Jim Sheils - The Family Board Meeting [The Business of Family]
The Business of Family
The Challenge of Success in Family Business
Hakan: Successful succession is a challenge for wealthy, generational families. He says it's often these relationships and family dynamics that cause the destruction of wealth or a breakdown in the family. HAKAN: If you are going to have siblings in with stuarting wealth, you'd better set up some good guide lines. It's your job to set up those guide lines.
Our guest this week is Jim Sheils, a successful real estate entrepreneur and best-selling author of The Family Board Meeting. Jim was motivated by what he saw as one of the most tragic challenges of modern life: the disconnection of busy entrepreneurs from their families.
Jim Sheils developed the Family Board Meeting process out of necessity for his own family and hopes to help business owners bridge the gaps between themselves and their loved ones.
Standout Quotes
- “I look at my family as my most important clients, investors, and key team members.” – Jim Sheils [8:43]
- “If people hear nothing else today Mike, I mean nothing else, just know that the potency and power of one-on-one time is irreplaceable. It separates the parts to strengthen the whole, it takes away sibling rivalry, it puts the magnifying glass on the relationship in a positive way.” – Jim Sheils [12:01]
- “There is no substitute for quality time and communication.” – Jim Sheils [21:03]
- “What I’ve told my kids is our wealth is tied to certain core values. I will give you opportunities that I did not have. I will help set up those things, but I won’t do the push-ups for you.” – Jim Sheils [21:47]
- “Probably one of the worst things to ever happen to businesses and entrepreneurship, is to try to force a child to go into the family business.” – Jim Sheils [32:00]
- “I think it’s important for my children to remember they have certain gifts and talents that they will be able to detect that they’ll intuitively feel a pull for. I want them to have the courage, comfort, and support to go for it.” – Jim Sheils [40:24]
Key Takeaways
- Understanding the “great entrepreneurial lie” and how to begin living in the now
- How irreplaceable the power and potency of one-on-one time is for strengthening your family connections
- Tips for making sure you are not “half-in parenting” as you work from home
- Understanding the challenges that come with successful succession in multi-generational family businesses
- The importance of setting core values and guidelines to reach success
Episode Timeline
- [1:31] How a major life shift can change your values and awareness on life
- [2:46] The great entrepreneurial lie and the importance of focusing on your family
- [4:26] Jim’s focus on his children’s education
- [6:07] Personal development, financial intelligence, and relationship skills for the next generation
- [8:30] Jim’s family board meeting concept
- [10:35] A solution that is simple but has key fundamental action steps
- [11:54] The three guiding principles Jim has for his family board meetings
- [15:05] Some success stories families have had using the family board meeting method
- [20:15] The third-generation rule and providing proper stewardship
- [21:34] Jim’s outlook on his children inheriting his wealth
- [24:17] Half-in parenting while working from home
- [28:12] The failures that set Jim up for success
- [31:05] Strife and family breakdowns in the succession of multi-generational businesses
- [37:17] 18 Summers and the desire to form lifelong child-parent connections
- [40:06] Jim’s focus on encouraging his children’s own gifts and talents
For more episodes go to
BusinessOfFamily.net
Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter
Follow Mike on Twitter @MikeBoyd
If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!
Special Guest: Jim Sheils.
Sponsored By:
- The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations. <div> <input type="submit" value="Subscribe" name="member[subscribe]" id="member_submit"> </div>
Links:
- The Family Board Meeting: Is Business Success Hurting Your Family? — Already implemented by thousands around the world, the Board Meetings Strategy is yielding great returns for families. You too can begin connecting, deepening and strengthening the relationship with your most important asset-your children. Using this simple strategy, busy entrepreneurs, business owners and professionals have been re grounded in balance between professional and home life.
- 18 Summers — You Only Have 18 Summers With Your Children… How Will You Make Them Count?
- Jim Sheils Website
The AI-powered Podcast Player
