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

Standout Quotes:

• "You only are going to be on this earth one time, you really are not coming back again after the first time; let's make the most of it" - [Chris]
• "Everything that you were mad at your parents for when you were a kid, is everything you respect them for when you're an adult" - [Chris]
• "Money never mattered to my dad, being content and serving others did" - [Chris]
• "I think it's a very special thing in life to really want to be good at something" - [Chris]
• "If you're a parent and you actually can't give your kids the things they want, it makes it almost easy; what's tough is when you can give them what they want and you choose not to" - [Chris]
• "How can you expect someone that grew up with everything easy and given to them, to ever have that burning desire" - [Chris]
• "Kids don't learn by words, they learn by actions, so I can say everything I want to my kids but they're going to be watching what I'm doing" - [Chris]
• "You don't keep families together, particularly with the amplification of wealth, if you're not intentionally practicing the values" - [Mike]
• "We're living in a really cool generation where I think we're going to be able to tell our stories to our kids like nobody's been ever been able to do it before" - [Chris]
• "There's just very few people that matter in this world that you remember because of how much money they had, it's really about what they did… you will be defined by how much people remember you" - [Chris]
• "The majority of businesses that do really well hit singles and doubles over and over"
• "When's enough enough?... it depends on how big of an impact you want to have" - [Chris]
• The first great business decision you're going to make is who you marry" - [Warren Buffet, Chris]
• "There's things in life that are either giving us energy or taking away energy" - [Chris]

Key Takeaways:

• Chris Powers is the Founder and Executive Chairman of Fort Capital. He is also the host of the podcast, "The FORT", as well as a serial entrepreneur with over 16 years of experience in Real Estate Development and Investment Experience. Chris is a first-generation entrepreneur with stories that shaped him down to his relationship with his children.
• Chris's dad was a lawyer who valued education, however, after 13 years of being a lawyer, He decided to become a doctor. With two kids and a wife at home, He left law and started medical school at the age of 39 which took place over 8 years with a financial toll on the family. The experience during those years created the foundation for the impression Chris has about money, feeling fortunate to have been more deprived of things than his peers. Chris also learned the importance of doing things in life that give fulfillment.
• Because of the experience of not having money over those years, Chris became an entrepreneur at a young age to get the money he needed. However, Chris has a fear that his success allows him to skip the chances to deprive his kids of the things they should be deprived of.
• Following the passing of his dad, Chris witnessed a turnout at the funeral and stories that depicted the level of impact people felt while his dad was alive. Although it was a traumatic unexpected event, Chris felt equipped at the time to take the reins in the family because his father had trusted him very early on to do things. This taught Chris that there's a level of transparency that is healthy with children, for them to start learning early on how the family operates.
• "If you study people who are extremely successful in life endeavors, there is a common thread among them where they were in a position to really want something while growing up". This has made Chris understand that it is hard but necessary to deprive kids of certain things even when they can be gotten. He is trying to teach his kids not to be overly reliant on his wealth but to forge their path. Additionally, having the nature to treat people very well even from childhood is a good foundation to build on.
• Raising great children amidst wealth is a challenge, and the importance of transparency cannot be overemphasised, especially when it comes to treating people well, or other issues affecting family values. This is important to note because kids learn by watching the actions of their parents, hence the teaching values has to be transparently done through actions. This transparency also translates to work, as Chris tries to make his work fun and appealing to his kids rather than intimidating.
• Chris has been very intentional about leaving content for his children to learn from, especially in recordings and this is one of the motivations for his podcast, "The FORT".
• Currently, Chris is working to create intentional family traditions that build the family experience. The first of these is an annual talk recorded and kept to give the kids later in life.
• Starting Fort Capital: While in school, Chris wasn't particularly trying to make a lot of money but came across someone in Real Estate who helped him learn and start Real Estate deals which resulted in his company "Fort Capital". It is a Real Estate private equity company based in Fort Worth Texas. It is focused on buying Class B industrial and multi-tenant properties, functioning as value-add buyers. As time goes by the desire to sell lessens because there have been great liquidity events from sales and holding cash from sales isn't very impactful anymore. This is beneficial especially for newcomers because Real Estate is a great tax tool.
• It is easy to get overwhelmed by other companies that seem to be doing immensely well, and be tempted to keep taking high chances. However, the majority of businesses succeed by surviving and growing incrementally.
• To be an entrepreneur you need someone supportive even when things aren't so great. Chris recalls how selfless his mum must have been to be supportive of his father's unexpected decision to study medicine. This played a major role in the success of his dad just like his wife plays to get him to where he is today.
• Concerning his view on generational wealth, Chris believes the easy route for a lot of folks with money is to let their kids assume that it's all going to be theirs, as soon as they believe it, whether it's true or not it can alter their lives. He is yet to decide on what he will leave for his kids but currently focuses on shaping their mindset on money. "I want my kids to have something but I want them to earn it and I don't want them to live a life dependent on it; not because I think it would be bad for them to have money but I think it would rob them the joy of living a fulfilled life"
• From Chris to his kids: The way they will be judged when they leave earth is by the impact they've had on others. For them to live a fulfilled life, they need to think each day, "if it was all over tomorrow, what did I leave the world"? An exercise for listeners concerning this is "If you were at your 80th birthday party, write down what you would expect people you care about to say to you". You've got one shot, make it count.

