web02.fireside.fm Thu, 14 May 2026 19:48:22 -0500 Fireside (https://fireside.fm) The Business of Family - Episodes Tagged with “4th Generation” https://www.businessoffamily.net/tags/4th%20generation Sun, 03 Apr 2022 15:30:00 +1000 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". Very few family businesses do the work and even fewer make it beyond the third generation. Follow along to learn about family governance structures, family office investing, succession planning and raising happy, healthy and enterprising children of wealth. Learn more and subscribe: https://www.businessoffamily.net/ Follow Mike on Twitter: https://twitter.com/MikeBoyd en-us episodic 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. Mike Boyd 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". Very few family businesses do the work and even fewer make it beyond the third generation. Follow along to learn about family governance structures, family office investing, succession planning and raising happy, healthy and enterprising children of wealth. Learn more and subscribe: https://www.businessoffamily.net/ Follow Mike on Twitter: https://twitter.com/MikeBoyd no succession, multi-generational wealth, family office, dynasty, legacy, stewardship, next generation, business, family wealth, investing, FO, wealth, investing, inheritance, legacy, heirs, Mike Boyd podcastrss@mikeboyd.com.au Srinath Rajam - Separating the Family Conglomerate After 111 Years http://www.businessoffamily.net/srinath-rajam 4125db71-1a9c-47c5-a01b-571c8169102e Sun, 03 Apr 2022 15:30:00 +1000 Mike Boyd full 2 Mike Boyd 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. 56:39 no <p>Srinath Rajam is a Director at TVS &amp; 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.</p> <p><strong>Standout Quotes:</strong></p> <ul> <li>"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]</li> <li>"Unless all of us are good human beings, we cannot work in a group" - [Srinath]</li> <li>"If the family is not in one piece... the businesses are going to fall apart" - [Srinath]</li> <li>"I don't worry about control, I worry about what's best for the business" - [Srinath]</li> </ul> <p><strong>Key Takeaways:</strong></p> <ul> <li>Srinath 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. </li> <li>The 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. </li> <li>Over 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. </li> <li>The 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.<br> </li> <li>About 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. </li> <li>The 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. </li> <li>Some 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. </li> <li>Based 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.</li> <li>Although 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. </li> <li>Even 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. </li> <li>To 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. </li> <li>When 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. </li> <li>The 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.<br> </li> <li>Unlike 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. </li> <li>In 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.</li> <li>When 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. </li> <li>Unfortunately, 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. </li> <li>The 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. </li> <li>One 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. </li> <li>From 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. </li> </ul> <p><strong>Episode Timeline:</strong></p> <ul> <li>[00:50] Meet today's guest, Srinath Rajam. </li> <li>[02:33] What led to this amicable speciation agreement? </li> <li>[05:54] What are the main pillars that have made up the conglomerate over the last 100 years? </li> <li>[08:02] About the two-wheeler operation.</li> <li>[13:50] How have you decided where and how to draw the lines in separating this conglomerate? </li> <li>[16:42] What are the requirements for family members to join the business? </li> <li>[19:56] Are there comparisons between the success or failure of G4 and that of G5?</li> <li>[21:30] Where did the inspiration for this approach towards onboarding come from? </li> <li>[23:30] What formal family governance structures do you have in place?</li> <li>[26:32] What method hasn't worked well in keeping the family together? </li> <li>[34:00] How big was the wider family assembly? </li> <li>[37:50] After the split up, will you carry on the current family structures to your Family Enterprise?</li> <li>[40:38] How do succession and shareholding occur in your new family enterprise? </li> <li>[42:40] How do you view lineage in terms of sons and daughters?</li> <li>[45:51] After the separation, how does the thread of family history and storytelling continue? </li> <li>[49:22] Discussing the family logistics business. </li> <li>[54:40] From Srinath to his children. </li> </ul> <p><strong>For more episodes go to</strong><br> <a href="https://www.businessoffamily.net/" target="_blank" rel="nofollow noopener">BusinessOfFamily.net</a></p> <p>Sign up for <a href="https://www.businessoffamily.net/newsletter" target="_blank" rel="nofollow noopener">The Business of Family Newsletter</a></p> <p>Follow Mike on Twitter <a href="https://twitter.com/MikeBoyd" target="_blank" rel="nofollow noopener">@MikeBoyd</a></p> <p>If you feel it's appropriate, I'd so appreciate you taking 30 seconds to <a href="http://getpodcast.reviews/id/1525326745" target="_blank" rel="nofollow noopener">Leave a Review on iTunes</a>, I receive a notification of each review. Thank you! Special Guest: Srinath Rajam.</p> multi-generational wealth, family office, dynasty, legacy, succession, stewardship, next generation, business, family wealth, investing, FO, global citizen, nomad, taxation, wealth, portfolio manager, trader, real estate investor, multi-family, multifamily office, investor, inheritance, heirs, 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.

Standout Quotes:

  • "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]
  • "Unless all of us are good human beings, we cannot work in a group" - [Srinath]
  • "If the family is not in one piece... the businesses are going to fall apart" - [Srinath]
  • "I don't worry about control, I worry about what's best for the business" - [Srinath]

Key Takeaways:

  • Srinath 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.
  • The 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.
  • Over 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.
  • The 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.
  • About 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.
  • The 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.
  • Some 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.
  • Based 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.
  • Although 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.
  • Even 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.
  • To 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.
  • When 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.
  • The 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.
  • Unlike 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.
  • In 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.
  • When 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.
  • Unfortunately, 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.
  • The 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.
  • One 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.
  • From 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.

Episode Timeline:

  • [00:50] Meet today's guest, Srinath Rajam.
  • [02:33] What led to this amicable speciation agreement?
  • [05:54] What are the main pillars that have made up the conglomerate over the last 100 years?
  • [08:02] About the two-wheeler operation.
  • [13:50] How have you decided where and how to draw the lines in separating this conglomerate?
  • [16:42] What are the requirements for family members to join the business?
  • [19:56] Are there comparisons between the success or failure of G4 and that of G5?
  • [21:30] Where did the inspiration for this approach towards onboarding come from?
  • [23:30] What formal family governance structures do you have in place?
  • [26:32] What method hasn't worked well in keeping the family together?
  • [34:00] How big was the wider family assembly?
  • [37:50] After the split up, will you carry on the current family structures to your Family Enterprise?
  • [40:38] How do succession and shareholding occur in your new family enterprise?
  • [42:40] How do you view lineage in terms of sons and daughters?
  • [45:51] After the separation, how does the thread of family history and storytelling continue?
  • [49:22] Discussing the family logistics business.
  • [54:40] From Srinath to his children.

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter

Follow Mike on Twitter @MikeBoyd

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:

  • kwikpatch.com | India — Srinath Rajam is the Chairman and CEO of Kwik Patch (a JV with MYERS Industries, USA) and Director in TVS Mobility .
]]> 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.

Standout Quotes:

  • "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]
  • "Unless all of us are good human beings, we cannot work in a group" - [Srinath]
  • "If the family is not in one piece... the businesses are going to fall apart" - [Srinath]
  • "I don't worry about control, I worry about what's best for the business" - [Srinath]

Key Takeaways:

  • Srinath 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.
  • The 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.
  • Over 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.
  • The 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.
  • About 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.
  • The 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.
  • Some 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.
  • Based 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.
  • Although 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.
  • Even 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.
  • To 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.
  • When 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.
  • The 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.
  • Unlike 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.
  • In 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.
  • When 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.
  • Unfortunately, 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.
  • The 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.
  • One 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.
  • From 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.

Episode Timeline:

  • [00:50] Meet today's guest, Srinath Rajam.
  • [02:33] What led to this amicable speciation agreement?
  • [05:54] What are the main pillars that have made up the conglomerate over the last 100 years?
  • [08:02] About the two-wheeler operation.
  • [13:50] How have you decided where and how to draw the lines in separating this conglomerate?
  • [16:42] What are the requirements for family members to join the business?
  • [19:56] Are there comparisons between the success or failure of G4 and that of G5?
  • [21:30] Where did the inspiration for this approach towards onboarding come from?
  • [23:30] What formal family governance structures do you have in place?
  • [26:32] What method hasn't worked well in keeping the family together?
  • [34:00] How big was the wider family assembly?
  • [37:50] After the split up, will you carry on the current family structures to your Family Enterprise?
  • [40:38] How do succession and shareholding occur in your new family enterprise?
  • [42:40] How do you view lineage in terms of sons and daughters?
  • [45:51] After the separation, how does the thread of family history and storytelling continue?
  • [49:22] Discussing the family logistics business.
  • [54:40] From Srinath to his children.

