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The Business of Family

The Business of Family

Author: Mike Boyd

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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
15 Episodes
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Chris Herschend is a third-generation shareholder and Chairman of Missouri-based Herschend Enterprises (https://herschendenterprises.com/), the largest family (https://www.hfecorp.com/)-owned themed attractions company in the US. HFE properties span 26 locations and 10 states, employing over 10,000 people who collectively host over 13 million guests annually at properties including Silver Dollar City, Dollywood and the world-famous Harlem Globetrotters (https://www.harlemglobetrotters.com/). Standout Quotes: * "That's not your board members' primary role; to be experts on your business, they're really there to be a resource for you, a check for you..they also provide a level of protection" – Chris Herschend * "I hear a lot of family businesses that do not have shareholder agreements in place, and that's a mandatory first step, you've got to have a shareholder agreement before you do anything else" – Chris Herschend * "You can't trust somebody if you don't know them; you can't know them if you never see them" – Chris Herschend * "You'd be amazed at what millionaires would do for a $250 plane ticket" – Chris Herschend * "It's not about you and you are not your own" – Chris Herschend Key Takeaways: * Humility and Accountability define the principle behind the business model of a majority independent board for their family-owned company. * The primary role of your board members is not to be experts in your business, they are there to be a resource, a check, and for protection * Humility of an owner who wants a true board is so attractive to high-quality board members and business thinkers that they want to be a part of that * You need to know where you are in the generational business cycle * The primary role of the board is to be truth-tellers * One of the hardest things you have to do as a larger family is to define 'Family' * The simplest most important thing done in their family business is "Gathering" * Chris emphasizes to his kids that their job is to steward the family business Episode Timeline: * [00:49] An Introduction to Chris Herschend * [01:26] The mission of Herschend Enterprises is to create memories worth repeating; Chris shares the history of the company * [07:26] The day to day operations of the business as a theme park * [10:10] Chris gives a detailed description of the governing structure of the family business * [13:30] Reasons behind the business model of a majority independent board for a family-owned company. * [21:33] The family is constantly around the business but rarely in the business. * [26:03] Chris describes his role in the family business * [35:40] The different phases or eras in handling the wealth of the family business * [48:50] Are there any key resources that your family has invested in to get to where you are today? * [56:27] A letter from Chris to his kids *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: Chris Herschend.
Dr. Jim Grubman (http://jamesgrubman.com/) has provided services to individuals, couples, and families of wealth for over 30 years. His work with clients at many levels of affluence - from the “millionaire next door” to The Forbes 400 - has earned him a reputation as a valued family advisor. Jim is the author of Strangers in Paradise: How Families Adapt to Wealth Across Generations (https://www.amazon.com/Strangers-Paradise-Families-Wealth-Generations/dp/0615894356/) and co-author with Dennis Jaffe, PhD of Cross Cultures: How Global Families Negotiate Change Across Generations (https://www.amazon.com/Cross-Cultures-Families-Negotiate-Generations/dp/1517626609/), offering ground-breaking explanations of how individuals and families can adjust to wealth effectively. Standout Quotes: * "At the affluent and perhaps high net worth level, it's not that families leave wealth, it's that wealth gets distributed" – Dr. Jim Grubman * "People come to wealth without preparation for how they're going to sustain it in their family and that's really why it is so difficult for families" – Dr. Jim Grubman * "Most people just focus on the money and they forget adaptation" – Dr. Jim Grubman * “Everybody wants to get to the land of wealth but they don't realize what is going to be like once they get there and what their life is going to be like, the new problems that they're going to have and the adjustments in identity” – Dr. Jim Grubman * “Many inheritors are really disenfranchised citizens of the land of wealth, people think they have money but they really don't, it's in trust, tied up in partnerships... they don't control most of the wealth that is associated with them” – Dr. Jim Grubman * "Don't chase happiness; Happiness is a result, it's not a goal" – Dr. Jim Grubman Key Takeaways: * Cross-cultural adaptation is much harder than people anticipate when they make the journey to wealth * In trying to adapt to a new environment, 2 dimensions make the greatest difference: the degree to which people hold on to or let go of connection to where they came from, and the degree to which they take on or resist getting involved with the new culture * Many of the things that are necessary for the business of family are completely unknown to the people coming to wealth. * Many inheritors are really disenfranchised citizens of the land of wealth, they don't control most of the wealth that is associated with them. * The 3 main cultural prototypes: HFD Dignity culture/individualist culture (the West) Face culture/harmony culture (East/Asia) Honor culture (across several countries) * The natives of global wealth get transformed into the 4th culture; a hybrid blending where they have roots in Honor or Harmony culture with strong influences from individualists and understand the struggle that their families have gone through cross-culturally * Is the 4th culture the destination for all of these different cultures? * One of the most difficult transitions for families is to move from a strong focus on the individual to understanding how much you have to build skills, processes, and structures for the interdependence of significant wealth. Honor and Harmony culture are much more prepared to understand interdependence. * The 3 main questions on adaptation; What from our background still serves us that we can keep? What from our background no longer serves us that we need to let go of? What from our new circumstances do we need to take on for the journey ahead? * Chase purpose; happiness comes from a fulfilled life Episode Timeline: * [00:48] Mike introduces Dr. Jim Grubman and describes some of his work * [01:54] Dr. Jim narrates the history behind his involvement in Family wealth psychology * [04:16] The concepts of 'Coming to wealth' and 'Coming from wealth' * [10:19] The contrast between statistics that 80% of the wealth is created in the current generation and the amount of family wealth that is lost from generation to generation; where is all the wealth going? * [16:09] How do immigrants to wealth acquire the mental template to transition into the new culture? * [19:03] The known strategies that people go through in trying to adapt to a new environment. * [20:56] What individuals go through in making the journey to wealth * [26:08] Do the models and strategies for wealth preservation differ for those native to wealth compared to those coming to wealth? * [29:10] The main types of cultures as categorized in the book 'Cross Cultures' * [44:39] Jim's recommendation for G1s or wealth creators starting a healthy transition to G2 * [47:00] Are there new trends emerging? * [50:16] Jim's letter to his kids For more episodes go to BusinessOfFamily.net (https://www.businessoffamily.net/) Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter (https://www.businessoffamily.net/newsletter) Follow Mike on Twitter @MikeBoyd (https://twitter.com/MikeBoyd) If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes (http://getpodcast.reviews/id/1525326745), I receive a notification of each review. Thank you! Special Guest: Jim Grubman PhD.
