web01.fireside.fm Thu, 30 Apr 2026 11:54:05 -0500 Fireside (https://fireside.fm) The Business of Family - Episodes Tagged with “Generational Wealth” https://www.businessoffamily.net/tags/generational%20wealth Mon, 18 Jan 2021 19:00:00 +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 Khalid Muhmood - Using the Family Holding Company to invest in Education [The Business of Family] http://www.businessoffamily.net/khalid-muhmood 17e24436-29b3-4bd7-9903-21b436c0c979 Mon, 18 Jan 2021 19:00:00 +1000 Mike Boyd full 1 Mike Boyd Khalid is from the UK and through the family business holding company Dragonfly Education Group, is an operational investor in education. He has been active in the business of education since 1994 50:04 no Khalid Muhmood (https://www.khalidmuhmood.com/) is from the UK and through the family business holding company Dragonfly Education Group (https://www.dragonflyeducationgroup.com/), is an operational investor in education. He has been active in the business of education since 1994 when he and his wife, Arabella Peters, co-founded Apollo English (https://apollo.edu.vn/) and then the British University Vietnam. Since then they have invested in a number of businesses all focused on education. Khalid and Arabella see themselves as the founding generation of their family enterprise and intend to never sell their Dragonfly Education hold co. They’re actively involving their young children in business conversations and laying the foundation for generational wealth, legacy and impact. Standout Quotes: * "What's your biggest headache?" * "Learning from successful family businesses; so many of them do not load up on debt" - [Khalid] * "The future of education is blended, that means you've got to incorporate online with offline" - [Khalid] * "Sophisticated multi-generational families.. have taken generations to figure out that they need to separate the Governance from the Operations, and that the family needs to be excellent stewards and owners first before they can consider playing an active role in Operations" - [Mike] * "A well-run family business is difficult to beat, especially during downtimes" - [Khalid] * "Why trade anything in, when we've found purpose?" - [Khalid] * "If you’re building any business, I'd say that 'Focus' is the thing that's often lacking, especially if the entrepreneur at the beginning thinks they have to say yes to everything" - [Khalid] * "Look for the good in life... because it really helps you enjoy the journey" - [Khalid] Key Takeaways: * If you want to be truly in control of your journey in a business, you need to be the owner, not the manager. * At the very beginning, the vision was simply to get the business to survive. * It's only when you move from surviving to thriving that you can ask, "what do you want to do?" * When asked "what is your biggest headache?" at an event, many of the entrepreneurs answered "My father". * If you're not happy with 60000 pounds per year, then any more money might not change anything. * Khalid describes the challenges of Covid-19 as a learning period for the business as a whole. * Finding a way to create balance and incorporate online with offline learning is pivotal, that will be the future for the family business. * Khalid and his wife, Arabella involve their kids as much as possible in the family business even at the early ages of 8 and 10, with some tests to determine their level of interest and perception of the business as a whole. * In the future, the key role for the kids is going to be "Good Owners" * The stewardship role is critical * One of the tips to help foster togetherness among children is that if one of them does something wrong, punish them all. * Other points to note is to never elevate one sibling above the other and to always leave them to sort out their arguments without being the judge. * Khalid shares that the preferred investments taken by DragonFly are those in which a controlling stake can be bought. * A major mistake that was made at some point was accepting an offer from Nokia when it should have been turned down because it was distracting from the core competency of the business. * Khalid shares that his source of knowledge includes mentors, peer to peer learning, and mistakes. * From Khalid to his kids: Look for the good in life because it really helps you enjoy the journey. Episode Timeline: * [00:49] About Khalid Muhmood and the inspiration for starting the business of education * [06:01] Khalid explains some of the reasons behind the choice of Vietnam as a location for starting the business * [08:59] What was the vision at the time of starting the business * [15:03] The new vision for Dragonfly Education Group * [19:41] How did the business hold up in this period of Covid19, do you have an interest in online learning? * [24:34] Is there a vision of bringing your kids into the business if they're interested? * [31:20] Do you have any other family structures aside from stewarding Dragonfly as the main asset? * [32:53] Khalid shares some of the values, principles, and parenting approaches to raise well-rounded children amidst wealth. * [36:37] Where does this family business DNA come from? * [41:17] Where do you think you'll make the next operational or financial investment? * [43:01] One of the major mistakes made in running the business: Losing focus * [47:50] A letter from Khalid to his kids For more episodes go to BusinessOfFamily.net (https://www.businessoffamily.net/) Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter (https://www.businessoffamily.net/newsletter) Follow Mike on Twitter @MikeBoyd (https://twitter.com/MikeBoyd) If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes (http://getpodcast.reviews/id/1525326745), I receive a notification of each review. Thank you! Special Guest: Khalid Muhmood. 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, Khalid Muhmood is from the UK and through the family business holding company Dragonfly Education Group, is an operational investor in education.

