portfolio manager

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.

Jim (https://www.oncourseinternational.com/jim-warner/) and Paul Warner (https://www.oncourseinternational.com/paul-warner/) work together in multi-generational family dynamics helping all parties establish and sustain authentic, synergistic, relationships. Paul leads young adult retreats, focusing on authentic relationships, navigating change, and leadership development. He also coaches young adults seeking clarity on their life purpose, mission, and vision, and guides them to take full responsibility for their lives. Jim’s work has led him to write three books and an audio series based on high achievers’ yearnings for identity, meaning, and connection. He has been married 44 years and enjoys enriching relationships with his wife, their three adult children, and a granddaughter. Jim and Paul work extensively with Young Presidents’ Organization and Family Business Network Families Worldwide. The last dozen years they have also guided several S.E. Asian families in their quest to establish enduring principles across multiple generations. Standout Quotes: * "One of the major issues of families of wealth is they make the mistake of insulating the kids from the realities of living outside of the wealth bubble" - [Jim Warner] * "Without being able to experience pain, you cheat people out of the ability to experience joy; I'd like to think of pain and joy as opposite sides of the same coin and if you mute one, you're gonna mute the other" - [Jim Warner] * "If we want our young adult children to step into their sense of destiny, are we modeling that ourselves?" - [Jim Warner] * "If you've worked with one family, you've worked with one family" - [Jim and Paul Warner] * "Introduce a common language within the family so that we can play in these intentional spaces, to stretch towards each other." [Paul Warner] * "Harmony is impossible without the willingness to go into painful discussions" - [Jim Warner] * "If you choose not to discuss the Elephant in the room, you forfeit the right to complain" - [Jim Warner] * "When all parties are willing to play ball, when all parties are willing to take responsibility, we'll often say "right now this family has 600% responsibility" each of you takes 100% responsibility for what is within your control." [Paul Warner] * "Love is unconditional, relationships are not" - [Jim Warner] Key Takeaways: * Jim explains the need to distinguish supporting and protecting, from enabling, because oftentimes families blur those lines. * Mike and Jim agree that being insulated from the rest of the world does not necessarily protect wealthy children but may do more harm than good. * Governance structures are secondary to parental modeling of core values. * Rather than jumping right into getting the kid fit for succession, the key thing a parent should ask is "How do I help my young adult find their own passion in life?" * Jim highlights 3 key steps to balancing being a nurturing parent while not enabling children: Active listening, Allowing children to face disappointment, and Guiding them to take responsibility for their lives. * Many professionals who go into a family environment have a relatively small toolbox; if all you've got is a hammer, the whole world looks like a nail. * Harmony is about truth-telling, it's not about being nice to one another * Jim stresses that the goal of discussing the painful topics (the elephant in the room) is the potential of having an authentic family relationship as opposed to a transactional family relationship * If a sense of self-awareness is instilled into children, then when they're adults you can have mature transformational discussions as a family, but without it, the children may never grow up. * The components of the "Trust" that sets elders apart: Credibility, Reliability, Honesty, Vulnerability and Adaptability. * There are two ways life happens; life can happen to me where I'm the victim, or life can happen by me where I'm a creator and I create my own options * Life is a journey and the important things take time; part of that journey will be your individual discovery and deeper understanding and connection with yourself. * Don't change, I love you just the way you are Episode Timeline: * [00:50] Mike briefly introduces both Jim and Paul Warner, and they share some of their background stories * [04:45] Paul describes the impact of his father in his eventual choice of profession * [07:22] What are some of the challenges that you've seen for parents raising motivated and happy children amidst wealth? * [13:47] What role do you think formal governance structures play in shaping strong family values and bonds? * [17:05] Paul's definition of the rising generation, describing the common dynamic between them and the older generation. * [20:25] How do you help people identify their own path and whether or not they're fit for succession? * [22:46] How Paul got into the family business * [28:02] Jim describes how a parent can be welcoming and nurturing without enabling the children * [29:55] The approach to working with different families * [33:45] 13 guidelines for authentic interactions in any environment * [39:10] Discussing the "Elephant in the room" * [51:37] What sets an elder apart with respect to the ability to influence the success of a family? * [01:00:06] From Paul to his kids * [01:01:07]From Jim 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 Guests: Jim Warner and Paul Warner.

