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Aaron Chin is a second-generation business leader and CEO of Organika (https://organika.com/), a family-led Canadian company dedicated to providing innovative, premium health products to help inspire people to live healthier lives. Growing up in the business motivated Aaron to build on what his father started 30 years ago. Since assuming leadership of Organika, in partnership with his brother Jordan, they have increased business seven-fold and have grown the company into an award-winning, globally recognized brand, focusing on innovation and a vibrant company culture. Standout Quotes: * "You start with the mission of the company and that'll help drive your decisions after". - [Aaron] * "If you can tweak one little thing in your process that could save you 30minutes...do it". - [Aaron] * "You are going to determine yourself, how well you do". - [Aaron] * "I really do believe there's nothing like good old hard work". - [Aaron] * "My relationship with my brother is bigger than the business... I think I can pass that down to my kids" - [Aaron] Key Takeaways: * Aaron's dad had the dream when he moved from Malaysia to Canada to give his kids a chance to get ice cream whenever they wanted. * Following the treatment of his kidney stones using natural products, he started the business with a vision to make healthcare accessible for all. * Despite the rejection, his father persistently put himself and his products out there, till the business took off. * Aaron shares he always had an interest in the family business although his father never tried to impose any expectations to join. * Aaron narrates a simple experience where he noticed the boss employed by his father to manage the business got to the office one morning, and deleted all his office voicemails without listening to any one, inciting Aaron's suspicion of the poor management inherent in the business. * Realizing the diet differences between the newer and older generation, the company pivoted from mostly vitamin pills to be more involved in superfoods, powders, drink mixes. * The surprising eventuality of Aaron becoming CEO in an Asian family where he is the younger brother and always at odds with his older brother, was partly made possible by the family dynamic which started to work out following certain events that strengthened the bond between them. * Aaron shares his vision for the company: I want to see us in every single home in Canada. * Explaining that his dad wasn't overprotective but rather allowed them to make mistakes, and these mistakes helped them learn how to make fast and efficient decisions. * The question: What are you doing about it? * If you teach children what wealth means, it's rather thoughtful to leave wealth for them, but if not then it's just an expectation, and things could go wrong. * To Aaron's kids: Know the importance of Family because it is more important than even the business Episode Timeline: * [00:49] Meet today's guest "Aaron Chin". * [01:25] Where did the family business begin, and how do you become involved in this story? * [07:40] About Aaron's entry into the business: Was it always an expectation or some other circumstance? * [16:09] Describing the business today. * [19:55] How did the leadership transition come about? * [24:40] Being the younger brother in an Asian family, how did you arrive at the CEO role? * [27:15] What sort of investment process did you go through, and how did you formalize the business? * [33:33] Would you say the company culture remains unchanged or has it morphed as a result of the impact of Private Equity coming in? * [37:45] Aaron shares major lessons learned by trying things and making mistakes at the beginning * [38:50] Is there a multi-generational plan to continue the legacy that your father started? * [41:03] How do you feel about children inheriting wealth? * [42:39] Aaron'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: Aaron Chin.

