate commercial real estate to develop customized succession plans with their properties from generation to generation. ","content_html":"

Jeff Gould is the founder Lineage Asset Advisors (LAA) a full-service commercial real estate advisory and consulting firm providing customized commercial real estate services to help families make seamless transitions with their properties – from one generation to the next.
\nLineage collaborates with estate planning advisers to develop and implement portfolio solutions that meet the goals of multiple generations. Their aim is to preserve and enhance family wealth and legacy during difficult life transitions while establishing a culture of respect, peace of mind and financial sustainability.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

*For more episodes go to *
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Jeff Gould.

Sponsored By:

Links:

","summary":"Jeff Gould is the founder Lineage Asset Advisors (LAA) a full-service commercial real estate advisory and consulting firm providing customized commercial real estate services to help families make seamless transitions with their properties – from one generation to the next.","date_published":"2020-12-14T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/ac9c5634-7d1e-4d69-bbd3-7dc57e20a8ca.mp3","mime_type":"audio/mpeg","size_in_bytes":37453949,"duration_in_seconds":3121}]},{"id":"33e28377-c27e-4b73-a4e6-83c49b6bcab6","title":"Jim & Paul Warner - Successfully Navigating Multi-Generational Family Dynamics [The Business of Family]","url":"https://www.businessoffamily.net/jim-warner-paul-warner","content_text":"Jim and Paul Warner work together in multi-generational family dynamics helping all parties establish and sustain authentic, synergistic, relationships.\n\nPaul leads young adult retreats, focusing on authentic relationships, navigating change, and leadership development. He also coaches young adults seeking clarity on their life purpose, mission, and vision, and guides them to take full responsibility for their lives.\n\nJim’s work has led him to write three books and an audio series based on high achievers’ yearnings for identity, meaning, and connection. He has been married 44 years and enjoys enriching relationships with his wife, their three adult children, and a granddaughter. \n\nJim and Paul work extensively with Young Presidents’ Organization and Family Business Network Families Worldwide. The last dozen years they have also guided several S.E. Asian families in their quest to establish enduring principles across multiple generations.\n\nStandout Quotes:\n\n\n\"One of the major issues of families of wealth is they make the mistake of insulating the kids from the realities of living outside of the wealth bubble\" - [Jim Warner]\n\"Without being able to experience pain, you cheat people out of the ability to experience joy; I'd like to think of pain and joy as opposite sides of the same coin and if you mute one, you're gonna mute the other\" - [Jim Warner]\n\"If we want our young adult children to step into their sense of destiny, are we modeling that ourselves?\" - [Jim Warner]\n\"If you've worked with one family, you've worked with one family\" - [Jim and Paul Warner]\n\"Introduce a common language within the family so that we can play in these intentional spaces, to stretch towards each other.\" [Paul Warner]\n\"Harmony is impossible without the willingness to go into painful discussions\" - [Jim Warner]\n\"If you choose not to discuss the Elephant in the room, you forfeit the right to complain\" - [Jim Warner]\n\"When all parties are willing to play ball, when all parties are willing to take responsibility, we'll often say \"right now this family has 600% responsibility\" each of you takes 100% responsibility for what is within your control.\" [Paul Warner]\n\"Love is unconditional, relationships are not\" - [Jim Warner]\n\n\nKey Takeaways:\n\n\nJim explains the need to distinguish supporting and protecting, from enabling, because oftentimes families blur those lines.\nMike and Jim agree that being insulated from the rest of the world does not necessarily protect wealthy children but may do more harm than good. \nGovernance structures are secondary to parental modeling of core values.\nRather than jumping right into getting the kid fit for succession, the key thing a parent should ask is \"How do I help my young adult find their own passion in life?\" \nJim highlights 3 key steps to balancing being a nurturing parent while not enabling children: Active listening, Allowing children to face disappointment, and Guiding them to take responsibility for their lives.\nMany professionals who go into a family environment have a relatively small toolbox; if all you've got is a hammer, the whole world looks like a nail.\nHarmony is about truth-telling, it's not about being nice to one another\nJim stresses that the goal of discussing the painful topics (the elephant in the room) is the potential of having an authentic family relationship as opposed to a transactional family relationship\nIf a sense of self-awareness is instilled into children, then when they're adults you can have mature transformational discussions as a family, but without it, the children may never grow up.\nThe components of the \"Trust\" that sets elders apart: Credibility, Reliability, Honesty, Vulnerability and Adaptability.\nThere are two ways life happens; life can happen to me where I'm the victim, or life can happen by me where I'm a creator and I create my own options\nLife is a journey and the important things take time; part of that journey will be your individual discovery and deeper understanding and connection with yourself.\nDon't change, I love you just the way you are\n\n\nEpisode Timeline:\n\n\n[00:50] Mike briefly introduces both Jim and Paul Warner, and they share some of their background stories\n[04:45] Paul describes the impact of his father in his eventual choice of profession\n[07:22] What are some of the challenges that you've seen for parents raising motivated and happy children amidst wealth?\n[13:47] What role do you think formal governance structures play in shaping strong family values and bonds?\n[17:05] Paul's definition of the rising generation, describing the common dynamic between them and the older generation. \n[20:25] How do you help people identify their own path and whether or not they're fit for succession?\n[22:46] How Paul got into the family business\n[28:02] Jim describes how a parent can be welcoming and nurturing without enabling the children\n[29:55] The approach to working with different families\n[33:45] 13 guidelines for authentic interactions in any environment\n[39:10] Discussing the \"Elephant in the room\"\n[51:37] What sets an elder apart with respect to the ability to influence the success of a family?\n[01:00:06] From Paul to his kids\n[01:01:07]From Jim to his kids\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guests: Jim Warner and Paul Warner.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Jim Warner — Jim Warner is an entrepreneur, author, and transitions expert. During the 1980s and early 1990s, he founded, grew, ran, and eventually sold an international software company.Paul Warner — Paul is a seasoned facilitator and coach in professional, personal, and social sectors. He specializes in creating environments for small groups to openly share, build trust, establish deeper authentic connections, and navigate difficult topics through experiential retreats and tailored workshop trainings.Click here for specific tools for Enhancing Family Dynamics — (as referenced in the podcast)Book: Facing Pain - Embracing Love - by Warner, Jim — Our highly competitive society drives us to be the best and accumulate the most. Yet, as we earn more recognition and wealth, the less we seem to enjoy our lives. In our quiet moments, many of us sense a vague unease and admit that something important is missing. Facing Pain - Embracing Love uses a unique geographic metaphor to guide you out of that discontent and into the joy and richness of authentic living.Book: The Drama-Free Office (a.k.a. The Drama-Free Family) by Klemp, Kaley & Warner, Jim — In The Drama-Free Office, authors Jim Warner and Kaley Klemp interweave humorous and relatable case studies with the key skills you'll need for managing office and family saboteurs--be they subordinates, coworkers, boss, parent, child, in-law or other relatives. You will see your coworkers, family members (and yourself) in this entertaining and practical blueprint for addressing the dramatic behaviors that cripple so many teams and families.Book: 13 Guidelines for Effective Teams by Klemp, Kaley — Good communication is at the heart of every successful team and family. 13 Guidelines for Effective Teams gives each individual within an organization or family the power to create the most reliable environment for effective communication. Used by an entire team or family, the stage is set for breakthrough creativity and authentic relationships. Team and family facilitator, Kaley Warner Klemp, has compiled these powerful principles into a concise pocket manual, making effective team or family communication accessible in virtually any work environment.Book: Aspirations of Greatness by Warner, Jim — AoG introduces several models for navigating the treacherous rapids of midlife, with principles that apply to anyone who feels lost, lonely, or unloved. The book is a blueprint for positive change and offers uplifting, practical guidelines for living out your innate genius with gratitude, wisdom and serenity.Audio Series: When Having It All Isn’t Enough by Warner, Jim — This 12-part audio series identifies the issues, dilemmas, and emotions faced by an emerging generation of successful, but unfulfilled, professionals. These “winners with heart” appear to have it all, yet yearn for purpose, connection, and inner peace, along with a renewed energy and aliveness. They have attained affluence and power, but confess to feeling little sense of mission, meaning, or connection in their lives.","content_html":"

Jim and Paul Warner work together in multi-generational family dynamics helping all parties establish and sustain authentic, synergistic, relationships.

\n\n

Paul leads young adult retreats, focusing on authentic relationships, navigating change, and leadership development. He also coaches young adults seeking clarity on their life purpose, mission, and vision, and guides them to take full responsibility for their lives.

\n\n

Jim’s work has led him to write three books and an audio series based on high achievers’ yearnings for identity, meaning, and connection. He has been married 44 years and enjoys enriching relationships with his wife, their three adult children, and a granddaughter.

\n\n

Jim and Paul work extensively with Young Presidents’ Organization and Family Business Network Families Worldwide. The last dozen years they have also guided several S.E. Asian families in their quest to establish enduring principles across multiple generations.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guests: Jim Warner and Paul Warner.

Sponsored By:

Links:

","summary":"Jim and Paul Warner work together in multi-generational family dynamics helping all parties establish and sustain authentic, synergistic, relationships. Jim and Paul work extensively with Young Presidents’ Organization and Family Business Network families worldwide. The last dozen years they have also guided several Southeast Asian families in their quest to establish enduring principles across multiple generations.","date_published":"2020-12-07T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/33e28377-c27e-4b73-a4e6-83c49b6bcab6.mp3","mime_type":"audio/mpeg","size_in_bytes":45480960,"duration_in_seconds":3790}]},{"id":"6f85f884-9908-4ede-b350-e37209f07070","title":"Jonathan Goldhill - 4th Generation Inheritor, Coach & Author of Disruptive Successor [The Business of Family]","url":"https://www.businessoffamily.net/jonathan-goldhill","content_text":"Jonathan Goldhill is an Experienced Coach to Entrepreneurs and Family-Owned Businesses. He states that the dwindling chances of multigenerational success are due in large part to the issues unique to family businesses that are often wrapped up in a tightly woven knot of unspoken plans. \n\nIn his new book DISRUPTIVE SUCCESSOR, Jonathan offers a proven framework and playbook for unwinding this knot, scaling up your business or planning your exit.\n\nStandout Quotes:\n\n\n\"Perhaps all multi-generational businesses should have a family constitution, while we're naming secretaries and treasurers... why not name a historian?\" – [Jonathan Goldhill]\n\"There's no evil to money... it's the absence of instilling good values as to what the significance of that money means\" – [Jonathan Goldhill]\n\"There's a requirement of the older generation that if they're going to leave money to a younger generation that they provide some guardrails around it\" – [Jonathan Goldhill]\n96% of all business in the US are under a million dollars in revenue, and 64% of the GDP in the US is coming from family businesses. – [Jonathan Goldhill]\n\"It takes time for one generation to let go and release and enjoy what they've built, and trust the next generation to grow it bigger and do it safely\" – [Jonathan Goldhill]\n\"I'm not in the business of family coaching, I'm in the families doing business coaching\" – [Jonathan Goldhill]\nThe hardest part I think of running businesses is managing the people and getting the right people in your company. – [Jonathan Goldhill]\n\"There's a time for family, a time for business, and then there's time for the family business or the business of family where they overlap in between\" – [Mike Boyd]\n\"Life is hard work and if you're not working on yourself then nobody else is going to\" – [Jonathan Goldhill]\n\n\nKey Takeaways:\n\n\nOne of the downsides of being wealthy is that wealthy people can be very busy at the expense of spending time with children\nJonathan emphasizes the importance of a family business archive as he explains he does not know exactly how his grandfather's family business was shut down.\nThe blessing and curse of setting up a trust fund: there's lots of misinterpretation of younger generations when they inherit that wealth\nThere's a requirement of the older generation that if they're going to leave money to a younger generation that they provide some guardrails around it.\nJonathan explains that there is a generational gap with unspoken conversations between generations, and the families he knows had the best transitions communicated as peers.\nBusiness coaching is not about hitting a mass number of people, it's about the business of the family.\nIf you're not having important conversations, then you're not building a healthy business.\nHard work isn't always in the form of just long hours and physical toil, it comes from commitment and dedication to improve oneself and be better.\n\n\nEpisode Timeline:\n\n\n[00:48] Introducing Jonathan Goldhill who shares some history of his grandfather's family business.\n[08:09] How exactly did the business end? \n[11:57] Jonathan describes one of his attempts at starting a new business and the challenges that effectively impeded the success of the business\n[16:08] The impact of wealth on Jonathan growing up\n[21:40] How did you take this formative experience from your own family to help other business families through their situations?\n[32:50] Who typically engages you; is it more of the successor generation or the boomers who have built the family business and are looking to hand over?\n[34:55] About Jonathan's book: \"The Disruptive Successor\"\n[41:10] The role of the different cultures in the family business\n[44:50] Defining \"Family\" \n[48:00] A letter from Jonathan to his kids\n\n\n*For more episodes go to *\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Jonathan Goldhill.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Goldhill Group | Certified Scaling Up Coach | Business Adviser — Connect with JonathanBook: Disruptive Successor: A Guide for Driving Growth in Your Family Business — Get Jonathan's new book on AmazonBook Website: Disruptive Successor — If you genuinely are a Disruptive Successor, you’ll have a different vision from that of your forebears.","content_html":"

Jonathan Goldhill is an Experienced Coach to Entrepreneurs and Family-Owned Businesses. He states that the dwindling chances of multigenerational success are due in large part to the issues unique to family businesses that are often wrapped up in a tightly woven knot of unspoken plans.

\n\n

In his new book DISRUPTIVE SUCCESSOR, Jonathan offers a proven framework and playbook for unwinding this knot, scaling up your business or planning your exit.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

*For more episodes go to *
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Jonathan Goldhill.

