An ESPN documentary on Mike Singleterry has stuck with me for years. In this podcast, I go over how Mike got family right.

Mike Singleterry is the only player inducted into the Hall of Fame to be introduced by his wife. He called it an easy decision, because if she wasn't there, he wouldn't be either.

Just like we train Families, Mike put together a 5 year vision for the family that he updated all the time with his wife. He was fully committed to everything he did. He even put together a Family Mission Statement.

He became one of the best linebackers of all time, and he did it without sacrificing other parts of his life. On the contrary, his focus on his family is what helped him get where he is today.,

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It isn't enough to just hold family meetings. It isn't enough to just have family policies. You need to use them. Use it all for the future. Now that your family governance is in place, today's podcast discusses how you can use it for the future to keep a happy, healthy, and successful family and business.

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How do you actually divide up responsibilities in your family? Just letting things happen is not good enough. We would never settle for having a key position missing on a sports team, and we shouldn’t settle with or family or business.

It is not as easy as finding responsibilities and handing them out. People need to be competent, passionate, and the team actually needs to benefit. The only way to make sure of that is to plan ahead. Don’t make the mistake of having a family of clones: people who are all good at the same things. That leads to infighting and a lack of diversity.

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To make the most out of our family governance, we need to make some plans for the future. If we want our family to continue to grow and stay together, then our family needs to share goals to work towards. Sometimes this could also mean you need to plan for what to do when bad things happen.

So how do you start these conversations? Many of the topics are personal, and rightly so! Michael discusses some of the ways you can start these conversations. The COVID pandemic has made this type of discussion necessary for the entire family, not just those nearing retirement.

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In this episode, Mason goes over the rest of the Family Governance story past Policy to talk about Responsibilities, Identity, Engagement, and Survivability. Find out where your family might be strong, and where they need more help.

Policies aren’t everything. You need to practice, and you need to hold yourselves to the commitments you’ve put down in writing. This podcast starts to lay the foundation for preparedness and maintenance in Family Governance; all the things you actually do. The first step in any process is finding out where you are deficient. By the end of this podcast, you will have some key questions to help you examine the state of your Family.

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Drillbook:

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Good Family Governance is the key to creating truly dynastic wealth and a healthy family. But just doing the work to define your family isn't enough. You have to use it. You have to believe in it. And, your family won't succeed if they only use it in a crisis. They won't succeed if you only use it for the big things. If you only go through the motions.

Successful families have plans. They have goals and dreams and move towards them together. This is an overview of that process. This is how you should use Family Governance every day.

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Asset protection trusts are the premiere tool for asset protection. The can help solve the ownership dilemma when it comes to protecting assets. They protect against divorce, creditors, and even malfeasance with a good trustee. But, did you know they can also give your family governance the force of law?

An asset protection trust that also serves as a dynasty trust can take your family governance to the next level. All of your rules and policies can become the law of the family!

This episode introduces this concept. It will be explored further in future podcasts.

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Kids often have no idea what their parents actually do to keep a roof over their heads and food in their mouths. For a lot of families, that is because you can’t just bring your kid to work every day. If you own a business (or more than one) you are in a fantastic position to give your kids a huge leg up in life. It is never to early to start teaching your kids how to play the game. If they get to see what good leadership and teamwork look like from a young age, they will have so much more experience when they have to take the reigns.

This is another key way to use your Family Governance. If you can start giving responsibilities to the younger members of your family early, it will be easy for them to make the transition into their responsibilities as adults. You’ve hopefully made your 5-year vision plans for the adult members of your family. Make sure to take the kids just as seriously.

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Your choice in business entity can make or break your asset protection. In fact, if you don't choose one purposefully, it could cause you to go broke. You need to know the strengths and weaknesses of each type. As always, you should understand your asset protection plan so you can keep your money safe. Asset protection will make sure that you and your family never start over with nothing. It will make sure that your children have an inheritance. That your legacy will survive at least one more generation. How you structure your businesses is completely under your control.

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If you can help it, you really shouldn’t wait until after you’ve added someone to your family to decide how they’ll fit in. In this podcast, we cover some of the key mistakes people make when integrating a spouse into successful families.

Whether are in the 7th generation of a family empire, or just starting out, you need to think about how someone new is going to fit in. Just like with everything, the best time to do that is now. Should spouses be able to vote on things that affect the whole family? Do they even get to come to meetings? How do we decide what their roles and responsibilities are?

The answer is different for every family. The only way to truly fail is to never consider these kinds of questions, and never write any policies down.