Families don't always agree. It is a great opportunity for your family to grow together, innovate, and thrive. Disagreement breeds compromise, opportunity, and change. Sometimes it can also be the end of your family. How your family handles conflict will ultimate determine whether or not your wealth and legacy continue. Handle it poorly and your family could die. Handle it well and you could create the next great American iconic family.

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How close is your family to being stable and successful in the long term? What should you already be doing? This podcast goes over the stages of family development, and covers the basics of what you need to be doing at each stage.

It is inevitable that someone will need to take money out of the family business. This won't just be salary and bonuses. If the business is to benefit all family members, then even those who don't work inside of the business need access to money. Sometimes it is to follow their passions. It also might be because of something more tragic. Failure to plan for this won't just cause the business to go broke. It might also cause your family to break up. Michael talks about the things that your family should consider in order to make the best policy possible for lasting success.

Long-term planning for legacy and business too often focuses on what the founder or “wealth creator” needs to do to make sure things go well. In this podcast, Mason goes over 3 things the younger generations in a Family Business can do to help ensure Family Survival.

Now is the time to create your New Normal. Michael talks more about what you can do to create the future that you want. Don't wait for the new normal to just be thrust upon you. Family businesses will have to face this difficult decision in order to create a legacy and success that will last for generations. You might have talked about bringing your family together and creating a long lasting future, but life got in the way. Here is another decision that you can make today that will bring your success in the future.

This episode is a part of a series. You might get the most benefit if you return to the first episode of the New Normal Series.

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This information builds on Michael's Book. It can be purchased on Amazon or found on the website.

Another very important part of creating your new normal is your Family Employment Policy. Once your family makes the choice to have a lasting business, once you decide to pass that business to each generation as a legacy, this is one of the first decisions you should make. This will set expectations and limit entitlement so that the family and the business can survive through time. Michael talks about several of the things you should think about when making this decision.

Creating a positive cycle of community engagement is key to creating a long-lasting family identity in your communities that will drive your family’s success professionally and personally.

So you've decided to take control of your new normal. It is finally time for your family to make a decision about its legacy. Will you leave a lasting legacy? Do you want to keep the family business in the family for all generations to come? Well, to succeed, your family will have to make decisions together. When you decide how to make decisions, you should consider these questions. Michael discusses the questions that every family decision making process must address in order to succeed.

Mason talks about asking your family members and community members to help you out so everyone can benefit.

Take advantage of the new normal. You don’t have to wait for the new normal to just happen. Many are wondering what it will look like. Take control of it. Design it right now. What do you want your new normal to look like? How will it help your family? How will your business be different? How can you make it what you want it to be? Living families are creating their own new normal.