Sponsored By:

Links:

","summary":"Jonathan Goldhill is an Experienced Coach to Entrepreneurs and Family-Owned Businesses. He states that the dwindling chances of multigenerational success are due in large part to the issues unique to family businesses that are often wrapped up in a tightly woven knot of unspoken plans. ","date_published":"2020-11-30T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/6f85f884-9908-4ede-b350-e37209f07070.mp3","mime_type":"audio/mpeg","size_in_bytes":36635480,"duration_in_seconds":3052}]},{"id":"6d1bcdb5-aba3-4260-8a97-374c101dac0b","title":"Dato’ Loy Teik Ngan - From Billionaire's Son to Losing it All and Starting Over [The Business of Family]","url":"https://www.businessoffamily.net/dato-loy-teik-ngan","content_text":"Dato’ Loy Teik Ngan, the eldest son of a well-known entrepreneur who built one of the largest business conglomerates in Malaysia, Teik Ngan took over the rein of his family company upon his father’s demise. Within a year, the sprawling business empire that took 35 years to build, collapsed under the weight of huge debts amidst the 1998 Asian financial crisis.\n\n14 years passed before all personal liabilities of his family from the days of the financial crisis were eventually settled. In the process, he built a new family business, in education. The Taylor’s Education Group is today the largest private education group in Malaysia. Focused on premium education, Taylor’s K-12 schools & higher education institutions are widely recognised as the top education institutions in their respective categories. Taylor’s institutions operate in Malaysia, Singapore & Vietnam.\n\nThe struggles during the tough financial period of his life shaped Teik Ngan’s stewardship views for family business. Appreciating unity, his family has introduced concepts and activities that promote collaborative conversations & strengthen relationships. He is dedicated to the development & transition of his family’s next generation of 13.\n\nTeik Ngan’s family are active members of the Family Business Network Asia & he is the current President of the Board.\n\nStandout Quotes:\n\n\n\"We had to learn how to live together; we had to form a Living Together Committee\"\n\"One thing that normally goes wrong when families end up in dispute is lack of proper communication\"\n\"The family unit is important and sometimes we are subservient to the larger family\"\n\"We try to always emphasize that the family comes before the business, the business allows us the blessing to be able to have the lifestyle that we have, but we have to work together as a family first\"\n\"Do you want to be Rich or do you want to be King?\"\n\"I would encourage my kids to understand the context in why they do what they do... What is it all for? Wealth is fleeting; wealth is something that we cannot take with us when we die\"\n\n\nKey Takeaways:\n\n\nDato’ informed the bank he was indebted to, that they could either push him into bankruptcy or loan him more money to rebuild and pay back the company debts.\nA living together committee had to be formed to help the large family live in one compound.\nKnowing that lack of communication was a common cause of family disputes prompted the introduction of Forums to build positive communication.\nDato’ shares that the most important thing that has been done as leader of the family business in recent times is Annual Vacations.\nThe difference between \"Family Business\" and \"Business family\" is that in 'Family Business', the family comes before the business.\nGuided by the shared family values, one of which is \"Achievement and Learning\", Dato’ explains how the next generation is encouraged to follow their passion even when it may be outside the family business.\nThe concept of a \"Personal Portfolio\" in creating an education plan for the family\nThe difference between being rich and being a king is that a king has ultimate authority, loyal subjects and lots he has to look after but being rich is just going for performance, the best point is somewhere between both\nDato’ explains the concept of the \"Deathwalk\", an exercise involving walking into our death, looking back at our current age, and giving ourselves the advice we would.\n\n\nEpisode Timeline:\n\n\n[00:49] Introducing Dato’ Loy and 'The Taylor's Education group'\n[01:59] Dato’ narrates the events surrounding his transition into his father's company, which was is debt before the overwhelming challenges brought about by the Asian financial crisis\n[07:02] Dato’ admits he was ill-prepared for the scale of complexity involved in the business, worsened by the lack of adequate resources to surmount the crisis at the time. \n[08:43] From a collapsed family business to a thriving one\n[13:45] Dato’ describes in detail the current size and scale of the family business\n[14:50] How did these experiences shape your views towards stewardship of the family business?\n[20:50] The living together committee\n[23:28] Dato’ explains the different strategies employed to keep the family harmony\n[29:25] Differentiating between \"Family Business\" and \"Business family\"\n[33:35] Are you actively planning and anticipating succession with the next generation?\n[35:16] The concept of a \"Personal Portfolio\" in creating an education plan for the family\n[40:53] In the last 5 years, what new belief, behavior, or habit has most improved your family business?\n[43:26] Dato's letter to his kids: 'the Deathwalk'\n\n\n*For more episodes go to *\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Dato’ Loy Teik Ngan.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Taylor's Education Group — The Taylor’s Education Group is today the largest private education group in Malaysia. Focused on premium educationLoy Teik Ngan - Family Business Network Asia — Teik Ngan’s family are active members of the Family Business Network Asia & he sits on its board","content_html":"

Dato’ Loy Teik Ngan, the eldest son of a well-known entrepreneur who built one of the largest business conglomerates in Malaysia, Teik Ngan took over the rein of his family company upon his father’s demise. Within a year, the sprawling business empire that took 35 years to build, collapsed under the weight of huge debts amidst the 1998 Asian financial crisis.

\n\n

14 years passed before all personal liabilities of his family from the days of the financial crisis were eventually settled. In the process, he built a new family business, in education. The Taylor’s Education Group is today the largest private education group in Malaysia. Focused on premium education, Taylor’s K-12 schools & higher education institutions are widely recognised as the top education institutions in their respective categories. Taylor’s institutions operate in Malaysia, Singapore & Vietnam.

\n\n

The struggles during the tough financial period of his life shaped Teik Ngan’s stewardship views for family business. Appreciating unity, his family has introduced concepts and activities that promote collaborative conversations & strengthen relationships. He is dedicated to the development & transition of his family’s next generation of 13.

\n\n

Teik Ngan’s family are active members of the Family Business Network Asia & he is the current President of the Board.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

*For more episodes go to *
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Dato’ Loy Teik Ngan.

Sponsored By:

Links:

","summary":"Dato’ Loy Teik Ngan is the eldest son of a well-known entrepreneur who built one of the largest business conglomerates in Malaysia, Teik Ngan took over the rein of his family company upon his father’s demise. Within a year, the sprawling business empire that took 35 years to build, collapsed under the weight of huge debts amidst the 1998 Asian financial crisis.","date_published":"2020-11-23T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/6d1bcdb5-aba3-4260-8a97-374c101dac0b.mp3","mime_type":"audio/mpeg","size_in_bytes":33974168,"duration_in_seconds":2776}]},{"id":"9a734ab7-6784-4f52-8f90-baecd5e74f14","title":"Caroline Link - 4th Generation Heir to B.Grimm, one of Thailand’s Oldest Business Institutions [The Business of Family]","url":"https://www.businessoffamily.net/caroline-link","content_text":"Caroline Link, a 4th generation family member who is being groomed to run B.Grimm, one of Thailand’s oldest family-owned industrial conglomerates. Caroline grew up in a family where the common driving value and belief was to conduct business with compassion and in harmony with nature. \n\nThrough multiple generations of management, and multiple business areas and geographies, B.Grimm (which was founded in Bangkok in 1878), has managed to cultivate a spirit of innovation and empowerment among its staff.\n\nStandout Quotes:\n\n\n“All the family members that are not in the business are just as important because they also form who you are, form your opinions, and influence you in some way” – [Caroline Link]\n“I think the most important thing that we invest in, is our reputation and that is really the most important thing that we have” – [Caroline Link]\n“Being a family business; that really helped in a way because these strong values, they weren’t only passed on when you became a leader within the company, but they were lived in the household” – [Caroline Link]\n“Keep working on yourself, and if you want things to change you have to initiate it and change yourself” – [Caroline Link]\n\n\nKey Takeaways:\n\n\nCaroline explains that the resilience of the family business over time was born from the entrepreneurial spirit in the leaders, as well as a strong culture that is value and purpose-driven\nA family business is different from normal business; families come from a place of love, harmony, and support, and it’s important to look at this dynamic\nCaroline describes that the most important thing the business invests in is “Reputation”, and a lot of the reputation is based on the company's purpose and culture.\nFollowing an exercise aimed at creating an in-depth definition of the company as a whole, it was realized that the key to the success of the company, even from the founders, was an inherent drive towards helping society and creating value.\nCaroline also shares that a workshop on family values revealed the two main values in her family to be ”Contribution” and “Sense of Freedom”\nIt is important to develop a strong sense of self-awareness; keep working on yourself, and if you want things to change you have to initiate it and change yourself\nFind what makes you happy professionally and gives you meaning, and make a contribution\n\n\nEpisode Timeline:\n\n\n[00:48] Meeting the guest; Caroline Link, and the B.Grimm company\n[01:33] A brief history on the founding of the B.Grimm Company up to the 3rd generation\n[06:48] Caroline shares that she was lucky her interests were aligned with many fields that the family business was already involved in.\n[08:40] How has the family business remained resilient for such a long time?\n[09:53] How the family has governed itself successfully\n[15:52] Diversifying the family wealth outside of the business\n[16:54] Caroline describes that the family strives to build an archive of the business history even though so much of it has been lost to wars and a fire accident.\n[20:23] What is the most worthwhile investment you have ever made?\n[22:01] Who is B.Grimm?\n[23:20] The two main family values shared by Caroline’s family\n[25:17] The scale of the B.Grimm enterprise\n[28:06] Caroline’s thoughts on the children being a part of the family business\n[31:58] A letter from Caroline to her Kids\n\n\nFor more episodes go to \nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Caroline Link.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:EN B.Grimm Group – Doing business with compassion for the development of civilisation in harmony with nature. — B.Grimm is one of Thailand’s oldest family-owned industrial conglomerates which Caroline Link is being groomed to run.Marking 140 years of success — A FAMILY-OWNED multinational conglomerate founded in 1878 and active in everything from healthcare to real estate, e-commerce, and transport; B Grimm is celebrating 140 years of success with a series of initiatives, among them an exhibition and a book.Prestige Online - 40 Under 40 - Caroline Link — Caroline Link is the fourth-generation heir to B.Grimm, one of Thailand’s oldest business institutions, carrying a 142-year-old tradition of “doing business with compassion.”The 4 virtues of B.Grimm — By marrying profit, progress and social good, Harald Link has found the secret to keeping the oldest companies eternally young.Caroline Link | Tatler Thailand","content_html":"

Caroline Link, a 4th generation family member who is being groomed to run B.Grimm, one of Thailand’s oldest family-owned industrial conglomerates. Caroline grew up in a family where the common driving value and belief was to conduct business with compassion and in harmony with nature.

\n\n

Through multiple generations of management, and multiple business areas and geographies, B.Grimm (which was founded in Bangkok in 1878), has managed to cultivate a spirit of innovation and empowerment among its staff.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Caroline Link.

Sponsored By:

Links:

","summary":"Caroline Link is a 4th generation family member who is being groomed to run B.Grimm, one of Thailand’s oldest family-owned industrial conglomerates. Caroline grew up in a family where the common driving value and belief was to conduct business with compassion and in harmony with nature. ","date_published":"2020-11-16T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/9a734ab7-6784-4f52-8f90-baecd5e74f14.mp3","mime_type":"audio/mpeg","size_in_bytes":25065558,"duration_in_seconds":2032}]},{"id":"ab877ede-93b4-4a5b-84ee-a4768aa69bc0","title":"Richard Eu - Family Politics, Consolidating Power, Going Public & Taking Private [The Business of Family]","url":"https://www.businessoffamily.net/richard-eu","content_text":"Richard Eu is a fourth-generation Eu. His grandfather was tycoon and philanthropist Eu Tong Sen who remains a legend in Singapore for the vast commercial empire he built across Southeast Asia in the early 1900’s. Tong Seng had 11 wives with whom he had 24 children, setting the stage for a complex and conflicted period of succession following his death in 1941.\n\nOne of the family's last remaining businesses, Eu Yan Sang, a network of Traditional Chinese Medicine dispensaries, was founded by Richard Eu's great-grandfather Eu Kong and the family's fifth generation are still in the business today. This is a gripping story of family politics, loss of control, re-consolidation, an IPO, and ultimately privatisation of the family firm once again.\n\nStandout Quotes:\n\n\n“My father told me when I was still studying that I would not expect to be able to work in any of the family businesses after graduation because of the family politics” – Richard Eu\n“If you want to institutionalize the business, it cannot be in family hands forever” – Richard Eu\n“When an institution buys into a business like ours, to a large extent they also buy into the culture that's been set up there by the family and they should be crazy just to lose it” – Richard Eu\n\n\nKey Takeaways:\n\n\nIf you want to institutionalize the business, it cannot be in family hands forever\nOne of the problems that we had from the 3rd generation was that nobody called the shots, yet because they were individuals they didn't think like as institutions, they just thought about their situations\nWhen an institution buys into a business, what they should do is preserve the culture and manage it in a modern and efficient way without trying to kill the original culture\nIt's not just about financial ratios or balance sheet, you have to bring in the heart\nGood communication helps build trust in the family business\nFrom Richard to his kids: when I’m dead and gone, they should look at themselves and see if they are on the path that we set off to follow as a family\n\n\nEpisode Timeline:\n\n\n[00:48] A brief introduction to Richard Eu, who shares a detailed history of the multi-generational family business\n[08:15] Richard joined the business at 42, although his father did not expect he would be able to work with any of the businesses because of the family politics involving his uncles \n[16:56] About the TCM family business \"Eu Yan Sang\", with more emphasis on the challenges posed by politics affecting the family business.\n[34:20] Despite all the challenges, the family business experienced consistent growth almost every year.\n[38:20] Richard describes one of the problems that began from the 3rd generation\n[42:01] How two members of the 5th generation joined the family business\n[47:00] Do you have any favorite failure that set you up for success in the family business?\n[50:42] A major learning point for Richard; Communication\n[52:26] From Richard to his kids\n\n\n*For more episodes go to *\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Richard Eu.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Richard Eu Profile | Endeavor Malaysia Mentors — Richard Eu was appointed to the board as Chairman of the EYSI board on 1st of October 2017.Eu Yan Sang International - Official Online Store — A network of Traditional Chinese Medicine dispensaries, was founded by Richard Eu's great-grandfather Eu KongEu Yan Sang: Healing a Family and Business | INSEAD Case Study — This case and teaching note explore one of Singapore's early entrepreneurs and the family business empire he created. ","content_html":"

Richard Eu is a fourth-generation Eu. His grandfather was tycoon and philanthropist Eu Tong Sen who remains a legend in Singapore for the vast commercial empire he built across Southeast Asia in the early 1900’s. Tong Seng had 11 wives with whom he had 24 children, setting the stage for a complex and conflicted period of succession following his death in 1941.