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

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

Standout Quotes:

  • "What's your biggest headache?"
  • "Learning from successful family businesses; so many of them do not load up on debt" - [Khalid]
  • "The future of education is blended, that means you've got to incorporate online with offline" - [Khalid]
  • "Sophisticated multi-generational families.. have taken generations to figure out that they need to separate the Governance from the Operations, and that the family needs to be excellent stewards and owners first before they can consider playing an active role in Operations" - [Mike]
  • "A well-run family business is difficult to beat, especially during downtimes" - [Khalid]
  • "Why trade anything in, when we've found purpose?" - [Khalid]
  • "If you’re building any business, I'd say that 'Focus' is the thing that's often lacking, especially if the entrepreneur at the beginning thinks they have to say yes to everything" - [Khalid]
  • "Look for the good in life... because it really helps you enjoy the journey" - [Khalid]

Key Takeaways:

  • If you want to be truly in control of your journey in a business, you need to be the owner, not the manager.
  • At the very beginning, the vision was simply to get the business to survive.
  • It's only when you move from surviving to thriving that you can ask, "what do you want to do?"
  • When asked "what is your biggest headache?" at an event, many of the entrepreneurs answered "My father".
  • If you're not happy with 60000 pounds per year, then any more money might not change anything.
  • Khalid describes the challenges of Covid-19 as a learning period for the business as a whole.
  • Finding a way to create balance and incorporate online with offline learning is pivotal, that will be the future for the family business.
  • Khalid and his wife, Arabella involve their kids as much as possible in the family business even at the early ages of 8 and 10, with some tests to determine their level of interest and perception of the business as a whole.
  • In the future, the key role for the kids is going to be "Good Owners"
  • The stewardship role is critical
  • One of the tips to help foster togetherness among children is that if one of them does something wrong, punish them all.
  • Other points to note is to never elevate one sibling above the other and to always leave them to sort out their arguments without being the judge.
  • Khalid shares that the preferred investments taken by DragonFly are those in which a controlling stake can be bought.
  • A major mistake that was made at some point was accepting an offer from Nokia when it should have been turned down because it was distracting from the core competency of the business.
  • Khalid shares that his source of knowledge includes mentors, peer to peer learning, and mistakes.
  • From Khalid to his kids: Look for the good in life because it really helps you enjoy the journey.

Episode Timeline:

  • [00:49] About Khalid Muhmood and the inspiration for starting the business of education
  • [06:01] Khalid explains some of the reasons behind the choice of Vietnam as a location for starting the business
  • [08:59] What was the vision at the time of starting the business
  • [15:03] The new vision for Dragonfly Education Group
  • [19:41] How did the business hold up in this period of Covid19, do you have an interest in online learning?
  • [24:34] Is there a vision of bringing your kids into the business if they're interested?
  • [31:20] Do you have any other family structures aside from stewarding Dragonfly as the main asset?
  • [32:53] Khalid shares some of the values, principles, and parenting approaches to raise well-rounded children amidst wealth.
  • [36:37] Where does this family business DNA come from?
  • [41:17] Where do you think you'll make the next operational or financial investment?
  • [43:01] One of the major mistakes made in running the business: Losing focus
  • [47:50] A letter from Khalid 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: Khalid Muhmood.

Sponsored By:

Links:

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

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

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

Standout Quotes:

  • "What's your biggest headache?"
  • "Learning from successful family businesses; so many of them do not load up on debt" - [Khalid]
  • "The future of education is blended, that means you've got to incorporate online with offline" - [Khalid]
  • "Sophisticated multi-generational families.. have taken generations to figure out that they need to separate the Governance from the Operations, and that the family needs to be excellent stewards and owners first before they can consider playing an active role in Operations" - [Mike]
  • "A well-run family business is difficult to beat, especially during downtimes" - [Khalid]
  • "Why trade anything in, when we've found purpose?" - [Khalid]
  • "If you’re building any business, I'd say that 'Focus' is the thing that's often lacking, especially if the entrepreneur at the beginning thinks they have to say yes to everything" - [Khalid]
  • "Look for the good in life... because it really helps you enjoy the journey" - [Khalid]

Key Takeaways:

  • If you want to be truly in control of your journey in a business, you need to be the owner, not the manager.
  • At the very beginning, the vision was simply to get the business to survive.
  • It's only when you move from surviving to thriving that you can ask, "what do you want to do?"
  • When asked "what is your biggest headache?" at an event, many of the entrepreneurs answered "My father".
  • If you're not happy with 60000 pounds per year, then any more money might not change anything.
  • Khalid describes the challenges of Covid-19 as a learning period for the business as a whole.
  • Finding a way to create balance and incorporate online with offline learning is pivotal, that will be the future for the family business.
  • Khalid and his wife, Arabella involve their kids as much as possible in the family business even at the early ages of 8 and 10, with some tests to determine their level of interest and perception of the business as a whole.
  • In the future, the key role for the kids is going to be "Good Owners"
  • The stewardship role is critical
  • One of the tips to help foster togetherness among children is that if one of them does something wrong, punish them all.
  • Other points to note is to never elevate one sibling above the other and to always leave them to sort out their arguments without being the judge.
  • Khalid shares that the preferred investments taken by DragonFly are those in which a controlling stake can be bought.
  • A major mistake that was made at some point was accepting an offer from Nokia when it should have been turned down because it was distracting from the core competency of the business.
  • Khalid shares that his source of knowledge includes mentors, peer to peer learning, and mistakes.
  • From Khalid to his kids: Look for the good in life because it really helps you enjoy the journey.

Episode Timeline:

  • [00:49] About Khalid Muhmood and the inspiration for starting the business of education
  • [06:01] Khalid explains some of the reasons behind the choice of Vietnam as a location for starting the business
  • [08:59] What was the vision at the time of starting the business
  • [15:03] The new vision for Dragonfly Education Group
  • [19:41] How did the business hold up in this period of Covid19, do you have an interest in online learning?
  • [24:34] Is there a vision of bringing your kids into the business if they're interested?
  • [31:20] Do you have any other family structures aside from stewarding Dragonfly as the main asset?
  • [32:53] Khalid shares some of the values, principles, and parenting approaches to raise well-rounded children amidst wealth.
  • [36:37] Where does this family business DNA come from?
  • [41:17] Where do you think you'll make the next operational or financial investment?
  • [43:01] One of the major mistakes made in running the business: Losing focus
  • [47:50] A letter from Khalid 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: Khalid Muhmood.

Sponsored By:

Links:

]]> Jim Grubman - Immigrants and Natives - Adapting to Wealth [The Business of Family] http://www.businessoffamily.net/jim-grubman 45731cc6-6df4-4402-9038-730f8892282c Mon, 19 Oct 2020 19:00:00 +1000 Mike Boyd full 1 Mike Boyd Dr Jim Grubman is the author of Strangers in Paradise & and Cross Cultures. He has worked with clients at many levels of affluence - offering ground-breaking explanations of how individuals and families can adjust to wealth effectively. 52:55 no Dr. Jim Grubman (http://jamesgrubman.com/) has provided services to individuals, couples, and families of wealth for over 30 years. His work with clients at many levels of affluence - from the “millionaire next door” to The Forbes 400 - has earned him a reputation as a valued family advisor. Jim is the author of Strangers in Paradise: How Families Adapt to Wealth Across Generations (https://www.amazon.com/Strangers-Paradise-Families-Wealth-Generations/dp/0615894356/) and co-author with Dennis Jaffe, PhD of Cross Cultures: How Global Families Negotiate Change Across Generations (https://www.amazon.com/Cross-Cultures-Families-Negotiate-Generations/dp/1517626609/), offering ground-breaking explanations of how individuals and families can adjust to wealth effectively. Standout Quotes: * "At the affluent and perhaps high net worth level, it's not that families leave wealth, it's that wealth gets distributed" – Dr. Jim Grubman * "People come to wealth without preparation for how they're going to sustain it in their family and that's really why it is so difficult for families" – Dr. Jim Grubman * "Most people just focus on the money and they forget adaptation" – Dr. Jim Grubman * “Everybody wants to get to the land of wealth but they don't realize what is going to be like once they get there and what their life is going to be like, the new problems that they're going to have and the adjustments in identity” – Dr. Jim Grubman * “Many inheritors are really disenfranchised citizens of the land of wealth, people think they have money but they really don't, it's in trust, tied up in partnerships... they don't control most of the wealth that is associated with them” – Dr. Jim Grubman * "Don't chase happiness; Happiness is a result, it's not a goal" – Dr. Jim Grubman Key Takeaways: * Cross-cultural adaptation is much harder than people anticipate when they make the journey to wealth * In trying to adapt to a new environment, 2 dimensions make the greatest difference: the degree to which people hold on to or let go of connection to where they came from, and the degree to which they take on or resist getting involved with the new culture * Many of the things that are necessary for the business of family are completely unknown to the people coming to wealth. * Many inheritors are really disenfranchised citizens of the land of wealth, they don't control most of the wealth that is associated with them. * The 3 main cultural prototypes: HFD Dignity culture/individualist culture (the West) Face culture/harmony culture (East/Asia) Honor culture (across several countries) * The natives of global wealth get transformed into the 4th culture; a hybrid blending where they have roots in Honor or Harmony culture with strong influences from individualists and understand the struggle that their families have gone through cross-culturally * Is the 4th culture the destination for all of these different cultures? * One of the most difficult transitions for families is to move from a strong focus on the individual to understanding how much you have to build skills, processes, and structures for the interdependence of significant wealth. Honor and Harmony culture are much more prepared to understand interdependence. * The 3 main questions on adaptation; What from our background still serves us that we can keep? What from our background no longer serves us that we need to let go of? What from our new circumstances do we need to take on for the journey ahead? * Chase purpose; happiness comes from a fulfilled life Episode Timeline: * [00:48] Mike introduces Dr. Jim Grubman and describes some of his work * [01:54] Dr. Jim narrates the history behind his involvement in Family wealth psychology * [04:16] The concepts of 'Coming to wealth' and 'Coming from wealth' * [10:19] The contrast between statistics that 80% of the wealth is created in the current generation and the amount of family wealth that is lost from generation to generation; where is all the wealth going? * [16:09] How do immigrants to wealth acquire the mental template to transition into the new culture? * [19:03] The known strategies that people go through in trying to adapt to a new environment. * [20:56] What individuals go through in making the journey to wealth * [26:08] Do the models and strategies for wealth preservation differ for those native to wealth compared to those coming to wealth? * [29:10] The main types of cultures as categorized in the book 'Cross Cultures' * [44:39] Jim's recommendation for G1s or wealth creators starting a healthy transition to G2 * [47:00] Are there new trends emerging? * [50:16] Jim's letter to his kids For more episodes go to BusinessOfFamily.net (https://www.businessoffamily.net/) Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter (https://www.businessoffamily.net/newsletter) Follow Mike on Twitter @MikeBoyd (https://twitter.com/MikeBoyd) If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes (http://getpodcast.reviews/id/1525326745), I receive a notification of each review. Thank you! Special Guest: Jim Grubman PhD. 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, Dr. Jim Grubman has provided services to individuals, couples, and families of wealth for over 30 years. His work with clients at many levels of affluence - from the “millionaire next door” to The Forbes 400 - has earned him a reputation as a valued family advisor.

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

Standout Quotes:

  • "At the affluent and perhaps high net worth level, it's not that families leave wealth, it's that wealth gets distributed" – Dr. Jim Grubman
  • "People come to wealth without preparation for how they're going to sustain it in their family and that's really why it is so difficult for families" – Dr. Jim Grubman
  • "Most people just focus on the money and they forget adaptation" – Dr. Jim Grubman
  • “Everybody wants to get to the land of wealth but they don't realize what is going to be like once they get there and what their life is going to be like, the new problems that they're going to have and the adjustments in identity” – Dr. Jim Grubman
  • “Many inheritors are really disenfranchised citizens of the land of wealth, people think they have money but they really don't, it's in trust, tied up in partnerships... they don't control most of the wealth that is associated with them” – Dr. Jim Grubman
  • "Don't chase happiness; Happiness is a result, it's not a goal" – Dr. Jim Grubman

Key Takeaways:

  • Cross-cultural adaptation is much harder than people anticipate when they make the journey to wealth
  • In trying to adapt to a new environment, 2 dimensions make the greatest difference: the degree to which people hold on to or let go of connection to where they came from, and the degree to which they take on or resist getting involved with the new culture
  • Many of the things that are necessary for the business of family are completely unknown to the people coming to wealth.
  • Many inheritors are really disenfranchised citizens of the land of wealth, they don't control most of the wealth that is associated with them.
  • The 3 main cultural prototypes: HFD Dignity culture/individualist culture (the West) Face culture/harmony culture (East/Asia) Honor culture (across several countries)
  • The natives of global wealth get transformed into the 4th culture; a hybrid blending where they have roots in Honor or Harmony culture with strong influences from individualists and understand the struggle that their families have gone through cross-culturally
  • Is the 4th culture the destination for all of these different cultures?
  • One of the most difficult transitions for families is to move from a strong focus on the individual to understanding how much you have to build skills, processes, and structures for the interdependence of significant wealth. Honor and Harmony culture are much more prepared to understand interdependence.
  • The 3 main questions on adaptation; What from our background still serves us that we can keep? What from our background no longer serves us that we need to let go of? What from our new circumstances do we need to take on for the journey ahead?
  • Chase purpose; happiness comes from a fulfilled life

