In order for a business to survive, you have to make it the focus. You need for it to be the priority. It can't be that way forever though. When should you shift to being family focused? How do you make the shift? Living families have made the shift. You business can survive, but don't let it kill your family. What does a dead family look like? How can we keep our family alive?

Today we look at development plans for families. These are a very important part of bringing you family to life. They are essential for success. They answer the question of "How do I keep from ruining my kids?" and "What happens if my kids don't want the business?" This is how your family can still benefit from the business and grow to be happy and engaged people. It will bring you together.

One American family really embodied this. This is the Ochs family that founded the New York Times. We examine how Adolph, the patriarch, put the rudiments of family governance in place and development plans. This made sure that the family would succeed. It also got them through a crisis when an heir wasn't ready to take over.

If you want to know more about this check out www.familyprosperitypartners.com. You can find more information there or get some background in our books available on the site.

Many wealthy families are afraid that money will ruin their kids. That either the kids themselves will become lazy, entitled, and just bd people or that they will be taken advantage of. Maybe their spouses will only marry them for money? Maybe they won't have real friends. Maybe everyone will just be after their money?

Money isn't evil in and of itself. Sheltering your children won't prepare them for the world. Some deny their wealth and raise their children like they are "normal." This deception can do more harm than good. Others flaunt it. Your kids can turn out great if you raise them on either spectrum or somewhere in the middle. It really is up to you and how you develop them. Wealth is neutral. Money is not in and of itself evil.

Most people tell you to avoid all debt. This is good advice. If you aren't wealthy. Once you are wealthy, a level of debt can actually protect you and your stuff.

Banks with liens have an interest in protecting you. They want their money back. This episode tells you how to make the big banks the bodyguards of your money.

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You might be thinking that your family is different. That your business is different. Family governance and planning might work for others, but not or you.

You'd be wrong. All family businesses face the same types of problems. They are predictable. They can be overcome.

Most business owners get a business entity to protect themselves and their families from market and business risk. This is, for the most part, a successful strategy. Things can still happen, but it serves its purpose.

But do you protect your business from you and your family? Do you even know that you are a threat to your business? The answer might surprise you.

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This is a hot topic for family businesses. Should kids have to work for someone else before leading the family business? Most family businesses agree that it is vital for some generations (not all) to work inside of the business.

There are pros and cons to this. Michael explores this topic.

The storied Koch family had a twenty year war after the transition of the patriarch. Krederich Koch wished for his sons to be kind and generous to each other on his death bed. Little did he know, the family would start a war that split the four brothers apart and poisoned a second family. How could this have been different? Family governance could have stopped it. Each Koch brother might be larger than life. But the Koch family isn't. Instead, the Koch family could have been real. It could have been larger than life. Will your family end up like this?

Failing at retirement often leads to divorce. Business owner marriages tend to be long term. If you don't prepare for retirement, you will lose your direction. This causes tension in the home and can lead to divorce.

Divorce at this stage destroye wealth and families.

Michael goes into detail about why asset protection works. We've talked about why it is important. The first generation won't pass on big wealth without it. You have to separate yourself from our money and your money from yourself.

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