Episode Timeline:

• [00:49] Introducing today's guest, Chris Powers.
• [02:25] Chris describes inspiring life lessons from his dad.
  
• [12:24] How did you deal with the loss of your father?
• [16:30] How do you create balance with depriving your kids of some things for them to learn key values?
• [28:45] Are you being intentional about creating lessons for your kids to come across one day?
• [33:39] Do you have any intentional family traditions to build rituals around the family experience?
• [35:50] Chris shares his journey to success in his business.
• [45:33] Was there a breakthrough point where you knew you could breathe?
• [48:58] What did you learn from your mother and wife in the role they play to support the family?
• [53:04] Have you started to think about Generational wealth?
• [55:53] A letter from Chris to his kids

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Special Guest: Chris Powers.

Sponsored By:

• The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations.

Links:

• Chris Powers — As an undergraduate, Chris Powers started buying rental properties and leasing them to fellow Texas Christian University students under the banner Powers Acquisitions LLC. Powers put down roots in Fort Worth after graduating in 2008, and rebranded his real estate endeavors to Fort Capital in 2012. Today, the company’s portfolio boasts 1.5 million square feet and $220 million in assets, and includes industrial, multifamily, and urban properties across Texas. Throughout the day, Powers’ passion for Fort Worth is clear from meetings with business leaders to talks with his own team members.
• Fort capital — Established in 2005, Fort Capital is a forward-thinking investment firm with a focus on real estate and private businesses. They look beyond the usual, and while we seek to provide our investors with superior financial results - their greatest returns are improved lives. Their team is their competitive advantage as they seek meaningful work and relationships.
• ‎The FORT with Chris Powers on Apple Podcasts — The podcasts are the Conversations with leaders in real estate & business. They cover the stories often not publicly discussed.

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

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

Standout Quotes:

• "Writing is the highest form of thinking" - [Brad]
• "It's not that there's a particular process but you pick a process" - [Brad]
• "The longer you wait, the fewer the options you have, with respect to succession planning" - [Brad]
• "You can't do strategic planning unless you understand the company's culture" - [Brad]
• "It is incredible how many times people think they know what they have, and they don't" - [Brad]
• "Conflict is good, it gets things out" - [Brad]
• "All progress begins with honesty" - [Brad]
• "Most people overestimate what they can do in a year, they underestimate what they can do in ten" - [Brad]
• "If you want to improve something, measure it, if you want to improve something exponentially, measure it and have a report on it" - [Brad]
• "Succession planning is a form of strategic planning" - [Brad]
• "For things to stay the same, things must change" - [Brad]
• "I try to tell that next gen, 'your job is to increase the value and to maintain the values' " - [Brad]

Key Takeaways:

• Bradley is the author of the Amazon bestseller "The Succession Solution" and his firm, 'The Succession Coach' works with business owners to create and execute their succession plans. Brad is now an entrepreneurial strategic business adviser and a business lawyer representing closely-held businesses.
• Brad had started as a CPA with the goal to reduce taxes, and later he went on to go to law school. He realized he was helping but not solving the problem so he merged strategic planning with Estate and Succession planning which formed the Succession Solution.
• Initially, his goal was to simply put down the strategy so he could convince himself that it was feasible, however, he realized someone else could also benefit from reading it. This was how he went ahead to write his book, The Succession Solution.
• After starting a business that had made losses for two years, Brad employed strategic planning and the difference was clear; the business bounced back.
• There are 3 types of succession; Succession of Knowledge, Management, and Ownership. It is unlikely to be able to ensure the succession of management and ownership without the transfer of knowledge. However, more often than not. Succession involves the transfer of ownership with closely held business owners.
• The Succession Solution: Brad usually starts by discussing with the significant stakeholders to understand what is on the ground before getting fully involved. He also ensures the family is willing to cooperate and gets commitment upfront.
• The 6 stages of the succession plan: The first stage is the Purpose stage; identifying the basic values, the vision, and the "Why?". Next is the Discovery stage; understanding where they are before starting. The third step is the Challenge; to identify their strengths, opportunities, and most importantly, the obstacles. Most of the time what people want to get from the 6 steps is certainty because uncertainty creates anxiety.
• Brad emphasizes that conflict is good however, how that conflict is managed is critical. Communication and trust are the reason most companies fail.
• The fourth stage of the succession plan is the Mission stage. This is where the group sets milestones and creates strategies to overcome the obstacles previously identified. The Annual stage is next, and here the group decides steps that need to be taken within the next 12 months, to get closer to the milestones already set. The last stage is the Quarterly Review stage where the question is "what do we do in the next 90 days to get closer to the objective for the Annual stage?"
• The conversation of succession planning is a function of the board, hence, while members of the younger generation can have a personal conversation with their parents as the business leaders, it is fundamentally expected that the board is well suited to answer these questions. It is also helpful to talk to the professionals.
• Giving purpose to the outgoing generation of leaders in the family business is highly essential as it is a part of their transition. A good step is to create a family council for them to transition into, allowing them to offer more insight particularly on the culture and values of the business. The family office and council would also need succession planning.
• Succession planning is a form of strategic planning, as such, families should consider commencing strategic planning right after planning for succession.
• "The job of the incoming generation is to increase the value and to maintain the values" it is the job of the senior leadership to educate the upcoming leaders on the values of the business.
• Lack of planning for succession can ultimately lead to a closure of the business or loss of key employees due to uncertainty.
• Listeners who want to know how to get started with succession planning are encouraged to educate themselves first; Brad's book, "The Succession Solution" is a good resource. With adequate knowledge, they can also discuss with professionals.
• Brad's letter to his children: Never stop reading; if you want to improve yourself, read books.

Episode Timeline:

• [00:49] Introducing today's guest, Bradley J Franc.
• [01:53] Brad shares his backstory.
• [04:25] What inspired you to write your book, "The Succession Story"?
• [05:52] Discussing the importance and role of Strategic Planning.
• [09:10] At what point do you typically get involved in the business?
• [10:50] The Succession Solution (6 stages of the succession plan)
• [26:10] How can the upcoming generation approach the conversation of succession planning with the leader in the business?
  
• [32:13] Do you also create succession plans for the family council?
• [36:04] Consequences of poor succession planning.
• [40:21] What do you suggest as a first step in succession planning?
• [42:00] Brad's letter to his children.

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Special Guest: Bradley J Franc .

Sponsored By:

• The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations.

Links:

• The Succession Solution — Bradly J. Franc (“Brad”), is the creator and author of the Amazon best-selling book entitled The Succession Solution: The Strategic Guide to Business Transition.

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

Standout Quotes:

• "There's a difference between craftsmanship and entrepreneurship" - [Carl]
• "And I like the term 'Contribution', it's all about what we have to give and finding ways of being more effective in that" - [Carl]
• "I think having a purpose as a business is fundamental to what building longevity in any business is about" - [Carl]
• "In businesses, we can see a direct correlation between the makeup of the group of people at the top and the financial performance of the business" - [Carl]
• "It is a privilege that a family has when they're right at the beginning of the journey, and they make the decision to become a family business... and they put in place the structures at that point because it's a lot less emotional to argue about something that is 10 or 20 years out, than being in the middle of that thing in 20 years time" - [Carl]
• "Families need to define 'well, what does family mean to you?' - [Carl]
• "The larger the number of beneficiaries of the family, the bigger the governance framework needs to be at a family level" - [Carl]
• "There's no such thing as an 'Original Mistake', there are so many families and so many boards around the world who have done this so many times before you, that rather than try and make an original mistake, go and see what other people have done" - [Carl]