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter

Follow Mike on Twitter @MikeBoyd

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:

  • kwikpatch.com | India — Srinath Rajam is the Chairman and CEO of Kwik Patch (a JV with MYERS Industries, USA) and Director in TVS Mobility .
]]> Ben Grossman - Co-President Siblings Stewarding a 111 Year Old Family Business http://www.businessoffamily.net/ben-grossman 8b2ebbb8-3f23-47a0-8a2e-1fab944f4bbd Mon, 12 Apr 2021 19:00:00 +1000 Mike Boyd full 1 Mike Boyd 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. 50:43 no <p><a href="https://grossmanmarketing.com/" target="_blank" rel="nofollow noopener">Grossman Marketing Group</a> was founded as Massachusetts Envelope Company in 1910 by <a href="https://www.bengrossman.info/" target="_blank" rel="nofollow noopener">Maxwell Grossman</a>, whose lifelong dream was to own his own business. </p> <p>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.</p> <p>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.</p> <p>Ben is also deeply involved in sustainability and how it relates to business, and writes and speaks frequently on the topic.</p> <p><strong>Standout Quotes:</strong></p> <ul> <li>"Our prices make friends and our service keeps them" - [Ben]</li> <li>"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]</li> <li>"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]</li> <li>"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]</li> <li>"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]</li> <li>"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]</li> <li>"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]</li> <li>"Ultimately, we have to be willing to evolve because if we don't evolve, we will get left behind" - [Ben]</li> <li>"Always do right, this will gratify some people and astonish the rest" - [Ben]</li> </ul> <p><strong>Key Takeaways:</strong></p> <ul> <li>The company has always had a service-driven culture and this has kept the business going for over 110 years.</li> <li>Ben 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.</li> <li>Following 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. </li> <li>Ben 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.</li> <li>The "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.</li> <li>Ben 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. </li> <li>Understanding 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.</li> <li>One of the critical values imparted by their grandfather was the understanding that business should never jeopardize family relationships. </li> <li>Another key value learned was the importance of treating colleagues the way family would be treated in a workplace. </li> <li>You 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. </li> <li>Highlighting 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.</li> <li>Considering the future, the most meaningful investment made in recent times has been expanding into e-commerce.</li> <li>Ben 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.</li> <li>From Ben to his kids: Always do right, this will gratify some people and astonish the rest</li> </ul> <p><strong>Episode Timeline:</strong></p> <ul> <li>[00:49] Introducing today's guest Ben Grossman, and Grossman Marketing Group, the Massachusetts envelope company.<br> </li> <li>[01:40] The history of the Grossman family business.</li> <li>[07:05] Ben narrates how he and his brother joined the business.</li> <li>[11:52] As brothers, how do you get along and what roles do you each play today in the business? </li> <li>[21:54] A listening tour: Using the "Start, Stop, Continue" Review Method.</li> <li>[25:36] Do you have any apparent failures that have set you up for later success?</li> <li>[32:15] Ben describes the family history of service to the community.</li> <li>[37:58] Has the family been intentional about documenting its history?</li> <li>[39:30] How do you pivot and evolve a marketing group like yours into the 21st century and beyond?</li> <li>[43:43] Are you nurturing your children to be the 5th generation of the business or leaving it to them to find their path?</li> <li>[48:35] A letter to Ben's Kids.</li> </ul> <p><strong>For more episodes go to</strong><br> <a href="https://www.businessoffamily.net/" target="_blank" rel="nofollow noopener">BusinessOfFamily.net</a></p> <p>Sign up for <a href="https://www.businessoffamily.net/newsletter" target="_blank" rel="nofollow noopener">The Business of Family Newsletter</a></p> <p>Follow Mike on Twitter <a href="https://twitter.com/MikeBoyd" target="_blank" rel="nofollow noopener">@MikeBoyd</a></p> <p>If you feel it's appropriate, I'd so appreciate you taking 30 seconds to <a href="http://getpodcast.reviews/id/1525326745" target="_blank" rel="nofollow noopener">Leave a Review on iTunes</a>, I receive a notification of each review. Thank you! Special Guest: Ben Grossman.</p> multi-generational wealth, family office, dynasty, legacy, succession, stewardship, next generation, business, family wealth, investing, FO, global citizen, nomad, taxation, wealth, portfolio manager, trader, real estate investor, multi-family, multifamily office, investor, inheritance, heirs, Grossman Marketing Group was founded as Massachusetts Envelope Company in 1910 by Maxwell Grossman, whose lifelong dream was to own his own business.

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.

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.

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

Standout Quotes:

  • "Our prices make friends and our service keeps them" - [Ben]
  • "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]
  • "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]
  • "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]
  • "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]
  • "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]
  • "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]
  • "Ultimately, we have to be willing to evolve because if we don't evolve, we will get left behind" - [Ben]
  • "Always do right, this will gratify some people and astonish the rest" - [Ben]

Key Takeaways:

  • The company has always had a service-driven culture and this has kept the business going for over 110 years.
  • Ben 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.
  • Following 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.
  • Ben 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.
  • The "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.
  • Ben 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.
  • Understanding 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.
  • One of the critical values imparted by their grandfather was the understanding that business should never jeopardize family relationships.
  • Another key value learned was the importance of treating colleagues the way family would be treated in a workplace.
  • You 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.
  • Highlighting 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.
  • Considering the future, the most meaningful investment made in recent times has been expanding into e-commerce.
  • Ben 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.
  • From Ben to his kids: Always do right, this will gratify some people and astonish the rest

Episode Timeline:

  • [00:49] Introducing today's guest Ben Grossman, and Grossman Marketing Group, the Massachusetts envelope company.
  • [01:40] The history of the Grossman family business.
  • [07:05] Ben narrates how he and his brother joined the business.
  • [11:52] As brothers, how do you get along and what roles do you each play today in the business?
  • [21:54] A listening tour: Using the "Start, Stop, Continue" Review Method.
  • [25:36] Do you have any apparent failures that have set you up for later success?
  • [32:15] Ben describes the family history of service to the community.
  • [37:58] Has the family been intentional about documenting its history?
  • [39:30] How do you pivot and evolve a marketing group like yours into the 21st century and beyond?
  • [43:43] Are you nurturing your children to be the 5th generation of the business or leaving it to them to find their path?
  • [48:35] A letter to Ben's Kids.

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter

Follow Mike on Twitter @MikeBoyd

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:

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

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.

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.

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

Standout Quotes:

  • "Our prices make friends and our service keeps them" - [Ben]
  • "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]
  • "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]
  • "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]
  • "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]
  • "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]
  • "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]
  • "Ultimately, we have to be willing to evolve because if we don't evolve, we will get left behind" - [Ben]
  • "Always do right, this will gratify some people and astonish the rest" - [Ben]

Key Takeaways:

  • The company has always had a service-driven culture and this has kept the business going for over 110 years.
  • Ben 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.
  • Following 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.
  • Ben 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.
  • The "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.
  • Ben 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.
  • Understanding 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.
  • One of the critical values imparted by their grandfather was the understanding that business should never jeopardize family relationships.
  • Another key value learned was the importance of treating colleagues the way family would be treated in a workplace.
  • You 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.
  • Highlighting 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.
  • Considering the future, the most meaningful investment made in recent times has been expanding into e-commerce.
  • Ben 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.
  • From Ben to his kids: Always do right, this will gratify some people and astonish the rest

Episode Timeline:

  • [00:49] Introducing today's guest Ben Grossman, and Grossman Marketing Group, the Massachusetts envelope company.
  • [01:40] The history of the Grossman family business.
  • [07:05] Ben narrates how he and his brother joined the business.
  • [11:52] As brothers, how do you get along and what roles do you each play today in the business?
  • [21:54] A listening tour: Using the "Start, Stop, Continue" Review Method.
  • [25:36] Do you have any apparent failures that have set you up for later success?
  • [32:15] Ben describes the family history of service to the community.
  • [37:58] Has the family been intentional about documenting its history?
  • [39:30] How do you pivot and evolve a marketing group like yours into the 21st century and beyond?
  • [43:43] Are you nurturing your children to be the 5th generation of the business or leaving it to them to find their path?
  • [48:35] A letter to Ben's Kids.

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter

Follow Mike on Twitter @MikeBoyd

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:

]]> Julie Charlestein - The First Woman & 4th Generation Charlestein to Lead Premier Dental http://www.businessoffamily.net/julie-charlestein f1b57935-0bdc-47c0-8570-f8ef380f2c15 Mon, 22 Mar 2021 19:00:00 +1000 Mike Boyd full 1 Mike Boyd 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. 38:05 yes <p>Julie Charlestein is a fourth-generation CEO and president of <a href="https://www.premierdentalco.com/" target="_blank" rel="nofollow noopener">Premier Dental</a>, a global dental development and manufacturing company serving the worldwide oral health professional market since 1913.</p> <p>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.</p> <p>The Charlestein family have adopted an interesting ownership and control structure for Premier which Julie has kindly agreed to discuss with us today.</p> <p><strong>Standout Quotes:</strong></p> <ul> <li>"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]</li> <li>"The way that the transitions are the easiest is when everything is written down" - [Julie]</li> <li>"Giving one person control, I think, removes a lot of the family bickering" - [Mike]</li> <li>"Remember who you are" - [Julie]</li> <li>"The dollar is Round" - [Julie]</li> <li>"I think giving the next generation members the opportunity to opt-in, rather than have an expectation, often creates the greatest want" - [Mike] </li> <li>To start a revolution, the only solution, evolve" - [Julie]</li> <li>"Don't let perfect get in the way of good" - [Julie]</li> <li>"Science doesn't always sell" - [Mike]</li> <li>"Family is family and that's where you should be connected" - [Julie]</li> </ul> <p><strong>Key Takeaways:</strong></p> <ul> <li>The 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. </li> <li>Joining 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.</li> <li>Julie 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</li> <li>Highlighting 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.</li> <li>The 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.</li> <li>While getting together as a family is pivotal for a family business and is being inculcated, there is room for improvement.</li> <li>Julie's Family Value: "Remember who you are", you need to have a sense of who you represent including your family, your community, the company.</li> <li>Another 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.</li> <li>Describing 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.</li> <li>One key lesson from a significant failure while running the family business was that "Science doesn't always win", as the scientific</li> <li>superiority 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. </li> <li>From Julie to her kids: Remember who you are, The dollar is Round, Respect, and Family ties.</li> </ul> <p><strong>Episode Timeline:</strong></p> <ul> <li>[00:49] Meet today's guest, Julie Charlestein, a 4th generation CEO. </li> <li>[01:37] The backstory of Premier Dental Family Business.</li> <li>[09:28] Growing up, was joining the family business always an expectation?</li> <li>[14:22] Julie describes the transition of the business from her father to herself.</li> <li>[24:16] Does the family get together regularly for a family meeting or family council?</li> <li>[25:27] Are there any key values passed down through the generations that still hold today?</li> <li>[26:52] Do you do anything intentionally to document the history of the family?</li> <li>[28:10] Is there a 5th generation already involved or interested in the business?</li> <li>[29:40] The Evolution of the family business under Julie.</li> <li>[32:58] Julie describes one of her most significant failures. </li> <li>[37:25] Is there potentially another chapter for you beyond your journey with the family business?</li> <li>[38:10] Julie's letter to her kids</li> </ul> <p><strong>For more episodes go to</strong><br> <a href="https://www.businessoffamily.net/" target="_blank" rel="nofollow noopener">BusinessOfFamily.net</a></p> <p>Sign up for <a href="https://www.businessoffamily.net/newsletter" target="_blank" rel="nofollow noopener">The Business of Family Newsletter</a></p> <p>Follow Mike on Twitter <a href="https://twitter.com/MikeBoyd" target="_blank" rel="nofollow noopener">@MikeBoyd</a></p> <p>If you feel it's appropriate, I'd so appreciate you taking 30 seconds to <a href="http://getpodcast.reviews/id/1525326745" target="_blank" rel="nofollow noopener">Leave a Review on iTunes</a>, I receive a notification of each review. Thank you! Special Guest: Julie Charlestein.</p> multi-generational wealth, family office, dynasty, legacy, succession, stewardship, next generation, business, family wealth, investing, FO, global citizen, nomad, taxation, wealth, portfolio manager, trader, real estate investor, multi-family, multifamily office, investor, inheritance, heirs, 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.