Episode Timeline:

  • [00:48] Mike introduces Dr. Jim Grubman and describes some of his work
  • [01:54] Dr. Jim narrates the history behind his involvement in Family wealth psychology
  • [04:16] The concepts of 'Coming to wealth' and 'Coming from wealth'
  • [10:19] The contrast between statistics that 80% of the wealth is created in the current generation and the amount of family wealth that is lost from generation to generation; where is all the wealth going?
  • [16:09] How do immigrants to wealth acquire the mental template to transition into the new culture?
  • [19:03] The known strategies that people go through in trying to adapt to a new environment.
  • [20:56] What individuals go through in making the journey to wealth
  • [26:08] Do the models and strategies for wealth preservation differ for those native to wealth compared to those coming to wealth?
  • [29:10] The main types of cultures as categorized in the book 'Cross Cultures'
  • [44:39] Jim's recommendation for G1s or wealth creators starting a healthy transition to G2
  • [47:00] Are there new trends emerging?
  • [50:16] Jim'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: Jim Grubman PhD.

Sponsored By:

Links:

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

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

Standout Quotes:

  • "At the affluent and perhaps high net worth level, it's not that families leave wealth, it's that wealth gets distributed" – Dr. Jim Grubman
  • "People come to wealth without preparation for how they're going to sustain it in their family and that's really why it is so difficult for families" – Dr. Jim Grubman
  • "Most people just focus on the money and they forget adaptation" – Dr. Jim Grubman
  • “Everybody wants to get to the land of wealth but they don't realize what is going to be like once they get there and what their life is going to be like, the new problems that they're going to have and the adjustments in identity” – Dr. Jim Grubman
  • “Many inheritors are really disenfranchised citizens of the land of wealth, people think they have money but they really don't, it's in trust, tied up in partnerships... they don't control most of the wealth that is associated with them” – Dr. Jim Grubman
  • "Don't chase happiness; Happiness is a result, it's not a goal" – Dr. Jim Grubman

Key Takeaways:

  • Cross-cultural adaptation is much harder than people anticipate when they make the journey to wealth
  • In trying to adapt to a new environment, 2 dimensions make the greatest difference: the degree to which people hold on to or let go of connection to where they came from, and the degree to which they take on or resist getting involved with the new culture
  • Many of the things that are necessary for the business of family are completely unknown to the people coming to wealth.
  • Many inheritors are really disenfranchised citizens of the land of wealth, they don't control most of the wealth that is associated with them.
  • The 3 main cultural prototypes: HFD Dignity culture/individualist culture (the West) Face culture/harmony culture (East/Asia) Honor culture (across several countries)
  • The natives of global wealth get transformed into the 4th culture; a hybrid blending where they have roots in Honor or Harmony culture with strong influences from individualists and understand the struggle that their families have gone through cross-culturally
  • Is the 4th culture the destination for all of these different cultures?
  • One of the most difficult transitions for families is to move from a strong focus on the individual to understanding how much you have to build skills, processes, and structures for the interdependence of significant wealth. Honor and Harmony culture are much more prepared to understand interdependence.
  • The 3 main questions on adaptation; What from our background still serves us that we can keep? What from our background no longer serves us that we need to let go of? What from our new circumstances do we need to take on for the journey ahead?
  • Chase purpose; happiness comes from a fulfilled life

Episode Timeline:

  • [00:48] Mike introduces Dr. Jim Grubman and describes some of his work
  • [01:54] Dr. Jim narrates the history behind his involvement in Family wealth psychology
  • [04:16] The concepts of 'Coming to wealth' and 'Coming from wealth'
  • [10:19] The contrast between statistics that 80% of the wealth is created in the current generation and the amount of family wealth that is lost from generation to generation; where is all the wealth going?
  • [16:09] How do immigrants to wealth acquire the mental template to transition into the new culture?
  • [19:03] The known strategies that people go through in trying to adapt to a new environment.
  • [20:56] What individuals go through in making the journey to wealth
  • [26:08] Do the models and strategies for wealth preservation differ for those native to wealth compared to those coming to wealth?
  • [29:10] The main types of cultures as categorized in the book 'Cross Cultures'
  • [44:39] Jim's recommendation for G1s or wealth creators starting a healthy transition to G2
  • [47:00] Are there new trends emerging?
  • [50:16] Jim'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: Jim Grubman PhD.

Sponsored By:

Links:

]]>