web01.fireside.fm Wed, 08 Apr 2026 16:22:41 -0500 Fireside (https://fireside.fm) The Business of Family - Episodes Tagged with “Legacy” https://www.businessoffamily.net/tags/legacy Sun, 24 Apr 2022 14:30:00 +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 Peter Evans - Trusted Advisor to Legacy Families & Member of a 7th Generation Family Holding Company http://www.businessoffamily.net/peter-evans a9adc230-04b6-4f39-a352-99f2cae2a956 Sun, 24 Apr 2022 14:30:00 +1000 Mike Boyd full 2 Mike Boyd Peter Evans is an advisor, consultant, and speaker to legacy families, family offices, and multigenerational enterprises all around the world. Peter creates the opportunities where affluent families have the greatest chance of flourishing. 53:48 no Peter Evans is an advisor, consultant, and speaker to legacy families, family offices, and multigenerational enterprises all around the world. Peter creates the opportunities where affluent families have the greatest chance of flourishing. Peter is also part of a legacy family himself; he is a 5th generation member of a 7th generation American enterprise established in 1885. Peter married into this family and was astounded by the welcoming and inclusive nature of his wife's large family. The family enterprise is now a holding company with over 500 shareholders, all of whom are family members. Of particular interest are the Family Summits held annually, which are designed to re-engage family members, partake in family traditions and rituals, discuss philanthropy and reset for the year ahead. Peter shares his experience of what it was like to join a well-established legacy family and how he has used this unique experience to pivot his career and help other legacy families flourish. Standout Quotes: * "We can't really plan significantly for longer than 5-10 years, you just learn that along the way, things change; the world changes" - [Peter] * "I'm really interested in making sure that the family's values are aligned with their actions" - [Peter] * "To have some sort of formal way of telling stories, I think, is critical" - [Peter] * "The most important thing you'll do are these rituals" - [Peter] * "If we have the privilege of having wealth and means, we have an obligation to give back" - [Peter] Key Takeaways: * Peter is the 5th generation member of a 7th generation American enterprise established in 1885. He is an adviser, consultant, and speaker to legacy families, family offices, and multigenerational enterprises globally. He became a part of the family when he married his wife and was included. * The company began as a group of lumber companies started by two brothers who liquidated everything after 45 years to invest with their partner, Friedrich Weyerhäuser in 1901. Peter's family had continued to be involved with the business as it expanded, although there were no male heirs in the second generation, till the 3rd generation. The family later started a private trust company in 1964, at which point they became the 3rd largest retailer of building materials in the US. * Today with diversification, they are now a holding company with over 500 shareholders, all of whom are family members. Peter's children are already involved with the family business actively and eagerly look forward to partaking in the annual family meetings. * The Family Summit: This annual family meeting usually runs over 3-5 days, on the same weekend every year, with activities like the coming-of-age ritual and elders’ ritual, Olympic games, business meetings, philanthropy group meetings, and talks by guest speakers. The goal is to make it so interesting that people want to come back. * Planning Never Stops; the family forms a long-range planning committee every 5 years to have a clean slate to think through everything. A pattern of liquidating a significant resource once every 20 years was also observed; this 'Generational Harvest' would provide liquidity to each shareholder, giving them the freedom to make their own investments. * The family investments today are largely in Real Estate, like residence halls or low-income housing units, all intentionally inclined towards 'doing well by doing good' which is a value the family holds. * Peter left his role as president of the family enterprise in 2003 and has since then helped other family enterprises manage their multigenerational interests. He believes families with vast amounts of capital can make decisions that affect millions of lives and works to ensure that these families act in accordance with their values. "I can hold a mirror up to you so that you can begin to see yourself, your family system, and your footprint in the world; the other thing I can do is open the window so that you can look out into the world and see how other families made choices during different transitions" * Peter's most satisfying work is sitting with family members and watching the interactions; his work is focused on helping build bridges in communication and relationships. His role is a position between being a business consultant, priest, and therapist all of which require a deep level of trust and respect. At its core, his work is about relationships. * Peter’s role as a 'Personne de confiance': This is a confidential advisor based on their trust, respect, and honesty. The way to get into that role is to come into the family that needs help, taking time to build trust and confidence. Very often Peter has to model a way of doing things like chairing a meeting, inclusion, and effective decision-making while keeping in mind that the goal is to pass on the mantle of leadership. Most of the time, the G2 generation is the one that reaches out to him, however, in some cases when the patriarchs are comfortable giving up authority, this spurs the G2 to take up the mantle and learn how to hand over to G3. Sometimes, the G2 has even already made the transition in their lifetime, adapting to the values and culture while the G3 grows up having a completely different experience. * Storytelling is critical in documenting family history. Peter uses this both in his family enterprise and while working with others. His family works with a full-time archivist who helps research the lives of people such that detailed questions can be asked and stories can be told more deeply. It also offers an opportunity to share lessons from the failures, trials, and tribulations of family members. * While still active in his family he was always open to learning from other families and when he left his role, he wanted to be involved in creating the consciousness in families that they can impact the world. Based on Peter's background, he has the experience which gets him into those family spaces after which he starts work. * From Peter's experience, when it comes to cultural mindsets like having female leaders, and diversity, there is a lot more openness in the US than in most other places. Although he tries to encourage such views, some cultures are just not ready for it. However, families of significant or multigenerational wealth are naturally global these days, hence it is becoming increasingly difficult to avoid influence from other cultures. * Family Rituals are the most important way to bring the family together continuously over the years because they help young people feel acknowledged. Peter's family has a children's program packed with several activities that keep them eager to return. After the age of 14, they can start going to business meetings. These activities help the family familiarize themselves with teenagers and create a more welcoming environment in the business meetings. * It is necessary to identify who is family and the kinds of roles available to different members. Each family does this differently, but Peter's family has selected the option of Inclusion. * Building Family Governance starts with having a reliable cadence of meetings quarterly, as well as major annual gatherings; this goes hand and hand with excellent communication. The next step would be to memorialize family values and have a direction and then this can be the foundation of a constitution. The constitution is a living document and should be examined and changed as required. * Peter also uses the concept of the "5 Capitals" within his family and the families he works with. * Philanthropy is another tool Peter has been familiar with. It is fun to watch families come together to figure out ways to give back based on their different interests and drives. * Very often, families look at their business as heirlooms which begs the question "Is the business an heirloom or an investment?" Sometimes it is hard to sell a business because it's been our identity for years; thus, selling is easy if the business is only an investment but if it functions as an heirloom then it may not be advisable. In some situations, the business is on the spectrum in-between, which means only certain objects or aspects may be more valued as an heirloom. Mike's family takes pictures yearly on the same spot on a piece of land which over time has taken up the role of an heirloom too. * From Peter to his children: "This is your life, do what you love and do it often. If you don't like something, change it; if you don't like your job, move on. If you don't have enough time, stop watching TV. If you're looking for the love of your life, stop, they'll be waiting for you when you start doing the things you love. Stop overanalyzing; life is simple. All emotions are beautiful, when you eat, appreciate every last bite. Open your mind, arms, and heart to new things and people; we are united in our differences. Ask the next person you see what their passion is, and share your inspiring dream with them. Travel often; getting lost will help you find yourself. Some opportunities only come once so seize them. Life is about the people you meet and the things you create with them, so go out and start creating. Life is short, live your dream and share your passion." Episode Timeline: * [00:52] About today's guest, Peter Evans. * [02:44] Peter shares his family history. * [07:10] What makes your annual family meetings appealing to the younger generation? * [12:28] Does a value system guide the investment making decisions? * [14:00] Peter's work helping other family enterprises. * [18:40] Peters role as a 'Personne de confiance'. * [24:22] Family Storytelling as a tool in Peter's work with family enterprises. * [29:08] Was it your experience with your own family that led you to work with other families? * [31:39] What are some of the differences in culture that showed up during your work with different families across the world? * [34:50] How important is it to have traditions that bring the family together? * [38:41] Who is a Family member? * [39:17] Building blocks of Family Governance. * [44:10] Philanthropy in the family enterprise. * [46:16] How shared experiences come into family meetings. * [48:14] What is the role of Heirlooms in the family enterprise? * [50:47] Peter's letter to his kids. For more episodes go to BusinessOfFamily.net (https://www.businessoffamily.net/) Sign up for The Business of Family 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: Peter Evans. 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, Peter Evans is an advisor, consultant, and speaker to legacy families, family offices, and multigenerational enterprises all around the world. Peter creates the opportunities where affluent families have the greatest chance of flourishing.

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

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

Standout Quotes:

  • "We can't really plan significantly for longer than 5-10 years, you just learn that along the way, things change; the world changes" - [Peter]
  • "I'm really interested in making sure that the family's values are aligned with their actions" - [Peter]
  • "To have some sort of formal way of telling stories, I think, is critical" - [Peter]
  • "The most important thing you'll do are these rituals" - [Peter]
  • "If we have the privilege of having wealth and means, we have an obligation to give back" - [Peter]

Key Takeaways:

  • Peter is the 5th generation member of a 7th generation American enterprise established in 1885. He is an adviser, consultant, and speaker to legacy families, family offices, and multigenerational enterprises globally. He became a part of the family when he married his wife and was included.
  • The company began as a group of lumber companies started by two brothers who liquidated everything after 45 years to invest with their partner, Friedrich Weyerhäuser in 1901. Peter's family had continued to be involved with the business as it expanded, although there were no male heirs in the second generation, till the 3rd generation. The family later started a private trust company in 1964, at which point they became the 3rd largest retailer of building materials in the US.
  • Today with diversification, they are now a holding company with over 500 shareholders, all of whom are family members. Peter's children are already involved with the family business actively and eagerly look forward to partaking in the annual family meetings.
  • The Family Summit: This annual family meeting usually runs over 3-5 days, on the same weekend every year, with activities like the coming-of-age ritual and elders’ ritual, Olympic games, business meetings, philanthropy group meetings, and talks by guest speakers. The goal is to make it so interesting that people want to come back.
  • Planning Never Stops; the family forms a long-range planning committee every 5 years to have a clean slate to think through everything. A pattern of liquidating a significant resource once every 20 years was also observed; this 'Generational Harvest' would provide liquidity to each shareholder, giving them the freedom to make their own investments.
  • The family investments today are largely in Real Estate, like residence halls or low-income housing units, all intentionally inclined towards 'doing well by doing good' which is a value the family holds.
  • Peter left his role as president of the family enterprise in 2003 and has since then helped other family enterprises manage their multigenerational interests. He believes families with vast amounts of capital can make decisions that affect millions of lives and works to ensure that these families act in accordance with their values. "I can hold a mirror up to you so that you can begin to see yourself, your family system, and your footprint in the world; the other thing I can do is open the window so that you can look out into the world and see how other families made choices during different transitions"
  • Peter's most satisfying work is sitting with family members and watching the interactions; his work is focused on helping build bridges in communication and relationships. His role is a position between being a business consultant, priest, and therapist all of which require a deep level of trust and respect. At its core, his work is about relationships.
  • Peter’s role as a 'Personne de confiance': This is a confidential advisor based on their trust, respect, and honesty. The way to get into that role is to come into the family that needs help, taking time to build trust and confidence. Very often Peter has to model a way of doing things like chairing a meeting, inclusion, and effective decision-making while keeping in mind that the goal is to pass on the mantle of leadership. Most of the time, the G2 generation is the one that reaches out to him, however, in some cases when the patriarchs are comfortable giving up authority, this spurs the G2 to take up the mantle and learn how to hand over to G3. Sometimes, the G2 has even already made the transition in their lifetime, adapting to the values and culture while the G3 grows up having a completely different experience.
  • Storytelling is critical in documenting family history. Peter uses this both in his family enterprise and while working with others. His family works with a full-time archivist who helps research the lives of people such that detailed questions can be asked and stories can be told more deeply. It also offers an opportunity to share lessons from the failures, trials, and tribulations of family members.
  • While still active in his family he was always open to learning from other families and when he left his role, he wanted to be involved in creating the consciousness in families that they can impact the world. Based on Peter's background, he has the experience which gets him into those family spaces after which he starts work.
  • From Peter's experience, when it comes to cultural mindsets like having female leaders, and diversity, there is a lot more openness in the US than in most other places. Although he tries to encourage such views, some cultures are just not ready for it. However, families of significant or multigenerational wealth are naturally global these days, hence it is becoming increasingly difficult to avoid influence from other cultures.
  • Family Rituals are the most important way to bring the family together continuously over the years because they help young people feel acknowledged. Peter's family has a children's program packed with several activities that keep them eager to return. After the age of 14, they can start going to business meetings. These activities help the family familiarize themselves with teenagers and create a more welcoming environment in the business meetings.
  • It is necessary to identify who is family and the kinds of roles available to different members. Each family does this differently, but Peter's family has selected the option of Inclusion.
  • Building Family Governance starts with having a reliable cadence of meetings quarterly, as well as major annual gatherings; this goes hand and hand with excellent communication. The next step would be to memorialize family values and have a direction and then this can be the foundation of a constitution. The constitution is a living document and should be examined and changed as required.
  • Peter also uses the concept of the "5 Capitals" within his family and the families he works with.
  • Philanthropy is another tool Peter has been familiar with. It is fun to watch families come together to figure out ways to give back based on their different interests and drives.
  • Very often, families look at their business as heirlooms which begs the question "Is the business an heirloom or an investment?" Sometimes it is hard to sell a business because it's been our identity for years; thus, selling is easy if the business is only an investment but if it functions as an heirloom then it may not be advisable. In some situations, the business is on the spectrum in-between, which means only certain objects or aspects may be more valued as an heirloom. Mike's family takes pictures yearly on the same spot on a piece of land which over time has taken up the role of an heirloom too.
  • From Peter to his children: "This is your life, do what you love and do it often. If you don't like something, change it; if you don't like your job, move on. If you don't have enough time, stop watching TV. If you're looking for the love of your life, stop, they'll be waiting for you when you start doing the things you love. Stop overanalyzing; life is simple. All emotions are beautiful, when you eat, appreciate every last bite. Open your mind, arms, and heart to new things and people; we are united in our differences. Ask the next person you see what their passion is, and share your inspiring dream with them. Travel often; getting lost will help you find yourself. Some opportunities only come once so seize them. Life is about the people you meet and the things you create with them, so go out and start creating. Life is short, live your dream and share your passion."

Episode Timeline:

  • [00:52] About today's guest, Peter Evans.
  • [02:44] Peter shares his family history.
  • [07:10] What makes your annual family meetings appealing to the younger generation?
  • [12:28] Does a value system guide the investment making decisions?
  • [14:00] Peter's work helping other family enterprises.
  • [18:40] Peters role as a 'Personne de confiance'.
  • [24:22] Family Storytelling as a tool in Peter's work with family enterprises.
  • [29:08] Was it your experience with your own family that led you to work with other families?
  • [31:39] What are some of the differences in culture that showed up during your work with different families across the world?
  • [34:50] How important is it to have traditions that bring the family together?
  • [38:41] Who is a Family member?
  • [39:17] Building blocks of Family Governance.
  • [44:10] Philanthropy in the family enterprise.
  • [46:16] How shared experiences come into family meetings.
  • [48:14] What is the role of Heirlooms in the family enterprise?
  • [50:47] Peter's letter to his 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: Peter Evans.

Sponsored By:

Links:

  • Laird Norton Company — Laird Norton Company is a family-owned enterprise that provides long-term capital and resources to empower companies to thrive—and we’ve been doing it for seven generations.
  • Peter Evans | LinkedIn
]]> Peter Evans is an advisor, consultant, and speaker to legacy families, family offices, and multigenerational enterprises all around the world. Peter creates the opportunities where affluent families have the greatest chance of flourishing.

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

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

Standout Quotes:

  • "We can't really plan significantly for longer than 5-10 years, you just learn that along the way, things change; the world changes" - [Peter]
  • "I'm really interested in making sure that the family's values are aligned with their actions" - [Peter]
  • "To have some sort of formal way of telling stories, I think, is critical" - [Peter]
  • "The most important thing you'll do are these rituals" - [Peter]
  • "If we have the privilege of having wealth and means, we have an obligation to give back" - [Peter]

Key Takeaways:

  • Peter is the 5th generation member of a 7th generation American enterprise established in 1885. He is an adviser, consultant, and speaker to legacy families, family offices, and multigenerational enterprises globally. He became a part of the family when he married his wife and was included.
  • The company began as a group of lumber companies started by two brothers who liquidated everything after 45 years to invest with their partner, Friedrich Weyerhäuser in 1901. Peter's family had continued to be involved with the business as it expanded, although there were no male heirs in the second generation, till the 3rd generation. The family later started a private trust company in 1964, at which point they became the 3rd largest retailer of building materials in the US.
  • Today with diversification, they are now a holding company with over 500 shareholders, all of whom are family members. Peter's children are already involved with the family business actively and eagerly look forward to partaking in the annual family meetings.
  • The Family Summit: This annual family meeting usually runs over 3-5 days, on the same weekend every year, with activities like the coming-of-age ritual and elders’ ritual, Olympic games, business meetings, philanthropy group meetings, and talks by guest speakers. The goal is to make it so interesting that people want to come back.
  • Planning Never Stops; the family forms a long-range planning committee every 5 years to have a clean slate to think through everything. A pattern of liquidating a significant resource once every 20 years was also observed; this 'Generational Harvest' would provide liquidity to each shareholder, giving them the freedom to make their own investments.
  • The family investments today are largely in Real Estate, like residence halls or low-income housing units, all intentionally inclined towards 'doing well by doing good' which is a value the family holds.
  • Peter left his role as president of the family enterprise in 2003 and has since then helped other family enterprises manage their multigenerational interests. He believes families with vast amounts of capital can make decisions that affect millions of lives and works to ensure that these families act in accordance with their values. "I can hold a mirror up to you so that you can begin to see yourself, your family system, and your footprint in the world; the other thing I can do is open the window so that you can look out into the world and see how other families made choices during different transitions"
  • Peter's most satisfying work is sitting with family members and watching the interactions; his work is focused on helping build bridges in communication and relationships. His role is a position between being a business consultant, priest, and therapist all of which require a deep level of trust and respect. At its core, his work is about relationships.
  • Peter’s role as a 'Personne de confiance': This is a confidential advisor based on their trust, respect, and honesty. The way to get into that role is to come into the family that needs help, taking time to build trust and confidence. Very often Peter has to model a way of doing things like chairing a meeting, inclusion, and effective decision-making while keeping in mind that the goal is to pass on the mantle of leadership. Most of the time, the G2 generation is the one that reaches out to him, however, in some cases when the patriarchs are comfortable giving up authority, this spurs the G2 to take up the mantle and learn how to hand over to G3. Sometimes, the G2 has even already made the transition in their lifetime, adapting to the values and culture while the G3 grows up having a completely different experience.
  • Storytelling is critical in documenting family history. Peter uses this both in his family enterprise and while working with others. His family works with a full-time archivist who helps research the lives of people such that detailed questions can be asked and stories can be told more deeply. It also offers an opportunity to share lessons from the failures, trials, and tribulations of family members.
  • While still active in his family he was always open to learning from other families and when he left his role, he wanted to be involved in creating the consciousness in families that they can impact the world. Based on Peter's background, he has the experience which gets him into those family spaces after which he starts work.
  • From Peter's experience, when it comes to cultural mindsets like having female leaders, and diversity, there is a lot more openness in the US than in most other places. Although he tries to encourage such views, some cultures are just not ready for it. However, families of significant or multigenerational wealth are naturally global these days, hence it is becoming increasingly difficult to avoid influence from other cultures.
  • Family Rituals are the most important way to bring the family together continuously over the years because they help young people feel acknowledged. Peter's family has a children's program packed with several activities that keep them eager to return. After the age of 14, they can start going to business meetings. These activities help the family familiarize themselves with teenagers and create a more welcoming environment in the business meetings.
  • It is necessary to identify who is family and the kinds of roles available to different members. Each family does this differently, but Peter's family has selected the option of Inclusion.
  • Building Family Governance starts with having a reliable cadence of meetings quarterly, as well as major annual gatherings; this goes hand and hand with excellent communication. The next step would be to memorialize family values and have a direction and then this can be the foundation of a constitution. The constitution is a living document and should be examined and changed as required.
  • Peter also uses the concept of the "5 Capitals" within his family and the families he works with.
  • Philanthropy is another tool Peter has been familiar with. It is fun to watch families come together to figure out ways to give back based on their different interests and drives.
  • Very often, families look at their business as heirlooms which begs the question "Is the business an heirloom or an investment?" Sometimes it is hard to sell a business because it's been our identity for years; thus, selling is easy if the business is only an investment but if it functions as an heirloom then it may not be advisable. In some situations, the business is on the spectrum in-between, which means only certain objects or aspects may be more valued as an heirloom. Mike's family takes pictures yearly on the same spot on a piece of land which over time has taken up the role of an heirloom too.
  • From Peter to his children: "This is your life, do what you love and do it often. If you don't like something, change it; if you don't like your job, move on. If you don't have enough time, stop watching TV. If you're looking for the love of your life, stop, they'll be waiting for you when you start doing the things you love. Stop overanalyzing; life is simple. All emotions are beautiful, when you eat, appreciate every last bite. Open your mind, arms, and heart to new things and people; we are united in our differences. Ask the next person you see what their passion is, and share your inspiring dream with them. Travel often; getting lost will help you find yourself. Some opportunities only come once so seize them. Life is about the people you meet and the things you create with them, so go out and start creating. Life is short, live your dream and share your passion."

Episode Timeline:

  • [00:52] About today's guest, Peter Evans.
  • [02:44] Peter shares his family history.
  • [07:10] What makes your annual family meetings appealing to the younger generation?
  • [12:28] Does a value system guide the investment making decisions?
  • [14:00] Peter's work helping other family enterprises.
  • [18:40] Peters role as a 'Personne de confiance'.
  • [24:22] Family Storytelling as a tool in Peter's work with family enterprises.
  • [29:08] Was it your experience with your own family that led you to work with other families?
  • [31:39] What are some of the differences in culture that showed up during your work with different families across the world?
  • [34:50] How important is it to have traditions that bring the family together?
  • [38:41] Who is a Family member?
  • [39:17] Building blocks of Family Governance.
  • [44:10] Philanthropy in the family enterprise.
  • [46:16] How shared experiences come into family meetings.
  • [48:14] What is the role of Heirlooms in the family enterprise?
  • [50:47] Peter's letter to his 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: Peter Evans.