Spencer is a Principal with The St. Louis Trust Company (https://www.stlouistrust.com/), a multi-family office for 50 families in the United States managing in excess of US $10 billion, where he heads the Family Business Advisory Practice. Spencer is also an Adjunct Lecturer in Family Business at the Olin Business School (https://olin.wustl.edu/EN-US/Pages/default.aspx) at Washington University in St. Louis. Standout Quotes: * “Multi-family businesses are acts of inadvertence in the initial years or the initial generation, they're usually a force of necessity, and then it becomes more opportunistic as the family gets bigger, and by the time you get to the 3rd generation it's more process-driven and ultimately becomes strategic” – Spencer Burke * “At the end of the day, it's not about having a board and all that, it's about the quality of the people, the vision, the culture and purpose of the organization; that's what creates great companies of all kinds and family business is just a large subset of great companies in the world” – Spencer Burke * "In the United States, you can own 100% of the votes and not own any of the economics of a company" – Spencer Burke * "I don't think there's anything better to own than your own company and the ability to compound earnings" – Spencer Burke * “When it is time to sell the business that's great, that's not a failure” – Spencer Burke * “The key to happiness is, don't let other people be the measure of your success; If you're not happy doing what you're doing, go do something else” – Spencer Burke Key Takeaways: * Some families walk away from a wealth of knowledge because they don't know what they're getting; although they need the advice, they just have the wrong person giving it to them * Multi-generational family businesses are acts of inadvertence in the initial years or the initial generation, but get more opportunistic as the family gets bigger, and by the third generation, ultimately becomes strategic and process-driven. * “Hygiene" refers to some cost-free measures that can be set up in the beginning to increase your chances of getting beyond the 2nd and 3rd generation, however, if not taken care of, you have no chance of success * The key characteristic shared by enduring companies whether family business or not is "Total Control by One Person” * In most families where there are issues, how the socio-emotional wealth is getting shared is just as prominent as how the money is being shared. * To succeed over long periods (100 years), successful families have extracted a great deal of wealth out of the business so they have the resources to protect the business when necessary. * The 3 fundamental factors that may impede the success of a family business; the Family tree is the first because it tends to grow faster than most business * One of the number 1 keys to family business success is "Set the policies for the future when there are no names attached to them". * The matriarch of the family is usually the keeper of family harmony, the patriarch of the family is usually the keeper of running the great business, but the patriarch more often than not, does not have the power in that family. * The three interest groups represented in a family business; the people in the business, the people that own the business, and the people that are just in the family neither as owners nor in the business. * The key to happiness is ‘don't let other people be the measure of your success; If you're not happy doing what you're doing, go do something else’ Episode Timeline: * [01:28] A concise overview of Spencer's professional background * [07:55] Spencer's thesis on starting a multi-generational family business * [10:50] Instead of a Family Business Course, Spencer calls his course Ownership Insights * [11:36] Common characteristics shared by enduring companies whether family business or not * [14:19] The concept of Spoils of Ownership * [16:35] The 'tyranny of the internal rate of return' versus 'creation of real wealth' * [20:41] The 3-circle diagram (http://newsletter.mikeboyd.com.au/issues/three-circle-model-of-the-family-business-system-282619) in family business education depicts Family, Business, and Ownership, with how they interact. * [22:32] The 3 fundamental undertows that affect a family business * [28:57] The continuum of behaviors; a Business Family and a Family business. * [35:20] The tradeoff between running a great business and maintaining family harmony * [38:00] How is family harmony maintained as businesses progress through multiple generations? * [53:40] A letter from Spencer 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: Spencer Burke.
Emily Griffiths-Hamilton (https://www.buildyourfamilybank.com/my-work/) brings three generations of experience to the subject of wealth and family-business transition planning. Her maternal grandfather, veterinarian Dr. William Ballard, was one of North America’s greatest dynamic wealth creators. Her father, Frank A. Griffiths, FCA, built a highly successful sports and media empire. Emily herself, along with her brother Arthur and their partners, has been the co-owner of a National Hockey League (NHL) team, the Vancouver Canucks (https://www.nhl.com/canucks); a National Basketball Association (NBA) franchise, the Vancouver Grizzlies (https://en.wikipedia.org/wiki/Vancouver_Grizzlies); and a state-of-the-art-arena. Emily’s professional training, expertise and unique first-hand experience have given her a deep understanding of the benefits of clear, considered wealth and family-business transition planning. Today, she is passionate about providing guidance to individuals and families for the effective multigenerational management of family wealth and family businesses. Emily is the author of two excellent books, Build Your Family Bank (http://www.amazon.com/exec/obidos/ASIN/B00N01TP0C/88088026-20) and Your Business, Your Family, Their Future (http://www.amazon.com/exec/obidos/ASIN/B07C4K7NQ2/88088026-20), which look closely at the core causes of wealth erosion and failed transition plans and offers a set of strategies for building successful wealth transition plans that will benefit many generations. Standout Quotes: * "A legacy lifestyle to me is really anything where anyone is enjoying an affluent life based on someone else's earnings" * "Earning a voice at the table is critically important as the families get larger because not everybody is necessarily around the table making decisions for the family bank but the family council may be elected members to represent different parts of the families" * "Life is the reflection of the Choices that you make between your Birth and your Death (life is the C between the B and the D)" * "The choices that you make are going to be a reflection of the decisions that you make, and if you really want to make the best decisions, think about swapping judgment for curiosity" * “Curiosity can open your eyes to a world of unlimited imagination and infinite possibilities” Key Takeaways: * The process of creating the family wealth was infused into the family DNA added in each generation. * The issue in a legacy lifestyle is enjoying a lifestyle that someone else is earning the funds to afford you, the cautionary note is to watch for the creep of entitlement issues. * The traditional approach to wealth transition planning including tax deferment and trust funds fail 70% of the time. * As long as your human and intellectual components are still strong, the Family bank will keep standing. * Reasons why 70% of families at each generation fail at wealth transition include a breakdown of communication and trust (60%), the unpreparedness of heirs (25%), lack of shared vision (12%), and failure of professionals (3%). * Earning a voice at the table is critically important as the families get larger. * Family bank is not a legal term, it's a philosophical term; it's whatever the family defines it to be. * 5 reasons to put a Trust in place in Canada: Control, Creditor Protection, Privacy, Probate and Tax. * Research shows that within 7 years lottery winnings are usually gone which is the same with inheritances. * If you want to make the best decisions, swap judgment for curiosity Episode Timeline: * [00:49] An overview of some of Emily's work. * [02:20] How the initial family wealth was created and sustained through the different generations as part of the family DNA. * [05:20] Emily explains the clear distinction between Ownership and Management. * [05:31] Her contribution to the Family DNA of wealth creation is the Role of Stewardship. * [08:26] The event leading up to the ownership of the Hockey team reflected a sense of commitment to the community. * [10:30] Emily narrates the experiences that inspired her career choice of a Family Enterprise Adviser. * [15:35] The legacy lifestyle defined, with examples from Emily's childhood. * [19:26] The value of work and its role in Family wealth creation. * [21:11] The concept of a Family Bank is most appropriate for anyone doing succession or wealth transition planning. * [22:05] The Foundation and Components of the Family bank approach. * [27:04] Reasons why 70% of families at each generation fail at wealth transitions. * [39:00] The value and role of tools like trust structures and tax mitigation strategies in the managing multi-generational wealth. * [45:07] The similarities between inheritances and lottery wins. * [53:52] Re-Formatting is a change of investment choice and a Redistribution of wealth to philanthropy are not considered a failure of to transition. * [55:29] A few surprises from her sons influencing the family bank. * [01:01:14] Emily's letter to her children. 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: Emily Griffiths-Hamilton.
Richard and Linda Eyre may be the most prominent and popular writers and speakers in the world on the topics of family and parenting. Among their incredible 50 books is Teaching your Children Values (https://www.amazon.com/Teaching-Your-Children-Values-Richard/dp/0671769669/ref=as_li_ss_tl?ie=UTF8&linkCode=ll1&tag=88088026-20&linkId=0f7fc0792acb5fdd4cba1a0316b0211b&language=en_US), the first parenting book in 50 years to hit #1 on the New York Times Bestseller list. The Eyres’ work is based on the real-life experience of raising 9 children, founding and running 3 businesses, and trying to keep up with high-level involvement in politics, church, music, and sports. Key Takeaways The importance of raising children who are happy and motivated Understand the benefits of implementing a family economy How a Family Traditions Calendar can have lasting and permanent affect Why documenting and sharing family history can empower your child Giving your children ownership to empower and avoid entitlement Why some failures can lead to major success The ways that giving children more can actually give them less Episode Timeline [1:34] How Richard Eyre dedicated his life’s work to healthy families and parenting [5:16] Parenting to raise motivated and happy children amid wealth [7:57] Formal documentation and structure in the family environment [11:29] Teaching families how to have a family economy [14:44] Richard and Linda’s family traditions calendar [20:37] Empowering children through ancestor storybooks [23:12] Rescuing your child from the entitlement track [26:55] Giving kids ownership to empower and motivate [29:29] #1 New York Bestseller, Teaching Your Children Values [33:37] Books and publishing with insights on new book, Happiness Paradox [37:32] Richard’s public failure leads to bestselling success [40:52] Creating free online access to the Eyre books [44:45] Richard Eyre’s landing page [48:08] Richard’s belief that if we give our children more, we give them less Standout Quotes “We just found that there was a tremendous resonance with the idea of raising healthy kids and looking at it as a management opportunity, a management challenge.” – Richard Eyre [04:37] "Our goal is to help parents raise responsible, motivated kids. That is a tricky thing to do in a household of affluence." – Richard Eyre [07:11] "It's the idea that you as a parent have one single focus each month you're going to do well. If you're trying to teach multiple values or multi-task on that you're never going to do it. Just focus one whole month on honesty, suddenly everything that happens is an object lesson.” – Richard Eyre [31:20] “It was on the heels of that defeat that we wrote this book, Teaching Your Children Values. One year after losing the governatorial race, the book went to number 1. The first family book in 50 years to get to number 1 on the New York Times Bestseller. One door closed but another one opened.” – Richard Eyre [39:38] "To those of us who have spent our lives in or around business, I think management by objective always resonates. People who are clear on what their goals are and where they're trying to get are the ones who succeed. It's quite remarkable that that very basic sort of practical thinking has rarely penetrated areas of relationships and families and it should." – Richard Eyre [46:40] "If you are clear on what the goals are that you have for your family and your children, for your family institution it doesn't guarantee success, but it certainly allows you to measure your success and how well you are doing." – Richard Eyre [47:13] "We need to find ways to pass on what we have without it being a gift that's not value. We have to find a way to share responsibility and to teach the concept of earned ownership rather than running the huge risk of entitlement, spoiling children, putting them on a path of low motivation by giving them too much." -- Richard Eyre [49:07] *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: Richard Eyre.
