In this podcast, Mason talks about how to split up without falling apart or turning everything into one big bureaucracy.

At some point, you can't bring everything to the meeting table. Your family will be dealing with multiple businesses, households, and events. Walking the tightrope between becoming disconnected and getting overwhelmed is almost impossible.

For family boards, there are some rule-of-thumb that work really well to find out whether you need to split off, and how much to do so. If you can stay focused on your top-line objectives, you won't get overwhelmed by minutia. At the same time, when you do decide to create a new committee, move into a new home, or start a new business, you can't cut people out of the loop.

FOLLOW Family Prosperity Partners everywhere:

Facebook:

Business Page: https://www.facebook.com/Familyprosperity

Public Group for Families: https://www.facebook.com/groups/familybizgroup

Private Group for Clients: https://www.facebook.com/groups/familyprosperity

LinkedIn:

https://www.linkedin.com/company/19139744

Subscribe to the Podcast:

Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0

Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg

RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

Are you making decisions about your money or is your money making decisions for you? There can be times where we wonder if our business is running us or if we are in control. It is very important to keep perspective and not fall into this trap. Are you reacting to the economy and news more than you are executing your plans for the future?

Michael discusses this in today's podcast.

FOLLOW Family Prosperity Partners everywhere:

Facebook:

Business Page: https://www.facebook.com/Familyprosperity

Public Group for Families: https://www.facebook.com/groups/familybizgroup

Private Group for Clients: https://www.facebook.com/groups/familyprosperity

LinkedIn:

https://www.linkedin.com/company/19139744

Subscribe to the Podcast:

Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0

Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg

RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

In this podcast, Mason goes over a story from his Dad's career as a corporate fixer-upper.

This particular plant was one of the most difficult cases his company had ever encountered. Things got so bad that a plant manager committed suicide due to the pressure of failure, and his supervisor walked off the job out of guilt.

At first, a highly skilled officer was brought in out of California, but he didn't have the qualities it takes to turn around a problem plant: commitment and respect for execution.

A new leader had to be found, and in this case, he was found from within the plant. He was committed, knew the process, and had the potential to grow.

By developing his knowledge, giving him the authority and responsibility he needed, and by allowing him to grow, this plant achieved what turned out to be an almost impossible task.

Lessons from this story apply directly to Family Business. You can learn how to make leaders that will allow you to step back confidently and grow your family and business.

FOLLOW Family Prosperity Partners everywhere:

Facebook:

Business Page: https://www.facebook.com/Familyprosperity

Public Group for Families: https://www.facebook.com/groups/familybizgroup

Private Group for Clients: https://www.facebook.com/groups/familyprosperity

LinkedIn:

https://www.linkedin.com/company/19139744

Subscribe to the Podcast:

Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0

Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg

RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

It is a rare thing to have the perfect leadership qualities in one person these days. How many times can a Steve jobs, Henry Ford, or Jaime Diamond be born? More likely, there will be desireed traits in many different people. There is also a talent for execution versus a talent for strategy. How should your family navigate this problem?

FOLLOW Family Prosperity Partners everywhere:

Facebook:

Business Page: https://www.facebook.com/Familyprosperity

Public Group for Families: https://www.facebook.com/groups/familybizgroup

Private Group for Clients: https://www.facebook.com/groups/familyprosperity

LinkedIn:

https://www.linkedin.com/company/19139744

Subscribe to the Podcast:

Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0

Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg

RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

In this podcast, I discuss how lapses are natural; especially in a team. Unlike when you fail and it only affects you, failure in a family team can be complicated.

Oftentimes, the solution to the problem is counter-intuitive. Rather than punishing ourselves and our family, we have to make it easier to start again, and positive to re-engage in the discipline of Family Governance. Every family and every person has lapses. They’re natural. You just can’t let those lapses turn into downward spirals that will crash and burn the whole family enterprise.

I know I would have liked to hear this message when I was not doing everything I could, or when I felt disappointing in the progress of my family. You can catch lapses earlier, and make people feel safe and confident to own up to their shortcomings and move forward.

FOLLOW Family Prosperity Partners everywhere:

Facebook:

Business Page: https://www.facebook.com/Familyprosperity

Public Group for Families: https://www.facebook.com/groups/familybizgroup

Private Group for Clients: https://www.facebook.com/groups/familyprosperity

LinkedIn:

https://www.linkedin.com/company/19139744

Subscribe to the Podcast:

Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0

Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg 

RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

In today's podcast, Michael walks you through the typical life cycle of a family business. Each stop along the way presents many challenges and opportunities. Successfully navigating these will decide your family's future. Family governance can equip you to handle each of these challenges.

FOLLOW Family Prosperity Partners everywhere:

Facebook:

Business Page: https://www.facebook.com/Familyprosperity

Public Group for Families: https://www.facebook.com/groups/familybizgroup

Private Group for Clients: https://www.facebook.com/groups/familyprosperity

LinkedIn:

https://www.linkedin.com/company/19139744

Subscribe to the Podcast:

Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0

Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg

RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

Why are some experts saying this statistic is misleading?