Sponsored By:

Links:

  • Laird Norton Company — Laird Norton Company is a family-owned enterprise that provides long-term capital and resources to empower companies to thrive—and we’ve been doing it for seven generations.
  • Peter Evans | LinkedIn
]]> Matina Agio - The Inheritance Muse http://www.businessoffamily.net/matina-agio 3568cc93-9a87-4d9f-ac55-1ce5673cfecd Sun, 31 Oct 2021 17:15:00 +1000 Mike Boyd full 2 Mike Boyd Matina Agio is a personal inheritance consultant. Her work inspires a deeper perspective on inheritance – beyond the legal and financial. She provides niche counselling, facilitating her clients- often in midlife, to resolve inheritance-related dilemmas, manage their possessions and create a meaningful legacy. Through her signature method – THE INHERITANCE MUSE METHOD ™, she addresses both the tangible and intangible aspects of inheritance & wealth. Matina’s clients include art collectors, affluent individuals and family office members around the world. 50:39 no Matina Agio (https://www.matinaagio.com) is a personal inheritance consultant. Her work inspires a deeper perspective into inheritance - beyond the legal and financial. She provides niche counselling, facilitating her clients- often in midlife, to resolve inheritance-related dilemmas, manage their possessions and create a meaningful legacy. Through her signature method - THE INHERITANCE MUSE METHOD™ (https://www.matinaagio.com/), she addresses both the tangible and intangible aspects of their inheritance, heritage & wealth. Matina’s clients include art collectors, historic home owners, affluent individuals and family office members around the world. Matina’s experience of living & working in England, France, Germany, Italy, US, Canada and Greece, allows her to address their varying backgrounds. Standout Quotes: * "For me, the main wealth of our inheritance lies in the intangible inheritance because it is that which is not vulnerable, and it is that which probably the most influential" - [Matina] * "A bad experience may turn out to be a very wealthy experience, it depends on how we process that...sometimes we receive good gifts in bad packages" - [Matina] * "Objects are storytellers, they contain memory" - [Matina] * "We just give our kids things, but we should give them stories with our things" - [Matina] * "The value of something to us is always what our experience of it is" - [Matina] * "Our ownership is a symphony of things put together, and we as good conductors have to master that symphony... so we can have harmonious wealth" - [Matina] * "It's not what happens to you but what you do with what happens to you" - [Matina] * "There are people who own a lot of things and experience very little value and then there are people who have very little things and they experience a lot of value" - [Matina] * "The legacy of someone and the effect that they have in your life can never be taken away... that's the most meaningful part of the wealth that you can give others" - [Matina] * "Research shows that family wealth is almost never lost due to poor financial decisions, its almost always lost by a breakdown in relationships and communication with co-inheritors" - [Mike] * "You cannot make decisions without understanding who you are because who you are will affect how that thing will play out in your life" - [Matina] Key Takeaways: * Matina describes an "Inheritance Muse" as someone who inspires others in relation to their inheritance. Inheritance can either be tangible or intangible. The intangible inheritance is more important because it is more influential and less vulnerable. It affects our beliefs, attitude towards life, abilities, and self-confidence. * Since parents are not perfect, sometimes we get good gifts in bad packages, so to understand intangible inheritance, sometimes we have to open our minds and look at what is there and how we can manage it so it adds value to us. * Describing how she started her work with inheritance, Matina shares her back story; although born in Athens, her family had to relocate to Canada following a political event that made the family unsafe. A key determining factor in her career was the heritage and culture her parents brought from Athens, which influenced her greatly. * This spurred her on to study interior design and renovation of historic homes and eventually become a cultural entrepreneur. Following the death of her parents, she inherited the home in Athens and had to curate everything by herself and started to work on also curating the influence her parents had on her as part of the legacy for her children. * Storytelling is the center of Matina's work; using the stories behind objects owned by clients to resolve issues. Parents need to tell stories about their things to their children because it is unlikely for a child to sell something that has a story to it. * When navigating inheritance and trying to be a custodian of what has been left behind, employing the concept of "Gratitude" is highly efficacious, in that it helps to understand the value of these things. This gives a reason to own these things and helps us know what our relationship was like with those who left them behind. * The Legacy Scale: This is a process to understand the personal value of any property to a person irrespective of the market value. * 2 classes of Real Estate: Objective Real Estate is the first type and it includes properties that have value but no particular personal relationship. Assets such as family homes on the other hand make up the second type of Real Estate which is usually more complicated and may involve co-inheritance. * There are 3 ways you can value something: First is the intrinsic value which is the value of that thing for itself without the market value. The second is the synergetic value which is the value of something in relation to the other properties owned by a person, or the impact it may have on other aspects of wealth. The last is the subjective value which is the question of "what does this mean to me? * Matina shares that she only works with individuals and not groups, because with an individual, issues can be dealt with in-depth and with speed. Even if the inheritance involves other people, by working with one person you change the constellation because the most important thing for a person to understand is " "What do I want?". The goal is to empower the individual to see how the inheritance fits into his life purpose and what action needs to be taken. * Matina describes the idea of "Life closure by design"; preferably the age of 50 is the ideal time to be more conscious about life closure, especially having light ownership and getting clarity on what will be left behind using "the Inheritance Muse method". * For the younger generation who are about to receive, it is very important to create conversations with your parents on things they feel strongly about, their lives, and their values. * When we have a relationship with something, the value of that thing is the value to us, not the monetary worth. Rather than keep that thing locked away, Matina advises people to use it in their lives in a more natural way. * What we do with our inheritance has two aspects; the first is to optimize it and use it so we can create happiness for ourselves, the second is to preserve what we can so we can give it to the next generation with stories and history. * The work of the Inheritance Muse is to help people understand where the real value is, in their assets. Matina explains a term called Wealth Dyslexia as the inability to grasp the scope and range of your wealth in a way that will give you value * Regarding the sale of property with a history, Matina highlights that it may not be possible to keep everything but properties can be sold with the story which adds value to it. Selling a property can help the owner feel lighter and focus more on things that have particular value to them. * Legacy is the effect that our lives have on other people's lives whether good or bad. Daily, we are curating our legacy, by who we are, what we do, and what we say. It's never too late to work on this. * The awareness of the certainty of death is empowering as it should give the ability to live life more intentionally and assess the impact of our ideals in our lives. * Inheritance is a gift given, we have to look at this and say, "what do I want with this?" It is important to look at it in a nonmonetary way, so we can know its effect on our lives. This is also covered in the "Inheritance Muse method". Understanding who you are is as simple as finding out where you are in your life and what you want. * From Matina to her kids: Resilience is very important and also finding time to tune into your deeper voice within. You have a choice in every moment. We are free to choose how we see something and how we respond. Episode Timeline: * [00:50] Meet today's guest, "Matina Agio, a personal inheritance consultant. * [01:43] Matina describes what it means to be an "Inheritance Muse". * [03:39] What separates intangible inheritance from pure legacy? * [06:28] How did you find yourself on this path? * [16:56] How do you navigate inheritance? * [19:00] Is Real Estate more difficult to manage than other items of value? * [23:32] How often are you working with individual inheritors compared to co-inheritors? * [26:35] How do people engage you, and when? * [36:44] How do people go about deciding to let go of an asset with family history? * [39:35] Matina's insight on 'Legacy'. * [45:31] How should one approach inheritance? * [48:15] Matina's letter to her kids For more episodes go to BusinessOfFamily.net (https://www.businessoffamily.net/) Sign up for The Business of Family 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: Matina Agio. 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, Matina Agio is a personal inheritance consultant. Her work inspires a deeper perspective into inheritance - beyond the legal and financial. She provides niche counselling, facilitating her clients- often in midlife, to resolve inheritance-related dilemmas, manage their possessions and create a meaningful legacy.

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

Standout Quotes:

  • "For me, the main wealth of our inheritance lies in the intangible inheritance because it is that which is not vulnerable, and it is that which probably the most influential" - [Matina]
  • "A bad experience may turn out to be a very wealthy experience, it depends on how we process that...sometimes we receive good gifts in bad packages" - [Matina]
  • "Objects are storytellers, they contain memory" - [Matina]
  • "We just give our kids things, but we should give them stories with our things" - [Matina]
  • "The value of something to us is always what our experience of it is" - [Matina]
  • "Our ownership is a symphony of things put together, and we as good conductors have to master that symphony... so we can have harmonious wealth" - [Matina]
  • "It's not what happens to you but what you do with what happens to you" - [Matina]
  • "There are people who own a lot of things and experience very little value and then there are people who have very little things and they experience a lot of value" - [Matina]
  • "The legacy of someone and the effect that they have in your life can never be taken away... that's the most meaningful part of the wealth that you can give others" - [Matina]
  • "Research shows that family wealth is almost never lost due to poor financial decisions, its almost always lost by a breakdown in relationships and communication with co-inheritors" - [Mike]
  • "You cannot make decisions without understanding who you are because who you are will affect how that thing will play out in your life" - [Matina]

Key Takeaways:

  • Matina describes an "Inheritance Muse" as someone who inspires others in relation to their inheritance. Inheritance can either be tangible or intangible. The intangible inheritance is more important because it is more influential and less vulnerable. It affects our beliefs, attitude towards life, abilities, and self-confidence.
  • Since parents are not perfect, sometimes we get good gifts in bad packages, so to understand intangible inheritance, sometimes we have to open our minds and look at what is there and how we can manage it so it adds value to us.
  • Describing how she started her work with inheritance, Matina shares her back story; although born in Athens, her family had to relocate to Canada following a political event that made the family unsafe. A key determining factor in her career was the heritage and culture her parents brought from Athens, which influenced her greatly.
  • This spurred her on to study interior design and renovation of historic homes and eventually become a cultural entrepreneur. Following the death of her parents, she inherited the home in Athens and had to curate everything by herself and started to work on also curating the influence her parents had on her as part of the legacy for her children.
  • Storytelling is the center of Matina's work; using the stories behind objects owned by clients to resolve issues. Parents need to tell stories about their things to their children because it is unlikely for a child to sell something that has a story to it.
  • When navigating inheritance and trying to be a custodian of what has been left behind, employing the concept of "Gratitude" is highly efficacious, in that it helps to understand the value of these things. This gives a reason to own these things and helps us know what our relationship was like with those who left them behind.
  • The Legacy Scale: This is a process to understand the personal value of any property to a person irrespective of the market value.
  • 2 classes of Real Estate: Objective Real Estate is the first type and it includes properties that have value but no particular personal relationship. Assets such as family homes on the other hand make up the second type of Real Estate which is usually more complicated and may involve co-inheritance.
  • There are 3 ways you can value something: First is the intrinsic value which is the value of that thing for itself without the market value. The second is the synergetic value which is the value of something in relation to the other properties owned by a person, or the impact it may have on other aspects of wealth. The last is the subjective value which is the question of "what does this mean to me?
  • Matina shares that she only works with individuals and not groups, because with an individual, issues can be dealt with in-depth and with speed. Even if the inheritance involves other people, by working with one person you change the constellation because the most important thing for a person to understand is " "What do I want?". The goal is to empower the individual to see how the inheritance fits into his life purpose and what action needs to be taken.
  • Matina describes the idea of "Life closure by design"; preferably the age of 50 is the ideal time to be more conscious about life closure, especially having light ownership and getting clarity on what will be left behind using "the Inheritance Muse method".
  • For the younger generation who are about to receive, it is very important to create conversations with your parents on things they feel strongly about, their lives, and their values.
  • When we have a relationship with something, the value of that thing is the value to us, not the monetary worth. Rather than keep that thing locked away, Matina advises people to use it in their lives in a more natural way.
  • What we do with our inheritance has two aspects; the first is to optimize it and use it so we can create happiness for ourselves, the second is to preserve what we can so we can give it to the next generation with stories and history.
  • The work of the Inheritance Muse is to help people understand where the real value is, in their assets. Matina explains a term called Wealth Dyslexia as the inability to grasp the scope and range of your wealth in a way that will give you value
  • Regarding the sale of property with a history, Matina highlights that it may not be possible to keep everything but properties can be sold with the story which adds value to it. Selling a property can help the owner feel lighter and focus more on things that have particular value to them.
  • Legacy is the effect that our lives have on other people's lives whether good or bad. Daily, we are curating our legacy, by who we are, what we do, and what we say. It's never too late to work on this.
  • The awareness of the certainty of death is empowering as it should give the ability to live life more intentionally and assess the impact of our ideals in our lives.
  • Inheritance is a gift given, we have to look at this and say, "what do I want with this?" It is important to look at it in a nonmonetary way, so we can know its effect on our lives. This is also covered in the "Inheritance Muse method". Understanding who you are is as simple as finding out where you are in your life and what you want.
  • From Matina to her kids: Resilience is very important and also finding time to tune into your deeper voice within. You have a choice in every moment. We are free to choose how we see something and how we respond.