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.

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

Standout Quotes:

  • "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]
  • "The way that the transitions are the easiest is when everything is written down" - [Julie]
  • "Giving one person control, I think, removes a lot of the family bickering" - [Mike]
  • "Remember who you are" - [Julie]
  • "The dollar is Round" - [Julie]
  • "I think giving the next generation members the opportunity to opt-in, rather than have an expectation, often creates the greatest want" - [Mike]
  • To start a revolution, the only solution, evolve" - [Julie]
  • "Don't let perfect get in the way of good" - [Julie]
  • "Science doesn't always sell" - [Mike]
  • "Family is family and that's where you should be connected" - [Julie]

Key Takeaways:

  • The 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.
  • Joining 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.
  • Julie 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
  • Highlighting 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.
  • The 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.
  • While getting together as a family is pivotal for a family business and is being inculcated, there is room for improvement.
  • Julie's Family Value: "Remember who you are", you need to have a sense of who you represent including your family, your community, the company.
  • Another 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.
  • Describing 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.
  • One key lesson from a significant failure while running the family business was that "Science doesn't always win", as the scientific
  • superiority 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.
  • From Julie to her kids: Remember who you are, The dollar is Round, Respect, and Family ties.

Episode Timeline:

  • [00:49] Meet today's guest, Julie Charlestein, a 4th generation CEO.
  • [01:37] The backstory of Premier Dental Family Business.
  • [09:28] Growing up, was joining the family business always an expectation?
  • [14:22] Julie describes the transition of the business from her father to herself.
  • [24:16] Does the family get together regularly for a family meeting or family council?
  • [25:27] Are there any key values passed down through the generations that still hold today?
  • [26:52] Do you do anything intentionally to document the history of the family?
  • [28:10] Is there a 5th generation already involved or interested in the business?
  • [29:40] The Evolution of the family business under Julie.
  • [32:58] Julie describes one of her most significant failures.
  • [37:25] Is there potentially another chapter for you beyond your journey with the family business?
  • [38:10] Julie's letter to her kids

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter

Follow Mike on Twitter @MikeBoyd

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:

  • 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.
]]> 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.

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.

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

Standout Quotes:

  • "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]
  • "The way that the transitions are the easiest is when everything is written down" - [Julie]
  • "Giving one person control, I think, removes a lot of the family bickering" - [Mike]
  • "Remember who you are" - [Julie]
  • "The dollar is Round" - [Julie]
  • "I think giving the next generation members the opportunity to opt-in, rather than have an expectation, often creates the greatest want" - [Mike]
  • To start a revolution, the only solution, evolve" - [Julie]
  • "Don't let perfect get in the way of good" - [Julie]
  • "Science doesn't always sell" - [Mike]
  • "Family is family and that's where you should be connected" - [Julie]

Key Takeaways:

  • The 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.
  • Joining 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.
  • Julie 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
  • Highlighting 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.
  • The 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.
  • While getting together as a family is pivotal for a family business and is being inculcated, there is room for improvement.
  • Julie's Family Value: "Remember who you are", you need to have a sense of who you represent including your family, your community, the company.
  • Another 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.
  • Describing 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.
  • One key lesson from a significant failure while running the family business was that "Science doesn't always win", as the scientific
  • superiority 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.
  • From Julie to her kids: Remember who you are, The dollar is Round, Respect, and Family ties.

Episode Timeline:

  • [00:49] Meet today's guest, Julie Charlestein, a 4th generation CEO.
  • [01:37] The backstory of Premier Dental Family Business.
  • [09:28] Growing up, was joining the family business always an expectation?
  • [14:22] Julie describes the transition of the business from her father to herself.
  • [24:16] Does the family get together regularly for a family meeting or family council?
  • [25:27] Are there any key values passed down through the generations that still hold today?
  • [26:52] Do you do anything intentionally to document the history of the family?
  • [28:10] Is there a 5th generation already involved or interested in the business?
  • [29:40] The Evolution of the family business under Julie.
  • [32:58] Julie describes one of her most significant failures.
  • [37:25] Is there potentially another chapter for you beyond your journey with the family business?
  • [38:10] Julie's letter to her kids

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter

Follow Mike on Twitter @MikeBoyd

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:

  • 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.
]]> Ashok Melwani - Negotiating an Exit From the 4th Generation Family Business [The Business of Family] http://www.businessoffamily.net/ashok-melwani 1b2595c4-4a42-4198-a868-12dc8e32f597 Mon, 11 Jan 2021 19:00:00 +1000 Mike Boyd full 1 Mike Boyd 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. Ashok 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. 50:59 no <p>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 &amp; beverage and distribution, and now an executive coach. </p> <p>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.</p> <p><strong>Standout Quotes:</strong></p> <ul> <li>"My most disliked few words, 'You should know what to do'." - [Ashok]</li> <li>"If the CEO of a business is not passionate about a business, he has no business to be the CEO" - [Ashok] </li> <li>"If the family business is the only thing on your resume, it's not very worthwhile" - [Ashok] </li> <li>"Crowd brings crowd to a restaurant" - [Ashok] </li> <li>"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] </li> <li>"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] </li> <li>"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] </li> </ul> <p><strong>Key Takeaways:</strong></p> <ul> <li>Ashok 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.</li> <li>If the family business is the only thing on your resume, it's not very worthwhile, even if you were the MD.</li> <li>Ashok 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.</li> <li> 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.</li> <li>Although he had a clean exit, there were effects on the family dynamics at the time, as some family members didn't understand why.</li> <li>Despite the many setbacks, looking back, there is no doubt that leaving the family business was the right step to take for Ashok.</li> <li>I have no respect for trust fund kids.</li> <li>You 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.</li> <li>Ashok admits that based on his experience with his family business, he was not encouraged to start another one involving his children</li> <li>After 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.</li> <li>From Ashok to his kids: when one door closes, another door opens, don't wait around too long afterward.</li> </ul> <p><strong>Episode Timeline:</strong></p> <ul> <li>[00:49] Introducing "Ashok Melwani" </li> <li>[01:56] Ashok narrates how he joined the family business</li> <li>[02:50] What sort of products was the business offering?</li> <li>[13:03] Your career with the family business, where did it reach, and what happened next?</li> <li>[31:32] Ashok explains he had a clean exit from the family business.</li> <li>[34:00] Would you say that leaving the family was the right decision for you?</li> <li>[35:04] How is the family business going today?</li> <li>[36:31] Did you ever try and nurture your children to work with you and create another family business?</li> <li>[38:28] Ashok's opinion on children inheriting wealth</li> <li>[40:39] A notable experience that helped shape his journey.</li> <li>[44:00] What advice would you give to a driven entrepreneur who aspires to be the founding generation of a multi-generational family business?</li> <li>[44:57] What's your take on generational businesses?</li> <li>[46:46] My next stage in life involves venturing into Leadership Coaching</li> <li>[47:35] Ashok's letter to his children</li> </ul> <p><strong>For more episodes go to</strong> <br> <a href="https://www.businessoffamily.net/" target="_blank" rel="nofollow noopener">BusinessOfFamily.net</a></p> <p>Sign up for The Business of Family Newsletter at <a href="https://www.businessoffamily.net/newsletter" target="_blank" rel="nofollow noopener">https://www.businessoffamily.net/newsletter</a></p> <p>Follow Mike on Twitter <a href="https://twitter.com/MikeBoyd" target="_blank" rel="nofollow noopener">@MikeBoyd</a></p> <p>If you feel it's appropriate, I'd so appreciate you taking 30 seconds to <a href="http://getpodcast.reviews/id/1525326745" target="_blank" rel="nofollow noopener">Leave a Review on iTunes</a>, I receive a notification of each review. Thank you! Special Guest: Ashok Melwani.</p> multi-generational wealth, family office, dynasty, legacy, succession, stewardship, next generation, business, family wealth, investing, FO, global citizen, nomad, taxation, wealth, portfolio manager, trader, real estate investor, multi-family, multifamily office, investor, inheritance, heirs, 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.

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.