Dave Whorton is an entrepreneur, business leader, education reformer, and investor. Dave founded four companies including Good Technology and Drugstore.com. He also worked for three venture capital firms, Kleiner Perkins Caufield & Byers, TPG, and Interwest. A small angel investment that Dave made in 2005 opened his eyes to an alternative way of supporting seasoned entrepreneurs who wanted to build large, profitable, innovative businesses that they would run privately for their lifetimes. In 2013 he founded The Tugboat Institute, a membership organisation designed to support Evergreen leaders and their companies over the very long term. "We believe in the vital importance of humans coming together to create and grow enduring, private businesses that make a dent in the universe." - Tugboat Institute (https://www.tugboatinstitute.com/about-us/) Standout Quotes * "How do you help a company have good hygiene? A very important component of that is how you develop the family members into the business" - Dave Whorton [31:44] * "If you feel your company is deeply purpose-driven and meant to have a significant impact for a long time in the world then you do think naturally about it from a standpoint of stewardship" - Dave Whorton [34:04] * "How can I take this incredible asset and move it forward before handing it over to the next steward?" - Dave Whorton [34:16] * "I think it's really important to develop a work ethic in your kids, I don't care what level of wealth you have" - Dave Whorton [45:50] Key Takeaways * The 7Ps that makes a company evergreen: Purpose, Perseverance, People First, Private, Profit, Paced Growth and Pragmatic Innovation [21:44] * Entrepreneurs have to be very clear with CEOs about what they want from their investing partners [39:37] * Dave describes some qualities that he observed to be common among evergreen leaders which mostly include being introverted and humility [23:46] * Developing a work ethic at a young age is critically important and also exposing them to the importance of saving [46:11] Episode Timeline: * [00:48] Mike introduces Dave and tells us a little about him * [02:06] Dave shares his backstory and work background in more detail * [17:20] The Tugboat group and how it's evolved over time. * [21:44] The 7Ps that makes a company evergreen: Purpose, Perseverance, People First, Private, Profit, Paced Growth and Pragmatic Innovation * [23:46] Dave describes some qualities that he observed to be common among evergreen leaders which mostly include being introverted and humility * [30:18] How does Tugboat support generational transitions of family members or other closely held businesses? * [34:04] if you feel your company is deeply purpose-driven and meant to have a significant impact for a long time in the world then you do think about naturally about it from a standpoint of stewardship; How can I take this incredible asset and move it forward before handing it over to the next steward? * [39:37] Entrepreneurs have to be very clear with CEOs about what they want from their investing partners * [45:33] Dave shares his thoughts on generational wealth and legacy building in contrast to a focus on the children developing a work ethic and inheriting nothing. * [49:29] The failure Dave faced that eventually took him on a journey to where he is today. 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: Dave Whorton.
Paolo Delgado is the current managing director of the Delgado Brothers Group (http://delbros.com/) (Delbros). As the fourth and newest generation of the Delgado Family, Paolo manages the company that has made a name for itself across generations as being the pioneer in the logistics industry. The Delbros Group has a drive and passion to bring innovation and modernisation with hopes of growth and betterment of the Philippines and to the Filipino people. Presently, the DelBros Group consist of over twenty subsidiaries and have member companies both locally and internationally ranging in the industries of logistics and transport, technology, and food production. Standout Quotes "We live now in a very globalized world where technology has really reached a point in which it can alter our ways of life. From AI, vertical farming, etc. There has been a real desire to shift out of traditional businesses and to use our traditional businesses in more digitally-savy manners." – Paolo Delgado [5:33] "We all believe that the company is in our care for a portion of our lives. During this portion, it's our responsibility to help it thrive and to make sure that it can successfully transition to the next generation. It's not something that we look at to sell, not something we consider 'ours' other than that period of time that we are responsible for it. We have created a very clear understanding on the kind of stewards that we want to be." – Paolo Delgado [7:46] "Active stewardship is something that is constantly mentioned in our family meetings. Family representatives in our companies need to very clearly outline parameters for the different management teams that align the actives of the company with the family's approach." – Paolo Delgado [8:13] "Documenting the history and the legacy of the family is important in understanding what and who came before us. It reenforces that our strength comes from unity and that we keep our businesses and our family true to their core values. It's knowing that the company and the family need to be challenged and disrupted to avoid stagnation." – Paolo Delgado [17:08] "We do a regular pruning. Family businesses I think are looked at as something that should be run and should take care of all of the family members. In our experience, there is nothing wrong with shifting ownership. That usually means buying out family members that are not as interested in the business or perhaps can't contribute as well to the business as others… It has made making decisions easier, it’s allowed us to continue a family business that might have been under threat much sooner.” – Paolo Delgado [27:07] "Respect, shared values, the understanding that fairness is not being equal. We want to be fair, not necessarily equal. That nobody owes you anything and that you work for it. That you take a long-term perspective and strategy that decisions at least in the family organization needs to be made over generations rather than five or ten years that you would normally see an organization." – Paolo Delgado [36:43] "For me, what's most important for my wife and I, is that our children grow up being happy with the person they have become. My wife and I talk a lot about what we want for our children but ultimately much like the family business we believe we are stewards for them for a portion of our lives. Ultimately they go off and live their own lives and start their own families." – Paolo Delgado [41:03] Key Takeaways Becoming and demonstrating organizational value to remain sustainable in the long term Paolo Delgado’s challenging and rewarding entrance into the family business The lessons and challenges from the past generations can be the basis for policy and reforms in the family organization of the future Some insights from a logistics background on the passion and visions for the future of agriculture Three key agreements included in the charter for DelBros Group Allowing the family charter to be open to improvements in the future generations The sensitive topic of removing family members as a strategy for extending the life of the family organization as a whole What Paolo sees as requirements for a successful and harmonious family partnership Why fair isn't always equal in the family business Episode Timeline [2:02] The origin story for the Delgado Brothers Group [4:31] What DelBros Group current is today [7:35] Leadership focus on future success in generational transitions [9:08] Paolo’s challenging but rewarding start in the family business [16:31] Placing value on the documentation of family history [19:21] DelBros Group Investments into the future of agriculture [24:10] Personalized but business centered family gatherings [25:24] Three agreements included in the Delgado family charter [28:02] Why pruning in a family organization can extend the longevity of the business [30:45] Clarification on Delgado family opportunities in wealth creation [32:28] Paolo’s thoughts on the next generation talent for the family business [36:37] Requirements for successful and harmonious family partnerships [38:34] The difference between fairness and equality [41:03] Paolo’s focus on leading his children to personal happiness and fulfillment For more episodes go to BusinessOfFamily.net (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: Paolo Delgado.
Covie is a Partner and the Chief Wealth Advisory Officer at Ballentine Partner (https://ballentinepartners.com/)s where she is responsible for the development and management of the firm’s family education, family governance, and philanthropic offerings. Covie also leads several of the firm’s large family client engagements and specialises in helping her clients manage the impact of their wealth and ensure that their wealth management strategy reflects their families’ values and goals. Covie is the author of a two-book series based on interviews that highlight success stories of family wealth: the first, Raised Healthy, Wealthy & Wise (https://www.amazon.com/Raised-Healthy-Wealthy-Wise-successful-ebook/dp/B00KX9X31G/ref=as_li_ss_tl?ie=UTF8&linkCode=ll1&tag=88088026-20&linkId=2744274370f16ed13605c7c65f52f7f6&language=en_US) (2014), focuses on raising children to be grounded and successful adults amid wealth, and the second, Aged Healthy, Wealthy & Wise (https://www.amazon.com/gp/product/B076PQ9V9Y/ref=as_li_ss_tl?ie=UTF8&linkCode=ll1&tag=88088026-20&linkId=50c8adeb6b3566b56df6833dfc875a71&language=en_US) (2017), focuses on designing a vibrant and purposeful later life and legacy. Episode Timeline * [1:52] How Covie got into family wealth advisory * [6:12] Ideal clients and what clients are seeking when they come to Ballentine Partners * [9:00] Looking at the bigger picture when looking at client’s needs and investments * [13:20] Increased percentage of uptake in trust built client relationships * [16:18] Patterns when creating investment and wealth management plans * [19:58] The primary sources of initial wealth for first generation families that Covie sees * [20:58] Why more money can actually make parenting harder * [25:34] Next generation success being driven by successes in life and self-motivation * [27:38] Finding the balance to give children fulfilling lives of meaning * [33:33] Focusing on the communication of values when discussing shared assets * [38:12] Inheritor’s guilt for advantages they received and how to counteract that * [41:55] Covie’s advice to a driven entrepreneur who inspired to be the founding generation * [45:10] The four success factors Covie believes all successful next generation members share * [47:50] The role Covie plays in helping families in philanthropic legacy and impact projects * [55:12] Covie’s belief in wishing for our children to have the confidence to handle the struggles of life Standout Quotes * "You do need to have a pretty good degree of self-awareness and being able to look in the mirror as a parent to understand how you might need to evaluate and potentially change your own behavior relative to a child, in order to allow that child to become independent and financially self-sufficient." – Covie Edwards-Pitt [15:12] * "If you have very little money, it's very challenging. Then as you get more money it gets easier, and as you get more money it becomes harder again. I definitely see that to be the case. I think the reason is, having money, having an abundance of resources essentially, more than you would need, has a way of complicating every single parenting interaction with your child in a way that, to no fault of the parents, might essentially deprive the child of a lesson that they would have learned by default if their family have had less” – Covie Edwards-Pitt [21:31] * "Content, productive, driven by their inner sense of motivation, grounded, satisfied, passionate in their career choice. That sort of list of characteristics was evident to me because I recognize it all the time in the next gens." – Covie Edwards-Pitt [26:19] * "Fulfilling lives have as part of them, struggle. Something that the person can think back on as something they have overcome in their life that gives them a sense of pride." – Covie Edwards-Pitt [28:45] * "Communication is key. Communicating the values and the framework that are driving parent's decisions in a clear, transparent way is very important. I coach my clients to try to think about, what are the types of things we'd like to support? What are the types of things that we would like to help children with, when they reach those milestones in their lives? – Covie Edwards-Pitt [34:39] * "The most important advice I would give is to say... that your child, when they look in the mirror as an adult... When they ask themselves do I have this job or do I have this responsibility or title because of my name or because of my effort? They can answer, my effort." – Covie Edwards-Pitt [42:09] Key Takeaways * Think of a client relationship and services provided as a much larger conversation about the client and what they hope to achieve as a whole * The ways to recognize patterns when creating investment and wealth management plans for ultra high net worth families * Ways in which parents with substantial means can still raise well-rounded children * How success in the next generation can be different as it is more about the inner sense of motivation and satisfaction * Why it’s important to allow children to struggle to attain a fulfilling and contented life * The communication involved when managing shared family assets * Inheritors will often find a true sense of purpose when they develop their own sense of contribution and passion in life * Having family constitutions and clear frameworks for inheritor’s to truly feel they deserve their position * Covie’s four success factors she has found all successful next generation members share 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: Coventry (Covie) Edwards-Pitt.