Episode Timeline:

  • [00:50] Meet today's guest, "Matina Agio, a personal inheritance consultant.
  • [01:43] Matina describes what it means to be an "Inheritance Muse".
  • [03:39] What separates intangible inheritance from pure legacy?
  • [06:28] How did you find yourself on this path?
  • [16:56] How do you navigate inheritance?
  • [19:00] Is Real Estate more difficult to manage than other items of value?
  • [23:32] How often are you working with individual inheritors compared to co-inheritors?
  • [26:35] How do people engage you, and when?
  • [36:44] How do people go about deciding to let go of an asset with family history?
  • [39:35] Matina's insight on 'Legacy'.
  • [45:31] How should one approach inheritance?
  • [48:15] Matina'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: Matina Agio.

Sponsored By:

Links:

  • Matina Agio — Matina Agio is a Greek-Canadian personal inheritance consultant. She has been involved with her heritage since childhood. Both her parents had a strong appreciation for Hellenic culture and values. Her father was a banker, earlier Greek-resistance fighter and advocate of Stoic philosophy. Her mother, a Swiss-trained artist was a characteristic aesthete & avid collector.
  • How can the next generation turn pre-contemporary art into meaningful wealth - Simple — Article By Matina Agio
]]> Matina Agio is a personal inheritance consultant. Her work inspires a deeper perspective into inheritance - beyond the legal and financial. She provides niche counselling, facilitating her clients- often in midlife, to resolve inheritance-related dilemmas, manage their possessions and create a meaningful legacy.

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

Standout Quotes:

  • "For me, the main wealth of our inheritance lies in the intangible inheritance because it is that which is not vulnerable, and it is that which probably the most influential" - [Matina]
  • "A bad experience may turn out to be a very wealthy experience, it depends on how we process that...sometimes we receive good gifts in bad packages" - [Matina]
  • "Objects are storytellers, they contain memory" - [Matina]
  • "We just give our kids things, but we should give them stories with our things" - [Matina]
  • "The value of something to us is always what our experience of it is" - [Matina]
  • "Our ownership is a symphony of things put together, and we as good conductors have to master that symphony... so we can have harmonious wealth" - [Matina]
  • "It's not what happens to you but what you do with what happens to you" - [Matina]
  • "There are people who own a lot of things and experience very little value and then there are people who have very little things and they experience a lot of value" - [Matina]
  • "The legacy of someone and the effect that they have in your life can never be taken away... that's the most meaningful part of the wealth that you can give others" - [Matina]
  • "Research shows that family wealth is almost never lost due to poor financial decisions, its almost always lost by a breakdown in relationships and communication with co-inheritors" - [Mike]
  • "You cannot make decisions without understanding who you are because who you are will affect how that thing will play out in your life" - [Matina]

Key Takeaways:

  • Matina describes an "Inheritance Muse" as someone who inspires others in relation to their inheritance. Inheritance can either be tangible or intangible. The intangible inheritance is more important because it is more influential and less vulnerable. It affects our beliefs, attitude towards life, abilities, and self-confidence.
  • Since parents are not perfect, sometimes we get good gifts in bad packages, so to understand intangible inheritance, sometimes we have to open our minds and look at what is there and how we can manage it so it adds value to us.
  • Describing how she started her work with inheritance, Matina shares her back story; although born in Athens, her family had to relocate to Canada following a political event that made the family unsafe. A key determining factor in her career was the heritage and culture her parents brought from Athens, which influenced her greatly.
  • This spurred her on to study interior design and renovation of historic homes and eventually become a cultural entrepreneur. Following the death of her parents, she inherited the home in Athens and had to curate everything by herself and started to work on also curating the influence her parents had on her as part of the legacy for her children.
  • Storytelling is the center of Matina's work; using the stories behind objects owned by clients to resolve issues. Parents need to tell stories about their things to their children because it is unlikely for a child to sell something that has a story to it.
  • When navigating inheritance and trying to be a custodian of what has been left behind, employing the concept of "Gratitude" is highly efficacious, in that it helps to understand the value of these things. This gives a reason to own these things and helps us know what our relationship was like with those who left them behind.
  • The Legacy Scale: This is a process to understand the personal value of any property to a person irrespective of the market value.
  • 2 classes of Real Estate: Objective Real Estate is the first type and it includes properties that have value but no particular personal relationship. Assets such as family homes on the other hand make up the second type of Real Estate which is usually more complicated and may involve co-inheritance.
  • There are 3 ways you can value something: First is the intrinsic value which is the value of that thing for itself without the market value. The second is the synergetic value which is the value of something in relation to the other properties owned by a person, or the impact it may have on other aspects of wealth. The last is the subjective value which is the question of "what does this mean to me?
  • Matina shares that she only works with individuals and not groups, because with an individual, issues can be dealt with in-depth and with speed. Even if the inheritance involves other people, by working with one person you change the constellation because the most important thing for a person to understand is " "What do I want?". The goal is to empower the individual to see how the inheritance fits into his life purpose and what action needs to be taken.
  • Matina describes the idea of "Life closure by design"; preferably the age of 50 is the ideal time to be more conscious about life closure, especially having light ownership and getting clarity on what will be left behind using "the Inheritance Muse method".
  • For the younger generation who are about to receive, it is very important to create conversations with your parents on things they feel strongly about, their lives, and their values.
  • When we have a relationship with something, the value of that thing is the value to us, not the monetary worth. Rather than keep that thing locked away, Matina advises people to use it in their lives in a more natural way.
  • What we do with our inheritance has two aspects; the first is to optimize it and use it so we can create happiness for ourselves, the second is to preserve what we can so we can give it to the next generation with stories and history.
  • The work of the Inheritance Muse is to help people understand where the real value is, in their assets. Matina explains a term called Wealth Dyslexia as the inability to grasp the scope and range of your wealth in a way that will give you value
  • Regarding the sale of property with a history, Matina highlights that it may not be possible to keep everything but properties can be sold with the story which adds value to it. Selling a property can help the owner feel lighter and focus more on things that have particular value to them.
  • Legacy is the effect that our lives have on other people's lives whether good or bad. Daily, we are curating our legacy, by who we are, what we do, and what we say. It's never too late to work on this.
  • The awareness of the certainty of death is empowering as it should give the ability to live life more intentionally and assess the impact of our ideals in our lives.
  • Inheritance is a gift given, we have to look at this and say, "what do I want with this?" It is important to look at it in a nonmonetary way, so we can know its effect on our lives. This is also covered in the "Inheritance Muse method". Understanding who you are is as simple as finding out where you are in your life and what you want.
  • From Matina to her kids: Resilience is very important and also finding time to tune into your deeper voice within. You have a choice in every moment. We are free to choose how we see something and how we respond.

Episode Timeline:

  • [00:50] Meet today's guest, "Matina Agio, a personal inheritance consultant.
  • [01:43] Matina describes what it means to be an "Inheritance Muse".
  • [03:39] What separates intangible inheritance from pure legacy?
  • [06:28] How did you find yourself on this path?
  • [16:56] How do you navigate inheritance?
  • [19:00] Is Real Estate more difficult to manage than other items of value?
  • [23:32] How often are you working with individual inheritors compared to co-inheritors?
  • [26:35] How do people engage you, and when?
  • [36:44] How do people go about deciding to let go of an asset with family history?
  • [39:35] Matina's insight on 'Legacy'.
  • [45:31] How should one approach inheritance?
  • [48:15] Matina'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: Matina Agio.

Sponsored By:

Links:

  • Matina Agio — Matina Agio is a Greek-Canadian personal inheritance consultant. She has been involved with her heritage since childhood. Both her parents had a strong appreciation for Hellenic culture and values. Her father was a banker, earlier Greek-resistance fighter and advocate of Stoic philosophy. Her mother, a Swiss-trained artist was a characteristic aesthete & avid collector.
  • How can the next generation turn pre-contemporary art into meaningful wealth - Simple — Article By Matina Agio
]]> Moses Kagan - On the Shoulders of Giants http://www.businessoffamily.net/moses-kagan 67f9998f-5222-4a8a-b1c1-70b74d90a61c Sun, 17 Oct 2021 17:15:00 +1000 Mike Boyd full 2 Mike Boyd Moses Kagan is the co-founder of Adaptive Realty, a boutique real estate private equity firm based in Los Angeles, which has about $200 Million in assets under management. Unusually for a real estate private equity firm, Adaptive and its partners do not fix and flip; instead, they act as permanent holders and stewards of the assets under their control. 1:03:52 no Moses Kagan (https://www.kagansblog.com/) has been buying, renovating and managing apartment buildings in Los Angeles since 2008. His company, Adaptive Realty (https://www.adaptiverealty.com/), along with its investor-partners, owns approximately $200MM worth of high-quality buildings in interesting neighborhoods. Unusually for a real estate private equity firm, Adaptive and its partners do not fix and flip; instead, they act as permanent holders and stewards of the assets under their control. Standout Quotes: * "Rich families that own good assets generally don't look to sell them to maximize Pre-tax IRR" - [Moses] * "If you do not lose the building, the rents will recover" - [Moses] * "When you start to think about things indefinitely, and you're not in a rush, it kind of opens up other possibilities in terms of structure and strategy" - [Moses] * "It's very hard to go from zero to something… and it takes an entirely different set of skills to go from something to something much larger" - [Moses] * "I do not believe that we as individuals live our lives for ourselves" - [Moses] Key Takeaways: * Moses has been buying, renovating, and managing apartment buildings in Los Angeles since 2008, through his company, Adaptive Realty, alongside investor partners. He focuses on sub-institutional deals. * The most important part of the strategy is that rather than buy, fix and sell buildings to maximize pretax IRR, they buy properties, make them high-quality assets, manage and refinance them to get higher returns. The strategy was born from his family values as they had always been involved in Real Estate but never engaged particularly in sales of property. * There are two reasons why people sell; firstly investors have a mindset too focused on Pretax IRR, and secondly, the sponsor gets their money after selling. If you just hold on and keep the building, the rents will recover. * The initial funds for the business came from friends and family of Moses, and later from another family office who partnered with them. This partnership helped them build a track record that encouraged other investors to feel comfortable with them. * The structure for the business model is not to buy, renovate and sell like the typical model with PEs, but rather they partner with wealthy families with the explicit assumption to hold on to the property not sell, however, liquidation rights goes to the family that put up all the capital. The primary strategy has been to refinance the property to pull the capital out and give it back to the investors who still retain ownership and cash flow from rents. Adaptive Realty only gets fees for their work but not cash flow from rents, sales or refinance until the investors have got their capital. * Describing his family history, Moses shares how his first building was bought with capital from the family money dating back 4 generations. The wealth he enjoyed from his family was mostly in form of basic needs being met and, particularly education. * When starting a business with a partner, it is critical to have a decision-maker or tie-breaker irrespective of how profits are split. The relationship between Moses and his partner in terms of how earnings are split is quite stable even for the coming generation but open to discussions if need be. * There is currently no long-term family structure for his family, however, Moses spends a lot of time with his kids, to instill the values of passing on to the next generation what was done for them. * Discussing Storytelling, Moses emphasizes that your forebearers are a living part of your life, and tries to make those people present for his children even though they will never meet them. * Gaining exposure and immense assistance from his friends to succeed, Moses was also motivated to start finding ways to help people who didn't have the kind of opportunities he had. * Advice from Moses to those aspiring for multigenerational success: Don't put yourself in a position where one investor can wake up one day and force you to restart your career. This involves having different capital providers rather than being completely dependent on one. * From Moses to his kids: We owe everything to those who came before us, however, we can't repay them. We can only try to do for those coming after us what has been done for us, if not more. Episode Timeline: * [00:48] Meet today's guest, Moses Kagan. * [01:53] About the business, Adaptive Realty. * [13:50] How do you get investors to join you with your strategy of holding properties permanently? * [16:45] How have you structured Adaptive Realty to be different from the typical P.E model? * [21:55] Moses shares his family background. * [32:36] What's your perspective on multigenerational wealth? * [38:28] What does the future look like in terms of the next generation? * [41:07] Do you expect your children to get involved in the business? * [46:15] Is there any form of family governance structure? * [48:18] Moses shares his approach to storytelling as a method to pass on values. * [52:55] How Moses works to help others who haven't had the same privileges he enjoyed. * [57:06] Advice from Moses to listeners aspiring to build generational legacies. * [01:00:33] From Moses to his kids. For more episodes go to BusinessOfFamily.net (https://www.businessoffamily.net/) Sign up for The Business of Family 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: Moses Kagan. 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, Moses Kagan has been buying, renovating and managing apartment buildings in Los Angeles since 2008. His company, Adaptive Realty, along with its investor-partners, owns approximately $200MM worth of high-quality buildings in interesting neighborhoods. Unusually for a real estate private equity firm, Adaptive and its partners do not fix and flip; instead, they act as permanent holders and stewards of the assets under their control.

Standout Quotes:

  • "Rich families that own good assets generally don't look to sell them to maximize Pre-tax IRR" - [Moses]
  • "If you do not lose the building, the rents will recover" - [Moses]
  • "When you start to think about things indefinitely, and you're not in a rush, it kind of opens up other possibilities in terms of structure and strategy" - [Moses]
  • "It's very hard to go from zero to something… and it takes an entirely different set of skills to go from something to something much larger" - [Moses]
  • "I do not believe that we as individuals live our lives for ourselves" - [Moses]

Key Takeaways:

  • Moses has been buying, renovating, and managing apartment buildings in Los Angeles since 2008, through his company, Adaptive Realty, alongside investor partners. He focuses on sub-institutional deals.
  • The most important part of the strategy is that rather than buy, fix and sell buildings to maximize pretax IRR, they buy properties, make them high-quality assets, manage and refinance them to get higher returns. The strategy was born from his family values as they had always been involved in Real Estate but never engaged particularly in sales of property.
  • There are two reasons why people sell; firstly investors have a mindset too focused on Pretax IRR, and secondly, the sponsor gets their money after selling. If you just hold on and keep the building, the rents will recover.
  • The initial funds for the business came from friends and family of Moses, and later from another family office who partnered with them. This partnership helped them build a track record that encouraged other investors to feel comfortable with them.
  • The structure for the business model is not to buy, renovate and sell like the typical model with PEs, but rather they partner with wealthy families with the explicit assumption to hold on to the property not sell, however, liquidation rights goes to the family that put up all the capital. The primary strategy has been to refinance the property to pull the capital out and give it back to the investors who still retain ownership and cash flow from rents. Adaptive Realty only gets fees for their work but not cash flow from rents, sales or refinance until the investors have got their capital.
  • Describing his family history, Moses shares how his first building was bought with capital from the family money dating back 4 generations. The wealth he enjoyed from his family was mostly in form of basic needs being met and, particularly education.
  • When starting a business with a partner, it is critical to have a decision-maker or tie-breaker irrespective of how profits are split. The relationship between Moses and his partner in terms of how earnings are split is quite stable even for the coming generation but open to discussions if need be.
  • There is currently no long-term family structure for his family, however, Moses spends a lot of time with his kids, to instill the values of passing on to the next generation what was done for them.
  • Discussing Storytelling, Moses emphasizes that your forebearers are a living part of your life, and tries to make those people present for his children even though they will never meet them.
  • Gaining exposure and immense assistance from his friends to succeed, Moses was also motivated to start finding ways to help people who didn't have the kind of opportunities he had.
  • Advice from Moses to those aspiring for multigenerational success: Don't put yourself in a position where one investor can wake up one day and force you to restart your career. This involves having different capital providers rather than being completely dependent on one.
  • From Moses to his kids: We owe everything to those who came before us, however, we can't repay them. We can only try to do for those coming after us what has been done for us, if not more.

Episode Timeline:

  • [00:48] Meet today's guest, Moses Kagan.
  • [01:53] About the business, Adaptive Realty.
  • [13:50] How do you get investors to join you with your strategy of holding properties permanently?
  • [16:45] How have you structured Adaptive Realty to be different from the typical P.E model?
  • [21:55] Moses shares his family background.
  • [32:36] What's your perspective on multigenerational wealth?
  • [38:28] What does the future look like in terms of the next generation?
  • [41:07] Do you expect your children to get involved in the business?
  • [46:15] Is there any form of family governance structure?
  • [48:18] Moses shares his approach to storytelling as a method to pass on values.
  • [52:55] How Moses works to help others who haven't had the same privileges he enjoyed.
  • [57:06] Advice from Moses to listeners aspiring to build generational legacies.
  • [01:00:33] From Moses to his 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: Moses Kagan.

Sponsored By:

Links:

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

Standout Quotes:

  • "Rich families that own good assets generally don't look to sell them to maximize Pre-tax IRR" - [Moses]
  • "If you do not lose the building, the rents will recover" - [Moses]
  • "When you start to think about things indefinitely, and you're not in a rush, it kind of opens up other possibilities in terms of structure and strategy" - [Moses]
  • "It's very hard to go from zero to something… and it takes an entirely different set of skills to go from something to something much larger" - [Moses]
  • "I do not believe that we as individuals live our lives for ourselves" - [Moses]

Key Takeaways:

  • Moses has been buying, renovating, and managing apartment buildings in Los Angeles since 2008, through his company, Adaptive Realty, alongside investor partners. He focuses on sub-institutional deals.
  • The most important part of the strategy is that rather than buy, fix and sell buildings to maximize pretax IRR, they buy properties, make them high-quality assets, manage and refinance them to get higher returns. The strategy was born from his family values as they had always been involved in Real Estate but never engaged particularly in sales of property.
  • There are two reasons why people sell; firstly investors have a mindset too focused on Pretax IRR, and secondly, the sponsor gets their money after selling. If you just hold on and keep the building, the rents will recover.
  • The initial funds for the business came from friends and family of Moses, and later from another family office who partnered with them. This partnership helped them build a track record that encouraged other investors to feel comfortable with them.
  • The structure for the business model is not to buy, renovate and sell like the typical model with PEs, but rather they partner with wealthy families with the explicit assumption to hold on to the property not sell, however, liquidation rights goes to the family that put up all the capital. The primary strategy has been to refinance the property to pull the capital out and give it back to the investors who still retain ownership and cash flow from rents. Adaptive Realty only gets fees for their work but not cash flow from rents, sales or refinance until the investors have got their capital.
  • Describing his family history, Moses shares how his first building was bought with capital from the family money dating back 4 generations. The wealth he enjoyed from his family was mostly in form of basic needs being met and, particularly education.
  • When starting a business with a partner, it is critical to have a decision-maker or tie-breaker irrespective of how profits are split. The relationship between Moses and his partner in terms of how earnings are split is quite stable even for the coming generation but open to discussions if need be.
  • There is currently no long-term family structure for his family, however, Moses spends a lot of time with his kids, to instill the values of passing on to the next generation what was done for them.
  • Discussing Storytelling, Moses emphasizes that your forebearers are a living part of your life, and tries to make those people present for his children even though they will never meet them.
  • Gaining exposure and immense assistance from his friends to succeed, Moses was also motivated to start finding ways to help people who didn't have the kind of opportunities he had.
  • Advice from Moses to those aspiring for multigenerational success: Don't put yourself in a position where one investor can wake up one day and force you to restart your career. This involves having different capital providers rather than being completely dependent on one.
  • From Moses to his kids: We owe everything to those who came before us, however, we can't repay them. We can only try to do for those coming after us what has been done for us, if not more.

Episode Timeline:

  • [00:48] Meet today's guest, Moses Kagan.
  • [01:53] About the business, Adaptive Realty.
  • [13:50] How do you get investors to join you with your strategy of holding properties permanently?
  • [16:45] How have you structured Adaptive Realty to be different from the typical P.E model?
  • [21:55] Moses shares his family background.
  • [32:36] What's your perspective on multigenerational wealth?
  • [38:28] What does the future look like in terms of the next generation?
  • [41:07] Do you expect your children to get involved in the business?
  • [46:15] Is there any form of family governance structure?
  • [48:18] Moses shares his approach to storytelling as a method to pass on values.
  • [52:55] How Moses works to help others who haven't had the same privileges he enjoyed.
  • [57:06] Advice from Moses to listeners aspiring to build generational legacies.
  • [01:00:33] From Moses to his 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: Moses Kagan.