Standout Quotes:

  • "My most disliked few words, 'You should know what to do'." - [Ashok]
  • "If the CEO of a business is not passionate about a business, he has no business to be the CEO" - [Ashok]
  • "If the family business is the only thing on your resume, it's not very worthwhile" - [Ashok]
  • "Crowd brings crowd to a restaurant" - [Ashok]
  • "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]
  • "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]
  • "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]

Key Takeaways:

  • Ashok 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.
  • If the family business is the only thing on your resume, it's not very worthwhile, even if you were the MD.
  • Ashok 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.
  • 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.
  • Although he had a clean exit, there were effects on the family dynamics at the time, as some family members didn't understand why.
  • Despite the many setbacks, looking back, there is no doubt that leaving the family business was the right step to take for Ashok.
  • I have no respect for trust fund kids.
  • You 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.
  • Ashok admits that based on his experience with his family business, he was not encouraged to start another one involving his children
  • After 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.
  • From Ashok to his kids: when one door closes, another door opens, don't wait around too long afterward.

Episode Timeline:

  • [00:49] Introducing "Ashok Melwani"
  • [01:56] Ashok narrates how he joined the family business
  • [02:50] What sort of products was the business offering?
  • [13:03] Your career with the family business, where did it reach, and what happened next?
  • [31:32] Ashok explains he had a clean exit from the family business.
  • [34:00] Would you say that leaving the family was the right decision for you?
  • [35:04] How is the family business going today?
  • [36:31] Did you ever try and nurture your children to work with you and create another family business?
  • [38:28] Ashok's opinion on children inheriting wealth
  • [40:39] A notable experience that helped shape his journey.
  • [44:00] What advice would you give to a driven entrepreneur who aspires to be the founding generation of a multi-generational family business?
  • [44:57] What's your take on generational businesses?
  • [46:46] My next stage in life involves venturing into Leadership Coaching
  • [47:35] Ashok's letter to his children

For more episodes go to
BusinessOfFamily.net

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

Follow Mike on Twitter @MikeBoyd

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:

]]> 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.

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.

Standout Quotes:

  • "My most disliked few words, 'You should know what to do'." - [Ashok]
  • "If the CEO of a business is not passionate about a business, he has no business to be the CEO" - [Ashok]
  • "If the family business is the only thing on your resume, it's not very worthwhile" - [Ashok]
  • "Crowd brings crowd to a restaurant" - [Ashok]
  • "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]
  • "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]
  • "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]

Key Takeaways:

  • Ashok 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.
  • If the family business is the only thing on your resume, it's not very worthwhile, even if you were the MD.
  • Ashok 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.
  • 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.
  • Although he had a clean exit, there were effects on the family dynamics at the time, as some family members didn't understand why.
  • Despite the many setbacks, looking back, there is no doubt that leaving the family business was the right step to take for Ashok.
  • I have no respect for trust fund kids.
  • You 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.
  • Ashok admits that based on his experience with his family business, he was not encouraged to start another one involving his children
  • After 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.
  • From Ashok to his kids: when one door closes, another door opens, don't wait around too long afterward.

Episode Timeline:

  • [00:49] Introducing "Ashok Melwani"
  • [01:56] Ashok narrates how he joined the family business
  • [02:50] What sort of products was the business offering?
  • [13:03] Your career with the family business, where did it reach, and what happened next?
  • [31:32] Ashok explains he had a clean exit from the family business.
  • [34:00] Would you say that leaving the family was the right decision for you?
  • [35:04] How is the family business going today?
  • [36:31] Did you ever try and nurture your children to work with you and create another family business?
  • [38:28] Ashok's opinion on children inheriting wealth
  • [40:39] A notable experience that helped shape his journey.
  • [44:00] What advice would you give to a driven entrepreneur who aspires to be the founding generation of a multi-generational family business?
  • [44:57] What's your take on generational businesses?
  • [46:46] My next stage in life involves venturing into Leadership Coaching
  • [47:35] Ashok's letter to his children

For more episodes go to
BusinessOfFamily.net

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

Follow Mike on Twitter @MikeBoyd

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:

]]> George Isaac - Family Business Consultant, Board Advisor & Prior CEO of Isaac Family Businesses [The Business of Family] http://www.businessoffamily.net/george-isaac ebead95c-21c0-497d-9b57-91a326119cc0 Mon, 04 Jan 2021 19:00:00 +1000 Mike Boyd full 1 Mike Boyd 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. 46:56 no <p>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. </p> <p>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 <a href="https://www.georgeisaac.com/" target="_blank" rel="nofollow noopener">GAI Capital Ltd.</a>, a family business consulting firm and the author of a newly released book titled <a href="https://amzn.to/357aKVz" target="_blank" rel="nofollow noopener">Your Business, Your Family, Your Legacy: Building a Multigenerational Family Business That Lasts</a></p> <p><a href="https://amzn.to/357aKVz" target="_blank" rel="nofollow noopener"><img src="https://files.fireside.fm/file/fireside-uploads/images/0/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/MOXrjd85.jpg" alt="Your Business Your Family Your Legacy - George A Isaac"></a></p> <p><strong>Standout Quotes:</strong></p> <ul> <li>"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"</li> <li>"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"</li> <li>"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"</li> <li>"The most important to me of the whole thing is just being certain that your ownership group is aligned"</li> <li>"There are times when you should sell your family business"</li> <li>"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"</li> <li>"Money is not everything by any means" </li> </ul> <p><strong>Key Takeaways:</strong></p> <ul> <li>Although 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.</li> <li>George notes that the Authoritarian leadership style of his father, although a good leader, made for a rather weak management team generally.</li> <li>The 2 conceptual parts to George's 9-step succession planning roadmap: Family Transition Planning and Business Transition Planning.</li> <li>George 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.</li> <li>It 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. </li> <li>The 2 Basic components of selling the family business: the financial side and the personal side.</li> <li>Headwinds that perpetuate a multi-generational family wealth: FIST ( Family units, Inflation, Spending rate, Taxes)</li> <li>George shares some insight from the book "Everybody matters", describing how attention to the little things can go a long way in making workers satisfied</li> <li>Think about what you want your legacy to be; are you aligning yourself with that legacy?</li> <li>Be Curious and Have Empathy</li> </ul> <p><strong>Episode Timeline:</strong></p> <ul> <li>[00:49] A short overview of George's background and the Isaac family business </li> <li>[05:12] George is the 3rd generation of the family business</li> <li>[05:28] What sort of product lines is the business in?</li> <li>[06:22] How did your story evolve into the family advisory work?</li> <li>[09:44] About the A 9-step succession planning roadmap from George's book</li> <li>[17:16] George highlights implications to consider in selling a family business</li> <li>[23:37] The Family Business Wealth Evaporation Trap</li> <li>[33:05] F.I.S.T</li> <li>[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?</li> <li>[39:47] George shares his opinion about children inheriting wealth.</li> <li>[41:51] George recommends the book "Everybody Matters" by Bob Chapman</li> <li>[44:31] From George to his kids</li> </ul> <p>*<em>For more episodes go to *</em><br> <a href="https://www.businessoffamily.net/" target="_blank" rel="nofollow noopener">BusinessOfFamily.net</a></p> <p>Sign up for The Business of Family Newsletter at <a href="https://www.businessoffamily.net/newsletter" target="_blank" rel="nofollow noopener">https://www.businessoffamily.net/newsletter</a></p> <p>Follow Mike on Twitter <a href="https://twitter.com/MikeBoyd" target="_blank" rel="nofollow noopener">@MikeBoyd</a></p> <p>If you feel it's appropriate, I'd so appreciate you taking 30 seconds to <a href="http://getpodcast.reviews/id/1525326745" target="_blank" rel="nofollow noopener">Leave a Review on iTunes</a>, I receive a notification of each review. Thank you! Special Guest: George Isaac.</p> multi-generational wealth, family office, dynasty, legacy, succession, stewardship, next generation, business, family wealth, investing, FO, global citizen, nomad, taxation, wealth, portfolio manager, trader, real estate investor, multi-family, multifamily office, investor, inheritance, heirs, 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.

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

Your Business Your Family Your Legacy - George A Isaac

Standout Quotes:

  • "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"
  • "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"
  • "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"
  • "The most important to me of the whole thing is just being certain that your ownership group is aligned"
  • "There are times when you should sell your family business"
  • "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"
  • "Money is not everything by any means"

Key Takeaways:

  • Although 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.
  • George notes that the Authoritarian leadership style of his father, although a good leader, made for a rather weak management team generally.
  • The 2 conceptual parts to George's 9-step succession planning roadmap: Family Transition Planning and Business Transition Planning.
  • George 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.
  • It 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.
  • The 2 Basic components of selling the family business: the financial side and the personal side.
  • Headwinds that perpetuate a multi-generational family wealth: FIST ( Family units, Inflation, Spending rate, Taxes)
  • George shares some insight from the book "Everybody matters", describing how attention to the little things can go a long way in making workers satisfied
  • Think about what you want your legacy to be; are you aligning yourself with that legacy?
  • Be Curious and Have Empathy

Episode Timeline:

  • [00:49] A short overview of George's background and the Isaac family business
  • [05:12] George is the 3rd generation of the family business
  • [05:28] What sort of product lines is the business in?
  • [06:22] How did your story evolve into the family advisory work?
  • [09:44] About the A 9-step succession planning roadmap from George's book
  • [17:16] George highlights implications to consider in selling a family business
  • [23:37] The Family Business Wealth Evaporation Trap
  • [33:05] F.I.S.T
  • [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?
  • [39:47] George shares his opinion about children inheriting wealth.
  • [41:51] George recommends the book "Everybody Matters" by Bob Chapman
  • [44:31] From George to his kids

*For more episodes go to *
BusinessOfFamily.net

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

Follow Mike on Twitter @MikeBoyd

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:

]]> 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.