Khalid Muhmood (https://www.khalidmuhmood.com/) is from the UK and through the family business holding company Dragonfly Education Group (https://www.dragonflyeducationgroup.com/), is an operational investor in education. He has been active in the business of education since 1994 when he and his wife, Arabella Peters, co-founded Apollo English (https://apollo.edu.vn/) and then the British University Vietnam. Since then they have invested in a number of businesses all focused on education. Khalid and Arabella see themselves as the founding generation of their family enterprise and intend to never sell their Dragonfly Education hold co. They’re actively involving their young children in business conversations and laying the foundation for generational wealth, legacy and impact. Standout Quotes: * "What's your biggest headache?" * "Learning from successful family businesses; so many of them do not load up on debt" - [Khalid] * "The future of education is blended, that means you've got to incorporate online with offline" - [Khalid] * "Sophisticated multi-generational families.. have taken generations to figure out that they need to separate the Governance from the Operations, and that the family needs to be excellent stewards and owners first before they can consider playing an active role in Operations" - [Mike] * "A well-run family business is difficult to beat, especially during downtimes" - [Khalid] * "Why trade anything in, when we've found purpose?" - [Khalid] * "If you’re building any business, I'd say that 'Focus' is the thing that's often lacking, especially if the entrepreneur at the beginning thinks they have to say yes to everything" - [Khalid] * "Look for the good in life... because it really helps you enjoy the journey" - [Khalid] Key Takeaways: * If you want to be truly in control of your journey in a business, you need to be the owner, not the manager. * At the very beginning, the vision was simply to get the business to survive. * It's only when you move from surviving to thriving that you can ask, "what do you want to do?" * When asked "what is your biggest headache?" at an event, many of the entrepreneurs answered "My father". * If you're not happy with 60000 pounds per year, then any more money might not change anything. * Khalid describes the challenges of Covid-19 as a learning period for the business as a whole. * Finding a way to create balance and incorporate online with offline learning is pivotal, that will be the future for the family business. * Khalid and his wife, Arabella involve their kids as much as possible in the family business even at the early ages of 8 and 10, with some tests to determine their level of interest and perception of the business as a whole. * In the future, the key role for the kids is going to be "Good Owners" * The stewardship role is critical * One of the tips to help foster togetherness among children is that if one of them does something wrong, punish them all. * Other points to note is to never elevate one sibling above the other and to always leave them to sort out their arguments without being the judge. * Khalid shares that the preferred investments taken by DragonFly are those in which a controlling stake can be bought. * A major mistake that was made at some point was accepting an offer from Nokia when it should have been turned down because it was distracting from the core competency of the business. * Khalid shares that his source of knowledge includes mentors, peer to peer learning, and mistakes. * From Khalid to his kids: Look for the good in life because it really helps you enjoy the journey. Episode Timeline: * [00:49] About Khalid Muhmood and the inspiration for starting the business of education * [06:01] Khalid explains some of the reasons behind the choice of Vietnam as a location for starting the business * [08:59] What was the vision at the time of starting the business * [15:03] The new vision for Dragonfly Education Group * [19:41] How did the business hold up in this period of Covid19, do you have an interest in online learning? * [24:34] Is there a vision of bringing your kids into the business if they're interested? * [31:20] Do you have any other family structures aside from stewarding Dragonfly as the main asset? * [32:53] Khalid shares some of the values, principles, and parenting approaches to raise well-rounded children amidst wealth. * [36:37] Where does this family business DNA come from? * [41:17] Where do you think you'll make the next operational or financial investment? * [43:01] One of the major mistakes made in running the business: Losing focus * [47:50] A letter from Khalid to his kids For more episodes go to BusinessOfFamily.net (https://www.businessoffamily.net/) Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter (https://www.businessoffamily.net/newsletter) Follow Mike on Twitter @MikeBoyd (https://twitter.com/MikeBoyd) If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes (http://getpodcast.reviews/id/1525326745), I receive a notification of each review. Thank you! Special Guest: Khalid Muhmood.

