Mason talks about the difference between being different people and doing different things.

During these trying times, a lot of us are wearing more than one hat. Doing more than one job is a normal thing for business owners. Their spouses and families might not be as used to it though. This is a great time to organize and get new experiences. One common estate planning document can really help with this. Michael discusses this document and one other that every business owner should have right now.

Mason discusses the value of stable processes in times of crisis.

It has been over a month since the last podcast. A lot of challenges have com at families and family businesses. This is an update on what has been going on with Michael. How is his family handling this? How can your family make the most of things?

Are you running your business correctly? Are you managing a job or running a business? Corporate governance is the real difference. We've talked about it before, but many of our clients are asking questions about this again. It's that time of year where most businesses should be having annual meetings. These meetings make tax and other decisions. How do you integrate them into family meetings? How do you use them to involve people who aren't employed in the family business?

Michael and Mason talk about the essential characteristics of someone who can create a lasting family business.

Process is more than just a technical buzzword. Having good processes mean that you know where you are, where you are going, and can measure your success. Implementing processes in the right way allows you to protect and grow your business, your family, and your legacy.

When you think abut protecting your assets, most people instinctively think about trusts. This is one of the reasons that trusts were initially created. Trusts can fail though. They can be pierced to pay for beneficiary debts. Usually this is because of some abusive conduct by the person who made the trust or it is because of poor drafting.

The reasons are:

1. Fraudulent transfers

2. Self Settled Trusts

3. Bad distribution criteria (not absolutely discretonary)

We talk about these in this podcast so that you can understand how to set up your trusts and avoid the most common mistakes. As always seek a competent attorney.

You can read more in my book. Get a free copy at reddenlawoffice.com/apbook

A lot has been said recently about mindset and psychology for entrepreneurs. Are you aware of what limiting beliefs are? Did you have them in the past? We all have these at all times. You can deliverately change them. Are you having trouble letting go? Is the transition process stalled? Are there things in your family business that only you can handle?

This might be because you have limiting beliefs. They just aren't the ones that you think about usually. These are limiting beliefs in others. You are subconsciously limiting the potential of other people. Becuase you believe they can't do it. It then poisons your efforts. Today we talk about these and what you can do to overcome them. If you are stalled in your transition process, this is a must hear.

Family Prosperity Podcast With Alex Morrall of the Twin Cities Wellness Collective.

We believe that wellness is a huge part of taking care of the people of your family. Your family business and the family wealth all serve the purpose of taking care of the people. They are meant to provide opportunities, happiness, and health for the family itself.

Alex Morrall hosts the Twin Cities Wellness Collective Podcast. This podcast talks about wellness and the resources in communities to achieve your goals.

www.familyprosperitypartners.com