Key Takeaways:

• Carl recalls he initially had no desire to live in Africa, a few years after this, he repeatedly had cause to travel there on business and realized he had to stay, creating offices all around Africa which help families and companies to develop their boards of directors.
• Starting University at 15 years and becoming a chartered accountant by 21 years, he had always wondered why even though each generation of his family had successful entrepreneurs, there was no build-up and transfer of wealth to the next generation.
• Knowing most of his great grandparents personally helped instill values that formed the foundation for the role he currently plays in business generally.
• Carl shares that the purpose of his family business is giving people a place to call home.
• Explaining the benefits and process of introducing new family members. Carl notes that the disparity in the energy levels between him, his wife, and other family members, allows for productivity to be maximized in different areas.
• So often the succession planning is focused on when the person passes away, but if we don't take other family members on a journey of understanding the business over time, when the time comes they won't have the understanding of it to enable a successful transition.
• The Contribution Compass is a tool used to understand family members as individuals, their personalities, and predict the expected roles they would play in the family. It is also used in business as a commercial tool since there is a direct correlation between the make-up of business leaders in any business and the success of that business.
• Regarding the formality surrounding the entry of other family members into the family business, Carl discloses that nothing would be gifted and members would have to buy into the business. He also emphasizes the need to legalize every aspect of this entry as he recommends for his clients too.
• I encourage family members to deal with things when they're not topical because that's when it's least emotional.
• Regarding planning ahead for families, the best place to start is to understand that being a shareholder doesn't necessarily mean sitting around the board table. It is also important to understand Family Governance from the perspective of defining what family means to each member.
• The Governance structure is predominantly focused on determining directly family-related issues but the Operational Board side is driven by the underlying Family business. This is where families go wrong; when they cannot differentiate between Family Governance and Governance of a Profit Generation Entity.
• While sometimes the family traditions do serve the purpose of bonding, in other cases, there is some resentment on the expectations from different family members based on such traditions.
• From Carl to his kids: It is important to spend time with your grandparents and great grandparents or people connected to them from that generation because there are threads that enable you to understand how your family has developed, and what the core values or cornerstones of success for you family are, through that time of engagement.

Episode Timeline:

• [00:49] Introducing today's guest, Carl Bates
• [04:04] Carl shares his professional backstory.
• [14:28] The purpose of Carl's family business.
• [16:17] Apart from you and your mother, are there other family members involved?
• [22:43] The Contribution Compass
• [28:00] In terms of families planning ahead, where do we start?
• [30:39] Where does the distinction lie between a Family Council and the Operating Board?
• [34:33] Differentiating between a Family Council and a Family Forum.
• [36:45] What is one of the biggest challenges that families have when trying to put a governance structure in place for the first time?
• [38:12] Comparing an Operational Family Business with one that is just "stewarding the wealth".
• [43:50] How are families celebrating their uniqueness and traditions over the years?
• [48:50] Carl's letter to his kids.

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Special Guest: Carl Bates.

Sponsored By:

• The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations.

Links:

• Carl Bates — Carl Bates is an entrepreneur focused on creating meaningful economic impact within the countries and economies in which he has the opportunity to participate.
• Sirdar Group — ‘Sirdar’ is the name given to the lead Sherpa on a mountain expedition. Where others view a high mountain as a great challenge or an insurmountable obstacle, the sirdar sees it as a clear path of opportunity. The sirdar builds the right team, chooses the correct route and knows when to go for the summit.