\n\n

One of the family's last remaining businesses, Eu Yan Sang, a network of Traditional Chinese Medicine dispensaries, was founded by Richard Eu's great-grandfather Eu Kong and the family's fifth generation are still in the business today. This is a gripping story of family politics, loss of control, re-consolidation, an IPO, and ultimately privatisation of the family firm once again.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

*For more episodes go to *
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Richard Eu.

Sponsored By:

Links:

","summary":"Richard Eu is a fourth-generation Eu. One of the family's last remaining businesses, Eu Yan Sang, a network of Traditional Chinese Medicine dispensaries, was founded by Richard Eu's great-grandfather Eu Kong and the family's fifth generation are still in the business today. This is a gripping story of family politics, loss of control, re-consolidation, an IPO, and ultimately privatisation of the family firm once again.","date_published":"2020-11-09T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/ab877ede-93b4-4a5b-84ee-a4768aa69bc0.mp3","mime_type":"audio/mpeg","size_in_bytes":40722624,"duration_in_seconds":3344}]},{"id":"7bb214bf-2e59-4979-8cb0-c38191757c19","title":"Crystal Lam - Second Generation Vietnamese-American Business Woman [The Business of Family]","url":"https://www.businessoffamily.net/crystal-lam","content_text":"Crystal Lam is the Managing Director and second generation to manage Vinawood Ltd., Vietnam’s largest wood component manufacturer specializing in customized window covering, millwork and architectural mouldings. With 10 years of operations experience in Vietnam, Crystal has lead the firm’s expansion into new markets, product categories and strategic ventures.\n\nStandout Quotes:\n\n\n“My father raised me with the same belief systems; to be traditional in values but modern in action\" - Crystal Lam\n“It's not just experience or skill, it's really just the heart” - Crystal Lam\n\"I've always found it to be important to be happy with who you see in the mirror when you wake up every day\" - Crystal Lam\n\"Know what you stand for\" - Crystal Lam\n\n\nKey Takeaways:\n\n\nA crisis or challenge can create the opportunity to show your heart and grit in your family business.\nIt's not just experience or skill, it's the heart, so wherever your heart is, you will be great and you want to find people whose hearts beat the way your heart beats.\nYou will make decisions your entire life but the way you come to these decisions is rooted in your belief system and your value system.\nIf you don't know what you stand for, you will continuously feel conflict which holds you back from being the best version of yourself.\n\n\nEpisode Timeline:\n\n\n[01:37] Crystal's journey in the family business started at a young age\n[03:03] Balancing growing up in America (an individualist society) with the expectation of family in Asia (an honor or face-based society)\n[04:57] Crystal describes 3 major obstacles she had to face, working in the family business, and how she overcame them.\n[07:50] The impact of the pandemic on the family business in 2020.\n[13:14] Addressing the challenge of forgetting more sensitive family topics while focusing on the business.\n[19:00] Crystal describes the admirable qualities of her grandmother, narrating a key event that occurred while she was a journalist.\n[21:11] A key failure experienced by Crystal that shaped her journey\n[23:19] The future for Vinawood\n[27:29] Implementing their Father-Daughter forum\n[33:01] A letter from Crystal to her kids: \"Know what you stand for\"\n\n\n*For more episodes go to *\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Crystal Lam.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:VINAWOOD LTD. — \r\nVINAWOOD are dedicated to accentuating the splendor of nature’s finest element: Wood","content_html":"

Crystal Lam is the Managing Director and second generation to manage Vinawood Ltd., Vietnam’s largest wood component manufacturer specializing in customized window covering, millwork and architectural mouldings. With 10 years of operations experience in Vietnam, Crystal has lead the firm’s expansion into new markets, product categories and strategic ventures.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

*For more episodes go to *
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Crystal Lam.

Sponsored By:

Links:

","summary":"Crystal Lam is the Managing Director and second generation to manage Vinawood Ltd. With 10 years of operations experience in Vietnam, Ms. Lam has lead the firm’s expansion into new markets, product categories and strategic ventures.","date_published":"2020-11-02T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/7bb214bf-2e59-4979-8cb0-c38191757c19.mp3","mime_type":"audio/mpeg","size_in_bytes":26001658,"duration_in_seconds":2166}]},{"id":"0cd15a0f-296f-4c46-8db6-933c81544c3f","title":"Chris Herschend - Third-Generation Owner of Theme Parks, Attractions & The Harlem Globetrotters [The Business of Family]","url":"https://www.businessoffamily.net/chris-herschend","content_text":"Chris Herschend is a third-generation shareholder and Chairman of Missouri-based Herschend Enterprises, the largest family-owned themed attractions company in the US. HFE properties span 26 locations and 10 states, employing over 10,000 people who collectively host over 13 million guests annually at properties including Silver Dollar City, Dollywood and the world-famous Harlem Globetrotters.\n\nStandout Quotes:\n\n\n\"That's not your board members' primary role; to be experts on your business, they're really there to be a resource for you, a check for you..they also provide a level of protection\" – Chris Herschend\n\"I hear a lot of family businesses that do not have shareholder agreements in place, and that's a mandatory first step, you've got to have a shareholder agreement before you do anything else\" – Chris Herschend\n\"You can't trust somebody if you don't know them; you can't know them if you never see them\" – Chris Herschend\n\"You'd be amazed at what millionaires would do for a $250 plane ticket\" – Chris Herschend\n\"It's not about you and you are not your own\" – Chris Herschend\n\n\nKey Takeaways:\n\n\nHumility and Accountability define the principle behind the business model of a majority independent board for their family-owned company.\nThe primary role of your board members is not to be experts in your business, they are there to be a resource, a check, and for protection \nHumility of an owner who wants a true board is so attractive to high-quality board members and business thinkers that they want to be a part of that\nYou need to know where you are in the generational business cycle\nThe primary role of the board is to be truth-tellers\nOne of the hardest things you have to do as a larger family is to define 'Family' \nThe simplest most important thing done in their family business is \"Gathering\"\nChris emphasizes to his kids that their job is to steward the family business\n\n\nEpisode Timeline:\n\n\n[00:49] An Introduction to Chris Herschend\n[01:26] The mission of Herschend Enterprises is to create memories worth repeating; Chris shares the history of the company\n[07:26] The day to day operations of the business as a theme park\n[10:10] Chris gives a detailed description of the governing structure of the family business\n[13:30] Reasons behind the business model of a majority independent board for a family-owned company.\n[21:33] The family is constantly around the business but rarely in the business.\n[26:03] Chris describes his role in the family business\n[35:40] The different phases or eras in handling the wealth of the family business\n[48:50] Are there any key resources that your family has invested in to get to where you are today?\n[56:27] A letter from Chris to his kids\n\n\n*For more episodes go to *\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Chris Herschend.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Herschend Enterprises — Herschend Enterprises is a family of companies who focus on family entertainment. For nearly six decades, Herschend Enterprises has operated with the purpose to bring families closer together by Creating Memories Worth Repeating®.Harlem Globetrotters — The Harlem Globetrotters are worldwide icons, synonymous with family entertainment and great basketball skills. The Globetrotters represent 90-plus years of breaking down barriers, acts of goodwill and a commitment to fans that goes beyond the game. Herschend Family Entertainment – America's Largest Family-Owned Themed Attractions Corporation — Herschend Family works daily to create wholesome, immersive entertainment experiences with soul and depth. Experiences for every generation of our family. Sometimes thrilling. Sometimes lighthearted. Always distinctive. Their award-winning theme parks, entertainment and attractions aim to inspire happiness and family bonding.","content_html":"

Chris Herschend is a third-generation shareholder and Chairman of Missouri-based Herschend Enterprises, the largest family-owned themed attractions company in the US. HFE properties span 26 locations and 10 states, employing over 10,000 people who collectively host over 13 million guests annually at properties including Silver Dollar City, Dollywood and the world-famous Harlem Globetrotters.

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Standout Quotes:

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Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

*For more episodes go to *
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Chris Herschend.

Sponsored By:

Links:

","summary":"Chris Herschend is a third-generation shareholder and Chairman of Herschend Enterprises. HFE properties span 26 locations and 10 states, employing over 10,000 people who collectively host over 13 million guests annually at properties including Silver Dollar City, Dollywood and the world-famous Harlem Globetrotters.","date_published":"2020-10-26T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/0cd15a0f-296f-4c46-8db6-933c81544c3f.mp3","mime_type":"audio/mpeg","size_in_bytes":47626308,"duration_in_seconds":3772}]},{"id":"45731cc6-6df4-4402-9038-730f8892282c","title":"Jim Grubman - Immigrants and Natives - Adapting to Wealth [The Business of Family]","url":"https://www.businessoffamily.net/jim-grubman","content_text":"Dr. Jim Grubman has provided services to individuals, couples, and families of wealth for over 30 years. His work with clients at many levels of affluence - from the “millionaire next door” to The Forbes 400 - has earned him a reputation as a valued family advisor.\n\nJim is the author of Strangers in Paradise: How Families Adapt to Wealth Across Generations and co-author with Dennis Jaffe, PhD of Cross Cultures: How Global Families Negotiate Change Across Generations, offering ground-breaking explanations of how individuals and families can adjust to wealth effectively.\n\nStandout Quotes:\n\n\n\"At the affluent and perhaps high net worth level, it's not that families leave wealth, it's that wealth gets distributed\" – Dr. Jim Grubman\n\"People come to wealth without preparation for how they're going to sustain it in their family and that's really why it is so difficult for families\" – Dr. Jim Grubman\n\"Most people just focus on the money and they forget adaptation\" – Dr. Jim Grubman\n“Everybody wants to get to the land of wealth but they don't realize what is going to be like once they get there and what their life is going to be like, the new problems that they're going to have and the adjustments in identity” – Dr. Jim Grubman\n“Many inheritors are really disenfranchised citizens of the land of wealth, people think they have money but they really don't, it's in trust, tied up in partnerships... they don't control most of the wealth that is associated with them” – Dr. Jim Grubman\n\"Don't chase happiness; Happiness is a result, it's not a goal\" – Dr. Jim Grubman\n\n\nKey Takeaways:\n\n\nCross-cultural adaptation is much harder than people anticipate when they make the journey to wealth\nIn trying to adapt to a new environment, 2 dimensions make the greatest difference: the degree to which people hold on to or let go of connection to where they came from, and the degree to which they take on or resist getting involved with the new culture\nMany of the things that are necessary for the business of family are completely unknown to the people coming to wealth.\nMany inheritors are really disenfranchised citizens of the land of wealth, they don't control most of the wealth that is associated with them.\nThe 3 main cultural prototypes: HFD \n Dignity culture/individualist culture (the West)\n Face culture/harmony culture (East/Asia)\n Honor culture (across several countries)\nThe natives of global wealth get transformed into the 4th culture; a hybrid blending where they have roots in Honor or Harmony culture with strong influences from individualists and understand the struggle that their families have gone through cross-culturally\nIs the 4th culture the destination for all of these different cultures?\nOne of the most difficult transitions for families is to move from a strong focus on the individual to understanding how much you have to build skills, processes, and structures for the interdependence of significant wealth. Honor and Harmony culture are much more prepared to understand interdependence.\nThe 3 main questions on adaptation; \nWhat from our background still serves us that we can keep? \nWhat from our background no longer serves us that we need to let go of?\nWhat from our new circumstances do we need to take on for the journey ahead?\nChase purpose; happiness comes from a fulfilled life\n\n\nEpisode Timeline:\n\n\n[00:48] Mike introduces Dr. Jim Grubman and describes some of his work\n[01:54] Dr. Jim narrates the history behind his involvement in Family wealth psychology\n[04:16] The concepts of 'Coming to wealth' and 'Coming from wealth'\n[10:19] The contrast between statistics that 80% of the wealth is created in the current generation and the amount of family wealth that is lost from generation to generation; where is all the wealth going?\n[16:09] How do immigrants to wealth acquire the mental template to transition into the new culture?\n[19:03] The known strategies that people go through in trying to adapt to a new environment.\n[20:56] What individuals go through in making the journey to wealth\n[26:08] Do the models and strategies for wealth preservation differ for those native to wealth compared to those coming to wealth?\n[29:10] The main types of cultures as categorized in the book 'Cross Cultures'\n[44:39] Jim's recommendation for G1s or wealth creators starting a healthy transition to G2\n[47:00] Are there new trends emerging?\n[50:16] Jim's letter to his kids\n\n\nFor more episodes go to \nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Jim Grubman PhD.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Bio | James GrubmanBook: Strangers in Paradise: How Families Adapt to Wealth Across Generations: Grubman Ph.D., JamesBook: Cross Cultures: How Global Families Negotiate Change Across Generations: Jaffe PhD, Dennis T., Grubman PhD, James — Jim is the co-author with Dennis Jaffe, PhD of Cross Cultures: How Global Families Negotiate Change Across Generations","content_html":"

Dr. Jim Grubman has provided services to individuals, couples, and families of wealth for over 30 years. His work with clients at many levels of affluence - from the “millionaire next door” to The Forbes 400 - has earned him a reputation as a valued family advisor.

\n\n

Jim is the author of Strangers in Paradise: How Families Adapt to Wealth Across Generations and co-author with Dennis Jaffe, PhD of Cross Cultures: How Global Families Negotiate Change Across Generations, offering ground-breaking explanations of how individuals and families can adjust to wealth effectively.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Jim Grubman PhD.