A global citizen, portfolio entrepreneur, and fourth-generation co-guardian of the Mouawad (https://www.mouawad.com/) family jewelry business, Fred Mouawad (http://fredmouawad.com/)’s story is as incredible as it is impactful. Listen in to learn how he brings a new and enterprising perspective to his family’s multi-generational success. Fred Mouawad is described often in the media as a billionaire diamond owner but has also accomplished countless entrepreneurial ventures outside of the family business and offers some key advice on stewarding the next generation. Standout Quotes * “We have the inventory; we have the expertise. If we create masterpieces and truly craft extraordinary and position the brand at the very top, then we would be able to build a very niche business. That would stand in the marketplace and have a very clear image.” – Fred Mouawad [12:29] * “It was interesting to see how we had to reinvent our business and reposition it based on where we thought the world was moving towards. It was an exercise of not necessarily innovation but adaptation and being able to forecast how the markets are going to change over the long run and how us ourselves should prepare for that change.” - Fred Mouawad [14:29] * “Our responsibility was to guard that heritage. That’s why we call it co-guardians to look after it and start thinking long-term because our job is to look after it for only a certain period of time. It’s a transition from generation to generation.” - Fred Mouawad [24:14] * “All of the day-to-day is done by professionals. We have a CO for the group, he’s a general manager, for the entire operation. Why did we come up with that model? We came up with this model because we did not want to start blaming each other for executional problems.” - Fred Mouawad [27:16] * “I think it’s all about preparing the next generation to be the right stewards for the organization and how do you get there? You get there by exposing them to the business, by having them get richer with experience. By exposing them to different elements in the business and outside the business.” - Fred Mouawad [36:26] * “The best investment I have ever made was investing in myself, investing in my education, and having the courage to gain new experiences. Always being an avid learner. This is what I find the most satisfying, gratifying, and what enables me to do what I do. It’s investing in knowledge and experience and trying to share that with your team.” - Fred Mouawad [50:11] * “The most important thing that I would want my children to understand is that life is a journey and life requires that they take responsibility. They should keep on stretching themselves by learning, having the courage to try new things, by figuring out how to make the lives of other people better. How can they make a positive impact and how can they always behave based on core values that meet high ethical standards.” - Fred Mouawad [58:43] Key Takeaways * The incredible and impactful story of the Mouawad family business * How standardizing a brand image benefits the scalability of a business * Mouawad’s mission to craft the extraordinary * How to prepare the next generation of a successful multi-generational business * What co-guardianship can mean for a family and the business they run * Why building relationships with capable people leads to scalable businesses * How your best investment may be investing in yourself * Instilling in the future generation the skills to make a positive impact and maintain high ethical standards Episode Timeline [1:58] The background of Mouawad’s generational success [8:01] Modern day Mouawad jewelry business and what it represents [17:38] High-end masterpieces and being recognized for Guinness World Records [20:58] The value in business of natural vs synthetic diamonds [22:39] Preparing the fifth generation of the Mouawad family business [25:20] The idea of co-guardianship when running a multi-generational business [29:25] Shaping the next generation for business success [35:43] Teaching the skills to have another successful generation of Mouawad [39:26] Formation of family guidelines as family business becomes a family enterprise [42:27] Fred Mouawad’s entrepreneurial successes [49:58] What Fred’s best investment was [51:11] What it means to be a self-described global citizen [52:47] How to effectively raise motivated children in wealth [55:35] The transition from full control to family business co-guardianship [58:24] Fred’s focus on allowing his children to have a positive impact in their life’s journey For more episodes go to BusinessOfFamily.net (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: Fred Mouawad.
Our guest this week is Jim Sheils (https://jimsheils.com/home), a successful real estate entrepreneur and best-selling author of The Family Board Meeting (https://amzn.to/3l15KIH). Jim was motivated by what he saw as one of the most tragic challenges of modern life: the disconnection of busy entrepreneurs from their families. Jim Sheils developed the Family Board Meeting process out of necessity for his own family and hopes to help business owners bridge the gaps between themselves and their loved ones. Standout Quotes “I look at my family as my most important clients, investors, and key team members.” – Jim Sheils [8:43] “If people hear nothing else today Mike, I mean nothing else, just know that the potency and power of one-on-one time is irreplaceable. It separates the parts to strengthen the whole, it takes away sibling rivalry, it puts the magnifying glass on the relationship in a positive way.” – Jim Sheils [12:01] “There is no substitute for quality time and communication.” – Jim Sheils [21:03] “What I’ve told my kids is our wealth is tied to certain core values. I will give you opportunities that I did not have. I will help set up those things, but I won’t do the push-ups for you.” – Jim Sheils [21:47] “Probably one of the worst things to ever happen to businesses and entrepreneurship, is to try to force a child to go into the family business.” – Jim Sheils [32:00] “I think it’s important for my children to remember they have certain gifts and talents that they will be able to detect that they’ll intuitively feel a pull for. I want them to have the courage, comfort, and support to go for it.” – Jim Sheils [40:24] Key Takeaways Understanding the “great entrepreneurial lie” and how to begin living in the now How irreplaceable the power and potency of one-on-one time is for strengthening your family connections Tips for making sure you are not “half-in parenting” as you work from home Understanding the challenges that come with successful succession in multi-generational family businesses The importance of setting core values and guidelines to reach success Episode Timeline [1:31] How a major life shift can change your values and awareness on life [2:46] The great entrepreneurial lie and the importance of focusing on your family [4:26] Jim’s focus on his children’s education [6:07] Personal development, financial intelligence, and relationship skills for the next generation [8:30] Jim’s family board meeting concept [10:35] A solution that is simple but has key fundamental action steps [11:54] The three guiding principles Jim has for his family board meetings [15:05] Some success stories families have had using the family board meeting method [20:15] The third-generation rule and providing proper stewardship [21:34] Jim’s outlook on his children inheriting his wealth [24:17] Half-in parenting while working from home [28:12] The failures that set Jim up for success [31:05] Strife and family breakdowns in the succession of multi-generational businesses [37:17] 18 Summers and the desire to form lifelong child-parent connections [40:06] Jim’s focus on encouraging his children’s own gifts and talents For more episodes go to BusinessOfFamily.net (https://www.businessoffamily.net/) Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter (https://www.businessoffamily.net/newsletter) Follow Mike on Twitter @MikeBoyd (https://twitter.com/MikeBoyd) If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes (http://getpodcast.reviews/id/1525326745), I receive a notification of each review. Thank you! Special Guest: Jim Sheils.
This week's guest is Professor Vicki TenHakan, a college professor in management at Hope College in Holland, Michigan, a former business executive at Herman Miller and GE, a researcher of corporate longevity and the author of the excellent book; Lessons from Century Club Companies: Managing for Long-Term Success (http://www.amazon.com/exec/obidos/ASIN/0984898603/88088026-20), a captivating book that details the lessons learned from companies that have endured for at least 100 years. Key Takeaways The similarities and differences in culture and corporate longevity in American and Japanese century club companies The 5 major management practices in both the United States and Japan’s old companies Why it is important to take time to honor the past of the company while also embracing changes that are needed to prosper The prevalence of family-owned businesses in century club companies Understanding the role that strength in relationships play in stewarding businesses for over a century Learning that growth isn’t everything in company longevity Why storytelling is key in century club companies and the development of the next generation leaders Standout Quotes “What I hoped to achieve was to uncover some management practices…that I would be able to not only share with my students to not only help them be more successful in their future careers but also for business leaders to be able to use.” - Vicki Tenhaken [3:35] “I saw what the lack of business success did to a community. I was really hoping that the future business leaders or current leaders would be able to benefit from some knowledge on these old companies on how they were able to survive and thrive through many economic disasters and other crisis over the decades and even the century.” - Vicki Tenhaken [4:08] “There’s no formula for it. The one thing that I did find out when talking to many of these old companies is that they knew when they needed to change. They kept on top of what was going on in the external environment… They made sure everyone in their company had a role in staying in touch with customers, suppliers, or other business leaders in the community.” - Vicki Tenhaken [11:26] "The strength of relationships is what almost every century club company said helped them make it through the tough times. They all had stories of crisis that they went through and it was relationships whether with employees, business partners, or community that they said really made the difference in terms of how they were able to not just survive the various crisis but actually prosper in the long run." .” - Vicki Tenhaken [19:11] "In business as in life, relationships are what matter most." - Vicki Tenhaken [46:51] Episode Timeline [1:14] How Vicki became interested in corporate longevity [3:25] What Vicki hoped to achieve when embarking into research and what surprised her [6:12] The common management practices seen in old companies in both United States and Japan [10:26] What Vicki believes contributes to century club companies surviving for so long [13:41] Family-owned businesses role in companies that are over a hundred years old [17:41] The vital role that relationships play when stewarding a business for over one hundred years [21:09] Similarities in Japanese and American century club companies [24:04] Why some companies choose to not grow just for growth’s sake [29:41] Storytelling and the development of the next generation leaders [37:20] How century club companies survive crisis [43:51] The accessibility of Vicki’s database [46:07] Vicki’s belief that relationships are what matter not only in business but in life itself 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: Vicki TenHaken.
Our guest this week is Tiho Brkan (https://twitter.com/TihoBrkan), a successful trader, portfolio manager and investor, Tiho today runs the multifamily office, The Atlas Investor (https://theatlasinvestor.com/) on behalf of his family and other high net worth families and individuals. Tiho is known to visit up to 20 countries per year, all the while observing global economic trends, purchasing offshore real estate and executing investments on behalf of his clients. Standout Quotes: * “The margins in luxury real estate can be insanely profitable as long as you know what you’re doing and as long as you choose the right deal.” - Tiho Brkan [21:27] * “Asian millennials are now becoming the most important demographic for the whole global economy.” - Tiho Brkan [35:30] * “The beautiful thing about mezzanine debt is that it has equity-like returns and bond-like downside protection or margin of safety, and that’s why we like it. ”- Tiho Brkan [42:05] * “Focus on learning from the right source and really moving the needle on what’s important and what counts.” - Tiho Brkan [1:03:55] Key Takeaways: * How to master the blend between an entrepreneur and an investor * Learning world cultures through travel * The importance of diversifying your capital into alternative assets as a high net worth individual or family office * Understanding the global tax scene when investing across the world * Capital Stack and the difference between senior and mezzanine debt Episode Timeline: [1:35] Tiho shares his background both personally and professionally [4:05] He shares the reason why he travels and how it has changed the way he views the world [9:02] How Atlas Investor helps investors gain access to extremely attractive private deals plus using the mastermind model with their investors [13:50] He talks about his clientele and how COVID-19 has affected the investing world [16:18] The five strategies they use when investing in real estate across the globe [24:15] The experience of buying and selling luxury real estate [27:44] He explains how he handles tax when he lives and conducts business globally [35:12] The macro view, why the Asian millennial will play a big role in the future global economy [38:37] The advantages of real estate mezzanine debt investment and why real estate investors prefer it over senior debt [46:49] Tiho explains what they look for when investing in real estate developments [54:27] How mentors that included his father played a huge part in his success [1:00:33] He explains the involvement of his family in the business and the importance of learning from the right sources as a younger person For more episodes go to BusinessOfFamily.net (https://www.businessoffamily.net/) Sign up for The Business of Family Newsletter at newsletter.mikeboyd.com.au (http://newsletter.mikeboyd.com.au/) 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: Tiho Brkan.