Ashok Melwani started his career as a teenager, working in his family’s fashion retail stores during the school holidays. In 1982, he joined the business full-time, working his way up from brand manager to an executive director of the 4th generation Indian family business. He's a seasoned entrepreneur with decades of experience in retail, food & beverage and distribution, and now an executive coach. Ashok is a guide to the road less travelled. His story is a fascinating journey of a struggle to leave the family business and ultimately forge his own path. Standout Quotes: * "My most disliked few words, 'You should know what to do'." - [Ashok] * "If the CEO of a business is not passionate about a business, he has no business to be the CEO" - [Ashok] * "If the family business is the only thing on your resume, it's not very worthwhile" - [Ashok] * "Crowd brings crowd to a restaurant" - [Ashok] * "Two things I and my wife can never give you as parents, we cannot give you resilience, it only comes from hardship... We cannot give you self esteem, it comes only from achieving your own goals and making a name for yourself" - [Ashok] * "Everybody has a price at which they might do something which is borderline unethical, and the price depends a lot on your socio-emotional background" - [Ashok] * "When one door closes, another door opens.. in order for that to be true, you have to do your part which is don't hang around too long when the door closes" - [Ashok] Key Takeaways: * Ashok shares that although he wasn't particularly excited to work in the family business, the incentives and knowledge gained made it a perfect introduction to the retail business. * If the family business is the only thing on your resume, it's not very worthwhile, even if you were the MD. * Ashok discloses that following the impact of the Asian financial crisis on his transition out of the family business, he had fallen into depression for close to a year. * If you leave a family business, you don't want to have some small share in the business and start second-guessing whoever is left behind. * Although he had a clean exit, there were effects on the family dynamics at the time, as some family members didn't understand why. * Despite the many setbacks, looking back, there is no doubt that leaving the family business was the right step to take for Ashok. * I have no respect for trust fund kids. * You have a life outside and beyond the business, a lot of entrepreneurs are consumed by their business even when they should be spending time with family. * Ashok admits that based on his experience with his family business, he was not encouraged to start another one involving his children * After interacting with younger family business executive owners, a common notable point was that they were given time to work outside the family business before coming back. * From Ashok to his kids: when one door closes, another door opens, don't wait around too long afterward. Episode Timeline: * [00:49] Introducing "Ashok Melwani" * [01:56] Ashok narrates how he joined the family business * [02:50] What sort of products was the business offering? * [13:03] Your career with the family business, where did it reach, and what happened next? * [31:32] Ashok explains he had a clean exit from the family business. * [34:00] Would you say that leaving the family was the right decision for you? * [35:04] How is the family business going today? * [36:31] Did you ever try and nurture your children to work with you and create another family business? * [38:28] Ashok's opinion on children inheriting wealth * [40:39] A notable experience that helped shape his journey. * [44:00] What advice would you give to a driven entrepreneur who aspires to be the founding generation of a multi-generational family business? * [44:57] What's your take on generational businesses? * [46:46] My next stage in life involves venturing into Leadership Coaching * [47:35] Ashok's letter to his children For more episodes go to BusinessOfFamily.net (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: Ashok Melwani.

George Isaac’s grandfather founded the first Isaac family businesses in 1899 in Bryan, Ohio, beginning a long history of serial entrepreneurship and the subsequent creation of several successful enterprises. A lot has changed since then, but the Isaac Group continues to thrive, now under board oversight and management by its third and fourth generation. George grew up as a child of family business owners and has run several Isaac multigenerational family businesses as a CEO and board member. More recently, he is the founder and president of GAI Capital Ltd. (https://www.georgeisaac.com/), a family business consulting firm and the author of a newly released book titled Your Business, Your Family, Your Legacy: Building a Multigenerational Family Business That Lasts (https://amzn.to/357aKVz) Your Business Your Family Your Legacy - George A Isaac https://files.fireside.fm/file/fireside-uploads/images/0/07b96f5a-1bdc-4b5f-b51a-e29fa46426fb/MOXrjd85.jpg (https://amzn.to/357aKVz) Standout Quotes: * "I realized that some of the things I did in running our family business and what a lot of people are doing today are not best practices" * "I used to think that the goal was to get everybody in the family to stay in the family business and figure out a way to make them live happily ever after... My goal now is to understand the real needs of each family member and see if they fit within what the family business is going to be about" * "The majority can rule and figure out what they want to do but you need to deal with the minority issues... so that you can satisfy their needs" * "The most important to me of the whole thing is just being certain that your ownership group is aligned" * "There are times when you should sell your family business" * "Shareholder returns are much different than business returns... Figuring out how you provide real-life shareholder returns is an important step that many of us don't recognize" * "Money is not everything by any means" Key Takeaways: * Although George had gotten involved in the family business at a very early age and had planned to join fully after school, he decided to go out and get outside experience first. * George notes that the Authoritarian leadership style of his father, although a good leader, made for a rather weak management team generally. * The 2 conceptual parts to George's 9-step succession planning roadmap: Family Transition Planning and Business Transition Planning. * George explains that formerly his goal would be to make everyone stay in the family business and be happy, but now he tries to understand the individual needs of each family member, to see if they fit into the family business as a whole. * It is necessary to revisit the topic of people's needs and be sure the business is aligned with taking care of these needs because those needs change over time. * The 2 Basic components of selling the family business: the financial side and the personal side. * Headwinds that perpetuate a multi-generational family wealth: FIST ( Family units, Inflation, Spending rate, Taxes) * George shares some insight from the book "Everybody matters", describing how attention to the little things can go a long way in making workers satisfied * Think about what you want your legacy to be; are you aligning yourself with that legacy? * Be Curious and Have Empathy Episode Timeline: * [00:49] A short overview of George's background and the Isaac family business * [05:12] George is the 3rd generation of the family business * [05:28] What sort of product lines is the business in? * [06:22] How did your story evolve into the family advisory work? * [09:44] About the A 9-step succession planning roadmap from George's book * [17:16] George highlights implications to consider in selling a family business * [23:37] The Family Business Wealth Evaporation Trap * [33:05] F.I.S.T * [36:51] Is it possible to maintain wealth at a reasonable level even though the family grows at a compound rate as the generations go on? * [39:47] George shares his opinion about children inheriting wealth. * [41:51] George recommends the book "Everybody Matters" by Bob Chapman * [44:31] From George 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: George Isaac.