Sponsored By:

Links:

","summary":"Dr Jim Grubman is the author of Strangers in Paradise & and Cross Cultures. He has worked with clients at many levels of affluence - offering ground-breaking explanations of how individuals and families can adjust to wealth effectively.","date_published":"2020-10-19T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/45731cc6-6df4-4402-9038-730f8892282c.mp3","mime_type":"audio/mpeg","size_in_bytes":38103771,"duration_in_seconds":3175}]},{"id":"09b44027-41d8-4888-a90e-f72641099963","title":"Spencer Burke - The St Louis Trust Company Multi-Family Office [The Business of Family]","url":"https://www.businessoffamily.net/spencer-burke","content_text":"Spencer is a Principal with The St. Louis Trust Company, a multi-family office for 50 families in the United States managing in excess of US $10 billion, where he heads the Family Business Advisory Practice. Spencer is also an Adjunct Lecturer in Family Business at the Olin Business School at Washington University in St. Louis.\n\nStandout Quotes:\n\n\n“Multi-family businesses are acts of inadvertence in the initial years or the initial generation, they're usually a force of necessity, and then it becomes more opportunistic as the family gets bigger, and by the time you get to the 3rd generation it's more process-driven and ultimately becomes strategic” – Spencer Burke\n“At the end of the day, it's not about having a board and all that, it's about the quality of the people, the vision, the culture and purpose of the organization; that's what creates great companies of all kinds and family business is just a large subset of great companies in the world” – Spencer Burke\n \"In the United States, you can own 100% of the votes and not own any of the economics of a company\" – Spencer Burke\n\"I don't think there's anything better to own than your own company and the ability to compound earnings\" – Spencer Burke\n “When it is time to sell the business that's great, that's not a failure” – Spencer Burke\n“The key to happiness is, don't let other people be the measure of your success; If you're not happy doing what you're doing, go do something else” – Spencer Burke\n\n\nKey Takeaways:\n\n\nSome families walk away from a wealth of knowledge because they don't know what they're getting; although they need the advice, they just have the wrong person giving it to them\nMulti-generational family businesses are acts of inadvertence in the initial years or the initial generation, but get more opportunistic as the family gets bigger, and by the third generation, ultimately becomes strategic and process-driven.\n “Hygiene\" refers to some cost-free measures that can be set up in the beginning to increase your chances of getting beyond the 2nd and 3rd generation, however, if not taken care of, you have no chance of success\n The key characteristic shared by enduring companies whether family business or not is \"Total Control by One Person”\nIn most families where there are issues, how the socio-emotional wealth is getting shared is just as prominent as how the money is being shared.\n To succeed over long periods (100 years), successful families have extracted a great deal of wealth out of the business so they have the resources to protect the business when necessary.\nThe 3 fundamental factors that may impede the success of a family business; the Family tree is the first because it tends to grow faster than most business\nOne of the number 1 keys to family business success is \"Set the policies for the future when there are no names attached to them\".\n The matriarch of the family is usually the keeper of family harmony, the patriarch of the family is usually the keeper of running the great business, but the patriarch more often than not, does not have the power in that family.\nThe three interest groups represented in a family business; the people in the business, the people that own the business, and the people that are just in the family neither as owners nor in the business.\nThe key to happiness is ‘don't let other people be the measure of your success; If you're not happy doing what you're doing, go do something else’\n\n\nEpisode Timeline:\n\n\n[01:28] A concise overview of Spencer's professional background\n[07:55] Spencer's thesis on starting a multi-generational family business\n[10:50] Instead of a Family Business Course, Spencer calls his course Ownership Insights\n[11:36] Common characteristics shared by enduring companies whether family business or not\n[14:19] The concept of Spoils of Ownership\n[16:35] The 'tyranny of the internal rate of return' versus 'creation of real wealth'\n[20:41] The 3-circle diagram in family business education depicts Family, Business, and Ownership, with how they interact.\n[22:32] The 3 fundamental undertows that affect a family business\n[28:57] The continuum of behaviors; a Business Family and a Family business.\n[35:20] The tradeoff between running a great business and maintaining family harmony\n[38:00] How is family harmony maintained as businesses progress through multiple generations?\n[53:40] A letter from Spencer to his kids.\n\n\nFor more episodes go to \nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Spencer Burke.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:The St. Louis Trust Company Multi-Family Office — We provide holistic, high-touch client service combined with customized, independent investment management and a full range of family office services. Washington University's Olin Business School","content_html":"

Spencer is a Principal with The St. Louis Trust Company, a multi-family office for 50 families in the United States managing in excess of US $10 billion, where he heads the Family Business Advisory Practice. Spencer is also an Adjunct Lecturer in Family Business at the Olin Business School at Washington University in St. Louis.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Spencer Burke.

Sponsored By:

Links:

","summary":"Spencer is a Principal with The St. Louis Trust Company, a multi-family office for over 50 families in the United States managing in excess of US $10 billion, where he heads the Family Business Advisory Practice. Spencer is also an Adjunct Lecturer in Family Business at the Olin Business School at Washington University in St. Louis.","date_published":"2020-10-12T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/09b44027-41d8-4888-a90e-f72641099963.mp3","mime_type":"audio/mpeg","size_in_bytes":40316551,"duration_in_seconds":3359}]},{"id":"060f0118-c93e-4558-8b0d-f0b142aed525","title":"Emily Griffiths-Hamilton - Building Your Family Bank to Owning an NBA & NHL Team [The Business of Family]","url":"https://www.businessoffamily.net/emily-griffiths-hamilton","content_text":"Emily Griffiths-Hamilton brings three generations of experience to the subject of wealth and family-business transition planning.\n\nHer maternal grandfather, veterinarian Dr. William Ballard, was one of North America’s greatest dynamic wealth creators. Her father, Frank A. Griffiths, FCA, built a highly successful sports and media empire. Emily herself, along with her brother Arthur and their partners, has been the co-owner of a National Hockey League (NHL) team, the Vancouver Canucks; a National Basketball Association (NBA) franchise, the Vancouver Grizzlies; and a state-of-the-art-arena.\n\nEmily’s professional training, expertise and unique first-hand experience have given her a deep understanding of the benefits of clear, considered wealth and family-business transition planning. \n\nToday, she is passionate about providing guidance to individuals and families for the effective multigenerational management of family wealth and family businesses.\n\nEmily is the author of two excellent books, Build Your Family Bank and Your Business, Your Family, Their Future, which look closely at the core causes of wealth erosion and failed transition plans and offers a set of strategies for building successful wealth transition plans that will benefit many generations.\n\nStandout Quotes:\n\n\n\"A legacy lifestyle to me is really anything where anyone is enjoying an affluent life based on someone else's earnings\"\n\"Earning a voice at the table is critically important as the families get larger because not everybody is necessarily around the table making decisions for the family bank but the family council may be elected members to represent different parts of the families\"\n\"Life is the reflection of the Choices that you make between your Birth and your Death (life is the C between the B and the D)\"\n\"The choices that you make are going to be a reflection of the decisions that you make, and if you really want to make the best decisions, think about swapping judgment for curiosity\"\n“Curiosity can open your eyes to a world of unlimited imagination and infinite possibilities”\n\n\nKey Takeaways:\n\n\nThe process of creating the family wealth was infused into the family DNA added in each generation.\nThe issue in a legacy lifestyle is enjoying a lifestyle that someone else is earning the funds to afford you, the cautionary note is to watch for the creep of entitlement issues.\nThe traditional approach to wealth transition planning including tax deferment and trust funds fail 70% of the time.\nAs long as your human and intellectual components are still strong, the Family bank will keep standing.\nReasons why 70% of families at each generation fail at wealth transition include a breakdown of communication and trust (60%), the unpreparedness of heirs (25%), lack of shared vision (12%), and failure of professionals (3%).\nEarning a voice at the table is critically important as the families get larger.\nFamily bank is not a legal term, it's a philosophical term; it's whatever the family defines it to be.\n5 reasons to put a Trust in place in Canada: Control, Creditor Protection, Privacy, Probate and Tax.\nResearch shows that within 7 years lottery winnings are usually gone which is the same with inheritances.\nIf you want to make the best decisions, swap judgment for curiosity\n\n\nEpisode Timeline:\n\n\n[00:49] An overview of some of Emily's work.\n[02:20] How the initial family wealth was created and sustained through the different generations as part of the family DNA.\n[05:20] Emily explains the clear distinction between Ownership and Management.\n[05:31] Her contribution to the Family DNA of wealth creation is the Role of Stewardship.\n[08:26] The event leading up to the ownership of the Hockey team reflected a sense of commitment to the community.\n[10:30] Emily narrates the experiences that inspired her career choice of a Family Enterprise Adviser.\n[15:35] The legacy lifestyle defined, with examples from Emily's childhood.\n[19:26] The value of work and its role in Family wealth creation.\n[21:11] The concept of a Family Bank is most appropriate for anyone doing succession or wealth transition planning.\n[22:05] The Foundation and Components of the Family bank approach.\n[27:04] Reasons why 70% of families at each generation fail at wealth transitions.\n[39:00] The value and role of tools like trust structures and tax mitigation strategies in the managing multi-generational wealth.\n[45:07] The similarities between inheritances and lottery wins.\n[53:52] Re-Formatting is a change of investment choice and a Redistribution of wealth to philanthropy are not considered a failure of to transition.\n[55:29] A few surprises from her sons influencing the family bank.\n[01:01:14] Emily's letter to her children.\n\n\nFor more episodes go to \nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Emily Griffiths-Hamilton.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Build Your Family Bank | A Winning Vision for Multigenerational Wealth — Fresh & Accessible Guides to Successful Wealth TransitionVolunteer Role | The Nature Trust of British Columbia — The Nature Trust of British Columbia took on the daunting task of protecting the natural riches of the province by building a treasury of wild natural areas to conserve iconic and important species at risk.Book: Your Business, Your Family, Their Future: How to Ensure Your Family Enterprise Thrives for Generations eBook: Griffiths-Hamilton, Emily — Through extensive research and personal and professional experience as a member of and advisor to family enterprises, Griffiths-Hamilton has developed an unconventional approach that looks beyond narrow business considerations to focus on the critical aspect of every family enterprise—the “family factor.”Book: Build Your Family Bank: A Winning Vision for Multigenerational Wealth eBook: Griffiths-Hamilton, Emily — Why do 70 percent of wealth transition plans fail? This is the question that Emily Griffiths-Hamilton sets out to answer in Build Your Family Bank, a book that looks closely at the core causes of wealth erosion and failed transition plans and offers a set of strategies for building successful wealth transition plans that will benefit many generations.","content_html":"

Emily Griffiths-Hamilton brings three generations of experience to the subject of wealth and family-business transition planning.

\n\n

Her maternal grandfather, veterinarian Dr. William Ballard, was one of North America’s greatest dynamic wealth creators. Her father, Frank A. Griffiths, FCA, built a highly successful sports and media empire. Emily herself, along with her brother Arthur and their partners, has been the co-owner of a National Hockey League (NHL) team, the Vancouver Canucks; a National Basketball Association (NBA) franchise, the Vancouver Grizzlies; and a state-of-the-art-arena.

\n\n

Emily’s professional training, expertise and unique first-hand experience have given her a deep understanding of the benefits of clear, considered wealth and family-business transition planning.

\n\n

Today, she is passionate about providing guidance to individuals and families for the effective multigenerational management of family wealth and family businesses.

\n\n

Emily is the author of two excellent books, Build Your Family Bank and Your Business, Your Family, Their Future, which look closely at the core causes of wealth erosion and failed transition plans and offers a set of strategies for building successful wealth transition plans that will benefit many generations.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Emily Griffiths-Hamilton.

Sponsored By:

Links:

","summary":"Emily brings three generations of experience to the subject of wealth and family-business transition planning. From owning an NBA & NHL franchises to building her own Family Bank, this is a fascinating conversation which I'm sure you'll enjoy.\r\n","date_published":"2020-10-05T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/060f0118-c93e-4558-8b0d-f0b142aed525.mp3","mime_type":"audio/mpeg","size_in_bytes":45968091,"duration_in_seconds":3830}]},{"id":"060e087b-9ded-4206-8dba-9c3fdd5a7eee","title":"Richard Eyre - Avoiding the Entitlement Trap of Raising Children in Affluence [The Business of Family]","url":"https://www.businessoffamily.net/richard-eyre","content_text":"Richard and Linda Eyre may be the most prominent and popular writers and speakers in the world on the topics of family and parenting. Among their incredible 50 books is Teaching your Children Values, the first parenting book in 50 years to hit #1 on the New York Times Bestseller list.\n\nThe Eyres’ work is based on the real-life experience of raising 9 children, founding and running 3 businesses, and trying to keep up with high-level involvement in politics, church, music, and sports.\n\nKey Takeaways\n\n\nThe importance of raising children who are happy and motivated\nUnderstand the benefits of implementing a family economy\nHow a Family Traditions Calendar can have lasting and permanent affect\nWhy documenting and sharing family history can empower your child\nGiving your children ownership to empower and avoid entitlement\nWhy some failures can lead to major success\nThe ways that giving children more can actually give them less\n\n\nEpisode Timeline\n\n\n[1:34] How Richard Eyre dedicated his life’s work to healthy families and parenting\n[5:16] Parenting to raise motivated and happy children amid wealth\n[7:57] Formal documentation and structure in the family environment\n[11:29] Teaching families how to have a family economy\n[14:44] Richard and Linda’s family traditions calendar\n[20:37] Empowering children through ancestor storybooks\n[23:12] Rescuing your child from the entitlement track\n[26:55] Giving kids ownership to empower and motivate\n[29:29] #1 New York Bestseller, Teaching Your Children Values\n[33:37] Books and publishing with insights on new book, Happiness Paradox\n[37:32] Richard’s public failure leads to bestselling success\n[40:52] Creating free online access to the Eyre books\n[44:45] Richard Eyre’s landing page\n[48:08] Richard’s belief that if we give our children more, we give them less\n\n\nStandout Quotes\n\n\n“We just found that there was a tremendous resonance with the idea of raising healthy kids and looking at it as a management opportunity, a management challenge.” – Richard Eyre [04:37]\n\"Our goal is to help parents raise responsible, motivated kids. That is a tricky thing to do in a household of affluence.\" – Richard Eyre [07:11]\n\"It's the idea that you as a parent have one single focus each month you're going to do well. If you're trying to teach multiple values or multi-task on that you're never going to do it. Just focus one whole month on honesty, suddenly everything that happens is an object lesson.” – Richard Eyre [31:20]\n“It was on the heels of that defeat that we wrote this book, Teaching Your Children Values. One year after losing the governatorial race, the book went to number 1. The first family book in 50 years to get to number 1 on the New York Times Bestseller. One door closed but another one opened.” – Richard Eyre [39:38]\n\"To those of us who have spent our lives in or around business, I think management by objective always resonates. People who are clear on what their goals are and where they're trying to get are the ones who succeed. It's quite remarkable that that very basic sort of practical thinking has rarely penetrated areas of relationships and families and it should.\" – Richard Eyre [46:40]\n\"If you are clear on what the goals are that you have for your family and your children, for your family institution it doesn't guarantee success, but it certainly allows you to measure your success and how well you are doing.\" – Richard Eyre [47:13]\n\"We need to find ways to pass on what we have without it being a gift that's not value. We have to find a way to share responsibility and to teach the concept of earned ownership rather than running the huge risk of entitlement, spoiling children, putting them on a path of low motivation by giving them too much.\" -- Richard Eyre [49:07]\n\n\n*For more episodes go to *\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Richard Eyre.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Book: Teaching Your Children Values - Eyre, Richard, Eyre, Linda — One of the greatest gifts you can give your children is a strong sense of personal values. Helping your children develop values such as honesty, self-reliance, and dependability is as important a part of their education as teaching them to read or how to cross the street safely.Book: The Entitlement Trap: How to Rescue Your Child with a New Family System of Choosing, Earning, and Ownership — Dump the allowance-and use a new \"Family Economy\" to raise responsible children in an age of instant gratification.TheEyres.com - Values Parenting — For nearly twenty years, Richard and Linda Eyre have been among the most prominent and popular speakers in the world on topics of parenting, life-balance, and family-strengthening.","content_html":"