In this podcast, I talk about a discussion happening in the Family Business space: The “70% of family businesses fail to transition” statistic is misleading.

A critical look at a highly cited statistic in the Family Business space is making the rounds after some advisors claim that entrepreneurship is the solution to long term family success. They claim that the statistic of successful transitions does not take into account the tendency for families with businesses to be more entrepreneurial.

This criticism, though, is just more evidence that highly successful families are highly successful. Families with already successful businesses are far more likely to succeed in a new venture because they support each other with resources and experience. It doesn’t make sense that families should have to start over every generation. Long-term success does not look like a series of gambles made one at a time over and over again.

Family Board Starter Pack:

https://shop.familyprosperitypartners.com/products/diy-family-board-starter-pack

FOLLOW Family Prosperity Partners everywhere:

Facebook:

Business Page: https://www.facebook.com/Familyprosperity

Public Group for Families: https://www.facebook.com/groups/familybizgroup

Private Group for Clients: https://www.facebook.com/groups/familyprosperity

LinkedIn:

https://www.linkedin.com/company/19139744

Subscribe to the Podcast:

Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0

Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg 

RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

In this podcast, I talk about a discussion happening in the Family Business space: The “70% of family businesses fail to transition” statistic is misleading.

A critical look at a highly cited statistic in the Family Business space is making the rounds after some advisors claim that entrepreneurship is the solution to long term family success. They claim that the statistic of successful transitions does not take into account the tendency for families with businesses to be more entrepreneurial.

This criticism, though, is just more evidence that highly successful families are highly successful. Families with already successful businesses are far more likely to succeed in a new venture because they support each other with resources and experience. It doesn’t make sense that families should have to start over every generation. Long-term success does not look like a series of gambles made one at a time over and over again.

Family Board Starter Pack:

https://shop.familyprosperitypartners.com/products/diy-family-board-starter-pack

FOLLOW Family Prosperity Partners everywhere:

Facebook:

Business Page: https://www.facebook.com/Familyprosperity

Public Group for Families: https://www.facebook.com/groups/familybizgroup

Private Group for Clients: https://www.facebook.com/groups/familyprosperity

LinkedIn:

https://www.linkedin.com/company/19139744

Subscribe to the Podcast:

Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0

Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg

Do you keep your nose where it belongs? And your fingers out of where they don't?

The source of most issues in family wealth usually boils down to Nose In and Fingers out. Everyone should have their nose in every aspect of the family wealth and happiness, at least a little bit. The difficulty comes when someone won't let other family members pay attention to the family assets or events. They see this attention as intrusion.

Other times, someone tries to go beyond just understanding. They try to take over. It all boils down to boundries. Where are the boundaries? Do you know where they are? Where are they going? Boundaries should move over time. Afterall, that next generation must take over at some point.

Michael talks about these issues in today's podcast.

FOLLOW Family Prosperity Partners everywhere:

Facebook:

Business Page: https://www.facebook.com/Familyprosperity

Public Group for Families: https://www.facebook.com/groups/familybizgroup

Private Group for Clients: https://www.facebook.com/groups/familyprosperity

LinkedIn:

https://www.linkedin.com/company/19139744

Subscribe to the Podcast:

Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0

Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg

RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

In this podcast, I talk about how successful parents often put their kids in a really difficult situation: how to manage huge amounts of money that are just given to them at a certain age. For a while, it was pretty trendy in the C Suite circles to make a trust that didn’t pay out until the beneficiaries turned 35. It was seen as wise to wait until the kids were old enough to give them all those resources.

But, as you probably know, you did not learn how to handle money properly just because you got money. Look at lottery winners. They are on average about 45 years old, but they go bankrupt more than twice as often as the general population. Having money doesn’t make you better at handling it, and neither does age.

On the flip side, some parents just want to keep their kids away from any kind of success. This can be just as damaging.

FOLLOW Family Prosperity Partners everywhere:

Facebook:

Business Page: https://www.facebook.com/Familyprosperity

Public Group for Families: https://www.facebook.com/groups/familybizgroup

Private Group for Clients: https://www.facebook.com/groups/familyprosperity

LinkedIn:

https://www.linkedin.com/company/19139744

Subscribe to the Podcast:

Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0

Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg 

RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

Many people don't really think about this type of an investment. However, it is vitally important for the long term success of a family enterprise. For most family businesses, no matter their size, community involvement is a big deal. Your business isn't that faceless corporation. It started as a big part of your community. Your business has shaped your community and been shaped by it. That is really what makes you different from the heartless corporate giants.

Michael talks about this investment type.

FOLLOW Family Prosperity Partners everywhere:

Facebook:

Business Page: https://www.facebook.com/Familyprosperity

Public Group for Families: https://www.facebook.com/groups/familybizgroup

Private Group for Clients: https://www.facebook.com/groups/familyprosperity

LinkedIn:

https://www.linkedin.com/company/19139744

Subscribe to the Podcast:

Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0

Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg

RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast