The Fort #227: Mike Boyd - Going Deep on the Business of Family and How Families Can Achieve Multi-Generational Success
Mike Boyd is an Australian Entrepreneur, CEO & Investor. Mike started his entrepreneurial career at age 11 selling lost golf balls and didn’t look back, going on to cofound no less than 7 businesses before the age of 25. Mike is a relentless innovator and is always trying to find new ways to innovate and solve problems using technology. Mike now dedicates a portion of his time to managing investments in alternative assets via the family's investment vehicle, Mudbrick Capital, and running The Business of Family Podcast.
On this episode, Chris and Mike uncover best practices for building a successful multi-generational family and discuss the work that goes into planning for a successful family – it takes work! They also chat about how wealth is transferred from generation to generation without creating entitlement and deep dive into how the Founding Generation interacts with Generation 2. Enjoy!
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(02:41) - Mike’s Background and Career
(06:15) - Living and Working Abroad
(07:59) - How did you get into the digital side of entrepreneurship?
(12:22) - What are trends are you seeing in travel right now?
(15:25) - Did Australia provide some kind of governmental assistance during the pandemic?
(16:59) - Mike’s ‘The Business of Family’ Podcast
(21:21) - Why is this something your are passionate about?
(5:17) - Does 3rd generational wealth ever happen by accident?
(29:23) - If wealth usually dies in the 3rd generation of a family, how long does it typically take for the next founder generation to come along?
(30:41) - Is the loss of generational wealth solely based on an increased number of members in a family?
(34:38) - When a family gets to a size of a public company, do decisions still get made within the family, or are there outside decision-makers at play?
(36:57) - What are the mechanisms you’ve seen work or not work when a clash within the family happens?
(40:41) - Does the legacy operating business normally come from the founder wanting to pass the business down or from the 2nd generation wanting to take over?
(43:04) - What are best practices for first-generation families to do if their hope and desire are for the kids to take over the business?
Family Wealth by Jay Hughes Jr.
(51:03) - When’s the best time to start telling your children that you’re wealthy?
The Family Board Meeting by Jim Sheils
(58:16) - Do you include your parents in the family enterprise or are you resetting the culture?
(1:02:59) - How do you guarantee that the second generation will fail?
(1:06:00) - How have you seen families handle an outlier child that is suffering due to drugs or other problems?
(1:10:02) - Generational resiliency through divorce
(1:12:25) - What’s the best way to set guidelines for the next generation’s behavior that is tied to an inheritance?
(1:12:25) - How important is it that the founding patriarch and matriarch are aligned?
(1:14:11) - What are the best practices for introducing your children into your business?
(1:17:32) - In a situation with multiple kids who are qualified to be the leader of the enterprise, what do you do?
(1:20:07) - What would you recommend for people who want to do this for their own families?
(1:22:47) - How can people get in touch with you?
The Business of Family podcast
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