Fratelli Cosulich utilises a unique system of family governance to ensure the business survives and prospers from generation to generation. It’s not often we get to hear from a 6th generation family business so I am so excited to share this conversation with the audience today. Implementing family governance rules that “protect the business from the family” has worked out well for Fratelli Cosulich who have successfully transitioned and prospered for six generations. In this episode, we welcome Tim Cosulich, Tim is the sixth generation CEO of Fratelli Cosulich (https://www.cosulich.com/), an Italian shipping group established in 1857. Across more than 160 years, the Cosulich family has seen numerous changes and weathered many challenges. The Group is involved in most aspects of the shipping industry, has a global footprint across 18 countries, more than 1,000 employees and an annual turnover of 1.8bn USD. Tim explains why the performance of his family business during World War I and World War II cannot be compared with the current pandemic due to the differences in management and time. He talks about the importance of having family values that are translated into the leadership of the family business while still protecting it. Listen in to learn the process of hiring family members to be part of a generational family business without promoting conflicts of interest. You will also learn the non-meritocratic governance strategy that is good for the overall success of a family business even with its shortcomings. Key Takeaways: * Factors that contribute to the success of a family business * How to keep a valuable relationship between a family business and the founding family * How to remove the conflict of interest when hiring family members to become part of the business * The advantage of building an effective leadership style that ensures all family leaders operate as a team * How to come up with a structure that helps “protect the business from the family” Standout Quotes: * “When we select the next generations, it is important that we focus on those who are motivated by similar things and not necessarily by money.”- Tim Cosulich [14:43] * “I don’t think the business must be run by family members; I think the business must be run by the best people.”- Tim Cosulich [29:13] * “If you invest in the wrong businesses, you can destroy your business.”- Tim Cosulich [38:22] * “If I think about my own life and when and where did I really grow and learn things, it’s mostly in my failures, not my successes.”- Tim Cosulich [44:11] Episode Timeline: * [0:04] Intro * [2:10] Tim narrates the resilient history of his family company that has overcome many challenges. * [5:38] The impact of the Coronavirus on the shipping business and how they’re handling it. * [7:24] Why leading by example in a family company is a powerful message as opposed to written values. * [9:11] He explains why his company’s style of governance ensures the company is protected. * [11:47] How Fratelli Cosulich keeps its principles and relationship with the family. * [15:59] He explains the process they use in hiring family members and how they were able to eliminate unnecessary rules. * [19:13] The unique leadership structure that helps the business run smoothly. * [25:30] The strengths and weaknesses of a non-meritocratic system of leadership that is exercised at Fratelli Cosulich. * [28:37] Tim paints a possible scenario that would occur if future generations don’t want any involvement with the family business. * [30:44] Why Fratelli Cosulich has two sets of founders- the ones who founded the physical business and the ones who founded a structure to protect the company. * [36:16] He explains the advantages and disadvantages of the company’s culture of reinvesting with caution. * [38:40] Why they do not talk about business at home. * [43:52] Why Tim wishes minor failures and the spirit of learning for his children in the future. Relevant Links: * Fratelli Cosulich (https://www.cosulich.com/) For more episodes go to BusinessOfFamily.net (https://www.businessoffamily.net/) Sign up for The Business of Family Newsletter at newsletter.mikeboyd.com.au (http://newsletter.mikeboyd.com.au/) 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: Tim Cosulich.
I'm delighted to introduce Rob Robson, a founder, serial entrepreneur and great student of multi-generational wealth creation. Rob is the Founder of OneHarvest (https://www.oneharvest.com.au/), Australia’s largest fresh salads business and these days spends up to 7 months of the year sailing the world. It was Rob who first introduced me to the phrase "The Business of Family" and ignited in me a passion to explore this topic deeply. The Robson Family approach to structuring their family partnership and stewarding their assets for succeeding generations is some of the best work I've seen in this area. I have no doubt that you'll have many take aways from today's conversation. Key Takeaways: * The growth strategies you can employ to sustain and expand your family business * How to apply the two concepts of business of family and family business in your business * How to make your business a great place to work and entice the family to want to work there * Learning to let go off your dream for the greater good of future generations * The importance of putting as much effort in the business of family as the family business Standout Quotes: * “We made it a goal to make our business interesting for our children…our children really became great critics of our business and that was pretty tough on the business.”- Rob Robson [16:46] * “Give as much attention to the business of family as you would to the family business.”- Rob Robson [34:57] * “Sometimes life isn’t fair but it’s livable and it’s the ability to adapt and change.”- Rob Robson [42:14] Episode Timeline: [0:49] Intro [1:40] He explains how and why he and his wife travel the world sailing 5-7 months a year. [4:55] He narrates how he and his wife expanded his parent’s grocery business by researching and employing innovations over the years. [11:01] The two aspects of the business of family and the family business explained. [14:30] Rob explains how he and his wife made an intentional decision to actively involve their children in their business from a young age. [16:43] How they made the business an interesting place to work over the last 30 years and how the ownership of the business is distributed across the family. [19:58] He describes the process of his family counsel partnership and how it works. [22:47] The four rules of Harvard on the relationship between the family and the family business. [25:16] The change of generations as time goes by in a family business. [28:24] Why it is not automatic for a family member to be offered a position in Rob’s business. [29:04] He explains how they handle the family business’ funding among the family members. [33:27] How and why they invested in a family business. [34:55] Lessons you can learn from Rob on how to grow a multigenerational business. [37:44] He describes his legacy as having put the effort in both the business and the family. [40:25] Rob shares what he would include in a letter of a life lesson he believes many parents don’t teach their children. For more episodes go to BusinessOfFamily.net (https://www.businessoffamily.net/) Sign up for The Business of Family Newsletter at newsletter.mikeboyd.com.au (http://newsletter.mikeboyd.com.au/) 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: Rob Robson.
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. Join Mike Boyd (https://mikeboyd.com.au/) on The Business of Family (https://www.businessoffamily.net/) Podcast as he interviews members of some of the world's most interesting families about how they pass knowledge, resources, values and wealth to the next generation. Family Constitutions and annual letters Family meetings and retreats Succession planning Stewardship Family Office investing Multi-generational wealth creation and preservation Enduring companies and familes Family enterprise Human, Intellectual and Financial Capital I’ve been fortunate enough to meet some extremely successful families in my travels and gleaned insights from how each are shaping their legacy. Many will tell you that it’s the human, intellectual and spiritual capital that makes them successful for generations & that financial capital is simply a function of their success in these areas. If multigenerational families and businesses fascinate you too, subscribe now to The Business of Family Podcast. I hope you enjoy sharing this learning journey with me and would greatly appreciate any feedback, resources or referrals you have to offer. https://twitter.com/MikeBoyd/status/1277889154601201664 For more episodes go to BusinessOfFamily.net (https://www.businessoffamily.net/) Sign up for The Business of Family Newsletter at newsletter.mikeboyd.com.au (http://newsletter.mikeboyd.com.au/) 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!
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