Jonathan Goldhill is an Experienced Coach to Entrepreneurs and Family-Owned Businesses. He states that the dwindling chances of multigenerational success are due in large part to the issues unique to family businesses that are often wrapped up in a tightly woven knot of unspoken plans. In his new book DISRUPTIVE SUCCESSOR (https://www.disruptivesuccessor.com/), Jonathan offers a proven framework and playbook for unwinding this knot, scaling up your business or planning your exit. Standout Quotes: * "Perhaps all multi-generational businesses should have a family constitution, while we're naming secretaries and treasurers... why not name a historian?" – [Jonathan Goldhill] * "There's no evil to money... it's the absence of instilling good values as to what the significance of that money means" – [Jonathan Goldhill] * "There's a requirement of the older generation that if they're going to leave money to a younger generation that they provide some guardrails around it" – [Jonathan Goldhill] * 96% of all business in the US are under a million dollars in revenue, and 64% of the GDP in the US is coming from family businesses. – [Jonathan Goldhill] * "It takes time for one generation to let go and release and enjoy what they've built, and trust the next generation to grow it bigger and do it safely" – [Jonathan Goldhill] * "I'm not in the business of family coaching, I'm in the families doing business coaching" – [Jonathan Goldhill] * The hardest part I think of running businesses is managing the people and getting the right people in your company. – [Jonathan Goldhill] * "There's a time for family, a time for business, and then there's time for the family business or the business of family where they overlap in between" – [Mike Boyd] * "Life is hard work and if you're not working on yourself then nobody else is going to" – [Jonathan Goldhill] Key Takeaways: * One of the downsides of being wealthy is that wealthy people can be very busy at the expense of spending time with children * Jonathan emphasizes the importance of a family business archive as he explains he does not know exactly how his grandfather's family business was shut down. * The blessing and curse of setting up a trust fund: there's lots of misinterpretation of younger generations when they inherit that wealth * There's a requirement of the older generation that if they're going to leave money to a younger generation that they provide some guardrails around it. * Jonathan explains that there is a generational gap with unspoken conversations between generations, and the families he knows had the best transitions communicated as peers. * Business coaching is not about hitting a mass number of people, it's about the business of the family. * If you're not having important conversations, then you're not building a healthy business. * Hard work isn't always in the form of just long hours and physical toil, it comes from commitment and dedication to improve oneself and be better. Episode Timeline: * [00:48] Introducing Jonathan Goldhill who shares some history of his grandfather's family business. * [08:09] How exactly did the business end? * [11:57] Jonathan describes one of his attempts at starting a new business and the challenges that effectively impeded the success of the business * [16:08] The impact of wealth on Jonathan growing up * [21:40] How did you take this formative experience from your own family to help other business families through their situations? * [32:50] Who typically engages you; is it more of the successor generation or the boomers who have built the family business and are looking to hand over? * [34:55] About Jonathan's book: "The Disruptive Successor" * [41:10] The role of the different cultures in the family business * [44:50] Defining "Family" * [48:00] A letter from Jonathan 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: Jonathan Goldhill.

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.