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

Your Business Your Family Your Legacy - George A Isaac

Standout Quotes:

  • "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"
  • "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"
  • "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"
  • "The most important to me of the whole thing is just being certain that your ownership group is aligned"
  • "There are times when you should sell your family business"
  • "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"
  • "Money is not everything by any means"

Key Takeaways:

  • Although 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.
  • George notes that the Authoritarian leadership style of his father, although a good leader, made for a rather weak management team generally.
  • The 2 conceptual parts to George's 9-step succession planning roadmap: Family Transition Planning and Business Transition Planning.
  • George 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.
  • It 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.
  • The 2 Basic components of selling the family business: the financial side and the personal side.
  • Headwinds that perpetuate a multi-generational family wealth: FIST ( Family units, Inflation, Spending rate, Taxes)
  • George shares some insight from the book "Everybody matters", describing how attention to the little things can go a long way in making workers satisfied
  • Think about what you want your legacy to be; are you aligning yourself with that legacy?
  • Be Curious and Have Empathy

Episode Timeline:

  • [00:49] A short overview of George's background and the Isaac family business
  • [05:12] George is the 3rd generation of the family business
  • [05:28] What sort of product lines is the business in?
  • [06:22] How did your story evolve into the family advisory work?
  • [09:44] About the A 9-step succession planning roadmap from George's book
  • [17:16] George highlights implications to consider in selling a family business
  • [23:37] The Family Business Wealth Evaporation Trap
  • [33:05] F.I.S.T
  • [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?
  • [39:47] George shares his opinion about children inheriting wealth.
  • [41:51] George recommends the book "Everybody Matters" by Bob Chapman
  • [44:31] From George to his kids

*For more episodes go to *
BusinessOfFamily.net

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

Follow Mike on Twitter @MikeBoyd

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:

]]> Gautam Goel - 4th Generation Steward of Dhampur Sugar Mills [The Business of Family] http://www.businessoffamily.net/gautam-goel 7aa08729-e12c-4cab-b35a-30c6931acfa3 Mon, 28 Dec 2020 19:00:00 +1000 Mike Boyd full 1 Mike Boyd Gautam Goel is the fourth generation Managing Director of Dhampur Sugar Mills Ltd, one of the leading integrated sugarcane processing companies in India. 49:50 no <p>Gautam Goel is the fourth generation Managing Director of <a href="http://dhampurintl.com/index.html" target="_blank" rel="nofollow noopener">Dhampur International Pte Ltd</a>, the parent company and Dhampur International Pte Ltd. </p> <p>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.</p> <p>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. </p> <p><strong>Standout Quotes:</strong></p> <ul> <li>My 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]</li> <li>"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]</li> <li>"Do unto others as you would have them do unto you" - [Gautam Goel]</li> <li>"Don't be fixated on results, put in your best, do your effort and leave the results" - [Gautam Goel]</li> </ul> <p><strong>Key Takeaways:</strong></p> <ul> <li>Gautam 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.</li> <li>When trying different things, it is important not to move too fast from one to another because you might not give each your full attention</li> <li>Business can't be a democracy, one person has to make the decisions</li> <li>Gautam 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.</li> <li>Not encouraging recklessness, but as long as you have common sense, it's good to be adventurous and make some mistakes to figure things out.</li> <li>Don't be fixated on results, results are not in your control, your effort is</li> </ul> <p><strong>Episode Timeline:</strong></p> <ul> <li>[00:49] About Gautam Goel and the history of his family business.</li> <li>[14:31] How did you end up joining the family business?</li> <li>[20:25] Gautam describes the natural process of his succession noting how this affects decision making in the business</li> <li>[24:55] What does the business look like today, from where it started?</li> <li>[34:36] Is there a next-generation that is interested in joining the family business, and what challenges do you foresee?</li> <li>[40:36] Integrating the idea of outside leadership in the family business</li> <li>[42:26] Are there structures or plans in place regarding family governance?</li> <li>[43:48] Gautam's thoughts on children inheriting wealth</li> <li>[45:50] Are you taking any steps to document the history of the family business?</li> <li>[46:25] Gautam's letter to his kids</li> </ul> <p><strong>For more episodes go to</strong> <br> <a href="https://www.businessoffamily.net/" target="_blank" rel="nofollow noopener">BusinessOfFamily.net</a></p> <p>Sign up for The Business of Family Newsletter at <a href="https://www.businessoffamily.net/newsletter" target="_blank" rel="nofollow noopener">https://www.businessoffamily.net/newsletter</a></p> <p>Follow Mike on Twitter <a href="https://twitter.com/MikeBoyd" target="_blank" rel="nofollow noopener">@MikeBoyd</a></p> <p>If you feel it's appropriate, I'd so appreciate you taking 30 seconds to <a href="http://getpodcast.reviews/id/1525326745" target="_blank" rel="nofollow noopener">Leave a Review on iTunes</a>, I receive a notification of each review. Thank you! Special Guest: Gautam Goel.</p> multi-generational wealth, family office, dynasty, legacy, succession, stewardship, next generation, business, family wealth, investing, FO, global citizen, nomad, taxation, wealth, portfolio manager, trader, real estate investor, multi-family, multifamily office, investor, inheritance, heirs, Gautam Goel is the fourth generation Managing Director of Dhampur International Pte Ltd, the parent company and Dhampur International Pte Ltd.

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.

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.

Standout Quotes:

  • My 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]
  • "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]
  • "Do unto others as you would have them do unto you" - [Gautam Goel]
  • "Don't be fixated on results, put in your best, do your effort and leave the results" - [Gautam Goel]

Key Takeaways:

  • Gautam 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.
  • When trying different things, it is important not to move too fast from one to another because you might not give each your full attention
  • Business can't be a democracy, one person has to make the decisions
  • Gautam 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.
  • Not encouraging recklessness, but as long as you have common sense, it's good to be adventurous and make some mistakes to figure things out.
  • Don't be fixated on results, results are not in your control, your effort is

Episode Timeline:

  • [00:49] About Gautam Goel and the history of his family business.
  • [14:31] How did you end up joining the family business?
  • [20:25] Gautam describes the natural process of his succession noting how this affects decision making in the business
  • [24:55] What does the business look like today, from where it started?
  • [34:36] Is there a next-generation that is interested in joining the family business, and what challenges do you foresee?
  • [40:36] Integrating the idea of outside leadership in the family business
  • [42:26] Are there structures or plans in place regarding family governance?
  • [43:48] Gautam's thoughts on children inheriting wealth
  • [45:50] Are you taking any steps to document the history of the family business?
  • [46:25] Gautam's letter to his kids

For more episodes go to
BusinessOfFamily.net

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

Follow Mike on Twitter @MikeBoyd

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:

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

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.

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.

Standout Quotes:

  • My 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]
  • "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]
  • "Do unto others as you would have them do unto you" - [Gautam Goel]
  • "Don't be fixated on results, put in your best, do your effort and leave the results" - [Gautam Goel]

Key Takeaways:

  • Gautam 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.
  • When trying different things, it is important not to move too fast from one to another because you might not give each your full attention
  • Business can't be a democracy, one person has to make the decisions
  • Gautam 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.
  • Not encouraging recklessness, but as long as you have common sense, it's good to be adventurous and make some mistakes to figure things out.
  • Don't be fixated on results, results are not in your control, your effort is

Episode Timeline:

  • [00:49] About Gautam Goel and the history of his family business.
  • [14:31] How did you end up joining the family business?
  • [20:25] Gautam describes the natural process of his succession noting how this affects decision making in the business
  • [24:55] What does the business look like today, from where it started?
  • [34:36] Is there a next-generation that is interested in joining the family business, and what challenges do you foresee?
  • [40:36] Integrating the idea of outside leadership in the family business
  • [42:26] Are there structures or plans in place regarding family governance?
  • [43:48] Gautam's thoughts on children inheriting wealth
  • [45:50] Are you taking any steps to document the history of the family business?
  • [46:25] Gautam's letter to his kids

For more episodes go to
BusinessOfFamily.net

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

Follow Mike on Twitter @MikeBoyd

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:

]]> Jonathan Goldhill - 4th Generation Inheritor, Coach & Author of Disruptive Successor [The Business of Family] http://www.businessoffamily.net/jonathan-goldhill 6f85f884-9908-4ede-b350-e37209f07070 Mon, 30 Nov 2020 19:00:00 +1000 Mike Boyd full 1 Mike Boyd 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. 50:52 no <p>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. </p> <p>In his new book<a href="https://www.disruptivesuccessor.com/" target="_blank" rel="nofollow noopener"> DISRUPTIVE SUCCESSOR</a>, Jonathan offers a proven framework and playbook for unwinding this knot, scaling up your business or planning your exit.</p> <p><strong>Standout Quotes:</strong></p> <ul> <li>"Perhaps all multi-generational businesses should have a family constitution, while we're naming secretaries and treasurers... why not name a historian?" – [Jonathan Goldhill]</li> <li>"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]</li> <li>"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]</li> <li>96% 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]</li> <li>"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]</li> <li>"I'm not in the business of family coaching, I'm in the families doing business coaching" – [Jonathan Goldhill]</li> <li>The hardest part I think of running businesses is managing the people and getting the right people in your company. – [Jonathan Goldhill]</li> <li>"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]</li> <li>"Life is hard work and if you're not working on yourself then nobody else is going to" – [Jonathan Goldhill]</li> </ul> <p><strong>Key Takeaways:</strong></p> <ul> <li>One of the downsides of being wealthy is that wealthy people can be very busy at the expense of spending time with children</li> <li>Jonathan 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.</li> <li>The blessing and curse of setting up a trust fund: there's lots of misinterpretation of younger generations when they inherit that wealth</li> <li>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.</li> <li>Jonathan explains that there is a generational gap with unspoken conversations between generations, and the families he knows had the best transitions communicated as peers.</li> <li>Business coaching is not about hitting a mass number of people, it's about the business of the family.</li> <li>If you're not having important conversations, then you're not building a healthy business.</li> <li>Hard 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.</li> </ul> <p><strong>Episode Timeline:</strong></p> <ul> <li>[00:48] Introducing Jonathan Goldhill who shares some history of his grandfather's family business.</li> <li>[08:09] How exactly did the business end? </li> <li>[11:57] Jonathan describes one of his attempts at starting a new business and the challenges that effectively impeded the success of the business</li> <li>[16:08] The impact of wealth on Jonathan growing up</li> <li>[21:40] How did you take this formative experience from your own family to help other business families through their situations?</li> <li>[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?</li> <li>[34:55] About Jonathan's book: "The Disruptive Successor"</li> <li>[41:10] The role of the different cultures in the family business</li> <li>[44:50] Defining "Family" </li> <li>[48:00] A letter from Jonathan to his kids</li> </ul> <p>*<em>For more episodes go to *</em><br> <a href="https://www.businessoffamily.net/" target="_blank" rel="nofollow noopener">BusinessOfFamily.net</a></p> <p>Sign up for The Business of Family Newsletter at <a href="https://www.businessoffamily.net/newsletter" target="_blank" rel="nofollow noopener">https://www.businessoffamily.net/newsletter</a></p> <p>Follow Mike on Twitter <a href="https://twitter.com/MikeBoyd" target="_blank" rel="nofollow noopener">@MikeBoyd</a></p> <p>If you feel it's appropriate, I'd so appreciate you taking 30 seconds to <a href="http://getpodcast.reviews/id/1525326745" target="_blank" rel="nofollow noopener">Leave a Review on iTunes</a>, I receive a notification of each review. Thank you! Special Guest: Jonathan Goldhill.</p> multi-generational wealth, family office, dynasty, legacy, succession, stewardship, next generation, business, family wealth, investing, FO, global citizen, nomad, taxation, wealth, portfolio manager, trader, real estate investor, multi-family, multifamily office, investor, inheritance, heirs, 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.

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.

Standout Quotes:

  • "Perhaps all multi-generational businesses should have a family constitution, while we're naming secretaries and treasurers... why not name a historian?" – [Jonathan Goldhill]
  • "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]
  • "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]
  • 96% 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]
  • "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]
  • "I'm not in the business of family coaching, I'm in the families doing business coaching" – [Jonathan Goldhill]
  • The hardest part I think of running businesses is managing the people and getting the right people in your company. – [Jonathan Goldhill]
  • "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]
  • "Life is hard work and if you're not working on yourself then nobody else is going to" – [Jonathan Goldhill]

Key Takeaways:

  • One of the downsides of being wealthy is that wealthy people can be very busy at the expense of spending time with children
  • Jonathan 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.
  • The blessing and curse of setting up a trust fund: there's lots of misinterpretation of younger generations when they inherit that wealth
  • 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 explains that there is a generational gap with unspoken conversations between generations, and the families he knows had the best transitions communicated as peers.
  • Business coaching is not about hitting a mass number of people, it's about the business of the family.
  • If you're not having important conversations, then you're not building a healthy business.
  • Hard 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.

Episode Timeline:

  • [00:48] Introducing Jonathan Goldhill who shares some history of his grandfather's family business.
  • [08:09] How exactly did the business end?
  • [11:57] Jonathan describes one of his attempts at starting a new business and the challenges that effectively impeded the success of the business
  • [16:08] The impact of wealth on Jonathan growing up
  • [21:40] How did you take this formative experience from your own family to help other business families through their situations?
  • [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?
  • [34:55] About Jonathan's book: "The Disruptive Successor"
  • [41:10] The role of the different cultures in the family business
  • [44:50] Defining "Family"
  • [48:00] A letter from Jonathan to his kids

*For more episodes go to *
BusinessOfFamily.net

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

Follow Mike on Twitter @MikeBoyd

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:

]]> 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.

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.

Standout Quotes:

  • "Perhaps all multi-generational businesses should have a family constitution, while we're naming secretaries and treasurers... why not name a historian?" – [Jonathan Goldhill]
  • "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]
  • "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]
  • 96% 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]
  • "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]
  • "I'm not in the business of family coaching, I'm in the families doing business coaching" – [Jonathan Goldhill]
  • The hardest part I think of running businesses is managing the people and getting the right people in your company. – [Jonathan Goldhill]
  • "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]
  • "Life is hard work and if you're not working on yourself then nobody else is going to" – [Jonathan Goldhill]

Key Takeaways:

  • One of the downsides of being wealthy is that wealthy people can be very busy at the expense of spending time with children
  • Jonathan 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.
  • The blessing and curse of setting up a trust fund: there's lots of misinterpretation of younger generations when they inherit that wealth
  • 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 explains that there is a generational gap with unspoken conversations between generations, and the families he knows had the best transitions communicated as peers.
  • Business coaching is not about hitting a mass number of people, it's about the business of the family.
  • If you're not having important conversations, then you're not building a healthy business.
  • Hard 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.

Episode Timeline:

  • [00:48] Introducing Jonathan Goldhill who shares some history of his grandfather's family business.
  • [08:09] How exactly did the business end?
  • [11:57] Jonathan describes one of his attempts at starting a new business and the challenges that effectively impeded the success of the business
  • [16:08] The impact of wealth on Jonathan growing up
  • [21:40] How did you take this formative experience from your own family to help other business families through their situations?
  • [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?
  • [34:55] About Jonathan's book: "The Disruptive Successor"
  • [41:10] The role of the different cultures in the family business
  • [44:50] Defining "Family"
  • [48:00] A letter from Jonathan to his kids

*For more episodes go to *
BusinessOfFamily.net

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

Follow Mike on Twitter @MikeBoyd

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:

]]> Caroline Link - 4th Generation Heir to B.Grimm, one of Thailand’s Oldest Business Institutions [The Business of Family] http://www.businessoffamily.net/caroline-link 9a734ab7-6784-4f52-8f90-baecd5e74f14 Mon, 16 Nov 2020 19:00:00 +1000 Mike Boyd full 1 Mike Boyd 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. 33:52 no <p>Caroline Link, a 4th generation family member who is being groomed to run <a href="https://bgrimmgroup.com/" target="_blank" rel="nofollow noopener">B.Grimm</a>, 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. </p> <p>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.</p> <p><strong>Standout Quotes:</strong></p> <ul> <li>“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]</li> <li>“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]</li> <li>“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]</li> <li>“Keep working on yourself, and if you want things to change you have to initiate it and change yourself” – [Caroline Link]</li> </ul> <p><strong>Key Takeaways</strong>:</p> <ul> <li>Caroline 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</li> <li>A 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</li> <li>Caroline 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.</li> <li>Following 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.</li> <li>Caroline also shares that a workshop on family values revealed the two main values in her family to be ”Contribution” and “Sense of Freedom”</li> <li>It 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</li> <li>Find what makes you happy professionally and gives you meaning, and make a contribution</li> </ul> <p><strong>Episode Timeline:</strong></p> <ul> <li>[00:48] Meeting the guest; Caroline Link, and the B.Grimm company</li> <li>[01:33] A brief history on the founding of the B.Grimm Company up to the 3rd generation</li> <li>[06:48] Caroline shares that she was lucky her interests were aligned with many fields that the family business was already involved in.</li> <li>[08:40] How has the family business remained resilient for such a long time?</li> <li>[09:53] How the family has governed itself successfully</li> <li>[15:52] Diversifying the family wealth outside of the business</li> <li>[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.</li> <li>[20:23] What is the most worthwhile investment you have ever made?</li> <li>[22:01] Who is B.Grimm?</li> <li>[23:20] The two main family values shared by Caroline’s family</li> <li>[25:17] The scale of the B.Grimm enterprise</li> <li>[28:06] Caroline’s thoughts on the children being a part of the family business</li> <li>[31:58] A letter from Caroline to her Kids</li> </ul> <p><strong>For more episodes go to</strong> <br> <a href="https://www.businessoffamily.net/" target="_blank" rel="nofollow noopener">BusinessOfFamily.net</a></p> <p>Sign up for The Business of Family Newsletter at <a href="https://www.businessoffamily.net/newsletter" target="_blank" rel="nofollow noopener">https://www.businessoffamily.net/newsletter</a></p> <p>Follow Mike on Twitter <a href="https://twitter.com/MikeBoyd" target="_blank" rel="nofollow noopener">@MikeBoyd</a></p> <p>If you feel it's appropriate, I'd so appreciate you taking 30 seconds to <a href="http://getpodcast.reviews/id/1525326745" target="_blank" rel="nofollow noopener">Leave a Review on iTunes</a>, I receive a notification of each review. Thank you! Special Guest: Caroline Link.</p> multi-generational wealth, family office, dynasty, legacy, succession, stewardship, next generation, business, family wealth, investing, FO, global citizen, nomad, taxation, wealth, portfolio manager, trader, real estate investor, multi-family, multifamily office, investor, inheritance, heirs, 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.

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.

Standout Quotes:

  • “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]
  • “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]
  • “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]
  • “Keep working on yourself, and if you want things to change you have to initiate it and change yourself” – [Caroline Link]

Key Takeaways:

  • Caroline 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
  • A 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
  • Caroline 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.
  • Following 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.
  • Caroline also shares that a workshop on family values revealed the two main values in her family to be ”Contribution” and “Sense of Freedom”
  • It 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
  • Find what makes you happy professionally and gives you meaning, and make a contribution

Episode Timeline:

  • [00:48] Meeting the guest; Caroline Link, and the B.Grimm company
  • [01:33] A brief history on the founding of the B.Grimm Company up to the 3rd generation
  • [06:48] Caroline shares that she was lucky her interests were aligned with many fields that the family business was already involved in.
  • [08:40] How has the family business remained resilient for such a long time?
  • [09:53] How the family has governed itself successfully
  • [15:52] Diversifying the family wealth outside of the business
  • [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.
  • [20:23] What is the most worthwhile investment you have ever made?
  • [22:01] Who is B.Grimm?
  • [23:20] The two main family values shared by Caroline’s family
  • [25:17] The scale of the B.Grimm enterprise
  • [28:06] Caroline’s thoughts on the children being a part of the family business
  • [31:58] A letter from Caroline to her Kids

For more episodes go to
BusinessOfFamily.net

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

Follow Mike on Twitter @MikeBoyd

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:

]]> 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.

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.

Standout Quotes:

  • “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]
  • “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]
  • “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]
  • “Keep working on yourself, and if you want things to change you have to initiate it and change yourself” – [Caroline Link]

Key Takeaways:

  • Caroline 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
  • A 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
  • Caroline 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.
  • Following 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.
  • Caroline also shares that a workshop on family values revealed the two main values in her family to be ”Contribution” and “Sense of Freedom”
  • It 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
  • Find what makes you happy professionally and gives you meaning, and make a contribution

Episode Timeline:

  • [00:48] Meeting the guest; Caroline Link, and the B.Grimm company
  • [01:33] A brief history on the founding of the B.Grimm Company up to the 3rd generation
  • [06:48] Caroline shares that she was lucky her interests were aligned with many fields that the family business was already involved in.
  • [08:40] How has the family business remained resilient for such a long time?
  • [09:53] How the family has governed itself successfully
  • [15:52] Diversifying the family wealth outside of the business
  • [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.
  • [20:23] What is the most worthwhile investment you have ever made?
  • [22:01] Who is B.Grimm?
  • [23:20] The two main family values shared by Caroline’s family
  • [25:17] The scale of the B.Grimm enterprise
  • [28:06] Caroline’s thoughts on the children being a part of the family business
  • [31:58] A letter from Caroline to her Kids

For more episodes go to
BusinessOfFamily.net

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

Follow Mike on Twitter @MikeBoyd

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:

]]> Richard Eu - Family Politics, Consolidating Power, Going Public & Taking Private [The Business of Family] http://www.businessoffamily.net/richard-eu ab877ede-93b4-4a5b-84ee-a4768aa69bc0 Mon, 09 Nov 2020 19:00:00 +1000 Mike Boyd full 1 Mike Boyd 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. 55:44 no <p>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.</p> <p>One of the family's last remaining businesses,<a href="https://www.euyansang.com/en_US/home" target="_blank" rel="nofollow noopener"> Eu Yan Sang</a>, 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.</p> <p><strong>Standout Quotes:</strong></p> <ul> <li>“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</li> <li>“If you want to institutionalize the business, it cannot be in family hands forever” – Richard Eu</li> <li>“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</li> </ul> <p><strong>Key Takeaways:</strong></p> <ul> <li>If you want to institutionalize the business, it cannot be in family hands forever</li> <li>One 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</li> <li>When 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</li> <li>It's not just about financial ratios or balance sheet, you have to bring in the heart</li> <li>Good communication helps build trust in the family business</li> <li>From 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</li> </ul> <p><strong>Episode Timeline:</strong></p> <ul> <li>[00:48] A brief introduction to Richard Eu, who shares a detailed history of the multi-generational family business</li> <li>[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 </li> <li>[16:56] About the TCM family business "Eu Yan Sang", with more emphasis on the challenges posed by politics affecting the family business.</li> <li>[34:20] Despite all the challenges, the family business experienced consistent growth almost every year.</li> <li>[38:20] Richard describes one of the problems that began from the 3rd generation</li> <li>[42:01] How two members of the 5th generation joined the family business</li> <li>[47:00] Do you have any favorite failure that set you up for success in the family business?</li> <li>[50:42] A major learning point for Richard; Communication</li> <li>[52:26] From Richard to his kids</li> </ul> <p>*<em>For more episodes go to *</em><br> <a href="https://www.businessoffamily.net/" target="_blank" rel="nofollow noopener">BusinessOfFamily.net</a></p> <p>Sign up for The Business of Family Newsletter at <a href="https://www.businessoffamily.net/newsletter" target="_blank" rel="nofollow noopener">https://www.businessoffamily.net/newsletter</a></p> <p>Follow Mike on Twitter <a href="https://twitter.com/MikeBoyd" target="_blank" rel="nofollow noopener">@MikeBoyd</a></p> <p>If you feel it's appropriate, I'd so appreciate you taking 30 seconds to <a href="http://getpodcast.reviews/id/1525326745" target="_blank" rel="nofollow noopener">Leave a Review on iTunes</a>, I receive a notification of each review. Thank you! Special Guest: Richard Eu.</p> multi-generational wealth, family office, dynasty, legacy, succession, stewardship, next generation, business, family wealth, investing, FO, global citizen, nomad, taxation, wealth, portfolio manager, trader, real estate investor, multi-family, multifamily office, investor, inheritance, heirs, 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.

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.

Standout Quotes:

  • “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
  • “If you want to institutionalize the business, it cannot be in family hands forever” – Richard Eu
  • “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

Key Takeaways:

  • If you want to institutionalize the business, it cannot be in family hands forever
  • One 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
  • When 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
  • It's not just about financial ratios or balance sheet, you have to bring in the heart
  • Good communication helps build trust in the family business
  • From 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

Episode Timeline:

  • [00:48] A brief introduction to Richard Eu, who shares a detailed history of the multi-generational family business
  • [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
  • [16:56] About the TCM family business "Eu Yan Sang", with more emphasis on the challenges posed by politics affecting the family business.
  • [34:20] Despite all the challenges, the family business experienced consistent growth almost every year.
  • [38:20] Richard describes one of the problems that began from the 3rd generation
  • [42:01] How two members of the 5th generation joined the family business
  • [47:00] Do you have any favorite failure that set you up for success in the family business?
  • [50:42] A major learning point for Richard; Communication
  • [52:26] From Richard to his kids

*For more episodes go to *
BusinessOfFamily.net

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

Follow Mike on Twitter @MikeBoyd

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:

]]> 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.

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.

Standout Quotes:

  • “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
  • “If you want to institutionalize the business, it cannot be in family hands forever” – Richard Eu
  • “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

Key Takeaways:

  • If you want to institutionalize the business, it cannot be in family hands forever
  • One 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
  • When 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
  • It's not just about financial ratios or balance sheet, you have to bring in the heart
  • Good communication helps build trust in the family business
  • From 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

Episode Timeline:

  • [00:48] A brief introduction to Richard Eu, who shares a detailed history of the multi-generational family business
  • [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
  • [16:56] About the TCM family business "Eu Yan Sang", with more emphasis on the challenges posed by politics affecting the family business.
  • [34:20] Despite all the challenges, the family business experienced consistent growth almost every year.
  • [38:20] Richard describes one of the problems that began from the 3rd generation
  • [42:01] How two members of the 5th generation joined the family business
  • [47:00] Do you have any favorite failure that set you up for success in the family business?
  • [50:42] A major learning point for Richard; Communication
  • [52:26] From Richard to his kids

*For more episodes go to *
BusinessOfFamily.net

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

Follow Mike on Twitter @MikeBoyd

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:

]]> Paolo Delgado - 4th Generation Filipino Pioneering Innovation in Logistics & Agriculture [The Business of Family] http://www.businessoffamily.net/paolo-delgado b4941845-fe56-4912-9782-80479c3ebc03 Mon, 14 Sep 2020 19:00:00 +1000 Mike Boyd full 1 Mike Boyd 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. 43:51 no <p><strong>Paolo Delgado</strong> is the current managing director of the <a href="http://delbros.com/" target="_blank" rel="nofollow noopener">Delgado Brothers Group</a> (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.</p> <p>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.</p> <p><strong>Standout Quotes</strong></p> <ul> <li>"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]</li> <li>"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]</li> <li>"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]</li> <li>"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]</li> <li>"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]</li> <li>"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]</li> <li>"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]</li> </ul> <p><strong>Key Takeaways</strong></p> <ul> <li>Becoming and demonstrating organizational value to remain sustainable in the long term</li> <li>Paolo Delgado’s challenging and rewarding entrance into the family business</li> <li>The lessons and challenges from the past generations can be the basis for policy and reforms in the family organization of the future</li> <li>Some insights from a logistics background on the passion and visions for the future of agriculture</li> <li>Three key agreements included in the charter for DelBros Group</li> <li>Allowing the family charter to be open to improvements in the future generations</li> <li>The sensitive topic of removing family members as a strategy for extending the life of the family organization as a whole</li> <li>What Paolo sees as requirements for a successful and harmonious family partnership</li> <li>Why fair isn't always equal in the family business</li> </ul> <p><strong>Episode Timeline</strong> </p> <ul> <li>[2:02] The origin story for the Delgado Brothers Group</li> <li>[4:31] What DelBros Group current is today</li> <li>[7:35] Leadership focus on future success in generational transitions</li> <li>[9:08] Paolo’s challenging but rewarding start in the family business</li> <li>[16:31] Placing value on the documentation of family history</li> <li>[19:21] DelBros Group Investments into the future of agriculture</li> <li>[24:10] Personalized but business centered family gatherings</li> <li>[25:24] Three agreements included in the Delgado family charter</li> <li>[28:02] Why pruning in a family organization can extend the longevity of the business</li> <li>[30:45] Clarification on Delgado family opportunities in wealth creation</li> <li>[32:28] Paolo’s thoughts on the next generation talent for the family business</li> <li>[36:37] Requirements for successful and harmonious family partnerships</li> <li>[38:34] The difference between fairness and equality</li> <li>[41:03] Paolo’s focus on leading his children to personal happiness and fulfillment</li> </ul> <p>For more episodes go to <br> <a href="https://www.businessoffamily.net/" target="_blank" rel="nofollow noopener">BusinessOfFamily.net</a></p> <p>Sign up for The Business of Family Newsletter at <a href="https://www.businessoffamily.net/newsletter" target="_blank" rel="nofollow noopener">https://www.businessoffamily.net/newsletter</a></p> <p>Follow Mike on Twitter <a href="https://twitter.com/MikeBoyd" target="_blank" rel="nofollow noopener">@MikeBoyd</a></p> <p>If you feel it's appropriate, I'd so appreciate you taking 30 seconds to <a href="http://getpodcast.reviews/id/1525326745" target="_blank" rel="nofollow noopener">Leave a Review on iTunes</a>, I receive a notification of each review. Thank you! Special Guest: Paolo Delgado.</p> multi-generational wealth, family office, dynasty, legacy, succession, stewardship, next generation, business, family wealth, investing, FO, global citizen, nomad, taxation, wealth, portfolio manager, trader, real estate investor, multi-family, multifamily office, investor, inheritance, heirs, 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.

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.

Standout Quotes

  • "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]
  • "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]
  • "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]
  • "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]
  • "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]
  • "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]
  • "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]

Key Takeaways

  • Becoming and demonstrating organizational value to remain sustainable in the long term
  • Paolo Delgado’s challenging and rewarding entrance into the family business
  • The lessons and challenges from the past generations can be the basis for policy and reforms in the family organization of the future
  • Some insights from a logistics background on the passion and visions for the future of agriculture
  • Three key agreements included in the charter for DelBros Group
  • Allowing the family charter to be open to improvements in the future generations
  • The sensitive topic of removing family members as a strategy for extending the life of the family organization as a whole
  • What Paolo sees as requirements for a successful and harmonious family partnership
  • Why fair isn't always equal in the family business

Episode Timeline

  • [2:02] The origin story for the Delgado Brothers Group
  • [4:31] What DelBros Group current is today
  • [7:35] Leadership focus on future success in generational transitions
  • [9:08] Paolo’s challenging but rewarding start in the family business
  • [16:31] Placing value on the documentation of family history
  • [19:21] DelBros Group Investments into the future of agriculture
  • [24:10] Personalized but business centered family gatherings
  • [25:24] Three agreements included in the Delgado family charter
  • [28:02] Why pruning in a family organization can extend the longevity of the business
  • [30:45] Clarification on Delgado family opportunities in wealth creation
  • [32:28] Paolo’s thoughts on the next generation talent for the family business
  • [36:37] Requirements for successful and harmonious family partnerships
  • [38:34] The difference between fairness and equality
  • [41:03] Paolo’s focus on leading his children to personal happiness and fulfillment

For more episodes go to
BusinessOfFamily.net

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

Follow Mike on Twitter @MikeBoyd

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:

  • Delbros Group — With over 70 years of experience spanning four generations of leadership.
  • Delgado Stewardship — Delgado Stewardship: 4 Generations of Delgado leadership
  • Delbros 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.
]]> 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.

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.

Standout Quotes

  • "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]
  • "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]
  • "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]
  • "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]
  • "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]
  • "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]
  • "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]

Key Takeaways

  • Becoming and demonstrating organizational value to remain sustainable in the long term
  • Paolo Delgado’s challenging and rewarding entrance into the family business
  • The lessons and challenges from the past generations can be the basis for policy and reforms in the family organization of the future
  • Some insights from a logistics background on the passion and visions for the future of agriculture
  • Three key agreements included in the charter for DelBros Group
  • Allowing the family charter to be open to improvements in the future generations
  • The sensitive topic of removing family members as a strategy for extending the life of the family organization as a whole
  • What Paolo sees as requirements for a successful and harmonious family partnership
  • Why fair isn't always equal in the family business

Episode Timeline

  • [2:02] The origin story for the Delgado Brothers Group
  • [4:31] What DelBros Group current is today
  • [7:35] Leadership focus on future success in generational transitions
  • [9:08] Paolo’s challenging but rewarding start in the family business
  • [16:31] Placing value on the documentation of family history
  • [19:21] DelBros Group Investments into the future of agriculture
  • [24:10] Personalized but business centered family gatherings
  • [25:24] Three agreements included in the Delgado family charter
  • [28:02] Why pruning in a family organization can extend the longevity of the business
  • [30:45] Clarification on Delgado family opportunities in wealth creation
  • [32:28] Paolo’s thoughts on the next generation talent for the family business
  • [36:37] Requirements for successful and harmonious family partnerships
  • [38:34] The difference between fairness and equality
  • [41:03] Paolo’s focus on leading his children to personal happiness and fulfillment

For more episodes go to
BusinessOfFamily.net

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

Follow Mike on Twitter @MikeBoyd

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:

  • Delbros Group — With over 70 years of experience spanning four generations of leadership.
  • Delgado Stewardship — Delgado Stewardship: 4 Generations of Delgado leadership
  • Delbros 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.
]]> Fred Mouawad - Billionaire Diamond Owner & 4th Generation Co-Guardian [The Business of Family] http://www.businessoffamily.net/fred-mouawad b2977a73-9c42-4e96-8e8c-9ad1272903e9 Mon, 31 Aug 2020 19:00:00 +1000 Mike Boyd full 1 Mike Boyd 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. 1:01:27 no <p>A global citizen, portfolio entrepreneur, and fourth-generation co-guardian of the <a href="https://www.mouawad.com/" target="_blank" rel="nofollow noopener">Mouawad</a> family jewelry business, <a href="http://fredmouawad.com/" target="_blank" rel="nofollow noopener">Fred Mouawad</a>’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.</p> <p>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.</p> <p><strong>Standout Quotes</strong></p> <ul> <li>“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]</li> <li>“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]</li> <li>“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]</li> <li>“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]</li> <li>“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]</li> <li>“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]</li> <li>“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]</li> </ul> <p><strong>Key Takeaways</strong></p> <ul> <li>The incredible and impactful story of the Mouawad family business</li> <li>How standardizing a brand image benefits the scalability of a business</li> <li>Mouawad’s mission to craft the extraordinary</li> <li>How to prepare the next generation of a successful multi-generational business</li> <li>What co-guardianship can mean for a family and the business they run</li> <li>Why building relationships with capable people leads to scalable businesses</li> <li>How your best investment may be investing in yourself</li> <li>Instilling in the future generation the skills to make a positive impact and maintain high ethical standards</li> </ul> <p><strong>Episode Timeline</strong></p> <p>[1:58] The background of Mouawad’s generational success<br> [8:01] Modern day Mouawad jewelry business and what it represents<br> [17:38] High-end masterpieces and being recognized for Guinness World Records<br> [20:58] The value in business of natural vs synthetic diamonds<br> [22:39] Preparing the fifth generation of the Mouawad family business<br> [25:20] The idea of co-guardianship when running a multi-generational business<br> [29:25] Shaping the next generation for business success<br> [35:43] Teaching the skills to have another successful generation of Mouawad<br> [39:26] Formation of family guidelines as family business becomes a family enterprise<br> [42:27] Fred Mouawad’s entrepreneurial successes<br> [49:58] What Fred’s best investment was<br> [51:11] What it means to be a self-described global citizen<br> [52:47] How to effectively raise motivated children in wealth<br> [55:35] The transition from full control to family business co-guardianship<br> [58:24] Fred’s focus on allowing his children to have a positive impact in their life’s journey</p> <p><strong>For more episodes go to</strong><br> <a href="https://www.businessoffamily.net/" target="_blank" rel="nofollow noopener">BusinessOfFamily.net</a></p> <p>Sign up for The Business of Family Newsletter at <a href="https://www.businessoffamily.net/newsletter" target="_blank" rel="nofollow noopener">https://www.businessoffamily.net/newsletter</a></p> <p>Follow Mike on Twitter <a href="https://twitter.com/MikeBoyd" target="_blank" rel="nofollow noopener">@MikeBoyd</a></p> <p>If you feel it's appropriate, I'd so appreciate you taking 30 seconds to <a href="http://getpodcast.reviews/id/1525326745" target="_blank" rel="nofollow noopener">Leave a Review on iTunes</a>, I receive a notification of each review. Thank you! Special Guest: Fred Mouawad.</p> multi-generational wealth, family office, dynasty, legacy, succession, stewardship, next generation, business, family wealth, investing, FO, global citizen, nomad, taxation, wealth, portfolio manager, trader, real estate investor, multi-family, multifamily office, investor, inheritance, heirs, 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.

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.

Standout Quotes

  • “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]
  • “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]
  • “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]
  • “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]
  • “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]
  • “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]
  • “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]

Key Takeaways

  • The incredible and impactful story of the Mouawad family business
  • How standardizing a brand image benefits the scalability of a business
  • Mouawad’s mission to craft the extraordinary
  • How to prepare the next generation of a successful multi-generational business
  • What co-guardianship can mean for a family and the business they run
  • Why building relationships with capable people leads to scalable businesses
  • How your best investment may be investing in yourself
  • Instilling in the future generation the skills to make a positive impact and maintain high ethical standards

Episode Timeline

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

For more episodes go to
BusinessOfFamily.net

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

Follow Mike on Twitter @MikeBoyd

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:

]]> 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.

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.

Standout Quotes

  • “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]
  • “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]
  • “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]
  • “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]
  • “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]
  • “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]
  • “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]

Key Takeaways

  • The incredible and impactful story of the Mouawad family business
  • How standardizing a brand image benefits the scalability of a business
  • Mouawad’s mission to craft the extraordinary
  • How to prepare the next generation of a successful multi-generational business
  • What co-guardianship can mean for a family and the business they run
  • Why building relationships with capable people leads to scalable businesses
  • How your best investment may be investing in yourself
  • Instilling in the future generation the skills to make a positive impact and maintain high ethical standards

Episode Timeline

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

For more episodes go to
BusinessOfFamily.net

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

Follow Mike on Twitter @MikeBoyd

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:

]]>