Richard and Linda Eyre may be the most prominent and popular writers and speakers in the world on the topics of family and parenting. Among their incredible 50 books is Teaching your Children Values, the first parenting book in 50 years to hit #1 on the New York Times Bestseller list.

\n\n

The Eyres’ work is based on the real-life experience of raising 9 children, founding and running 3 businesses, and trying to keep up with high-level involvement in politics, church, music, and sports.

\n\n

Key Takeaways

\n\n\n\n

Episode Timeline

\n\n\n\n

Standout Quotes

\n\n\n\n

*For more episodes go to *
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Richard Eyre.

Sponsored By:

Links:

","summary":"Richard and Linda Eyre may be the most prominent and popular writers and speakers in the world on the topics of family and parenting. Among their incredible 50 books is Teaching your Children Values, the first parenting book in 50 years to hit #1 on the New York Times Bestseller list.","date_published":"2020-09-28T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/060e087b-9ded-4206-8dba-9c3fdd5a7eee.mp3","mime_type":"audio/mpeg","size_in_bytes":37421348,"duration_in_seconds":3118}]},{"id":"05d6f800-11e5-4224-9dd3-f72704d8a0fc","title":"Dave Whorton - From Built to Sell to Built to Last - The Tugboat Institute Story [The Business of Family]","url":"https://www.businessoffamily.net/dave-whorton","content_text":"Dave Whorton is an entrepreneur, business leader, education reformer, and investor. Dave founded four companies including Good Technology and Drugstore.com. He also worked for three venture capital firms, Kleiner Perkins Caufield & Byers, TPG, and Interwest. \n\nA small angel investment that Dave made in 2005 opened his eyes to an alternative way of supporting seasoned entrepreneurs who wanted to build large, profitable, innovative businesses that they would run privately for their lifetimes. In 2013 he founded The Tugboat Institute, a membership organisation designed to support Evergreen leaders and their companies over the very long term.\n\n\"We believe in the vital importance of humans coming together to create and grow enduring, private businesses that make a dent in the universe.\" - Tugboat Institute\n\nStandout Quotes\n\n\n\"How do you help a company have good hygiene? A very important component of that is how you develop the family members into the business\" - Dave Whorton [31:44]\n\"If you feel your company is deeply purpose-driven and meant to have a significant impact for a long time in the world then you do think naturally about it from a standpoint of stewardship\" - Dave Whorton [34:04]\n\"How can I take this incredible asset and move it forward before handing it over to the next steward?\" - Dave Whorton [34:16]\n\"I think it's really important to develop a work ethic in your kids, I don't care what level of wealth you have\" - Dave Whorton [45:50]\n\n\nKey Takeaways\n\n\nThe 7Ps that makes a company evergreen: Purpose, Perseverance, People First, Private, Profit, Paced Growth and Pragmatic Innovation [21:44]\nEntrepreneurs have to be very clear with CEOs about what they want from their investing partners [39:37]\nDave describes some qualities that he observed to be common among evergreen leaders which mostly include being introverted and humility [23:46]\nDeveloping a work ethic at a young age is critically important and also exposing them to the importance of saving [46:11]\n\n\nEpisode Timeline:\n\n\n[00:48] Mike introduces Dave and tells us a little about him\n[02:06] Dave shares his backstory and work background in more detail\n[17:20] The Tugboat group and how it's evolved over time.\n[21:44] The 7Ps that makes a company evergreen: Purpose, Perseverance, People First, Private, Profit, Paced Growth and Pragmatic Innovation\n[23:46] Dave describes some qualities that he observed to be common among evergreen leaders which mostly include being introverted and humility\n[30:18] How does Tugboat support generational transitions of family members or other closely held businesses?\n[34:04] if you feel your company is deeply purpose-driven and meant to have a significant impact for a long time in the world then you do think about naturally about it from a standpoint of stewardship; How can I take this incredible asset and move it forward before handing it over to the next steward? \n[39:37] Entrepreneurs have to be very clear with CEOs about what they want from their investing partners\n[45:33] Dave shares his thoughts on generational wealth and legacy building in contrast to a focus on the children developing a work ethic and inheriting nothing.\n[49:29] The failure Dave faced that eventually took him on a journey to where he is today.\n\n\nFor more episodes go to \nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Dave Whorton.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Seed The Future - Evergreen Movement | Dave Whorton with Tom Bilyeu (IQ50) - YouTubeTugboat Institute — We believe in the vital importance of humans coming together to create and grow enduring, private businesses that make a dent in the universe.The Tugboat Group — An Alternative Path to Growing Lasting, Private Companies.How to Build a Company That Will Last for 100 Years | Inc.com — A growing number of entrepreneurs are ditching the steroid-like growth that comes with outside investment, and building their companies to last.Dave Whorton | LinkedInBook: How to Be Rich: Getty, J. Paul — There are plenty of books on making money by men who haven't made much. But if J. Paul Getty, who Fortune magazine called “the richest man in the world,” doesn't know how, who does? Book: In Search of Excellence: Lessons from America's Best-Run Companies (Collins Business Essentials) eBook: Peters, Tom — Based on a study of forty-three of America's best-run companies from a diverse array of business sectors, In Search of Excellence describes eight basic principles of management -- action-stimulating, people-oriented, profit-maximizing practices -- that made these organizations successful.","content_html":"

Dave Whorton is an entrepreneur, business leader, education reformer, and investor. Dave founded four companies including Good Technology and Drugstore.com. He also worked for three venture capital firms, Kleiner Perkins Caufield & Byers, TPG, and Interwest.

\n\n

A small angel investment that Dave made in 2005 opened his eyes to an alternative way of supporting seasoned entrepreneurs who wanted to build large, profitable, innovative businesses that they would run privately for their lifetimes. In 2013 he founded The Tugboat Institute, a membership organisation designed to support Evergreen leaders and their companies over the very long term.

\n\n

"We believe in the vital importance of humans coming together to create and grow enduring, private businesses that make a dent in the universe." - Tugboat Institute

\n\n

Standout Quotes

\n\n\n\n

Key Takeaways

\n\n\n\n

Episode Timeline:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Dave Whorton.

Sponsored By:

Links:

","summary":"Dave Whorton's resume is almost unbelievable. From a brand name VC in Silicon Valley working at Kleiner Perkins to a stint in private equity with TPG and ultimately to founding Tugboat Institute - a different way of building profitable and evergreen businesses that last the test of time.","date_published":"2020-09-21T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/05d6f800-11e5-4224-9dd3-f72704d8a0fc.mp3","mime_type":"audio/mpeg","size_in_bytes":38747637,"duration_in_seconds":3228}]},{"id":"b4941845-fe56-4912-9782-80479c3ebc03","title":"Paolo Delgado - 4th Generation Filipino Pioneering Innovation in Logistics & Agriculture [The Business of Family]","url":"https://www.businessoffamily.net/paolo-delgado","content_text":"Paolo Delgado is the current managing director of the Delgado Brothers Group (Delbros). As the fourth and newest generation of the Delgado Family, Paolo manages the company that has made a name for itself across generations as being the pioneer in the logistics industry. The Delbros Group has a drive and passion to bring innovation and modernisation with hopes of growth and betterment of the Philippines and to the Filipino people.\n\nPresently, the DelBros Group consist of over twenty subsidiaries and have member companies both locally and internationally ranging in the industries of logistics and transport, technology, and food production.\n\nStandout Quotes\n\n\n\"We live now in a very globalized world where technology has really reached a point in which it can alter our ways of life. From AI, vertical farming, etc. There has been a real desire to shift out of traditional businesses and to use our traditional businesses in more digitally-savy manners.\" – Paolo Delgado [5:33]\n\"We all believe that the company is in our care for a portion of our lives. During this portion, it's our responsibility to help it thrive and to make sure that it can successfully transition to the next generation. It's not something that we look at to sell, not something we consider 'ours' other than that period of time that we are responsible for it. We have created a very clear understanding on the kind of stewards that we want to be.\" – Paolo Delgado [7:46]\n\"Active stewardship is something that is constantly mentioned in our family meetings. Family representatives in our companies need to very clearly outline parameters for the different management teams that align the actives of the company with the family's approach.\" – Paolo Delgado [8:13]\n\"Documenting the history and the legacy of the family is important in understanding what and who came before us. It reenforces that our strength comes from unity and that we keep our businesses and our family true to their core values. It's knowing that the company and the family need to be challenged and disrupted to avoid stagnation.\" – Paolo Delgado [17:08]\n\"We do a regular pruning. Family businesses I think are looked at as something that should be run and should take care of all of the family members. In our experience, there is nothing wrong with shifting ownership. That usually means buying out family members that are not as interested in the business or perhaps can't contribute as well to the business as others… It has made making decisions easier, it’s allowed us to continue a family business that might have been under threat much sooner.” – Paolo Delgado [27:07]\n\"Respect, shared values, the understanding that fairness is not being equal. We want to be fair, not necessarily equal. That nobody owes you anything and that you work for it. That you take a long-term perspective and strategy that decisions at least in the family organization needs to be made over generations rather than five or ten years that you would normally see an organization.\" – Paolo Delgado [36:43]\n\"For me, what's most important for my wife and I, is that our children grow up being happy with the person they have become. My wife and I talk a lot about what we want for our children but ultimately much like the family business we believe we are stewards for them for a portion of our lives. Ultimately they go off and live their own lives and start their own families.\" – Paolo Delgado [41:03]\n\n\nKey Takeaways\n\n\nBecoming and demonstrating organizational value to remain sustainable in the long term\nPaolo Delgado’s challenging and rewarding entrance into the family business\nThe lessons and challenges from the past generations can be the basis for policy and reforms in the family organization of the future\nSome insights from a logistics background on the passion and visions for the future of agriculture\nThree key agreements included in the charter for DelBros Group\nAllowing the family charter to be open to improvements in the future generations\nThe sensitive topic of removing family members as a strategy for extending the life of the family organization as a whole\nWhat Paolo sees as requirements for a successful and harmonious family partnership\nWhy fair isn't always equal in the family business\n\n\nEpisode Timeline \n\n\n[2:02] The origin story for the Delgado Brothers Group\n[4:31] What DelBros Group current is today\n[7:35] Leadership focus on future success in generational transitions\n[9:08] Paolo’s challenging but rewarding start in the family business\n[16:31] Placing value on the documentation of family history\n[19:21] DelBros Group Investments into the future of agriculture\n[24:10] Personalized but business centered family gatherings\n[25:24] Three agreements included in the Delgado family charter\n[28:02] Why pruning in a family organization can extend the longevity of the business\n[30:45] Clarification on Delgado family opportunities in wealth creation\n[32:28] Paolo’s thoughts on the next generation talent for the family business\n[36:37] Requirements for successful and harmonious family partnerships\n[38:34] The difference between fairness and equality\n[41:03] Paolo’s focus on leading his children to personal happiness and fulfillment\n\n\nFor more episodes go to \nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Paolo Delgado.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Delbros Group — With over 70 years of experience spanning four generations of leadership.Delgado Stewardship — Delgado Stewardship: 4 Generations of Delgado leadershipDelbros ARCHIVES — The Delgado family has a long history with the Philippines and the world: from Generals and entrepreneurs, to statesmen and religious champions.Vertical Farming & Agriculture — In a move to revolutionize the process of its food production drive, Delbros introduced the first ever autonomous and vertical aeroponic farms in the Philippines through GOOD GREENS & CO.","content_html":"

Paolo Delgado is the current managing director of the Delgado Brothers Group (Delbros). As the fourth and newest generation of the Delgado Family, Paolo manages the company that has made a name for itself across generations as being the pioneer in the logistics industry. The Delbros Group has a drive and passion to bring innovation and modernisation with hopes of growth and betterment of the Philippines and to the Filipino people.