Caroline Link, a 4th generation family member who is being groomed to run B.Grimm (https://bgrimmgroup.com/), one of Thailand’s oldest family-owned industrial conglomerates. Caroline grew up in a family where the common driving value and belief was to conduct business with compassion and in harmony with nature. Through multiple generations of management, and multiple business areas and geographies, B.Grimm (which was founded in Bangkok in 1878), has managed to cultivate a spirit of innovation and empowerment among its staff. Standout Quotes: * “All the family members that are not in the business are just as important because they also form who you are, form your opinions, and influence you in some way” – [Caroline Link] * “I think the most important thing that we invest in, is our reputation and that is really the most important thing that we have” – [Caroline Link] * “Being a family business; that really helped in a way because these strong values, they weren’t only passed on when you became a leader within the company, but they were lived in the household” – [Caroline Link] * “Keep working on yourself, and if you want things to change you have to initiate it and change yourself” – [Caroline Link] Key Takeaways: * Caroline explains that the resilience of the family business over time was born from the entrepreneurial spirit in the leaders, as well as a strong culture that is value and purpose-driven * A family business is different from normal business; families come from a place of love, harmony, and support, and it’s important to look at this dynamic * Caroline describes that the most important thing the business invests in is “Reputation”, and a lot of the reputation is based on the company's purpose and culture. * Following an exercise aimed at creating an in-depth definition of the company as a whole, it was realized that the key to the success of the company, even from the founders, was an inherent drive towards helping society and creating value. * Caroline also shares that a workshop on family values revealed the two main values in her family to be ”Contribution” and “Sense of Freedom” * It is important to develop a strong sense of self-awareness; keep working on yourself, and if you want things to change you have to initiate it and change yourself * Find what makes you happy professionally and gives you meaning, and make a contribution Episode Timeline: * [00:48] Meeting the guest; Caroline Link, and the B.Grimm company * [01:33] A brief history on the founding of the B.Grimm Company up to the 3rd generation * [06:48] Caroline shares that she was lucky her interests were aligned with many fields that the family business was already involved in. * [08:40] How has the family business remained resilient for such a long time? * [09:53] How the family has governed itself successfully * [15:52] Diversifying the family wealth outside of the business * [16:54] Caroline describes that the family strives to build an archive of the business history even though so much of it has been lost to wars and a fire accident. * [20:23] What is the most worthwhile investment you have ever made? * [22:01] Who is B.Grimm? * [23:20] The two main family values shared by Caroline’s family * [25:17] The scale of the B.Grimm enterprise * [28:06] Caroline’s thoughts on the children being a part of the family business * [31:58] A letter from Caroline to her 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: Caroline Link.

Richard Eu is a fourth-generation Eu. His grandfather was tycoon and philanthropist Eu Tong Sen who remains a legend in Singapore for the vast commercial empire he built across Southeast Asia in the early 1900’s. Tong Seng had 11 wives with whom he had 24 children, setting the stage for a complex and conflicted period of succession following his death in 1941. One of the family's last remaining businesses, Eu Yan Sang (https://www.euyansang.com/en_US/home), a network of Traditional Chinese Medicine dispensaries, was founded by Richard Eu's great-grandfather Eu Kong and the family's fifth generation are still in the business today. This is a gripping story of family politics, loss of control, re-consolidation, an IPO, and ultimately privatisation of the family firm once again. Standout Quotes: * “My father told me when I was still studying that I would not expect to be able to work in any of the family businesses after graduation because of the family politics” – Richard Eu * “If you want to institutionalize the business, it cannot be in family hands forever” – Richard Eu * “When an institution buys into a business like ours, to a large extent they also buy into the culture that's been set up there by the family and they should be crazy just to lose it” – Richard Eu Key Takeaways: * If you want to institutionalize the business, it cannot be in family hands forever * One of the problems that we had from the 3rd generation was that nobody called the shots, yet because they were individuals they didn't think like as institutions, they just thought about their situations * When an institution buys into a business, what they should do is preserve the culture and manage it in a modern and efficient way without trying to kill the original culture * It's not just about financial ratios or balance sheet, you have to bring in the heart * Good communication helps build trust in the family business * From Richard to his kids: when I’m dead and gone, they should look at themselves and see if they are on the path that we set off to follow as a family Episode Timeline: * [00:48] A brief introduction to Richard Eu, who shares a detailed history of the multi-generational family business * [08:15] Richard joined the business at 42, although his father did not expect he would be able to work with any of the businesses because of the family politics involving his uncles * [16:56] About the TCM family business "Eu Yan Sang", with more emphasis on the challenges posed by politics affecting the family business. * [34:20] Despite all the challenges, the family business experienced consistent growth almost every year. * [38:20] Richard describes one of the problems that began from the 3rd generation * [42:01] How two members of the 5th generation joined the family business * [47:00] Do you have any favorite failure that set you up for success in the family business? * [50:42] A major learning point for Richard; Communication * [52:26] From Richard 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: Richard Eu.

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.

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.

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.