Gautam Goel is the fourth generation Managing Director of Dhampur International Pte Ltd (http://dhampurintl.com/index.html), the parent company and Dhampur International Pte Ltd. Founded in India in 1933 by Gautam’s great grandfather, he along with fellow members of the current generation continue to steward the family and business legacy today. Listen on to hear how the business was intentionally split off from a wider family group to resolve in-fighting, how they’ve professionalised the business and what challenges they face when contemplating the 5th generation’s involvement. Standout Quotes: * My dad used to tell me "if you want to join the work, you have to make sure you are capable, I won't yield an inch if I don't think you are capable and you have to fight for your position, I am not going to give it to you" - [Gautam Goel] * "I don't believe in the saying Look before you leap because very often you don't leap, only when you leap do you realize what your capabilities are" - [Gautam Goel] * "Do unto others as you would have them do unto you" - [Gautam Goel] * "Don't be fixated on results, put in your best, do your effort and leave the results" - [Gautam Goel] Key Takeaways: * Gautam encouraged his daughters to go to college, explaining that going straight to work makes you grow up fast and there is no need to rush the experience when you can enjoy it. * When trying different things, it is important not to move too fast from one to another because you might not give each your full attention * Business can't be a democracy, one person has to make the decisions * Gautam explains that to be in this industry in India, you cannot solely be profit-oriented, you need to have a mindset to do good for your community. * Not encouraging recklessness, but as long as you have common sense, it's good to be adventurous and make some mistakes to figure things out. * Don't be fixated on results, results are not in your control, your effort is Episode Timeline: * [00:49] About Gautam Goel and the history of his family business. * [14:31] How did you end up joining the family business? * [20:25] Gautam describes the natural process of his succession noting how this affects decision making in the business * [24:55] What does the business look like today, from where it started? * [34:36] Is there a next-generation that is interested in joining the family business, and what challenges do you foresee? * [40:36] Integrating the idea of outside leadership in the family business * [42:26] Are there structures or plans in place regarding family governance? * [43:48] Gautam's thoughts on children inheriting wealth * [45:50] Are you taking any steps to document the history of the family business? * [46:25] Gautam'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: Gautam Goel.

