Standout Quotes:

• "That's not your board members' primary role; to be experts on your business, they're really there to be a resource for you, a check for you..they also provide a level of protection" – Chris Herschend
• "I hear a lot of family businesses that do not have shareholder agreements in place, and that's a mandatory first step, you've got to have a shareholder agreement before you do anything else" – Chris Herschend
• "You can't trust somebody if you don't know them; you can't know them if you never see them" – Chris Herschend
• "You'd be amazed at what millionaires would do for a $250 plane ticket" – Chris Herschend
• "It's not about you and you are not your own" – Chris Herschend

Key Takeaways:

• Humility and Accountability define the principle behind the business model of a majority independent board for their family-owned company.
• The primary role of your board members is not to be experts in your business, they are there to be a resource, a check, and for protection
• Humility of an owner who wants a true board is so attractive to high-quality board members and business thinkers that they want to be a part of that
• You need to know where you are in the generational business cycle
• The primary role of the board is to be truth-tellers
• One of the hardest things you have to do as a larger family is to define 'Family'
• The simplest most important thing done in their family business is "Gathering"
• Chris emphasizes to his kids that their job is to steward the family business

Episode Timeline:

• [00:49] An Introduction to Chris Herschend
• [01:26] The mission of Herschend Enterprises is to create memories worth repeating; Chris shares the history of the company
• [07:26] The day to day operations of the business as a theme park
• [10:10] Chris gives a detailed description of the governing structure of the family business
• [13:30] Reasons behind the business model of a majority independent board for a family-owned company.
• [21:33] The family is constantly around the business but rarely in the business.
• [26:03] Chris describes his role in the family business
• [35:40] The different phases or eras in handling the wealth of the family business
• [48:50] Are there any key resources that your family has invested in to get to where you are today?
• [56:27] A letter from Chris to his kids

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Special Guest: Chris Herschend.

Sponsored By:

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

Links:

• Herschend Enterprises — Herschend Enterprises is a family of companies who focus on family entertainment. For nearly six decades, Herschend Enterprises has operated with the purpose to bring families closer together by Creating Memories Worth Repeating®.
• Harlem Globetrotters — The Harlem Globetrotters are worldwide icons, synonymous with family entertainment and great basketball skills. The Globetrotters represent 90-plus years of breaking down barriers, acts of goodwill and a commitment to fans that goes beyond the game.
• Herschend Family Entertainment – America's Largest Family-Owned Themed Attractions Corporation — Herschend Family works daily to create wholesome, immersive entertainment experiences with soul and depth. Experiences for every generation of our family. Sometimes thrilling. Sometimes lighthearted. Always distinctive. Their award-winning theme parks, entertainment and attractions aim to inspire happiness and family bonding.