Sponsored By:

Links:

]]> 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 Grossman Marketing Group (https://grossmanmarketing.com/) was founded as Massachusetts Envelope Company in 1910 by Maxwell Grossman (https://www.bengrossman.info/), 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 (https://www.businessoffamily.net/) Sign up for The Business of Family 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: Ben Grossman. 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:

]]> Denise Logan - Work, Money & Meaning: How to Let Go When the Time Comes http://www.businessoffamily.net/denise-logan bfb358ea-92e9-4460-b6f3-73c0d4fa0f0a Mon, 29 Mar 2021 19:00:00 +1000 Mike Boyd full 1 Mike Boyd Weaving together her background as a lawyer, social worker and business owner has enabled Denise Logan to deftly guide hundreds of business owners and their professional teams as they navigate the complex emotional journey of selling their business and letting go into their own version of what’s next. A Business Fable about Navigating the Emotional Obstacles to Selling Your Business, Denise Logan has addressed audiences on three continents about the psychology of business owners and how to make it easier when the time comes to let go. 1:02:47 no An award-winning professional speaker and author of The Seller’s Journey (https://deniselogan.com/the-sellers-journey/): A Business Fable about Navigating the Emotional Obstacles to Selling Your Business, Denise Logan (https://deniselogan.com/) has addressed audiences on three continents about the psychology of business owners and how to make it easier when the time comes to let go. Known as The Seller Whisperer, she draws upon a twenty year body of work focused on the intersection of work, money, and meaning and how it is reflected in the legacies of today’s business leaders. She has rightly observed that while work is where we spend the majority of our time, much of it is spent wishing we were somewhere else, doing something else. Divorcing meaning from our work too often leaves us blindly trudging through a mediocre life using money as the miserly arbiter of success in matters of soul and meaning. It leads to an endless chase for more, hoping to outsmart death and desperately prove that our life somehow mattered. Even worse, when work is how we define ourselves and we are faced with job loss or impending retirement, it can seem terrifying. What happens when your old answer to the question “What Do You Do?” no longer fits? If you thought you are what you do, and suddenly you don’t do it anymore, do you not exist? Standout Quotes: * "Every family's dynamic is slightly different and always the same" - [Denise] * "So as fear starts to escalate, our thinking is disrupted" - [Denise] * "The best transitions happen 5 years before someone is ready" - [Denise] * "The reality is that every owner will exit their business, voluntarily or involuntarily... so you will either transition to someone or you will leave your business with it being unprepared" - [Denise] * "if we look at mortality issues, often the more mortality resistance that someone has , the higher the likelihood is that they will also be avoiding succession planning" * One of the questions I start early on with an owner is ''what does work provide for you, beyond the money?... where will you get those needs met outside the business?" - [Denise] * "Succession happens at all different ages" - [Denise] * "Are we simply creating roles in the business so family members have work to do, as opposed to are they the right people in the business?" - [Denise] * "Change is hard at first, messy in the middle and gorgeous at the end" - [Mike] * "Transparency always works, it is always better" - [Denise] * "The arc of the journey for an owner is the same, whether we're talking about a $50000 hair salon or 500 million-dollar company, the arc of transition that's happening for someone is the same" * "Transition will happen no matter what, so the question is 'what kind of transition do you want to have as a business owner?'" * "Success is often determined by how prepared you are rather than just letting it be" - [Mike] * "Our legacy comes from our daily actions, it is not just the amount of money that we leave behind or the money that we have accumulated" - [Denise] * "We can often get completely spun up on what our number is, the number is not the number in the bank account, the number is the number of memories that we have left behind because that is truly how we will be remembered" - [Denise] Key Takeaways: * Denise started as a mental health professional and then moved into practicing Law where she started her firm but sold because she lost interest in the business. This prompted her to start a road trip till she was invited to help build a friend's business before the sale, an experience that kick-started her work of helping owners transition during the sale of their businesses. It also inspired her book, "The Seller's Journey". * Using the analogy of a fist, Denise likens the fear center in the brain, 'the Amygdala' to the thumb of the hand, pointing out that while the other fingers could restrict the thumb's movements the same way the frontal cortex can restrict the Amygdala, excessive pressure from the thumb or the Amygdala, in this case, can break free of the restraint, leaving the fear to roam free. This explains the chaotic nature exhibited by people, typical of family dynamics. * Another description using the hand involves the 5 ways through which fear shows up, the 5 fingers are used to represent them; Fight Flight Freeze Fawn, and Submit. Individually, there are often 2 or 3 of them that function more as natural go-to responses when facing fear, anger, or stress. * The anchor, Wave, and Island styles of attachment: An Anchor attachment is someone who can tolerate too close or too far. An Island attachment is the type of person who pulls away or isolates themselves when things get rough. A wave attachment describes a person who reacts to disruption by continually checking on others. * It is necessary to identify needs that are met by the business beyond the money because there is concern about how these needs will be met outside the business, and this could often form the basis for the continuous attachment to the business. * Addressing the handling of messy parts of the conversation, Denise emphasizes the importance of honesty and transparency in allaying the fears that may misguide people's actions in the family. * The 'O-MY' syndrome (One More Year) occurs where a seller repeatedly creates reasons to delay their exit from the business whenever they get closer to the agreed time of sale. This is a signal that something else is going on, a different existential crisis and there are needs to be met. * The moment that you cease to exist is when the last person who has a story to tell about you passes. * Money matters, but it's not the only thing that matters. * There will always be a story that is told about you, the question is "is it the story that you would like to have told about you?" * From Denise to her kids: The way you will know that you were loved was by how you were held and how you were cared for, not by what I left you. Episode Timeline: * [00:49] Meet today's guest, "Denise Logan" a.k.a 'the Seller Whisperer'. * [01:45] An overview of the journey to becoming "the Seller Whisperer". * [08:52] Denise's 'fist' analogy in describing the role of fear in the brain. * [11:30] The 5 Appearances of Fear. * [14:10] The anchor, Wave, and Island styles of attachment. * [18:10] Do families typically find you when a transition is already underway or as they're contemplating a transition or an exit? * [33:23] How do you handle the messy aspects of the discussion? * [45:30] How often do sellers get caught up on a particular figure that they will only sell at? * [50:39] Discussing the success of transitions generally. * [01:00:56] A letter from Denise For more episodes go to BusinessOfFamily.net (https://www.businessoffamily.net/) Sign up for The Business of Family 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: Denise Logan. 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, An award-winning professional speaker and author of The Seller’s Journey: A Business Fable about Navigating the Emotional Obstacles to Selling Your Business, Denise Logan has addressed audiences on three continents about the psychology of business owners and how to make it easier when the time comes to let go. Known as The Seller Whisperer, she draws upon a twenty year body of work focused on the intersection of work, money, and meaning and how it is reflected in the legacies of today’s business leaders.

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

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

Standout Quotes:

  • "Every family's dynamic is slightly different and always the same" - [Denise]
  • "So as fear starts to escalate, our thinking is disrupted" - [Denise]
  • "The best transitions happen 5 years before someone is ready" - [Denise]
  • "The reality is that every owner will exit their business, voluntarily or involuntarily... so you will either transition to someone or you will leave your business with it being unprepared" - [Denise]
  • "if we look at mortality issues, often the more mortality resistance that someone has , the higher the likelihood is that they will also be avoiding succession planning"
  • One of the questions I start early on with an owner is ''what does work provide for you, beyond the money?... where will you get those needs met outside the business?" - [Denise]
  • "Succession happens at all different ages" - [Denise]
  • "Are we simply creating roles in the business so family members have work to do, as opposed to are they the right people in the business?" - [Denise]
  • "Change is hard at first, messy in the middle and gorgeous at the end" - [Mike]
  • "Transparency always works, it is always better" - [Denise]
  • "The arc of the journey for an owner is the same, whether we're talking about a $50000 hair salon or 500 million-dollar company, the arc of transition that's happening for someone is the same"
  • "Transition will happen no matter what, so the question is 'what kind of transition do you want to have as a business owner?'"
  • "Success is often determined by how prepared you are rather than just letting it be" - [Mike]
  • "Our legacy comes from our daily actions, it is not just the amount of money that we leave behind or the money that we have accumulated" - [Denise]
  • "We can often get completely spun up on what our number is, the number is not the number in the bank account, the number is the number of memories that we have left behind because that is truly how we will be remembered" - [Denise]

Key Takeaways:

  • Denise started as a mental health professional and then moved into practicing Law where she started her firm but sold because she lost interest in the business. This prompted her to start a road trip till she was invited to help build a friend's business before the sale, an experience that kick-started her work of helping owners transition during the sale of their businesses. It also inspired her book, "The Seller's Journey".
  • Using the analogy of a fist, Denise likens the fear center in the brain, 'the Amygdala' to the thumb of the hand, pointing out that while the other fingers could restrict the thumb's movements the same way the frontal cortex can restrict the Amygdala, excessive pressure from the thumb or the Amygdala, in this case, can break free of the restraint, leaving the fear to roam free. This explains the chaotic nature exhibited by people, typical of family dynamics.
  • Another description using the hand involves the 5 ways through which fear shows up, the 5 fingers are used to represent them; Fight Flight Freeze Fawn, and Submit. Individually, there are often 2 or 3 of them that function more as natural go-to responses when facing fear, anger, or stress.
  • The anchor, Wave, and Island styles of attachment: An Anchor attachment is someone who can tolerate too close or too far. An Island attachment is the type of person who pulls away or isolates themselves when things get rough. A wave attachment describes a person who reacts to disruption by continually checking on others.
  • It is necessary to identify needs that are met by the business beyond the money because there is concern about how these needs will be met outside the business, and this could often form the basis for the continuous attachment to the business.
  • Addressing the handling of messy parts of the conversation, Denise emphasizes the importance of honesty and transparency in allaying the fears that may misguide people's actions in the family.
  • The 'O-MY' syndrome (One More Year) occurs where a seller repeatedly creates reasons to delay their exit from the business whenever they get closer to the agreed time of sale. This is a signal that something else is going on, a different existential crisis and there are needs to be met.
  • The moment that you cease to exist is when the last person who has a story to tell about you passes.
  • Money matters, but it's not the only thing that matters.
  • There will always be a story that is told about you, the question is "is it the story that you would like to have told about you?"
  • From Denise to her kids: The way you will know that you were loved was by how you were held and how you were cared for, not by what I left you.

Episode Timeline:

  • [00:49] Meet today's guest, "Denise Logan" a.k.a 'the Seller Whisperer'.
  • [01:45] An overview of the journey to becoming "the Seller Whisperer".
  • [08:52] Denise's 'fist' analogy in describing the role of fear in the brain.
  • [11:30] The 5 Appearances of Fear.
  • [14:10] The anchor, Wave, and Island styles of attachment.
  • [18:10] Do families typically find you when a transition is already underway or as they're contemplating a transition or an exit?
  • [33:23] How do you handle the messy aspects of the discussion?
  • [45:30] How often do sellers get caught up on a particular figure that they will only sell at?
  • [50:39] Discussing the success of transitions generally.
  • [01:00:56] A letter from Denise

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: Denise Logan.

Sponsored By:

Links:

  • Denise Logan | Speaker, Author, Consultant — Weaving together her background as a lawyer, social worker and business owner has enabled Denise Logan to deftly guide hundreds of business owners and their professional teams as they navigate the complex emotional journey of selling their business and letting go into their own version of what’s next.
  • New Book: "The Seller’s Journey" | Denise Logan — A new book by Denise Logan Fewer than 30% of all businesses for sale successfully transition to a new owner and those that do typically take more than nine agonizing months filled with uncertainty. The longer a sale process takes, the more stressful it becomes for the owner & the deal team and the lower the probability of success.
]]> An award-winning professional speaker and author of The Seller’s Journey: A Business Fable about Navigating the Emotional Obstacles to Selling Your Business, Denise Logan has addressed audiences on three continents about the psychology of business owners and how to make it easier when the time comes to let go. Known as The Seller Whisperer, she draws upon a twenty year body of work focused on the intersection of work, money, and meaning and how it is reflected in the legacies of today’s business leaders.