\n\n

Presently, the DelBros Group consist of over twenty subsidiaries and have member companies both locally and internationally ranging in the industries of logistics and transport, technology, and food production.

\n\n

Standout Quotes

\n\n\n\n

Key Takeaways

\n\n\n\n

Episode Timeline

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Paolo Delgado.

Sponsored By:

Links:

","summary":"Paolo Delgado is the 4th generation Managing Director of the Philippines based Delgado Brothers Group, the largest fully integrated logistics and transport operator in the country.","date_published":"2020-09-14T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/b4941845-fe56-4912-9782-80479c3ebc03.mp3","mime_type":"audio/mpeg","size_in_bytes":31580786,"duration_in_seconds":2631}]},{"id":"a58e1f23-9d06-494e-be63-664bd3bb28c9","title":"Covie Edwards-Pitt - Raised Healthy, Wealthy & Wise [The Business of Family]","url":"https://www.businessoffamily.net/covie-edwards-pitt","content_text":"Covie is a Partner and the Chief Wealth Advisory Officer at Ballentine Partners where she is responsible for the development and management of the firm’s family education, family governance, and philanthropic offerings. Covie also leads several of the firm’s large family client engagements and specialises in helping her clients manage the impact of their wealth and ensure that their wealth management strategy reflects their families’ values and goals.\n\nCovie is the author of a two-book series based on interviews that highlight success stories of family wealth: the first, Raised Healthy, Wealthy & Wise (2014), focuses on raising children to be grounded and successful adults amid wealth, and the second, Aged Healthy, Wealthy & Wise (2017), focuses on designing a vibrant and purposeful later life and legacy.\n\nEpisode Timeline\n\n\n[1:52] How Covie got into family wealth advisory\n[6:12] Ideal clients and what clients are seeking when they come to Ballentine Partners\n[9:00] Looking at the bigger picture when looking at client’s needs and investments\n[13:20] Increased percentage of uptake in trust built client relationships\n[16:18] Patterns when creating investment and wealth management plans\n[19:58] The primary sources of initial wealth for first generation families that Covie sees\n[20:58] Why more money can actually make parenting harder\n[25:34] Next generation success being driven by successes in life and self-motivation\n[27:38] Finding the balance to give children fulfilling lives of meaning\n[33:33] Focusing on the communication of values when discussing shared assets\n[38:12] Inheritor’s guilt for advantages they received and how to counteract that\n[41:55] Covie’s advice to a driven entrepreneur who inspired to be the founding generation\n[45:10] The four success factors Covie believes all successful next generation members share\n[47:50] The role Covie plays in helping families in philanthropic legacy and impact projects\n[55:12] Covie’s belief in wishing for our children to have the confidence to handle the struggles of life\n\n\nStandout Quotes\n\n\n\"You do need to have a pretty good degree of self-awareness and being able to look in the mirror as a parent to understand how you might need to evaluate and potentially change your own behavior relative to a child, in order to allow that child to become independent and financially self-sufficient.\" – Covie Edwards-Pitt [15:12]\n\"If you have very little money, it's very challenging. Then as you get more money it gets easier, and as you get more money it becomes harder again. I definitely see that to be the case. I think the reason is, having money, having an abundance of resources essentially, more than you would need, has a way of complicating every single parenting interaction with your child in a way that, to no fault of the parents, might essentially deprive the child of a lesson that they would have learned by default if their family have had less” – Covie Edwards-Pitt [21:31]\n\"Content, productive, driven by their inner sense of motivation, grounded, satisfied, passionate in their career choice. That sort of list of characteristics was evident to me because I recognize it all the time in the next gens.\" – Covie Edwards-Pitt [26:19]\n\"Fulfilling lives have as part of them, struggle. Something that the person can think back on as something they have overcome in their life that gives them a sense of pride.\" – Covie Edwards-Pitt [28:45]\n\"Communication is key. Communicating the values and the framework that are driving parent's decisions in a clear, transparent way is very important. I coach my clients to try to think about, what are the types of things we'd like to support? What are the types of things that we would like to help children with, when they reach those milestones in their lives? – Covie Edwards-Pitt [34:39]\n\"The most important advice I would give is to say... that your child, when they look in the mirror as an adult... When they ask themselves do I have this job or do I have this responsibility or title because of my name or because of my effort? They can answer, my effort.\" – Covie Edwards-Pitt [42:09]\n\n\nKey Takeaways\n\n\nThink of a client relationship and services provided as a much larger conversation about the client and what they hope to achieve as a whole\nThe ways to recognize patterns when creating investment and wealth management plans for ultra high net worth families\nWays in which parents with substantial means can still raise well-rounded children\nHow success in the next generation can be different as it is more about the inner sense of motivation and satisfaction\nWhy it’s important to allow children to struggle to attain a fulfilling and contented life\nThe communication involved when managing shared family assets\nInheritors will often find a true sense of purpose when they develop their own sense of contribution and passion in life\nHaving family constitutions and clear frameworks for inheritor’s to truly feel they deserve their position\nCovie’s four success factors she has found all successful next generation members share\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Coventry (Covie) Edwards-Pitt.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Wealth Management | Ballentine Partners — Ballentine Partners is a client-centric investment and wealth management firm dedicated to integrity and independence.Book: Raised Healthy, Wealthy & Wise: Lessons from successful and grounded inheritors on how they got that way — At a certain level of wealth, money makes parenting harder, not easier. Raised Healthy, Wealthy & Wise breaks new ground in the field of raising children amid wealth by hearing the success stories: real-life children raised with wealth now grown into happy, healthy, and productive adults.Book: Aged Healthy, Wealthy & Wise: Lessons from vibrant and inspiring elders on how they designed their later lives — There is much about aging that we can't control. But there is much more that we can. Nationally recognized wealth advisor Coventry Edwards-Pitt applies the success-story format of her highly acclaimed first book, \"Raised Healthy, Wealthy & Wise\" (2014), to one of today's most pressing issues: how to age well--given our increased longevity--and ensure that our later years have a positive rather than negative impact on our families.","content_html":"

Covie is a Partner and the Chief Wealth Advisory Officer at Ballentine Partners where she is responsible for the development and management of the firm’s family education, family governance, and philanthropic offerings. Covie also leads several of the firm’s large family client engagements and specialises in helping her clients manage the impact of their wealth and ensure that their wealth management strategy reflects their families’ values and goals.

\n\n

Covie is the author of a two-book series based on interviews that highlight success stories of family wealth: the first, Raised Healthy, Wealthy & Wise (2014), focuses on raising children to be grounded and successful adults amid wealth, and the second, Aged Healthy, Wealthy & Wise (2017), focuses on designing a vibrant and purposeful later life and legacy.

\n\n

Episode Timeline

\n\n\n\n

Standout Quotes

\n\n\n\n

Key Takeaways

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Coventry (Covie) Edwards-Pitt.

Sponsored By:

Links:

","summary":"Covie is a Partner and the Chief Wealth Advisory Officer at Ballentine Partners, a client-centric investment and wealth management firm for Ultra High Net Worth families.\r\n\r\nCovie is alo the author of a two-book series based on interviews that highlight success stories of family wealth: the first, Raised Healthy, Wealthy & Wise (2014), focuses on raising children to be grounded and successful adults amid wealth, and the second, Aged Healthy, Wealthy & Wise (2017), focuses on designing a vibrant and purposeful later life and legacy.","date_published":"2020-09-07T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/a58e1f23-9d06-494e-be63-664bd3bb28c9.mp3","mime_type":"audio/mpeg","size_in_bytes":43085113,"duration_in_seconds":3590}]},{"id":"b2977a73-9c42-4e96-8e8c-9ad1272903e9","title":"Fred Mouawad - Billionaire Diamond Owner & 4th Generation Co-Guardian [The Business of Family]","url":"https://www.businessoffamily.net/fred-mouawad","content_text":"A global citizen, portfolio entrepreneur, and fourth-generation co-guardian of the Mouawad family jewelry business, Fred Mouawad’s story is as incredible as it is impactful. Listen in to learn how he brings a new and enterprising perspective to his family’s multi-generational success.\n\nFred Mouawad is described often in the media as a billionaire diamond owner but has also accomplished countless entrepreneurial ventures outside of the family business and offers some key advice on stewarding the next generation.\n\nStandout Quotes\n\n\n“We have the inventory; we have the expertise. If we create masterpieces and truly craft extraordinary and position the brand at the very top, then we would be able to build a very niche business. That would stand in the marketplace and have a very clear image.” – Fred Mouawad [12:29]\n“It was interesting to see how we had to reinvent our business and reposition it based on where we thought the world was moving towards. It was an exercise of not necessarily innovation but adaptation and being able to forecast how the markets are going to change over the long run and how us ourselves should prepare for that change.” - Fred Mouawad [14:29]\n“Our responsibility was to guard that heritage. That’s why we call it co-guardians to look after it and start thinking long-term because our job is to look after it for only a certain period of time. It’s a transition from generation to generation.” - Fred Mouawad [24:14]\n“All of the day-to-day is done by professionals. We have a CO for the group, he’s a general manager, for the entire operation. Why did we come up with that model? We came up with this model because we did not want to start blaming each other for executional problems.” - Fred Mouawad [27:16]\n“I think it’s all about preparing the next generation to be the right stewards for the organization and how do you get there? You get there by exposing them to the business, by having them get richer with experience. By exposing them to different elements in the business and outside the business.” - Fred Mouawad [36:26]\n“The best investment I have ever made was investing in myself, investing in my education, and having the courage to gain new experiences. Always being an avid learner. This is what I find the most satisfying, gratifying, and what enables me to do what I do. It’s investing in knowledge and experience and trying to share that with your team.” - Fred Mouawad [50:11]\n“The most important thing that I would want my children to understand is that life is a journey and life requires that they take responsibility. They should keep on stretching themselves by learning, having the courage to try new things, by figuring out how to make the lives of other people better. How can they make a positive impact and how can they always behave based on core values that meet high ethical standards.” - Fred Mouawad [58:43]\n\n\nKey Takeaways\n\n\nThe incredible and impactful story of the Mouawad family business\nHow standardizing a brand image benefits the scalability of a business\nMouawad’s mission to craft the extraordinary\nHow to prepare the next generation of a successful multi-generational business\nWhat co-guardianship can mean for a family and the business they run\nWhy building relationships with capable people leads to scalable businesses\nHow your best investment may be investing in yourself\nInstilling in the future generation the skills to make a positive impact and maintain high ethical standards\n\n\nEpisode Timeline\n\n[1:58] The background of Mouawad’s generational success\n[8:01] Modern day Mouawad jewelry business and what it represents\n[17:38] High-end masterpieces and being recognized for Guinness World Records\n[20:58] The value in business of natural vs synthetic diamonds\n[22:39] Preparing the fifth generation of the Mouawad family business\n[25:20] The idea of co-guardianship when running a multi-generational business\n[29:25] Shaping the next generation for business success\n[35:43] Teaching the skills to have another successful generation of Mouawad\n[39:26] Formation of family guidelines as family business becomes a family enterprise\n[42:27] Fred Mouawad’s entrepreneurial successes\n[49:58] What Fred’s best investment was\n[51:11] What it means to be a self-described global citizen\n[52:47] How to effectively raise motivated children in wealth\n[55:35] The transition from full control to family business co-guardianship\n[58:24] Fred’s focus on allowing his children to have a positive impact in their life’s journey\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Fred Mouawad.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Magnificent Jewelry and Watches | MouawadFred Mouawad | Official WebsiteFred Mouawad - WikipediaForbes Interview with Fred and Pascal Mouawad - YouTubeMouawad Miss Universe Crown 2019 - YouTubeMouawad & Victoria's Secret | Mouawad — A COLLABORATION TOWARD DARING EXCELLENCE AND BEAUTYMouawad Diamond Impact Fund | Creating value by improving the lives of underprivileged communities in diamond-producing countries to honor the journey of billions of years it takes to form and discover a diamond crystal.Synergia One Group of Companies","content_html":"

A global citizen, portfolio entrepreneur, and fourth-generation co-guardian of the Mouawad family jewelry business, Fred Mouawad’s story is as incredible as it is impactful. Listen in to learn how he brings a new and enterprising perspective to his family’s multi-generational success.

\n\n

Fred Mouawad is described often in the media as a billionaire diamond owner but has also accomplished countless entrepreneurial ventures outside of the family business and offers some key advice on stewarding the next generation.

\n\n

Standout Quotes

\n\n\n\n

Key Takeaways

\n\n\n\n

Episode Timeline

\n\n

[1:58] The background of Mouawad’s generational success
\n[8:01] Modern day Mouawad jewelry business and what it represents
\n[17:38] High-end masterpieces and being recognized for Guinness World Records
\n[20:58] The value in business of natural vs synthetic diamonds
\n[22:39] Preparing the fifth generation of the Mouawad family business
\n[25:20] The idea of co-guardianship when running a multi-generational business
\n[29:25] Shaping the next generation for business success
\n[35:43] Teaching the skills to have another successful generation of Mouawad
\n[39:26] Formation of family guidelines as family business becomes a family enterprise
\n[42:27] Fred Mouawad’s entrepreneurial successes
\n[49:58] What Fred’s best investment was
\n[51:11] What it means to be a self-described global citizen
\n[52:47] How to effectively raise motivated children in wealth
\n[55:35] The transition from full control to family business co-guardianship
\n[58:24] Fred’s focus on allowing his children to have a positive impact in their life’s journey

\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Fred Mouawad.

Sponsored By:

Links:

","summary":"A global citizen, portfolio entrepreneur, and fourth-generation co-guardian of the Mouawad family jewelry business, Fred Mouawad’s story is as incredible as it is impactful. Listen in to learn how he brings a new and enterprising perspective to his family’s multi-generational success.","date_published":"2020-08-31T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/b2977a73-9c42-4e96-8e8c-9ad1272903e9.mp3","mime_type":"audio/mpeg","size_in_bytes":44244636,"duration_in_seconds":3687}]},{"id":"4d35066a-0ace-4e65-8aa9-5c7026fc425b","title":"Jim Sheils - The Family Board Meeting [The Business of Family]","url":"https://www.businessoffamily.net/jim-sheils","content_text":"Our guest this week is Jim Sheils, a successful real estate entrepreneur and best-selling author of The Family Board Meeting. Jim was motivated by what he saw as one of the most tragic challenges of modern life: the disconnection of busy entrepreneurs from their families.\n\nJim Sheils developed the Family Board Meeting process out of necessity for his own family and hopes to help business owners bridge the gaps between themselves and their loved ones.\n\nStandout Quotes\n\n\n“I look at my family as my most important clients, investors, and key team members.” – Jim Sheils [8:43]\n“If people hear nothing else today Mike, I mean nothing else, just know that the potency and power of one-on-one time is irreplaceable. It separates the parts to strengthen the whole, it takes away sibling rivalry, it puts the magnifying glass on the relationship in a positive way.” – Jim Sheils [12:01]\n“There is no substitute for quality time and communication.” – Jim Sheils [21:03]\n“What I’ve told my kids is our wealth is tied to certain core values. I will give you opportunities that I did not have. I will help set up those things, but I won’t do the push-ups for you.” – Jim Sheils [21:47]\n“Probably one of the worst things to ever happen to businesses and entrepreneurship, is to try to force a child to go into the family business.” – Jim Sheils [32:00]\n“I think it’s important for my children to remember they have certain gifts and talents that they will be able to detect that they’ll intuitively feel a pull for. I want them to have the courage, comfort, and support to go for it.” – Jim Sheils [40:24]\n\n\nKey Takeaways\n\n\nUnderstanding the “great entrepreneurial lie” and how to begin living in the now\nHow irreplaceable the power and potency of one-on-one time is for strengthening your family connections\nTips for making sure you are not “half-in parenting” as you work from home\nUnderstanding the challenges that come with successful succession in multi-generational family businesses\nThe importance of setting core values and guidelines to reach success\n\n\nEpisode Timeline\n\n\n[1:31] How a major life shift can change your values and awareness on life\n[2:46] The great entrepreneurial lie and the importance of focusing on your family\n[4:26] Jim’s focus on his children’s education\n[6:07] Personal development, financial intelligence, and relationship skills for the next generation\n[8:30] Jim’s family board meeting concept\n[10:35] A solution that is simple but has key fundamental action steps\n[11:54] The three guiding principles Jim has for his family board meetings\n[15:05] Some success stories families have had using the family board meeting method\n[20:15] The third-generation rule and providing proper stewardship\n[21:34] Jim’s outlook on his children inheriting his wealth\n[24:17] Half-in parenting while working from home\n[28:12] The failures that set Jim up for success\n[31:05] Strife and family breakdowns in the succession of multi-generational businesses\n[37:17] 18 Summers and the desire to form lifelong child-parent connections\n[40:06] Jim’s focus on encouraging his children’s own gifts and talents\n\n\nFor more episodes go to \nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Jim Sheils.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:The Family Board Meeting: Is Business Success Hurting Your Family? — Already implemented by thousands around the world, the Board Meetings Strategy is yielding great returns for families. You too can begin connecting, deepening and strengthening the relationship with your most important asset-your children. Using this simple strategy, busy entrepreneurs, business owners and professionals have been re grounded in balance between professional and home life.18 Summers — You Only Have 18 Summers With Your Children…\r\nHow Will You Make Them Count?Jim Sheils Website","content_html":"

Our guest this week is Jim Sheils, a successful real estate entrepreneur and best-selling author of The Family Board Meeting. Jim was motivated by what he saw as one of the most tragic challenges of modern life: the disconnection of busy entrepreneurs from their families.

\n\n

Jim Sheils developed the Family Board Meeting process out of necessity for his own family and hopes to help business owners bridge the gaps between themselves and their loved ones.

\n\n

Standout Quotes

\n\n\n\n

Key Takeaways

\n\n\n\n

Episode Timeline

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Jim Sheils.

Sponsored By:

Links:

","summary":"Jim Sheils was motivated by what he saw as one of the most tragic challenges of modern life--the disconnection of busy entrepreneurs from their families--Jim developed the Family Board Meeting process to help business owners bridge the gaps between themselves and their loved ones. \r\n\r\nJim is an avid surfer, successful real estate entrepreneur and the author of the Amazon best-seller “The Family Board Meeting\".\r\n","date_published":"2020-08-24T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/4d35066a-0ace-4e65-8aa9-5c7026fc425b.mp3","mime_type":"audio/mpeg","size_in_bytes":30919366,"duration_in_seconds":2576}]},{"id":"c8e76fb1-0dd4-43a1-ab46-0bdb09c2249b","title":"Vicki TenHaken - Lessons from Century Club Companies [The Business of Family]","url":"https://www.businessoffamily.net/tenhaken","content_text":"This week's guest is Professor Vicki TenHakan, a college professor in management at Hope College in Holland, Michigan, a former business executive at Herman Miller and GE, a researcher of corporate longevity and the author of the excellent book; Lessons from Century Club Companies: Managing for Long-Term Success, a captivating book that details the lessons learned from companies that have endured for at least 100 years. \n\nKey Takeaways\n\n\nThe similarities and differences in culture and corporate longevity in American and Japanese century club companies\nThe 5 major management practices in both the United States and Japan’s old companies\nWhy it is important to take time to honor the past of the company while also embracing changes that are needed to prosper\nThe prevalence of family-owned businesses in century club companies\nUnderstanding the role that strength in relationships play in stewarding businesses for over a century\nLearning that growth isn’t everything in company longevity\nWhy storytelling is key in century club companies and the development of the next generation leaders\n\n\nStandout Quotes\n\n\n“What I hoped to achieve was to uncover some management practices…that I would be able to not only share with my students to not only help them be more successful in their future careers but also for business leaders to be able to use.” - Vicki Tenhaken [3:35]\n“I saw what the lack of business success did to a community. I was really hoping that the future business leaders or current leaders would be able to benefit from some knowledge on these old companies on how they were able to survive and thrive through many economic disasters and other crisis over the decades and even the century.” - Vicki Tenhaken [4:08]\n“There’s no formula for it. The one thing that I did find out when talking to many of these old companies is that they knew when they needed to change. They kept on top of what was going on in the external environment… They made sure everyone in their company had a role in staying in touch with customers, suppliers, or other business leaders in the community.” - Vicki Tenhaken [11:26]\n\"The strength of relationships is what almost every century club company said helped them make it through the tough times. They all had stories of crisis that they went through and it was relationships whether with employees, business partners, or community that they said really made the difference in terms of how they were able to not just survive the various crisis but actually prosper in the long run.\" .” - Vicki Tenhaken [19:11]\n\"In business as in life, relationships are what matter most.\" - Vicki Tenhaken [46:51]\n\n\nEpisode Timeline\n\n\n[1:14] How Vicki became interested in corporate longevity\n[3:25] What Vicki hoped to achieve when embarking into research and what surprised her\n[6:12] The common management practices seen in old companies in both United States and Japan\n[10:26] What Vicki believes contributes to century club companies surviving for so long\n[13:41] Family-owned businesses role in companies that are over a hundred years old\n[17:41] The vital role that relationships play when stewarding a business for over one hundred years\n[21:09] Similarities in Japanese and American century club companies\n[24:04] Why some companies choose to not grow just for growth’s sake\n[29:41] Storytelling and the development of the next generation leaders\n[37:20] How century club companies survive crisis\n[43:51] The accessibility of Vicki’s database\n[46:07] Vicki’s belief that relationships are what matter not only in business but in life itself\n\n\nFor more episodes go to\nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Vicki TenHaken.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Lessons From Century Club Companies: Managing for Long-Term Success: TenHaken, Vicki — This book describes the results of ten years of research into the unique management practices of companies that have prospered for over 100 years.The Living Company: De Geus, Arie — Arie de Geus, the man who introduced the revolutionary concept of the learning organization, reveals the key to managing for a long and prosperous organizational life.Vicki TenHaken (@vtenhaken) / TwitterVicki TenHaken | LinkedInVicki's Blog: How 100-Year-Old Companies Survive","content_html":"

This week's guest is Professor Vicki TenHakan, a college professor in management at Hope College in Holland, Michigan, a former business executive at Herman Miller and GE, a researcher of corporate longevity and the author of the excellent book; Lessons from Century Club Companies: Managing for Long-Term Success, a captivating book that details the lessons learned from companies that have endured for at least 100 years.

\n\n

Key Takeaways

\n\n\n\n

Standout Quotes

\n\n\n\n

Episode Timeline

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Vicki TenHaken.

Sponsored By:

Links:

","summary":"Vicki TenHaken a researcher of corporate longevity, discovers what it takes for \"Century Club\" companies to endure for at least 100 years. In this episode we dive deeper into the research that she first highlighted in her excellent book; Lessons from Century Club Companies: Managing for Long-Term Success.","date_published":"2020-08-17T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/c8e76fb1-0dd4-43a1-ab46-0bdb09c2249b.mp3","mime_type":"audio/mpeg","size_in_bytes":35768738,"duration_in_seconds":2980}]},{"id":"5d158b55-fedb-4be2-8d57-6e8cd84d74de","title":"Tiho Brkan – Global Deal Flow for Family Office Investors [The Business of Family]","url":"https://www.businessoffamily.net/tiho-brkan","content_text":"Our guest this week is Tiho Brkan, a successful trader, portfolio manager and investor, Tiho today runs the multifamily office, The Atlas Investor on behalf of his family and other high net worth families and individuals. \n\nTiho is known to visit up to 20 countries per year, all the while observing global economic trends, purchasing offshore real estate and executing investments on behalf of his clients.\n\nStandout Quotes:\n\n\n“The margins in luxury real estate can be insanely profitable as long as you know what you’re doing and as long as you choose the right deal.” - Tiho Brkan [21:27]\n“Asian millennials are now becoming the most important demographic for the whole global economy.” - Tiho Brkan [35:30]\n“The beautiful thing about mezzanine debt is that it has equity-like returns and bond-like downside protection or margin of safety, and that’s why we like it. ”- Tiho Brkan [42:05]\n“Focus on learning from the right source and really moving the needle on what’s important and what counts.” - Tiho Brkan [1:03:55]\n\n\nKey Takeaways:\n\n\nHow to master the blend between an entrepreneur and an investor\nLearning world cultures through travel\nThe importance of diversifying your capital into alternative assets as a high net worth individual or family office\nUnderstanding the global tax scene when investing across the world\nCapital Stack and the difference between senior and mezzanine debt\n\n\nEpisode Timeline:\n[1:35] Tiho shares his background both personally and professionally\n[4:05] He shares the reason why he travels and how it has changed the way he views the world\n[9:02] How Atlas Investor helps investors gain access to extremely attractive private deals plus using the mastermind model with their investors\n[13:50] He talks about his clientele and how COVID-19 has affected the investing world\n[16:18] The five strategies they use when investing in real estate across the globe\n[24:15] The experience of buying and selling luxury real estate\n[27:44] He explains how he handles tax when he lives and conducts business globally\n[35:12] The macro view, why the Asian millennial will play a big role in the future global economy\n[38:37] The advantages of real estate mezzanine debt investment and why real estate investors prefer it over senior debt\n[46:49] Tiho explains what they look for when investing in real estate developments\n[54:27] How mentors that included his father played a huge part in his success\n[1:00:33] He explains the involvement of his family in the business and the importance of learning from the right sources as a younger person\n\nFor more episodes go to BusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at newsletter.mikeboyd.com.au\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Tiho Brkan.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Book: Think and Grow Rich: Napoleon Hill — In the original Think and Grow Rich, published in 1937, Hill draws on stories of Andrew Carnegie, Thomas Edison, Henry Ford, and other millionaires of his generation to illustrate his principles.The Atlas Investor — Changing the way investors diversify into alternative assetsTiho Brkan (@TihoBrkan) / Twitter","content_html":"

Our guest this week is Tiho Brkan, a successful trader, portfolio manager and investor, Tiho today runs the multifamily office, The Atlas Investor on behalf of his family and other high net worth families and individuals.

\n\n

Tiho is known to visit up to 20 countries per year, all the while observing global economic trends, purchasing offshore real estate and executing investments on behalf of his clients.

\n\n

Standout Quotes:

\n\n\n\n

Key Takeaways:

\n\n\n\n

Episode Timeline:
\n[1:35] Tiho shares his background both personally and professionally
\n[4:05] He shares the reason why he travels and how it has changed the way he views the world
\n[9:02] How Atlas Investor helps investors gain access to extremely attractive private deals plus using the mastermind model with their investors
\n[13:50] He talks about his clientele and how COVID-19 has affected the investing world
\n[16:18] The five strategies they use when investing in real estate across the globe
\n[24:15] The experience of buying and selling luxury real estate
\n[27:44] He explains how he handles tax when he lives and conducts business globally
\n[35:12] The macro view, why the Asian millennial will play a big role in the future global economy
\n[38:37] The advantages of real estate mezzanine debt investment and why real estate investors prefer it over senior debt
\n[46:49] Tiho explains what they look for when investing in real estate developments
\n[54:27] How mentors that included his father played a huge part in his success
\n[1:00:33] He explains the involvement of his family in the business and the importance of learning from the right sources as a younger person

\n\n

For more episodes go to BusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at newsletter.mikeboyd.com.au

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Tiho Brkan.