It's not often we get to hear from a 7th generation American manufacturing family with a company that dates back to 1728 and in their family since 1793. The Hollingsworth & Vose Company (https://www.hollingsworth-vose.com/en/Company/Company-History/) is a technical manufacturer with a rich history of R&D and innovation. Here to share their story with us are Val & Annie Hollingsworth, first cousins and both members of the 6th generation, stewarding this incredible and impactful company to the next generation. Val Hollingsworth has served as President of Hollingsworth & Vose Company (https://www.hollingsworth-vose.com/) since January 1997, and added the title of Chief Executive Officer in January 1998. He began in operations, working as a Shift Supervisor and as a Production Manager, then held a series of manufacturing, sales, and marketing positions. He served as Mill Manager of our West Groton Mill and General Manager of the Battery Separator Business Unit. While the majority of his career has been at H&V, he also spent two years in the Investment Banking Division at Lehman Brothers in New York. Val earned a BA from the University of Pennsylvania, and an MBA from Dartmouth's Tuck School of Business. Annie Hollingsworth was elected to the H&V Board of Directors (https://www.hollingsworth-vose.com/) in 1997. She currently serves on the Nominating & Governance and the Executive Compensation committees of the Board. Prior to joining the Board, Annie worked at H&V starting in 1984. She held several positions in Sales and Marketing including Product Manager, Battery Separator and Marketing Manager, Nonwovens. She was instrumental in getting H&V into the battery separator business. Annie’s father, Mark was the CEO of H&V from 1963 – 1983. Standout Quotes: * "Our company's history has been one of finding new and more technically oriented products in order to replace products that are maturing and obsolescing… Because the family had so much invested in this, we couldn't take the risk of being obsolete" - [Val Hollingsworth] * "If you're trying to optimize profitability, which we all are, how do you start to invest in things that may cannibalize an already existing product?" - [Val Hollingsworth] * "If we could be a good company.... that would attract good people, those good people would do good work" - [Val Hollingsworth] * "Ultimately, you have to trust other people to become the real experts and get in-depth, so it's more a matter of helping find and develop the right people and giving them what they need" - [Val Hollingsworth] * "There has always been an unwritten ethic of having to go the extra mile if you're from the family and you're in the business" - [Val Hollingsworth] * "If the family can contribute in helping set the right tone, and helping nurture the sense of purpose and values that are relevant, both for the family and ultimately for the company… that's invaluable in creating the atmosphere and dynamic that attracts good people" - [Val Hollingsworth] * "Be a good steward, Don't take it for granted" - [Val Hollingsworth] Key Takeaways: * Annie highlights that the company's resilience over the decades comes from a strong focus on customer relationships as well as Research and Development. * Val notes a conscious intent in the company from the beginning to continually reinvest, describing some of the intricate planning involved in the company's production line. * The business tries to keep up with a mantra of having the best product in the market, a better one in customer evaluation, and an even better one in the labs. * Val also describes the role of the workers in building the company's resilience, stressing the importance of having and keeping good people. * Trusting the employees plays a vital role in creating a balance for Annie and Val, between having knowledge of the technical expertise required in the family business and the job of stewardship. * Unlike Annie's Father who had to step up to the needs of the company without having much of a choice, Val and Annie were not under any pressure and joined purely out of interest. * The challenge for the older generation (6th generation) is to be open to change, to understand the important things that can make the company relevant to the next generation, and to know how to communicate with them. * Annie shares that she would encourage her kids to pursue their passion, as there are many ways to be a good family member or stockholder, but to ensure they continue to honor the company. * Val points out that with good stewardship, the family business could give meaningful contribution to the world. Episode Timeline: * [00:49] Meet Val and Annie Hollingsworth, as they share the early origins of their family business dating back to the late 1700s * [07:17] What is it about this company that has allowed it to remain so resilient for so many years? * [14:55] Val points out that the business also has multiple generations of employees * [16:42] Can you share some of the more notable products that the company is known for manufacturing today? * [22:14] Annie and Val each highlight events leading up to their entrance into the company and the journey so far. * [29:35] How do you balance understanding the depth of the technical expertise in the business with your stewardship role as a family member? * [33:33] Some of the strategies employed in keeping all the various stakeholders up to date with happenings in the business * [39:04] The business has an associate development program that exposes workers to the different areas of the business so that they can make a good match. * [43:38] Val describes the role of non-family members in the success of the overall business. * [46:30] How does the governance side of the family business work? * [54:24] Does the family do anything to ensure that the business's history is documented over time? * [55:50] The future of Hollingsworth and Vose. * [59:44] Annie's letter to her children * [01:00:40] Val's letter to his 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 Guests: Annie Hollingsworth and Val Hollingsworth.

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.

Dato’ Loy Teik Ngan, the eldest son of a well-known entrepreneur who built one of the largest business conglomerates in Malaysia, Teik Ngan took over the rein of his family company upon his father’s demise. Within a year, the sprawling business empire that took 35 years to build, collapsed under the weight of huge debts amidst the 1998 Asian financial crisis. 14 years passed before all personal liabilities of his family from the days of the financial crisis were eventually settled. In the process, he built a new family business, in education. The Taylor’s Education Group (https://www.taylors.edu.my/index.html) is today the largest private education group in Malaysia. Focused on premium education, Taylor’s K-12 schools & higher education institutions are widely recognised as the top education institutions in their respective categories. Taylor’s institutions operate in Malaysia, Singapore & Vietnam. The struggles during the tough financial period of his life shaped Teik Ngan’s stewardship views for family business. Appreciating unity, his family has introduced concepts and activities that promote collaborative conversations & strengthen relationships. He is dedicated to the development & transition of his family’s next generation of 13. Teik Ngan’s family are active members of the Family Business Network Asia (https://fbnasia.org/en/loy-teik-ngan/) & he is the current President of the Board. Standout Quotes: * "We had to learn how to live together; we had to form a Living Together Committee" * "One thing that normally goes wrong when families end up in dispute is lack of proper communication" * "The family unit is important and sometimes we are subservient to the larger family" * "We try to always emphasize that the family comes before the business, the business allows us the blessing to be able to have the lifestyle that we have, but we have to work together as a family first" * "Do you want to be Rich or do you want to be King?" * "I would encourage my kids to understand the context in why they do what they do... What is it all for? Wealth is fleeting; wealth is something that we cannot take with us when we die" Key Takeaways: * Dato’ informed the bank he was indebted to, that they could either push him into bankruptcy or loan him more money to rebuild and pay back the company debts. * A living together committee had to be formed to help the large family live in one compound. * Knowing that lack of communication was a common cause of family disputes prompted the introduction of Forums to build positive communication. * Dato’ shares that the most important thing that has been done as leader of the family business in recent times is Annual Vacations. * The difference between "Family Business" and "Business family" is that in 'Family Business', the family comes before the business. * Guided by the shared family values, one of which is "Achievement and Learning", Dato’ explains how the next generation is encouraged to follow their passion even when it may be outside the family business. * The concept of a "Personal Portfolio" in creating an education plan for the family * The difference between being rich and being a king is that a king has ultimate authority, loyal subjects and lots he has to look after but being rich is just going for performance, the best point is somewhere between both * Dato’ explains the concept of the "Deathwalk", an exercise involving walking into our death, looking back at our current age, and giving ourselves the advice we would. Episode Timeline: * [00:49] Introducing Dato’ Loy and 'The Taylor's Education group' * [01:59] Dato’ narrates the events surrounding his transition into his father's company, which was is debt before the overwhelming challenges brought about by the Asian financial crisis * [07:02] Dato’ admits he was ill-prepared for the scale of complexity involved in the business, worsened by the lack of adequate resources to surmount the crisis at the time. * [08:43] From a collapsed family business to a thriving one * [13:45] Dato’ describes in detail the current size and scale of the family business * [14:50] How did these experiences shape your views towards stewardship of the family business? * [20:50] The living together committee * [23:28] Dato’ explains the different strategies employed to keep the family harmony * [29:25] Differentiating between "Family Business" and "Business family" * [33:35] Are you actively planning and anticipating succession with the next generation? * [35:16] The concept of a "Personal Portfolio" in creating an education plan for the family * [40:53] In the last 5 years, what new belief, behavior, or habit has most improved your family business? * [43:26] Dato's letter to his kids: 'the Deathwalk' *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: Dato’ Loy Teik Ngan.

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.

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.

with Brad Friedman & Desi Doyen

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.