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

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

Standout Quotes:

  • "Every family's dynamic is slightly different and always the same" - [Denise]
  • "So as fear starts to escalate, our thinking is disrupted" - [Denise]
  • "The best transitions happen 5 years before someone is ready" - [Denise]
  • "The reality is that every owner will exit their business, voluntarily or involuntarily... so you will either transition to someone or you will leave your business with it being unprepared" - [Denise]
  • "if we look at mortality issues, often the more mortality resistance that someone has , the higher the likelihood is that they will also be avoiding succession planning"
  • One of the questions I start early on with an owner is ''what does work provide for you, beyond the money?... where will you get those needs met outside the business?" - [Denise]
  • "Succession happens at all different ages" - [Denise]
  • "Are we simply creating roles in the business so family members have work to do, as opposed to are they the right people in the business?" - [Denise]
  • "Change is hard at first, messy in the middle and gorgeous at the end" - [Mike]
  • "Transparency always works, it is always better" - [Denise]
  • "The arc of the journey for an owner is the same, whether we're talking about a $50000 hair salon or 500 million-dollar company, the arc of transition that's happening for someone is the same"
  • "Transition will happen no matter what, so the question is 'what kind of transition do you want to have as a business owner?'"
  • "Success is often determined by how prepared you are rather than just letting it be" - [Mike]
  • "Our legacy comes from our daily actions, it is not just the amount of money that we leave behind or the money that we have accumulated" - [Denise]
  • "We can often get completely spun up on what our number is, the number is not the number in the bank account, the number is the number of memories that we have left behind because that is truly how we will be remembered" - [Denise]

Key Takeaways:

  • Denise started as a mental health professional and then moved into practicing Law where she started her firm but sold because she lost interest in the business. This prompted her to start a road trip till she was invited to help build a friend's business before the sale, an experience that kick-started her work of helping owners transition during the sale of their businesses. It also inspired her book, "The Seller's Journey".
  • Using the analogy of a fist, Denise likens the fear center in the brain, 'the Amygdala' to the thumb of the hand, pointing out that while the other fingers could restrict the thumb's movements the same way the frontal cortex can restrict the Amygdala, excessive pressure from the thumb or the Amygdala, in this case, can break free of the restraint, leaving the fear to roam free. This explains the chaotic nature exhibited by people, typical of family dynamics.
  • Another description using the hand involves the 5 ways through which fear shows up, the 5 fingers are used to represent them; Fight Flight Freeze Fawn, and Submit. Individually, there are often 2 or 3 of them that function more as natural go-to responses when facing fear, anger, or stress.
  • The anchor, Wave, and Island styles of attachment: An Anchor attachment is someone who can tolerate too close or too far. An Island attachment is the type of person who pulls away or isolates themselves when things get rough. A wave attachment describes a person who reacts to disruption by continually checking on others.
  • It is necessary to identify needs that are met by the business beyond the money because there is concern about how these needs will be met outside the business, and this could often form the basis for the continuous attachment to the business.
  • Addressing the handling of messy parts of the conversation, Denise emphasizes the importance of honesty and transparency in allaying the fears that may misguide people's actions in the family.
  • The 'O-MY' syndrome (One More Year) occurs where a seller repeatedly creates reasons to delay their exit from the business whenever they get closer to the agreed time of sale. This is a signal that something else is going on, a different existential crisis and there are needs to be met.
  • The moment that you cease to exist is when the last person who has a story to tell about you passes.
  • Money matters, but it's not the only thing that matters.
  • There will always be a story that is told about you, the question is "is it the story that you would like to have told about you?"
  • From Denise to her kids: The way you will know that you were loved was by how you were held and how you were cared for, not by what I left you.

Episode Timeline:

  • [00:49] Meet today's guest, "Denise Logan" a.k.a 'the Seller Whisperer'.
  • [01:45] An overview of the journey to becoming "the Seller Whisperer".
  • [08:52] Denise's 'fist' analogy in describing the role of fear in the brain.
  • [11:30] The 5 Appearances of Fear.
  • [14:10] The anchor, Wave, and Island styles of attachment.
  • [18:10] Do families typically find you when a transition is already underway or as they're contemplating a transition or an exit?
  • [33:23] How do you handle the messy aspects of the discussion?
  • [45:30] How often do sellers get caught up on a particular figure that they will only sell at?
  • [50:39] Discussing the success of transitions generally.
  • [01:00:56] A letter from Denise

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: Denise Logan.

Sponsored By:

Links:

  • Denise Logan | Speaker, Author, Consultant — Weaving together her background as a lawyer, social worker and business owner has enabled Denise Logan to deftly guide hundreds of business owners and their professional teams as they navigate the complex emotional journey of selling their business and letting go into their own version of what’s next.
  • New Book: "The Seller’s Journey" | Denise Logan — A new book by Denise Logan Fewer than 30% of all businesses for sale successfully transition to a new owner and those that do typically take more than nine agonizing months filled with uncertainty. The longer a sale process takes, the more stressful it becomes for the owner & the deal team and the lower the probability of success.
]]> Jeff Gould - Generational Real Estate Families with Lineage Asset Advisors [The Business of Family] http://www.businessoffamily.net/jeff-gould ac9c5634-7d1e-4d69-bbd3-7dc57e20a8ca Mon, 14 Dec 2020 19:00:00 +1000 Mike Boyd full 1 Mike Boyd Jeff Gould is the founder Lineage Asset Advisors (LAA) a full-service commercial real estate advisory and consulting firm providing customized commercial real estate services to help families make seamless transitions with their properties – from one generation to the next. 52:01 no Jeff Gould (https://www.loopnet.com/brokerdirectory/profile/jeff-gould/sk2zdp6/aboutme) is the founder Lineage Asset Advisors (LAA) (https://lineageasset.com/) a full-service commercial real estate advisory and consulting firm providing customized commercial real estate services to help families make seamless transitions with their properties – from one generation to the next. Lineage collaborates with estate planning advisers to develop and implement portfolio solutions that meet the goals of multiple generations. Their aim is to preserve and enhance family wealth and legacy during difficult life transitions while establishing a culture of respect, peace of mind and financial sustainability. Standout Quotes: * "Like most forms of financial planning, the sooner you plan ahead, the much easier it is to implement and follow through" - [Mike Boyd] * "Even if the family is risk-averse, I think it is really critical for them to understand that the risk of doing nothing may still be higher than the risk of doing something if they plan to keep the assets" – [Jeff Gould] * "I think many families need to stay nimble in the future and really adjust for change" – [Jeff Gould] * "Wealth and wealth transfer doesn't always lead to happiness, in fact in many cases it leads to conflict and challenges and strife among family members, so we want to try to shift that conversation, and that takes effort and planning" – [Jeff Gould] * "Life is generally empty and meaningless, and we have the ability to establish positive and productive meaning in the midst of a world in constant transition" – [Jeff Gould] Key Takeaways: * The ideal scenario would be to involve Jeff early in planning for the transition but the reality is that he is engaged much later when things need to move quickly. * There is a unique skill set that is needed to be a trusted adviser to help the family understand what they have in regards to Real Estate, and develop a plan with that Real Estate called a "Shared Asset Ownership plan" that considers the variables of the next generation. * The 3 phased process includes Discovery, Planning, and Implementation. * Addressing the issue of Deferred Maintenance; the 'Do Nothing Scenario' and the 'Do Something Scenario' * 5 Transition Strategies in Real Estate planning: Communication and Education, Conflict Resolution and Accepting differences, Rediscovering your commercial Real Estate portfolio, Developing a mindful asset transition plan, and Implementing the plan and adjusting for change * Jeff's advice to Real estate entrepreneurs: Creating your estate plan and developing a shared asset ownership plan that aligns with the next generation. * Jeff explains that he helps the family understand that it is a fortunate situation to be carrying on and stewarding the transition of the assets rather than focusing on the personal value of the asset to each family member. * Be respectful to everyone you encounter. Episode Timeline: * [00:49] Jeff Gould and his professional background * [06:06] Do you usually get called in at the time of a transition event in a family or ahead of that time to plan a healthy transition? * [08:37] Jeff gives a general picture of the different categories of clients he works with. * [11:12] What are the particular challenges with the real estate space that create the need for Jeff's specialty, to steward assets in family transition rather than a generic accountant or financial planner? * [16:51] Jeff describes the 3 phased process of his work with families * [24:00] Addressing Deferred Maintenance * [30:50] What would you say is the appetite for innovation in Real Estate? * [35:06] 5 transition strategies in Real Estate planning * [39:44] What advice would you give to a founding generation or Real Estate entrepreneur to best prepare themselves to have a great plan in place? * [43:24] Do you work with any families that are multigenerational into the 3rd, 4th, or 5th generations? * [49:38] From Jeff 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: Jeff Gould. 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, Jeff Gould is the founder Lineage Asset Advisors (LAA) a full-service commercial real estate advisory and consulting firm providing customized commercial real estate services to help families make seamless transitions with their properties – from one generation to the next.
Lineage collaborates with estate planning advisers to develop and implement portfolio solutions that meet the goals of multiple generations. Their aim is to preserve and enhance family wealth and legacy during difficult life transitions while establishing a culture of respect, peace of mind and financial sustainability.

Standout Quotes:

  • "Like most forms of financial planning, the sooner you plan ahead, the much easier it is to implement and follow through" - [Mike Boyd]
  • "Even if the family is risk-averse, I think it is really critical for them to understand that the risk of doing nothing may still be higher than the risk of doing something if they plan to keep the assets" – [Jeff Gould]
  • "I think many families need to stay nimble in the future and really adjust for change" – [Jeff Gould]
  • "Wealth and wealth transfer doesn't always lead to happiness, in fact in many cases it leads to conflict and challenges and strife among family members, so we want to try to shift that conversation, and that takes effort and planning" – [Jeff Gould]
  • "Life is generally empty and meaningless, and we have the ability to establish positive and productive meaning in the midst of a world in constant transition" – [Jeff Gould]

Key Takeaways:

  • The ideal scenario would be to involve Jeff early in planning for the transition but the reality is that he is engaged much later when things need to move quickly.
  • There is a unique skill set that is needed to be a trusted adviser to help the family understand what they have in regards to Real Estate, and develop a plan with that Real Estate called a "Shared Asset Ownership plan" that considers the variables of the next generation.
  • The 3 phased process includes Discovery, Planning, and Implementation.
  • Addressing the issue of Deferred Maintenance; the 'Do Nothing Scenario' and the 'Do Something Scenario'
  • 5 Transition Strategies in Real Estate planning: Communication and Education, Conflict Resolution and Accepting differences, Rediscovering your commercial Real Estate portfolio, Developing a mindful asset transition plan, and Implementing the plan and adjusting for change
  • Jeff's advice to Real estate entrepreneurs: Creating your estate plan and developing a shared asset ownership plan that aligns with the next generation.
  • Jeff explains that he helps the family understand that it is a fortunate situation to be carrying on and stewarding the transition of the assets rather than focusing on the personal value of the asset to each family member.
  • Be respectful to everyone you encounter.

Episode Timeline:

  • [00:49] Jeff Gould and his professional background
  • [06:06] Do you usually get called in at the time of a transition event in a family or ahead of that time to plan a healthy transition?
  • [08:37] Jeff gives a general picture of the different categories of clients he works with.
  • [11:12] What are the particular challenges with the real estate space that create the need for Jeff's specialty, to steward assets in family transition rather than a generic accountant or financial planner?
  • [16:51] Jeff describes the 3 phased process of his work with families
  • [24:00] Addressing Deferred Maintenance
  • [30:50] What would you say is the appetite for innovation in Real Estate?
  • [35:06] 5 transition strategies in Real Estate planning
  • [39:44] What advice would you give to a founding generation or Real Estate entrepreneur to best prepare themselves to have a great plan in place?
  • [43:24] Do you work with any families that are multigenerational into the 3rd, 4th, or 5th generations?
  • [49:38] From Jeff 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: Jeff Gould.

Sponsored By:

Links:

  • Lineage Asset Advisors — Lineage Asset Advisors was founded to help multi-generational families solve the unique issues that arise when transitioning their real estate portfolios from one generation to the next. For over thirteen years, LAA has worked directly with families and their estate planning teams to develop roadmaps for successful commercial real estate generational transitions.
  • Jeff Gould — Jeff is Principal and Founder of Lineage Asset Advisors which is a consulting, asset management and transaction advisory firm based in Los Angeles. Jeff consults with multi-generational families, family offices, and developers that own and operate commercial real estate to develop customized succession plans with their properties from generation to generation.
]]> Jeff Gould is the founder Lineage Asset Advisors (LAA) a full-service commercial real estate advisory and consulting firm providing customized commercial real estate services to help families make seamless transitions with their properties – from one generation to the next.
Lineage collaborates with estate planning advisers to develop and implement portfolio solutions that meet the goals of multiple generations. Their aim is to preserve and enhance family wealth and legacy during difficult life transitions while establishing a culture of respect, peace of mind and financial sustainability.

Standout Quotes:

  • "Like most forms of financial planning, the sooner you plan ahead, the much easier it is to implement and follow through" - [Mike Boyd]
  • "Even if the family is risk-averse, I think it is really critical for them to understand that the risk of doing nothing may still be higher than the risk of doing something if they plan to keep the assets" – [Jeff Gould]
  • "I think many families need to stay nimble in the future and really adjust for change" – [Jeff Gould]
  • "Wealth and wealth transfer doesn't always lead to happiness, in fact in many cases it leads to conflict and challenges and strife among family members, so we want to try to shift that conversation, and that takes effort and planning" – [Jeff Gould]
  • "Life is generally empty and meaningless, and we have the ability to establish positive and productive meaning in the midst of a world in constant transition" – [Jeff Gould]

Key Takeaways:

  • The ideal scenario would be to involve Jeff early in planning for the transition but the reality is that he is engaged much later when things need to move quickly.
  • There is a unique skill set that is needed to be a trusted adviser to help the family understand what they have in regards to Real Estate, and develop a plan with that Real Estate called a "Shared Asset Ownership plan" that considers the variables of the next generation.
  • The 3 phased process includes Discovery, Planning, and Implementation.
  • Addressing the issue of Deferred Maintenance; the 'Do Nothing Scenario' and the 'Do Something Scenario'
  • 5 Transition Strategies in Real Estate planning: Communication and Education, Conflict Resolution and Accepting differences, Rediscovering your commercial Real Estate portfolio, Developing a mindful asset transition plan, and Implementing the plan and adjusting for change
  • Jeff's advice to Real estate entrepreneurs: Creating your estate plan and developing a shared asset ownership plan that aligns with the next generation.
  • Jeff explains that he helps the family understand that it is a fortunate situation to be carrying on and stewarding the transition of the assets rather than focusing on the personal value of the asset to each family member.
  • Be respectful to everyone you encounter.

Episode Timeline:

  • [00:49] Jeff Gould and his professional background
  • [06:06] Do you usually get called in at the time of a transition event in a family or ahead of that time to plan a healthy transition?
  • [08:37] Jeff gives a general picture of the different categories of clients he works with.
  • [11:12] What are the particular challenges with the real estate space that create the need for Jeff's specialty, to steward assets in family transition rather than a generic accountant or financial planner?
  • [16:51] Jeff describes the 3 phased process of his work with families
  • [24:00] Addressing Deferred Maintenance
  • [30:50] What would you say is the appetite for innovation in Real Estate?
  • [35:06] 5 transition strategies in Real Estate planning
  • [39:44] What advice would you give to a founding generation or Real Estate entrepreneur to best prepare themselves to have a great plan in place?
  • [43:24] Do you work with any families that are multigenerational into the 3rd, 4th, or 5th generations?
  • [49:38] From Jeff 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: Jeff Gould.

Sponsored By:

Links:

  • Lineage Asset Advisors — Lineage Asset Advisors was founded to help multi-generational families solve the unique issues that arise when transitioning their real estate portfolios from one generation to the next. For over thirteen years, LAA has worked directly with families and their estate planning teams to develop roadmaps for successful commercial real estate generational transitions.
  • Jeff Gould — Jeff is Principal and Founder of Lineage Asset Advisors which is a consulting, asset management and transaction advisory firm based in Los Angeles. Jeff consults with multi-generational families, family offices, and developers that own and operate commercial real estate to develop customized succession plans with their properties from generation to generation.
]]> Crystal Lam - Second Generation Vietnamese-American Business Woman [The Business of Family] http://www.businessoffamily.net/crystal-lam 7bb214bf-2e59-4979-8cb0-c38191757c19 Mon, 02 Nov 2020 19:00:00 +1000 Mike Boyd full 1 Mike Boyd Crystal Lam is the Managing Director and second generation to manage Vinawood Ltd. With 10 years of operations experience in Vietnam, Ms. Lam has lead the firm’s expansion into new markets, product categories and strategic ventures. 36:06 yes Crystal Lam is the Managing Director and second generation to manage Vinawood Ltd. (https://www.vinawood.com/), Vietnam’s largest wood component manufacturer specializing in customized window covering, millwork and architectural mouldings. With 10 years of operations experience in Vietnam, Crystal has lead the firm’s expansion into new markets, product categories and strategic ventures. Standout Quotes: * “My father raised me with the same belief systems; to be traditional in values but modern in action" - Crystal Lam * “It's not just experience or skill, it's really just the heart” - Crystal Lam * "I've always found it to be important to be happy with who you see in the mirror when you wake up every day" - Crystal Lam * "Know what you stand for" - Crystal Lam Key Takeaways: * A crisis or challenge can create the opportunity to show your heart and grit in your family business. * It's not just experience or skill, it's the heart, so wherever your heart is, you will be great and you want to find people whose hearts beat the way your heart beats. * You will make decisions your entire life but the way you come to these decisions is rooted in your belief system and your value system. * If you don't know what you stand for, you will continuously feel conflict which holds you back from being the best version of yourself. Episode Timeline: * [01:37] Crystal's journey in the family business started at a young age * [03:03] Balancing growing up in America (an individualist society) with the expectation of family in Asia (an honor or face-based society) * [04:57] Crystal describes 3 major obstacles she had to face, working in the family business, and how she overcame them. * [07:50] The impact of the pandemic on the family business in 2020. * [13:14] Addressing the challenge of forgetting more sensitive family topics while focusing on the business. * [19:00] Crystal describes the admirable qualities of her grandmother, narrating a key event that occurred while she was a journalist. * [21:11] A key failure experienced by Crystal that shaped her journey * [23:19] The future for Vinawood * [27:29] Implementing their Father-Daughter forum * [33:01] A letter from Crystal to her kids: "Know what you stand for" *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: Crystal Lam. 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, Crystal Lam is the Managing Director and second generation to manage Vinawood Ltd., Vietnam’s largest wood component manufacturer specializing in customized window covering, millwork and architectural mouldings. With 10 years of operations experience in Vietnam, Crystal has lead the firm’s expansion into new markets, product categories and strategic ventures.

Standout Quotes:

  • “My father raised me with the same belief systems; to be traditional in values but modern in action" - Crystal Lam
  • “It's not just experience or skill, it's really just the heart” - Crystal Lam
  • "I've always found it to be important to be happy with who you see in the mirror when you wake up every day" - Crystal Lam
  • "Know what you stand for" - Crystal Lam

Key Takeaways:

  • A crisis or challenge can create the opportunity to show your heart and grit in your family business.
  • It's not just experience or skill, it's the heart, so wherever your heart is, you will be great and you want to find people whose hearts beat the way your heart beats.
  • You will make decisions your entire life but the way you come to these decisions is rooted in your belief system and your value system.
  • If you don't know what you stand for, you will continuously feel conflict which holds you back from being the best version of yourself.

Episode Timeline:

  • [01:37] Crystal's journey in the family business started at a young age
  • [03:03] Balancing growing up in America (an individualist society) with the expectation of family in Asia (an honor or face-based society)
  • [04:57] Crystal describes 3 major obstacles she had to face, working in the family business, and how she overcame them.
  • [07:50] The impact of the pandemic on the family business in 2020.
  • [13:14] Addressing the challenge of forgetting more sensitive family topics while focusing on the business.
  • [19:00] Crystal describes the admirable qualities of her grandmother, narrating a key event that occurred while she was a journalist.
  • [21:11] A key failure experienced by Crystal that shaped her journey
  • [23:19] The future for Vinawood
  • [27:29] Implementing their Father-Daughter forum
  • [33:01] A letter from Crystal to her kids: "Know what you stand for"

*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: Crystal Lam.

Sponsored By:

Links:

  • VINAWOOD LTD. — VINAWOOD are dedicated to accentuating the splendor of nature’s finest element: Wood
]]> Crystal Lam is the Managing Director and second generation to manage Vinawood Ltd., Vietnam’s largest wood component manufacturer specializing in customized window covering, millwork and architectural mouldings. With 10 years of operations experience in Vietnam, Crystal has lead the firm’s expansion into new markets, product categories and strategic ventures.

Standout Quotes:

  • “My father raised me with the same belief systems; to be traditional in values but modern in action" - Crystal Lam
  • “It's not just experience or skill, it's really just the heart” - Crystal Lam
  • "I've always found it to be important to be happy with who you see in the mirror when you wake up every day" - Crystal Lam
  • "Know what you stand for" - Crystal Lam

Key Takeaways:

  • A crisis or challenge can create the opportunity to show your heart and grit in your family business.
  • It's not just experience or skill, it's the heart, so wherever your heart is, you will be great and you want to find people whose hearts beat the way your heart beats.
  • You will make decisions your entire life but the way you come to these decisions is rooted in your belief system and your value system.
  • If you don't know what you stand for, you will continuously feel conflict which holds you back from being the best version of yourself.

Episode Timeline:

  • [01:37] Crystal's journey in the family business started at a young age
  • [03:03] Balancing growing up in America (an individualist society) with the expectation of family in Asia (an honor or face-based society)
  • [04:57] Crystal describes 3 major obstacles she had to face, working in the family business, and how she overcame them.
  • [07:50] The impact of the pandemic on the family business in 2020.
  • [13:14] Addressing the challenge of forgetting more sensitive family topics while focusing on the business.
  • [19:00] Crystal describes the admirable qualities of her grandmother, narrating a key event that occurred while she was a journalist.
  • [21:11] A key failure experienced by Crystal that shaped her journey
  • [23:19] The future for Vinawood
  • [27:29] Implementing their Father-Daughter forum
  • [33:01] A letter from Crystal to her kids: "Know what you stand for"

*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: Crystal Lam.

Sponsored By:

Links:

  • VINAWOOD LTD. — VINAWOOD are dedicated to accentuating the splendor of nature’s finest element: Wood
]]>