Sponsored By:

Links:

","summary":"Tiho Brkan, is a successful trader, portfolio manager and investor. Tiho today runs a multifamily office, The Atlas Investor, on behalf of his family and other high net worth families and individuals. ","date_published":"2020-08-10T19:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/5d158b55-fedb-4be2-8d57-6e8cd84d74de.mp3","mime_type":"audio/mpeg","size_in_bytes":46979970,"duration_in_seconds":3914}]},{"id":"e16afea3-b77b-424d-bce7-c258453eefe8","title":"Tim Cosulich – 6th Generation CEO of Italian Family Business [The Business of Family]","url":"https://www.businessoffamily.net/tim-cosulich","content_text":"Fratelli Cosulich utilises a unique system of family governance to ensure the business survives and prospers from generation to generation. It’s not often we get to hear from a 6th generation family business so I am so excited to share this conversation with the audience today.\n\nImplementing family governance rules that “protect the business from the family” has worked out well for Fratelli Cosulich who have successfully transitioned and prospered for six generations. \n\nIn this episode, we welcome Tim Cosulich, Tim is the sixth generation CEO of Fratelli Cosulich, an Italian shipping group established in 1857. Across more than 160 years, the Cosulich family has seen numerous changes and weathered many challenges. The Group is involved in most aspects of the shipping industry, has a global footprint across 18 countries, more than 1,000 employees and an annual turnover of 1.8bn USD. \n\nTim explains why the performance of his family business during World War I and World War II cannot be compared with the current pandemic due to the differences in management and time. He talks about the importance of having family values that are translated into the leadership of the family business while still protecting it.\n\nListen in to learn the process of hiring family members to be part of a generational family business without promoting conflicts of interest. You will also learn the non-meritocratic governance strategy that is good for the overall success of a family business even with its shortcomings. \n\nKey Takeaways:\n\n\nFactors that contribute to the success of a family business\nHow to keep a valuable relationship between a family business and the founding family\nHow to remove the conflict of interest when hiring family members to become part of the business\nThe advantage of building an effective leadership style that ensures all family leaders operate as a team\nHow to come up with a structure that helps “protect the business from the family”\n\n\nStandout Quotes:\n\n\n“When we select the next generations, it is important that we focus on those who are motivated by similar things and not necessarily by money.”- Tim Cosulich [14:43]\n“I don’t think the business must be run by family members; I think the business must be run by the best people.”- Tim Cosulich [29:13]\n“If you invest in the wrong businesses, you can destroy your business.”- Tim Cosulich [38:22]\n“If I think about my own life and when and where did I really grow and learn things, it’s mostly in my failures, not my successes.”- Tim Cosulich [44:11]\n\n\nEpisode Timeline:\n\n\n[0:04] Intro\n[2:10] Tim narrates the resilient history of his family company that has overcome many challenges.\n[5:38] The impact of the Coronavirus on the shipping business and how they’re handling it.\n[7:24] Why leading by example in a family company is a powerful message as opposed to written values.\n[9:11] He explains why his company’s style of governance ensures the company is protected.\n[11:47] How Fratelli Cosulich keeps its principles and relationship with the family.\n[15:59] He explains the process they use in hiring family members and how they were able to eliminate unnecessary rules.\n[19:13] The unique leadership structure that helps the business run smoothly.\n[25:30] The strengths and weaknesses of a non-meritocratic system of leadership that is exercised at Fratelli Cosulich.\n[28:37] Tim paints a possible scenario that would occur if future generations don’t want any involvement with the family business.\n[30:44] Why Fratelli Cosulich has two sets of founders- the ones who founded the physical business and the ones who founded a structure to protect the company.\n[36:16] He explains the advantages and disadvantages of the company’s culture of reinvesting with caution.\n[38:40] Why they do not talk about business at home.\n[43:52] Why Tim wishes minor failures and the spirit of learning for his children in the future.\n\n\nRelevant Links:\n\n\n Fratelli Cosulich\n\n\nFor more episodes go to \nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at newsletter.mikeboyd.com.au\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Tim Cosulich.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>","content_html":"

Fratelli Cosulich utilises a unique system of family governance to ensure the business survives and prospers from generation to generation. It’s not often we get to hear from a 6th generation family business so I am so excited to share this conversation with the audience today.

\n\n

Implementing family governance rules that “protect the business from the family” has worked out well for Fratelli Cosulich who have successfully transitioned and prospered for six generations.

\n\n

In this episode, we welcome Tim Cosulich, Tim is the sixth generation CEO of Fratelli Cosulich, an Italian shipping group established in 1857. Across more than 160 years, the Cosulich family has seen numerous changes and weathered many challenges. The Group is involved in most aspects of the shipping industry, has a global footprint across 18 countries, more than 1,000 employees and an annual turnover of 1.8bn USD.

\n\n

Tim explains why the performance of his family business during World War I and World War II cannot be compared with the current pandemic due to the differences in management and time. He talks about the importance of having family values that are translated into the leadership of the family business while still protecting it.

\n\n

Listen in to learn the process of hiring family members to be part of a generational family business without promoting conflicts of interest. You will also learn the non-meritocratic governance strategy that is good for the overall success of a family business even with its shortcomings.

\n\n

Key Takeaways:

\n\n\n\n

Standout Quotes:

\n\n\n\n

Episode Timeline:

\n\n\n\n

Relevant Links:

\n\n\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at newsletter.mikeboyd.com.au

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Tim Cosulich.

Sponsored By:

","summary":"Tim is the sixth generation CEO of Fratelli Cosulich an Italian shipping group established in 1857. Across more than 160 years, the Cosulich family have utilised a unique system of family governance to ensure the business survives and prospers from generation to generation.","date_published":"2020-08-01T10:15:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/e16afea3-b77b-424d-bce7-c258453eefe8.mp3","mime_type":"audio/mpeg","size_in_bytes":33353769,"duration_in_seconds":2779}]},{"id":"20c26ecd-ee76-42ee-bcb3-5b10cd09102f","title":"Rob Robson – Building & Operating the Business of Family [The Business of Family]","url":"https://www.businessoffamily.net/rob-robson","content_text":"I'm delighted to introduce Rob Robson, a founder, serial entrepreneur and great student of multi-generational wealth creation. Rob is the Founder of OneHarvest, Australia’s largest fresh salads business and these days spends up to 7 months of the year sailing the world.\n\nIt was Rob who first introduced me to the phrase \"The Business of Family\" and ignited in me a passion to explore this topic deeply. \n\nThe Robson Family approach to structuring their family partnership and stewarding their assets for succeeding generations is some of the best work I've seen in this area. I have no doubt that you'll have many take aways from today's conversation.\n\nKey Takeaways:\n\n\nThe growth strategies you can employ to sustain and expand your family business\nHow to apply the two concepts of business of family and family business in your business\nHow to make your business a great place to work and entice the family to want to work there\nLearning to let go off your dream for the greater good of future generations\nThe importance of putting as much effort in the business of family as the family business\n\n\nStandout Quotes:\n\n\n“We made it a goal to make our business interesting for our children…our children really became great critics of our business and that was pretty tough on the business.”- Rob Robson [16:46]\n“Give as much attention to the business of family as you would to the family business.”- Rob Robson [34:57]\n“Sometimes life isn’t fair but it’s livable and it’s the ability to adapt and change.”- Rob Robson [42:14]\n\n\nEpisode Timeline:\n[0:49] Intro\n[1:40] He explains how and why he and his wife travel the world sailing 5-7 months a year.\n[4:55] He narrates how he and his wife expanded his parent’s grocery business by researching and employing innovations over the years.\n[11:01] The two aspects of the business of family and the family business explained.\n[14:30] Rob explains how he and his wife made an intentional decision to actively involve their children in their business from a young age.\n[16:43] How they made the business an interesting place to work over the last 30 years and how the ownership of the business is distributed across the family.\n[19:58] He describes the process of his family counsel partnership and how it works.\n[22:47] The four rules of Harvard on the relationship between the family and the family business.\n[25:16] The change of generations as time goes by in a family business.\n[28:24] Why it is not automatic for a family member to be offered a position in Rob’s business.\n[29:04] He explains how they handle the family business’ funding among the family members.\n[33:27] How and why they invested in a family business.\n[34:55] Lessons you can learn from Rob on how to grow a multigenerational business.\n[37:44] He describes his legacy as having put the effort in both the business and the family.\n[40:25] Rob shares what he would include in a letter of a life lesson he believes many parents don’t teach their children. \n\nFor more episodes go to \nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at newsletter.mikeboyd.com.au\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Special Guest: Rob Robson.Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>Links:Book: Family Wealth - Keeping It in the Family: How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations: James E. Hughes Jr. — The landmark book that changed the way exceptional families think about their heritage, their wealth, and their legacy to future generations.","content_html":"

I'm delighted to introduce Rob Robson, a founder, serial entrepreneur and great student of multi-generational wealth creation. Rob is the Founder of OneHarvest, Australia’s largest fresh salads business and these days spends up to 7 months of the year sailing the world.

\n\n

It was Rob who first introduced me to the phrase "The Business of Family" and ignited in me a passion to explore this topic deeply.

\n\n

The Robson Family approach to structuring their family partnership and stewarding their assets for succeeding generations is some of the best work I've seen in this area. I have no doubt that you'll have many take aways from today's conversation.

\n\n

Key Takeaways:

\n\n\n\n

Standout Quotes:

\n\n\n\n

Episode Timeline:
\n[0:49] Intro
\n[1:40] He explains how and why he and his wife travel the world sailing 5-7 months a year.
\n[4:55] He narrates how he and his wife expanded his parent’s grocery business by researching and employing innovations over the years.
\n[11:01] The two aspects of the business of family and the family business explained.
\n[14:30] Rob explains how he and his wife made an intentional decision to actively involve their children in their business from a young age.
\n[16:43] How they made the business an interesting place to work over the last 30 years and how the ownership of the business is distributed across the family.
\n[19:58] He describes the process of his family counsel partnership and how it works.
\n[22:47] The four rules of Harvard on the relationship between the family and the family business.
\n[25:16] The change of generations as time goes by in a family business.
\n[28:24] Why it is not automatic for a family member to be offered a position in Rob’s business.
\n[29:04] He explains how they handle the family business’ funding among the family members.
\n[33:27] How and why they invested in a family business.
\n[34:55] Lessons you can learn from Rob on how to grow a multigenerational business.
\n[37:44] He describes his legacy as having put the effort in both the business and the family.
\n[40:25] Rob shares what he would include in a letter of a life lesson he believes many parents don’t teach their children.

\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at newsletter.mikeboyd.com.au

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Rob Robson.

Sponsored By:

Links:

","summary":"Rob Robson is the Founder of OneHarvest, Australia’s largest fresh salads business and a great student of multi-generational wealth creation. These days spends up to 7 months of the year sailing the world.","date_published":"2020-08-01T10:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/20c26ecd-ee76-42ee-bcb3-5b10cd09102f.mp3","mime_type":"audio/mpeg","size_in_bytes":31397720,"duration_in_seconds":2616}]},{"id":"212adf97-32d7-46cb-bf9d-1ad608fca3da","title":"Trailer - [The Business of Family]","url":"https://www.businessoffamily.net/trailer","content_text":"Multigenerational wealth creation involves so much more than just capital accumulation. The most successful families cultivate and collect values, stories, knowledge and resources to pass on to the next generation. The systems and processes to do this are very intentional. Very few do the work and even fewer make it beyond the 3rd generation.\n\nJoin Mike Boyd on The Business of Family Podcast as he interviews members of some of the world's most interesting families about how they pass knowledge, resources, values and wealth to the next generation.\n\n\nFamily Constitutions and annual letters\nFamily meetings and retreats\nSuccession planning\nStewardship\nFamily Office investing\nMulti-generational wealth creation and preservation\nEnduring companies and familes\nFamily enterprise\nHuman, Intellectual and Financial Capital\n\n\nI’ve been fortunate enough to meet some extremely successful families in my travels and gleaned insights from how each are shaping their legacy.\n\nMany will tell you that it’s the human, intellectual and spiritual capital that makes them successful for generations & that financial capital is simply a function of their success in these areas. \n\nIf multigenerational families and businesses fascinate you too, subscribe now to The Business of Family Podcast.\n\nI hope you enjoy sharing this learning journey with me and would greatly appreciate any feedback, resources or referrals you have to offer. \n\nhttps://twitter.com/MikeBoyd/status/1277889154601201664\n\nFor more episodes go to \nBusinessOfFamily.net\n\nSign up for The Business of Family Newsletter at newsletter.mikeboyd.com.au\n\nFollow Mike on Twitter @MikeBoyd\n\nIf you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!Sponsored By:The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. \r\n \r\n <div>\r\n <input type=\"submit\" value=\"Subscribe\" name=\"member[subscribe]\" id=\"member_submit\">\r\n</div>","content_html":"

Multigenerational wealth creation involves so much more than just capital accumulation. The most successful families cultivate and collect values, stories, knowledge and resources to pass on to the next generation. The systems and processes to do this are very intentional. Very few do the work and even fewer make it beyond the 3rd generation.

\n\n

Join Mike Boyd on The Business of Family Podcast as he interviews members of some of the world's most interesting families about how they pass knowledge, resources, values and wealth to the next generation.

\n\n\n\n

I’ve been fortunate enough to meet some extremely successful families in my travels and gleaned insights from how each are shaping their legacy.

\n\n

Many will tell you that it’s the human, intellectual and spiritual capital that makes them successful for generations & that financial capital is simply a function of their success in these areas.

\n\n

If multigenerational families and businesses fascinate you too, subscribe now to The Business of Family Podcast.

\n\n

I hope you enjoy sharing this learning journey with me and would greatly appreciate any feedback, resources or referrals you have to offer.

\n\n

https://twitter.com/MikeBoyd/status/1277889154601201664

\n\n

For more episodes go to
\nBusinessOfFamily.net

\n\n

Sign up for The Business of Family Newsletter at newsletter.mikeboyd.com.au

\n\n

Follow Mike on Twitter @MikeBoyd

\n\n

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Sponsored By:

","summary":"Multigenerational wealth creation involves so much more than just capital accumulation. The most successful families cultivate and collect values, stories, knowledge and resources to pass on to the next generation. The systems and processes to do this are very intentional.","date_published":"2020-07-28T15:00:00.000+10:00","attachments":[{"url":"https://aphid.fireside.fm/d/1437767933/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/212adf97-32d7-46cb-bf9d-1ad608fca3da.mp3","mime_type":"audio/mpeg","size_in_bytes":2498351,"duration_in_seconds":208}]}]}