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

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

Standout Quotes:

• "Be respectful of everyone regardless of their position, their role, or what they do with their lives" - [Juan]
• "Be very low profile...with your life, with your business, Humility in that sense" - [Juan]
• "I would seriously encourage anyone to look for a mentor in the early stage who will help guide them through the different opportunities that they would face in their lives" - [Juan]
• "I would encourage anyone in their twenties or early thirties to form their own business, especially if they want to be like a CEO... they have to quickly learn and fail on a smaller scale" - [Juan]
• "Founding your own business is like 3 MBAs in one" - [Juan]

Key Takeaways:

• Juan describes the original business model which is still in play today. His grandfather had started selling coupons which allowed customers to buy products from other stores now and pay back in installments to him. He later opened his store to sell those products, in effect, he was a credit provider.
• The business model is targeted at customers who don't get credit from their banks or lack a credit history to support them getting it.
• The biggest aspect of the business is now e-commerce, especially following the lockdown in the pandemic
• Describing that he was not forced into the family business, there was always some level of expectation that he would join the business, and he had already started getting involved at an early age. However he had left to get an MBA in the US, and decided to start his business rather than return to the family business, but after a few years, his father called him back. He stayed for a while and quitted since his working relationship with his father was poor.
• Juan shares that he finally went back to the family business with conditions given; the first was to have a board member to sort out rifts when they come up, the second was not reporting directly to his father.
• The most challenging aspect of the business they had to change, upon joining the family again, was the culture of the company in order to attract new talent. Some managers also had to leave, as there was a need to work with people who were more aligned with the goals of the company.
• Discussing his process of implementing change, Juan shares that his first step is to work with the people already in the company, if this fails, he then persuades the workers to make the necessary changes, and if that also fails, he would find someone else who can work with him.
• History did repeat itself as Juan's father also had issues with his father regarding joining in and transitioning into the family business.
• A key source of his knowledge was starting his own business, and also putting in the effort to be exposed to different industries by participating on their boards.
• Investing in time with the kids has become a top priority on the list of worthwhile investments?
• The family decided to assemble a book 2 years ago, which would tell the story of the family business and the family as well as the future of the business.
• Key lessons from Juan's journey: Be very strategic in how you go about implementing change. Being intentional about communication in the workplace and within the family is also very necessary as part of a family business.
• From Juan to his kids: Look for something that you want to do in life, something you enjoy, and something that adds value to the world. Juan would also encourage his kid to put the best effort into anything worth doing, find a mentor, and within the early twenties start a business because the knowledge gained is like 3 MBAs in one.
  

Episode Timeline:

• [00:49] About today's guest "Juan Carlos Salame"
• [02:00] Juan narrates the origin of the family business.
• [08:30] How did you come to join the Family business?
• [18:36] What changes have you been able to implement since you and your brother joined in?
• [21:40] Juan shares his approach to making drastic changes in a company.
• [27:56] Is there a multi-generational family plan in place for your children?
• [30:15] Have there been any transition issues since the business started?
• [31:45] How have you learned and grown on your journey?
• [35:12] What is the most worthwhile investment you have ever made?
• [36:13] Highlighting Values instilled in Juan which he passes on to his children.
• [37:09] Does your family invest in anything intentionally to try and document its history?
• [38:28] Juan shares lessons from his growth process
• [41:45] What would you say is your legacy?
• [43:05] Juan's letter to his kids

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Special Guest: Juan Carlos Salame.

Sponsored By:

• The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations.

Links:

• Créditos Económicos

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

Standout Quotes:

• "The biggest burden I felt was that transition from wealth generation to wealth maintenance" - [Adii]
• "I think in any kind of business partner relationships, as long as everyone is aligned towards the same goal, then everything is hunky-dory, and as soon as someone is not aligned with your process then everything is not hunky-dory" - [Adii]
• "Whatever I do, it should be that truest expression of self" - [Adii]
• "There are multiple things that pull us into different directions on a daily basis but having an awareness of when that happens... that's Mindfulness" - [Adii]
• "I truly believe in transparency for the kids" - [Adii]
• "The family office should serve as a leg up for the trustees and that's the kids, right? it's not a handout" - [Adii]
• "Neither the family office or any of our individual lives should be so rigid like we're constantly trying to fit into a single recipe" - [Adii]
• "The cost of anything we do in life is just Life" - [Adii]
• "I don't care if they miss 99% of it, even if they become 1% of the context of this conversation" - [Adii]
• "The way I think about legacy is, if I were to die tomorrow, the goal would be to have left my kids or anyone who cares enough breadcrumbs about who I really was" - [Adii]

Key Takeaways:

• A major transition point for Adii was moving from wealth generation to wealth maintenance.
• With little information on how to run a family office, he was able to get started by asking questions and got propelled into motion when the law firm got the right people around him to explain the process.
• Adii describes his value system: How can I wake up every single morning and spend my time manifesting the truest expression and version of myself in anything that I do?
• An ideal day for Adii is "being present".
• Adii explains that the main reason he went back into entrepreneurship was he wanted to create again, he was enthusiastic about building a team, and those are his higher values for now.
• While admitting that his kids have a great life especially from the financial perspective, he is concerned not to bring up spoilt kids who can't be individuals with their purpose.
• Adii describes the strategies he uses to help build his kids to become individuals with a backbone: Transparency, which involves letting the kids be fully aware and involved with the ongoings in the family office, as well as the concept of Gratitude.
• The family office should always prioritize business ideas from the trustees.
• Expounding on the concept of 'Paying a Life Dividend': A business that's not just financially profitable but profits your whole life. Adi discusses the relevance of having assets that mean more than their financial value to the family, which is selected by stress testing, effective communication, and evolution.
• It is important to sequence things, rather than doing two things at once and have none getting your full attention.
• Every single minute of our day, we only have finite attention, time, and energy to do anything, so the decision to anything is costing us life.
• Unfortunately, mainstream media has created a narrow definition of success that serves barely 0.1% of the world, but there is a much wider and diverse definition of success for the rest of us, and it is our responsibility to define it.
• To Adii's Children: Do the work, continue learning towards discovering who you are, and figure out how to manifest that in most of the things you do in life.

Episode Timeline:

• [00:49] About today's guest, Adii Pienaar, describing his origin story and path to First-generation wealth.
• [08:26] What does a family office mean to you, and how did you know what to do when you set out to do this for the first time?
• [11:19] How have you and your understanding of value systems evolved?
• [13:59] Adii describes his picture of an ideal day.
• [16:13] His motivation for diving into entrepreneurship for the 3rd time.
• [19:20] How have you explored this concept of multi-generational wealth or the family office?
• [29:50] 'Paying a Life Dividend'
• [37:34] Adii recounts a significant failure with the lessons learned.
• [40:15] About Adii's book: "Life Profitability"
• [49:12] What was the motivation for writing and publishing a book?
• [53:00] How else do you document your history within your family for the next generation to discover?
• [54:40] Adii's letter to his children.

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

Special Guest: Adii Pienaar.

Sponsored By:

• The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations.

Links:

• Adii Pienaar - Personal Website — Adii Pienaar is the founder of three technology companies, two of which he’s exited so far to create first generation wealth for his family
• CM Commerce: Email automation for ecommerce stores — Adii Pienaar is the founder of Conversio
• WooCommerce - Sell Online With The eCommerce Platform for WordPress — Adii was co-founder of WooThemes/WooCommerce
• Life Profitability: The New Measure of Entrepreneurial Success by Adii Pienaar | Amazon — In Life Profitability, Adii provides you with a new perspective for becoming self-aware, recognising your values, and understanding your impact

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

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Special Guest: Ashok Melwani.

Sponsored By:

• The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations.

Links:

• SUMIDA CORPORATION — Melwani has been an Outside Director of Sumida Corp since April 2003
• INSAS BERHAD - Strength in Depth and Diversity — Ashok Melwani served as a Non-Executive Director of Insas Bhd since November 29, 2004

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:

• The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations.

Links:

• Magnificent Jewelry and Watches | Mouawad
• Fred Mouawad | Official Website
• Fred Mouawad - Wikipedia
• Forbes Interview with Fred and Pascal Mouawad - YouTube
• Mouawad Miss Universe Crown 2019 - YouTube
• Mouawad & Victoria's Secret | Mouawad — A COLLABORATION TOWARD DARING EXCELLENCE AND BEAUTY
• Mouawad Diamond Impact Fund | Creating value by improving the lives of underprivileged communities in diamond-producing countries to honor the journey of billions of years it takes to form and discover a diamond crystal.
• Synergia One Group of Companies

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

• Family Constitutions and annual letters
• Family meetings and retreats
• Succession planning
• Stewardship
• Family Office investing
• Multi-generational wealth creation and preservation
• Enduring companies and familes
• Family enterprise
• Human, Intellectual and Financial Capital

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

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

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

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

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

For more episodes go to
BusinessOfFamily.net

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

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!

Sponsored By:

• The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations.