The Business of Family

Moses Kagan has been buying, renovating and managing apartment buildings in Los Angeles since 2008. His company, Adaptive Realty, along with its investor-partners, owns approximately $200MM worth of high-quality buildings in interesting neighborhoods. Unusually for a real estate private equity firm, Adaptive and its partners do not fix and flip; instead, they act as permanent holders and stewards of the assets under their control. Standout Quotes: "Rich families that own good assets generally don't look to sell them to maximize Pre-tax IRR" - [Moses] "If you do not lose the building, the rents will recover" - [Moses] "When you start to think about things indefinitely, and you're not in a rush, it kind of opens up other possibilities in terms of structure and strategy" - [Moses] "It's very hard to go from zero to something… and it takes an entirely different set of skills to go from something to something much larger" - [Moses] "I do not believe that we as individuals live our lives for ourselves" - [Moses] Key Takeaways: Moses has been buying, renovating, and managing apartment buildings in Los Angeles since 2008, through his company, Adaptive Realty, alongside investor partners. He focuses on sub-institutional deals. The most important part of the strategy is that rather than buy, fix and sell buildings to maximize pretax IRR, they buy properties, make them high-quality assets, manage and refinance them to get higher returns. The strategy was born from his family values as they had always been involved in Real Estate but never engaged particularly in sales of property. There are two reasons why people sell; firstly investors have a mindset too focused on Pretax IRR, and secondly, the sponsor gets their money after selling. If you just hold on and keep the building, the rents will recover. The initial funds for the business came from friends and family of Moses, and later from another family office who partnered with them. This partnership helped them build a track record that encouraged other investors to feel comfortable with them. The structure for the business model is not to buy, renovate and sell like the typical model with PEs, but rather they partner with wealthy families with the explicit assumption to hold on to the property not sell, however, liquidation rights goes to the family that put up all the capital. The primary strategy has been to refinance the property to pull the capital out and give it back to the investors who still retain ownership and cash flow from rents. Adaptive Realty only gets fees for their work but not cash flow from rents, sales or refinance until the investors have got their capital. Describing his family history, Moses shares how his first building was bought with capital from the family money dating back 4 generations. The wealth he enjoyed from his family was mostly in form of basic needs being met and, particularly education. When starting a business with a partner, it is critical to have a decision-maker or tie-breaker irrespective of how profits are split. The relationship between Moses and his partner in terms of how earnings are split is quite stable even for the coming generation but open to discussions if need be. There is currently no long-term family structure for his family, however, Moses spends a lot of time with his kids, to instill the values of passing on to the next generation what was done for them. Discussing Storytelling, Moses emphasizes that your forebearers are a living part of your life, and tries to make those people present for his children even though they will never meet them. Gaining exposure and immense assistance from his friends to succeed, Moses was also motivated to start finding ways to help people who didn't have the kind of opportunities he had. Advice from Moses to those aspiring for multigenerational success: Don't put yourself in a position where one investor can wake up one day and force you to restart your career. This involves having different capital providers rather than being completely dependent on one. From Moses to his kids: We owe everything to those who came before us, however, we can't repay them. We can only try to do for those coming after us what has been done for us, if not more. Episode Timeline: [00:48] Meet today's guest, Moses Kagan. [01:53] About the business, Adaptive Realty. [13:50] How do you get investors to join you with your strategy of holding properties permanently? [16:45] How have you structured Adaptive Realty to be different from the typical P.E model? [21:55] Moses shares his family background. [32:36] What's your perspective on multigenerational wealth? [38:28] What does the future look like in terms of the next generation? [41:07] Do you expect your children to get involved in the business? [46:15] Is there any form of family governance structure? [48:18] Moses shares his approach to storytelling as a method to pass on values. [52:55] How Moses works to help others who haven't had the same privileges he enjoyed. [57:06] Advice from Moses to listeners aspiring to build generational legacies. [01:00:33] From Moses to his kids. For more episodes go to BusinessOfFamily.net Sign up for The Business of Family 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: Moses Kagan.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:Property management for exceptional Los Angeles apartment buildings — Moses Kagan's company, Adaptive Realty, along with its investor-partners, owns approximately $200MM worth of high-quality buildings in interesting neighborhoods.Moses Kagan — Moses Kagan has been buying, renovating and managing apartment buildings in Los Angeles since 2008

The Lang family recruited Jeff Watters as the first outside CEO to lead Ainsworth Pet Nutrition in it's 5 generations. Sean Lang and Jeff Watters worked together, partnering with a private equity firm to scale the $100m per year business into a $2 billion dollar exit over the space of a decade. This story covers not only leadership succession within a family business but also ownership succession and how the family have stayed together and united around a family office in the absence of an operating company. Standout Quotes: "What's gotten us here, isn't going to necessarily get us there" - [Sean] "As a family, we realized that we would have to make a pretty major change in the journey... And we made the choice to start that journey from family-owned and family-run, to family-owned and professionally-run" - [Sean] "I think in any family business, there's a certain level of distraction or disruption that comes from the family, and if you can move that into the family council and outside of the board room, it seems to be better for everybody" - [Jeff] "The family office is being driven by a stewardship theme; Leave it better than you found it" - [Sean] Key Takeaways: Sean Lang and the Lang family represent a 5th generation business family who owned Ainsworth Pet Nutrition, while Jeff Watters is the first outside professional CEO recruited by the family to lead the business till it was finally sold. The business started small, with deliveries made to "mom and pop" stores, expanded over the years, and all interested family members worked in the factory. After school, Sean started as a sales manager and worked his way up to be president. The family realized that there was a need to make a major change to move with the competition and this would require great talent, moving from family-owned and family-run, to family-owned and professionally-run Although Jeff was in a place where he wanted more in his life personally and professionally, his relationship with Sean was initially not a professional one. Following further interaction, Jeff realized the family was committed to the business, and they were authentic and intentional about their growth. The average tenure of a Public Company CEO is about 4 years, and a Family Business CEO is about 6years, even if you think you're going to be there longer than that, you have to plan according to the statistics. The introduction of professional leadership after 5 generations took some time, however, this had been tried previously and even though it failed, the family had started to get used to the idea. The goal had become to keep the family culture but adopt the benefit of big company thinking and growth capabilities. The notion of an organic, natural but very transparent onboarding process is extremely helpful for professionals outside looking to join a family business. Jeff also encourages professionals considering entry into a family business. You just have to bet on yourself to a certain extent. Once you're satisfied that the other party has high integrity and will deliver on their promises, have the conviction that you're going to deliver on yours, and if it doesn't work out, it doesn't work out. There will be other opportunities. While Jeff's transition into the business had its hiccups, there was a lot of intentional effort from all sides to communicate effectively and create ways to tackle arising issues. This was made easier by the family culture of transitioning where the older generation completely let go of the business which allowed Sean to give Jeff the space needed. Working with a Private Equity Company was pivotal in driving the rapid growth of the company moving from a 200 million-dollar company to a 2 billion-dollar company in 4 years. Jeff describes that the main factor that drove growth while working with the PE Company, was a deep cultural alignment Between the family and the company. It was all about a long strategic view of the business. The family council was started by Sean's father, and one of the policies laid down was that incoming family members needed to work somewhere else for 2 years or until their first promotion whichever came later, before joining the business. In the absence of an operating company, Jeff wanted to still have a family enterprise that could act as glue for the family, and help be a driver for education for the rising generation. This would also foster the creation of mechanisms to share the family history and culture with coming generations. It's not always easy to leave it better than you found it, given the mathematical fact that families almost grow faster than businesses and assets, that means each family member needs to be self-sustaining and look at any help from the family later in life as icing on the cake, not the cake itself. Sean shares he now has more time for family and personal relaxation, while also finding businesses to invest in. Jeff also tries to have fun, works with his wife on philanthropic projects, and serves on a number of boards. Jeff's letter to his kids: Jeff tells them to be bold in the pursuit of what they love, hopefully, it will be something that allows them to leave this place a better place. He encourages them to take a leap of faith, the financial fortune is an opportunity for them to invest in their future in a way that can be fulfilling for them and differentiating for their community. Sean's letter to his kids: The family business cocktail of money, love, and power is trouble. It can rip families apart easily and needs to be proactively managed within the family with the help of professionals. Episode Timeline: [00:52] Introducing today's guests, Sean Lang and Jeff Watters. [02:30] Sean shares the history of the family business. [08:00] What was the reason for bringing in outside leadership? [10:00] How Jeff got involved with the business. [15:18] Were there any surprises while bringing in the idea of getting professional leadership after 5 generations? [20:21] Jeff describes his transition into the role of CEO. [29:30] Discussing the growth of the business, involvement of a Private Equity, and the decision to exit rather than transition to a 6th generation. [42:02] When did the Family Council begin? [52:25] What was the transition like after the final decision to sell the company? [01:00:22] Before the company was sold, there were plans to continue the Family Council? [01:03:51] What Next? [01:06:00] In a letter to your children, what is one lesson or idea you don't think many parents would mention but you consider important to understand? For more episodes go to BusinessOfFamily.net Sign up for The Business of Family 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 Guests: Jeff Watters and Sean Lang.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:L Catterton and the Lang Family to Sell Ainsworth Pet Nutrition to The J.M. Smucker CompanyThe J. M. Smucker Company to Acquire Ainsworth Pet Nutrition, LLC, Maker of Rachael Ray™ Nutrish® Pet Food; Company to Explore Strategic Options for U.S. Baking Business

Frazer Rice is a Regional Director for Pendleton Square Trust Company. In that capacity, he focuses on trustee, fiduciary and family governance issues for wealthy families. He is the author and podcast host of "Wealth, Actually" which centers on decision-making for wealthy families The podcast interviews wealth experts and entrepreneurial families and individuals. Standout Quotes: "Something that's happening industry-wide or at least in the US is the concept that being a corporate trustee is a different business than the asset management side of wealth management" - [Frazer] "Most of the trust planning is articulating a move at the minimum from Gen 1 to Gen 2" - [Frazer] "I view the Trust and the planning around the Trust to be an outgrowth, when done correctly, of a solid communication structure that has been developed within the family" - [Frazer] "What the family bank approach is offering to families is a way for them to pass on their intellectual capital...to their human capital, the next generation by having them apply for the financial capital" - [Mike] "If the kids see what's important to the other kids early, and attach a dollar manifestation around that, I think that you're building the context so you have fewer blow-ups later on" - [Frazer] "I think the most important thing anyone can have in their lifestyle is the ability to be comfortable in their own skin" - [Frazer] Key Takeaways: Frazer shares his background and experiences so far, from college to working in politics, after which he decided to study law and gained exposure while working in different firms. His career started down the path of wealth management when he worked with a Trust company. He is also the author of the book "Wealth Actually" and the host of a podcast that discusses topics related to finance and wealth management even though that was not the initial plan for the podcast. Pendleton Square Trust is an administrative Trust company that fulfills the function in a Trustee role aimed at helping families get access to good Tennessee jurisdiction. 3 main Functions of a Trustee: First is the administrative function which includes safeguarding and reporting on assets, paying the taxes. The Second is the distribution of the asset to beneficiaries. The third function is the investment management of the asset which is excluded at Pendleton, Frazer believes most places don't do everything well. A trustee does not have to be a corporation, it can be an individual acting as a trustee with the ability to perform all 3 key functions, however, it may be difficult to find one person who is great at all functions. A lot of families would prefer to have more control, and a private trust company allows them to control the aspects they're comfortable with and outsource the rest. There is a possible conflict where corporate trustees who also provide asset management services invariably provide their asset management services. The most common customer for the company is a US family that is either actively transferring wealth from the first generation to the second generation or generally has a multi-generational approach. For those families that have taken their hands off the wheel in terms of managing the wealth, the Trust company operates more like a family office but for those still actively engaged in the continuation of the business, that business becomes the real center of the family office. One of the real destroyers of wealth is bad communication amongst the family, this leads to conflict, which leads to litigation and litigation is expensive There's a lot of good work that needs to be done ahead of building the structures so that you're not only setting something up that takes care of the money for the family, you're also getting the family ready for the money. Family or Shared Philanthropy is one of the tools that helps to work with families as it gets the family members to express their interests and helps them work together while considering the needs of each other. The Vacation Fund Concept: This is another tool, and the idea is to have the kids make a joint decision around the investment of money by getting them to plan the vacation based on a particular amount available. It helps identify which kids have aptitude and interest, the aggressive or conservative ones, and other responses exhibited by the kids towards the task. Summarily the kids get involved in financial planning and learn critical points related to it. The idea of a Family Bank is putting structure around the request of money for projects so that it forces preparedness in front of real people who have to make a decision. Learning that persuasion is important helps the next generation to deal with the real world. It also provides an opportunity to combat the situation of assets growing linearly being overtaken by liabilities growing geometrically, as more opportunities explored can increase the growth of assets. There's a big difference between Operational succession and Ownership Succession of a family business, the difference in roles may mean some people get paid more but this needs to be discussed earlier on before the transition period. From Frazer to his kids: I think the most important thing anyone can have in their lifestyle is the ability to be comfortable in their skin. The concept of trying to please other people's sense of success is a difficult road because you're never going to please everyone all the time, more so you will be running from things that could be your path to success. o Run your own race, be comfortable in your own skin. Episode Timeline: [00:46] Introducing today's guest, Frazer Rice, Regional Director for Pendleton Square Trust Company. [07:26] About Pendleton Square Trust Company and Wealth Management. [08:46] The 3 main functions of a Trustee. [11:21] In the US, do families have to appoint a company to act as Trustee in an administrative capacity. [12:16] The concept of a Private Trust Company. [18:54] Who would you say is your most common customer? [28:02] Frazer shares tools used when working with families. [32:51] The Vacation Fund Concept. [38:40] Frazer's insight on a Family Bank. [47:57] Frazer's letter to his kids For more episodes go to BusinessOfFamily.net Sign up for The Business of Family 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: Frazer Rice.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:FrazerRice — Frazer Rice is a leading private wealth manager, with fifteen years' experience advising millionaire and billionaire families on finances, including fiduciary and estate matters.Wealth, Actually — Frazer Rice is the author and podcast host of "Wealth, Actually" The book centers on decision-making for wealthy families Pendleton Square | Trust Company — Frazer Rice is a Regional Director for Pendleton Square Trust Company.

Grossman Marketing Group was founded as Massachusetts Envelope Company in 1910 by Maxwell Grossman, whose lifelong dream was to own his own business. Now, 111 years since its founding, Ben Grossman, along with his brother, David, are the 4th generation of family leadership. Today, the company is a full-service resource helping clients with a broad range of traditional and digital marketing needs. Ben Grossman holds a BA from Princeton University and an MBA from Columbia Business School. Prior to Columbia, Ben worked as a strategy consultant to Fortune 500 clients, as well as started and sold a sportswear and marketing firm. Ben is also deeply involved in sustainability and how it relates to business, and writes and speaks frequently on the topic. Standout Quotes: "Our prices make friends and our service keeps them" - [Ben] "What he was really saying was that life is made up 3 things; Family, Career, and Community, and education has always been of critical importance to our family" - [Ben] "Find a way to generate revenue as soon as possible because numbers speak for themselves and no one will ever question your existence at the organization if you generate sales and gross profit" - [Ben] "Learn the business, understand exactly what's going on in the business, so when you speak up you know what you're talking about, and you're right!" - [Ben] "What our grandfather and our father tried to impart in us is that although business is incredibly important, nothing in business is important enough to ever risk jeopardizing your family relationships" - [Ben] "That sort of value of just 'try and treat people the way you'd want your family to be treated' has been passed down from generation to generation" - [Ben] "Regardless of how successful you are, or your family's been over the years, you need to recognize that markets can change and you must always remain responsive to customers' needs" - [Ben] "Ultimately, we have to be willing to evolve because if we don't evolve, we will get left behind" - [Ben] "Always do right, this will gratify some people and astonish the rest" - [Ben] Key Takeaways: The company has always had a service-driven culture and this has kept the business going for over 110 years. Ben explains that the company had initially started as an envelope company and had also bought up different companies during its growth, with the investment in promotional products being the most notable that boosted growth. Following his education, Ben had decided to step out and gain some experience although he was passionate about finally going back to join the family business. Ben explains that based on lessons from his great grandfather, Life is made up of 3 things, Family, Career, and Community. Education has always been of critical importance to the family. The "Start, Stop, Continue" Review Method: Ben had asked workers to review the company's methods to identify processes that needed to be implemented, stopped, or continued for better productivity. Ben shares that following political engagements, his father moved on from the family business and is fully engaged in public service. He adds that working harmoniously with his brother is aided by the understanding that every win is for the company and not the individual, and also their roles tend to be complementary to each other. Understanding that it was necessary to establish credibility by generating profits immediately after joining the family business, Ben reached out to some prospects and started to achieve his goal within a month. One of the critical values imparted by their grandfather was the understanding that business should never jeopardize family relationships. Another key value learned was the importance of treating colleagues the way family would be treated in a workplace. You need to be willing to adapt to ever-changing business environments and conditions. Ben remembers how the family had always focused on the customer, and that what differentiated their company was the incredible customer service. Highlighting the involvements of different family members in service to the community, Ben explains that service to the community is one of the values that have been passed down each generation beginning from the Founder. Considering the future, the most meaningful investment made in recent times has been expanding into e-commerce. Ben shares he would give his children the same advice he got from his grandparents regarding joining the business, and this is to do what their heart wants to do, follow their career path, and not be constrained to join the business based on the financial implications. From Ben to his kids: Always do right, this will gratify some people and astonish the rest Episode Timeline: [00:49] Introducing today's guest Ben Grossman, and Grossman Marketing Group, the Massachusetts envelope company. [01:40] The history of the Grossman family business. [07:05] Ben narrates how he and his brother joined the business. [11:52] As brothers, how do you get along and what roles do you each play today in the business? [21:54] A listening tour: Using the "Start, Stop, Continue" Review Method. [25:36] Do you have any apparent failures that have set you up for later success? [32:15] Ben describes the family history of service to the community. [37:58] Has the family been intentional about documenting its history? [39:30] How do you pivot and evolve a marketing group like yours into the 21st century and beyond? [43:43] Are you nurturing your children to be the 5th generation of the business or leaving it to them to find their path? [48:35] A letter to Ben's Kids. For more episodes go to BusinessOfFamily.net Sign up for The Business of Family 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: Ben Grossman.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:Business isn’t just about profit – reflections from four generations in business - Ben Grossman my great grandfather’s dollar-a-year check from the US GovernmentLetter the company sent out when he left to serve FDR and my grandfather left to serve in the ArmyLetter my brother and I sent out when our father left the company to serve as Treasurer of Massachusetts 70 years after our great grandfather left for public serviceGrossman Marketing – a century of excellence — Grossman Marketing Group was founded as Massachusetts Envelope Company in 1910 by Maxwell GrossmanBen Grossman — Ben Grossman is the co-leader of his family’s 4th-generation family business, Grossman Marketing Group, where he enjoys focusing on acquisitions and sustainability projects, among other thingsSwagCycle: — SwagCycle is a startup focused on responsibly managing the lifecycle of branded merchandise. When companies rebrand or get acquired, many often dispose of their obsolete branded merchandise. Leveraging SwagCycle proprietary network of partners, SwagCycle make this problem go away by helping companies repurpose and recycle unwanted branded items in a responsible, ethical, and affordable way.

With one of the most recognisable family names in Australian business circles Berry Liberman is using her financial capital to make a positive impact in the world. Her family office, Small Giants, is 100% invested in Impact ventures - challenging the traditional notion of "do anything to make it and then give it all away" philanthropy. Berry Liberman is the co-founder and Creative Director of Small Giants and the Publisher and Editor of Dumbo Feather magazine. Small Giants was founded in 2007 to create, support, nurture and empower businesses that are contributing to the world in a meaningful way. Dumbo Feather is a labour of love. Designed, edited and printed in Melbourne, Australia, it is a quarterly journal highlighting the stories of extraordinary people, living lives of passion and commitment to changing the world we live in. "We spent our first decade growing a collective of businesses committed to positive change, including Impact Investment Group, The Sociable Weaver, Dumbo Feather and The School of Life. Our focus has been moving capital from the old economy to the next. We’ve sought to prove that a business can be profitable while remaining purpose driven and ensuring value for all stakeholders, including the environment. Likewise, we’ve found time and time again that value can be created without investing in extractive industries." Standout Quotes: "Family was Business, and Business was family, it was one thing" - [Berry] "Both my parents in a way saw work as service, you contributed to the society that you were lucky enough to live in" - [Berry] "When you go to your grave, you go with only one thing, and that's your name" - [Berry] "If you know your shadow self, there isn't anything that can take you by surprise " - [Berry] "I wanted to do big work, and I didn't want to be afraid, and I knew that the thing that scared me most was everything that was happening on the inside of me" - [Berry] "One of the things about family businesses is they're often a massive spaghetti ball, and all of the spaghetti is interwoven into all the other spaghetti and it's very hard to separate" - [Berry] "Business and Financial capital can be a force for good in the world" - [Berry] "We didn't have the language for it at the time but we had the intuition, that growth at any cost, that the extraction economy, was coming to an end" - [Berry] "Money in families is complicated, and Family Business is complicated, and it's never about the money, it's about the people and the relationships and the emotional maturity of those people" - [Berry] "We are the custodians, not of financial capital that is our entitlement, but the financial capital that is handed from one generation to the next, much like fresh air and fresh water, we are custodians" - [Berry] "Impact investing is a paradigm shift, it's not an asset class, and once you make that shift in your mind, you can't do anything but invest that way" - [Berry] "You are the company you keep" - [Berry] "I would tell them not to hate anyone, ever, and to love hard, I don't think you lose anything when you love" - [Berry] Key Takeaways: In a true 'rags to riches' story of how the family clothing business began, Berry describes how her grandfather alongside the family, used to recycle the unsellable silk stockings discarded by a company, and eventually caused a shift in demand in his favor. Berry shares that she was raised perceiving business as fun, and something that involved the whole family. Unfortunately following the crash in 1991, the impact weighed equally upon the family. She narrates how she was able to forge her path outside the norm, because there was very little attention on her, especially following the passing of her father and ensuing family changes. As for her psychotherapy, It became clear there was a need to answer pertinent questions about herself and sort through unresolved issues personally. "I wanted to do big work, and I didn't want to be afraid, and I knew that the thing that scared me most was everything that was happening on the inside of me". She also disclosed that ultimately she wanted to be her own person but she didn't want to do it at the expense of family harmony. By the time Berry stepped in to join the family business, seeing how it was being run, she knew she wanted to do things differently. Narrating the events surrounding the inception of the company "Small Giants", Berry highlights the deep concern that was born following her knowledge of very critical climate issues, and this ignited a passion to create a better world for her kids to live in. It's an intergenerational project and the main goal is to become a good ancestor if you're a person of privilege and you have the resources. Much like with the financial capital that is handed from one generation to another in family businesses, we are also custodians of the fresh air and water handed down to us. Mike shares that the phrase "Stewardship" comes from environmental sustainability and so aptly applies in the context of this conversation. Berry explains that Philanthropy means "love of humankind" and in her view should be a whole portfolio vision; love of humankind with everything you have. "The Doughnut Economy" by Kate Raworth: This book describes a metaphor that likens the outer part of a doughnut to the bounds of the environment, and the inner part to society. Kate suggests living in the sweet spot between the bounds of ecology and human flourishing, such that you can engage in business but with more accountability built-in. The pillars of investments by Small Giants include Food and agriculture, Energy, Finance, and the Built environment. While Berry admits that little effort has been put into planning for the future as regards her kids being involved in the family office, she notes that doesn't want them to do Small Giants necessarily. She would rather they had the same freedom she had, to go on their journey, with full support to become themselves fully. Berry emphasizes the importance of talking to her children; "No topic is out of bounds, and I will let myself be challenged by my children because they've got a pretty good compass" Recent research shows that Kids that know where they come from, and particularly the trials and tribulations of prior generations, are usually resilient as a result. From Berry to her kids: "I would tell them not to hate anyone, ever, and to love hard, I don't think you lose anything when you love" Episode Timeline: [00:54] About today's guest, Berry Liberman. [02:30] Berry describes her family origins. [09:07] What were the key building blocks along the path to the growth of the business empire? [15:00] Could you tell us where you started, and what you wanted to do with your wealth as regards the impact you wanted to have on the world? [25:37] Berry describes the structure at the family table when she stepped in. [38:58] What are some of the impact investments you have made? [41:55] How do we ensure there is a return so that we can keep on doing good? [47:36] Small Giants' Pillars of Investment [51:22] Do you anticipate your kids getting involved in the Small Giants family office? [56:50] Has the documentation of your family history been intentional so far? [59:50] A letter from Berry to her kids. For more episodes go to BusinessOfFamily.net Sign up for The Business of Family 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: Berry Liberman.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:Small Giants — Who We Are — Small Giants Academy is a storytelling platform and education institution dedicated to the transition to a more just and sustainable society.Dumbo Feather magazine — Berry Liberman is the the Publisher and Editor of Dumbo Feather magazineSkoll | Berry Liberman — Berry Liberman BIOGRAPHY

An award-winning professional speaker and author of The Seller’s Journey: A Business Fable about Navigating the Emotional Obstacles to Selling Your Business, Denise Logan has addressed audiences on three continents about the psychology of business owners and how to make it easier when the time comes to let go. Known as The Seller Whisperer, she draws upon a twenty year body of work focused on the intersection of work, money, and meaning and how it is reflected in the legacies of today’s business leaders. She has rightly observed that while work is where we spend the majority of our time, much of it is spent wishing we were somewhere else, doing something else. Divorcing meaning from our work too often leaves us blindly trudging through a mediocre life using money as the miserly arbiter of success in matters of soul and meaning. It leads to an endless chase for more, hoping to outsmart death and desperately prove that our life somehow mattered. Even worse, when work is how we define ourselves and we are faced with job loss or impending retirement, it can seem terrifying. What happens when your old answer to the question “What Do You Do?” no longer fits? If you thought you are what you do, and suddenly you don’t do it anymore, do you not exist? Standout Quotes: "Every family's dynamic is slightly different and always the same" - [Denise] "So as fear starts to escalate, our thinking is disrupted" - [Denise] "The best transitions happen 5 years before someone is ready" - [Denise] "The reality is that every owner will exit their business, voluntarily or involuntarily... so you will either transition to someone or you will leave your business with it being unprepared" - [Denise] "if we look at mortality issues, often the more mortality resistance that someone has , the higher the likelihood is that they will also be avoiding succession planning" One of the questions I start early on with an owner is ''what does work provide for you, beyond the money?... where will you get those needs met outside the business?" - [Denise] "Succession happens at all different ages" - [Denise] "Are we simply creating roles in the business so family members have work to do, as opposed to are they the right people in the business?" - [Denise] "Change is hard at first, messy in the middle and gorgeous at the end" - [Mike] "Transparency always works, it is always better" - [Denise] "The arc of the journey for an owner is the same, whether we're talking about a $50000 hair salon or 500 million-dollar company, the arc of transition that's happening for someone is the same" "Transition will happen no matter what, so the question is 'what kind of transition do you want to have as a business owner?'" "Success is often determined by how prepared you are rather than just letting it be" - [Mike] "Our legacy comes from our daily actions, it is not just the amount of money that we leave behind or the money that we have accumulated" - [Denise] "We can often get completely spun up on what our number is, the number is not the number in the bank account, the number is the number of memories that we have left behind because that is truly how we will be remembered" - [Denise] Key Takeaways: Denise started as a mental health professional and then moved into practicing Law where she started her firm but sold because she lost interest in the business. This prompted her to start a road trip till she was invited to help build a friend's business before the sale, an experience that kick-started her work of helping owners transition during the sale of their businesses. It also inspired her book, "The Seller's Journey". Using the analogy of a fist, Denise likens the fear center in the brain, 'the Amygdala' to the thumb of the hand, pointing out that while the other fingers could restrict the thumb's movements the same way the frontal cortex can restrict the Amygdala, excessive pressure from the thumb or the Amygdala, in this case, can break free of the restraint, leaving the fear to roam free. This explains the chaotic nature exhibited by people, typical of family dynamics. Another description using the hand involves the 5 ways through which fear shows up, the 5 fingers are used to represent them; Fight Flight Freeze Fawn, and Submit. Individually, there are often 2 or 3 of them that function more as natural go-to responses when facing fear, anger, or stress. The anchor, Wave, and Island styles of attachment: An Anchor attachment is someone who can tolerate too close or too far. An Island attachment is the type of person who pulls away or isolates themselves when things get rough. A wave attachment describes a person who reacts to disruption by continually checking on others. It is necessary to identify needs that are met by the business beyond the money because there is concern about how these needs will be met outside the business, and this could often form the basis for the continuous attachment to the business. Addressing the handling of messy parts of the conversation, Denise emphasizes the importance of honesty and transparency in allaying the fears that may misguide people's actions in the family. The 'O-MY' syndrome (One More Year) occurs where a seller repeatedly creates reasons to delay their exit from the business whenever they get closer to the agreed time of sale. This is a signal that something else is going on, a different existential crisis and there are needs to be met. The moment that you cease to exist is when the last person who has a story to tell about you passes. Money matters, but it's not the only thing that matters. There will always be a story that is told about you, the question is "is it the story that you would like to have told about you?" From Denise to her kids: The way you will know that you were loved was by how you were held and how you were cared for, not by what I left you. Episode Timeline: [00:49] Meet today's guest, "Denise Logan" a.k.a 'the Seller Whisperer'. [01:45] An overview of the journey to becoming "the Seller Whisperer". [08:52] Denise's 'fist' analogy in describing the role of fear in the brain. [11:30] The 5 Appearances of Fear. [14:10] The anchor, Wave, and Island styles of attachment. [18:10] Do families typically find you when a transition is already underway or as they're contemplating a transition or an exit? [33:23] How do you handle the messy aspects of the discussion? [45:30] How often do sellers get caught up on a particular figure that they will only sell at? [50:39] Discussing the success of transitions generally. [01:00:56] A letter from Denise For more episodes go to BusinessOfFamily.net Sign up for The Business of Family 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: Denise Logan.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:Denise Logan | Speaker, Author, Consultant — Weaving together her background as a lawyer, social worker and business owner has enabled Denise Logan to deftly guide hundreds of business owners and their professional teams as they navigate the complex emotional journey of selling their business and letting go into their own version of what’s next.New Book: "The Seller’s Journey" | Denise Logan — A new book by Denise Logan Fewer than 30% of all businesses for sale successfully transition to a new owner and those that do typically take more than nine agonizing months filled with uncertainty. The longer a sale process takes, the more stressful it becomes for the owner & the deal team and the lower the probability of success.

Julie Charlestein is a fourth-generation CEO and president of Premier Dental, a global dental development and manufacturing company serving the worldwide oral health professional market since 1913. Julie is the first woman and the fourth generation of the Charlestein family to lead the company. Since accepting the position as CEO, Julie has implemented changes to adapt to the times, and advanced its product line to advance Premier's market impact. The Charlestein family have adopted an interesting ownership and control structure for Premier which Julie has kindly agreed to discuss with us today. Standout Quotes: "Even though I had proved myself and worked in the company for 15 years before I became CEO...people were still looking at me like did I deserve to be there?" - [Julie] "The way that the transitions are the easiest is when everything is written down" - [Julie] "Giving one person control, I think, removes a lot of the family bickering" - [Mike] "Remember who you are" - [Julie] "The dollar is Round" - [Julie] "I think giving the next generation members the opportunity to opt-in, rather than have an expectation, often creates the greatest want" - [Mike] To start a revolution, the only solution, evolve" - [Julie] "Don't let perfect get in the way of good" - [Julie] "Science doesn't always sell" - [Mike] "Family is family and that's where you should be connected" - [Julie] Key Takeaways: The company was started by Julie's grandfather while working for his boss as a Dental Instrument Sharpener and has transitioned from the marketing of dental consumables for other brands to focus on their brand. Joining the family had never been an expectation by the family or part of Julie's plan, but it was looked upon as a thing of pride for the family. Julie explains that when it came time to join, she took conscious effort to familiarize herself with the general goals and ideals of the family business Highlighting factors like her young looks and family background, Julie describes the impression she got when she joined the family business, who thought she didn't deserve to be there. and after working hard, she proved them wrong. The transition of the business from her father to her was seamless, and void of the typical situation where the prior generation holds on to the business even after completing the transition process in writing. Julie also notes the critical role of ensuring all processes involving transition are penned down in legal documents. While getting together as a family is pivotal for a family business and is being inculcated, there is room for improvement. Julie's Family Value: "Remember who you are", you need to have a sense of who you represent including your family, your community, the company. Another family value from Julie: "The dollar is Round"; this means you can have money now and it can just as easily roll away from you, then roll back towards you. Describing the evolution of the business under her, Julie explains her goal to make the company more data-driven and consumer-led, through branding, marketing, digitization, and social media. One key lesson from a significant failure while running the family business was that "Science doesn't always win", as the scientific superiority of a product does not guarantee sales. This was realized following the creation of a multipurpose dental product, which seemed like it could do everything, but the product only ended up confusing consumers due to a lack of specificity in function. This experience had a strong impact on the parameters surrounding any development within the company. From Julie to her kids: Remember who you are, The dollar is Round, Respect, and Family ties. Episode Timeline: [00:49] Meet today's guest, Julie Charlestein, a 4th generation CEO. [01:37] The backstory of Premier Dental Family Business. [09:28] Growing up, was joining the family business always an expectation? [14:22] Julie describes the transition of the business from her father to herself. [24:16] Does the family get together regularly for a family meeting or family council? [25:27] Are there any key values passed down through the generations that still hold today? [26:52] Do you do anything intentionally to document the history of the family? [28:10] Is there a 5th generation already involved or interested in the business? [29:40] The Evolution of the family business under Julie. [32:58] Julie describes one of her most significant failures. [37:25] Is there potentially another chapter for you beyond your journey with the family business? [38:10] Julie's letter to her kids For more episodes go to BusinessOfFamily.net Sign up for The Business of Family 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: Julie Charlestein.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:Premier Dental Product Company — Premier Dental Products Company is a global dental manufacturing business that creates, develops and manufactures innovative consumables for oral health professionals worldwide.

Carl Bates is Africa's leading educator, appointer and guide of High-Performance boards. As the Founding Partner of Sirdar, he is world renowned for his practical understanding of governance and is constantly invited to share his knowledge and insight on the subject - in Africa, Sirdar is the largest provider of independent non-executive directors to private companies and family businesses. As a G2 entrepreneur, Carl works closely with his Mother and spouse in his family property business in New Zealand, bringing real world insights to his professional service clients. Carl is particularly passionate about how boards can transform and scale-up privately-held and family companies. Standout Quotes: "There's a difference between craftsmanship and entrepreneurship" - [Carl] "And I like the term 'Contribution', it's all about what we have to give and finding ways of being more effective in that" - [Carl] "I think having a purpose as a business is fundamental to what building longevity in any business is about" - [Carl] "In businesses, we can see a direct correlation between the makeup of the group of people at the top and the financial performance of the business" - [Carl] "It is a privilege that a family has when they're right at the beginning of the journey, and they make the decision to become a family business... and they put in place the structures at that point because it's a lot less emotional to argue about something that is 10 or 20 years out, than being in the middle of that thing in 20 years time" - [Carl] "Families need to define 'well, what does family mean to you?' - [Carl] "The larger the number of beneficiaries of the family, the bigger the governance framework needs to be at a family level" - [Carl] "There's no such thing as an 'Original Mistake', there are so many families and so many boards around the world who have done this so many times before you, that rather than try and make an original mistake, go and see what other people have done" - [Carl] Key Takeaways: Carl recalls he initially had no desire to live in Africa, a few years after this, he repeatedly had cause to travel there on business and realized he had to stay, creating offices all around Africa which help families and companies to develop their boards of directors. Starting University at 15 years and becoming a chartered accountant by 21 years, he had always wondered why even though each generation of his family had successful entrepreneurs, there was no build-up and transfer of wealth to the next generation. Knowing most of his great grandparents personally helped instill values that formed the foundation for the role he currently plays in business generally. Carl shares that the purpose of his family business is giving people a place to call home. Explaining the benefits and process of introducing new family members. Carl notes that the disparity in the energy levels between him, his wife, and other family members, allows for productivity to be maximized in different areas. So often the succession planning is focused on when the person passes away, but if we don't take other family members on a journey of understanding the business over time, when the time comes they won't have the understanding of it to enable a successful transition. The Contribution Compass is a tool used to understand family members as individuals, their personalities, and predict the expected roles they would play in the family. It is also used in business as a commercial tool since there is a direct correlation between the make-up of business leaders in any business and the success of that business. Regarding the formality surrounding the entry of other family members into the family business, Carl discloses that nothing would be gifted and members would have to buy into the business. He also emphasizes the need to legalize every aspect of this entry as he recommends for his clients too. I encourage family members to deal with things when they're not topical because that's when it's least emotional. Regarding planning ahead for families, the best place to start is to understand that being a shareholder doesn't necessarily mean sitting around the board table. It is also important to understand Family Governance from the perspective of defining what family means to each member. The Governance structure is predominantly focused on determining directly family-related issues but the Operational Board side is driven by the underlying Family business. This is where families go wrong; when they cannot differentiate between Family Governance and Governance of a Profit Generation Entity. While sometimes the family traditions do serve the purpose of bonding, in other cases, there is some resentment on the expectations from different family members based on such traditions. From Carl to his kids: It is important to spend time with your grandparents and great grandparents or people connected to them from that generation because there are threads that enable you to understand how your family has developed, and what the core values or cornerstones of success for you family are, through that time of engagement. Episode Timeline: [00:49] Introducing today's guest, Carl Bates [04:04] Carl shares his professional backstory. [14:28] The purpose of Carl's family business. [16:17] Apart from you and your mother, are there other family members involved? [22:43] The Contribution Compass [28:00] In terms of families planning ahead, where do we start? [30:39] Where does the distinction lie between a Family Council and the Operating Board? [34:33] Differentiating between a Family Council and a Family Forum. [36:45] What is one of the biggest challenges that families have when trying to put a governance structure in place for the first time? [38:12] Comparing an Operational Family Business with one that is just "stewarding the wealth". [43:50] How are families celebrating their uniqueness and traditions over the years? [48:50] Carl's letter to his kids. For more episodes go to BusinessOfFamily.net Sign up for The Business of Family 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: Carl Bates.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:Carl Bates — Carl Bates is an entrepreneur focused on creating meaningful economic impact within the countries and economies in which he has the opportunity to participate. Sirdar Group — ‘Sirdar’ is the name given to the lead Sherpa on a mountain expedition. Where others view a high mountain as a great challenge or an insurmountable obstacle, the sirdar sees it as a clear path of opportunity. The sirdar builds the right team, chooses the correct route and knows when to go for the summit.

Juan Carlos Salame’s family business began in Guayaquil in 1944. Domingo Salame, his grandfather, began selling at the local market prepaid vouchers so his customers could buy products at different local stores and, then, pay Mr. Salame in installments. A revolutionary idea that many decades later evolved to what we know today as credit cards. He later put in place a retail shop to sell the products himself. This business was transitioned to his son in the late 70s. A couple of stores have grown into a corporation with over 70 stores in Ecuador and a strong ecommerce presence. The business model focuses on financing products to a population, many of whom, do not have a credit history yet. Juan Carlos and his brother have taken over the business in the last few years putting in place top technological systems and curating an innovative culture. Standout Quotes: "Be respectful of everyone regardless of their position, their role, or what they do with their lives" - [Juan] "Be very low profile...with your life, with your business, Humility in that sense" - [Juan] "I would seriously encourage anyone to look for a mentor in the early stage who will help guide them through the different opportunities that they would face in their lives" - [Juan] "I would encourage anyone in their twenties or early thirties to form their own business, especially if they want to be like a CEO... they have to quickly learn and fail on a smaller scale" - [Juan] "Founding your own business is like 3 MBAs in one" - [Juan] Key Takeaways: Juan describes the original business model which is still in play today. His grandfather had started selling coupons which allowed customers to buy products from other stores now and pay back in installments to him. He later opened his store to sell those products, in effect, he was a credit provider. The business model is targeted at customers who don't get credit from their banks or lack a credit history to support them getting it. The biggest aspect of the business is now e-commerce, especially following the lockdown in the pandemic Describing that he was not forced into the family business, there was always some level of expectation that he would join the business, and he had already started getting involved at an early age. However he had left to get an MBA in the US, and decided to start his business rather than return to the family business, but after a few years, his father called him back. He stayed for a while and quitted since his working relationship with his father was poor. Juan shares that he finally went back to the family business with conditions given; the first was to have a board member to sort out rifts when they come up, the second was not reporting directly to his father. The most challenging aspect of the business they had to change, upon joining the family again, was the culture of the company in order to attract new talent. Some managers also had to leave, as there was a need to work with people who were more aligned with the goals of the company. Discussing his process of implementing change, Juan shares that his first step is to work with the people already in the company, if this fails, he then persuades the workers to make the necessary changes, and if that also fails, he would find someone else who can work with him. History did repeat itself as Juan's father also had issues with his father regarding joining in and transitioning into the family business. A key source of his knowledge was starting his own business, and also putting in the effort to be exposed to different industries by participating on their boards. Investing in time with the kids has become a top priority on the list of worthwhile investments? The family decided to assemble a book 2 years ago, which would tell the story of the family business and the family as well as the future of the business. Key lessons from Juan's journey: Be very strategic in how you go about implementing change. Being intentional about communication in the workplace and within the family is also very necessary as part of a family business. From Juan to his kids: Look for something that you want to do in life, something you enjoy, and something that adds value to the world. Juan would also encourage his kid to put the best effort into anything worth doing, find a mentor, and within the early twenties start a business because the knowledge gained is like 3 MBAs in one. Episode Timeline: [00:49] About today's guest "Juan Carlos Salame" [02:00] Juan narrates the origin of the family business. [08:30] How did you come to join the Family business? [18:36] What changes have you been able to implement since you and your brother joined in? [21:40] Juan shares his approach to making drastic changes in a company. [27:56] Is there a multi-generational family plan in place for your children? [30:15] Have there been any transition issues since the business started? [31:45] How have you learned and grown on your journey? [35:12] What is the most worthwhile investment you have ever made? [36:13] Highlighting Values instilled in Juan which he passes on to his children. [37:09] Does your family invest in anything intentionally to try and document its history? [38:28] Juan shares lessons from his growth process [41:45] What would you say is your legacy? [43:05] Juan's letter to his kids For more episodes go to BusinessOfFamily.net Sign up for The Business of Family 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: Juan Carlos Salame.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:Créditos Económicos

Nike is the founder and CEO of Nike Anani Practice, Ltd., in Lagos, Nigeria, where she helps second-generation family business members collaborate with the founding generation in an effort to build sustainable family enterprises in the region. No more than 2% of African family businesses successfully transition power to the second generation, and Nike has made it her mission to facilitate this generational merge. With over a decade of experience working with select business families in Africa, Nike Anani helps owners lead their family organizations to long-term impact and legacy. Her clients choose to engage her, not only because of her extensive professional training, but also because of her practical experience as both a business founder and a NextGen. This allows her to uniquely empathise with both generations and act as a connector to the Founding generation. Standout Quotes: "And that's an observation I have of founders and entrepreneurs, they're just amazing people that have an eye for opportunity" - [Nike] "As most founders do, it was about giving me the best opportunity to set me up for success and often in their minds, success is going as far away from the business to get the best experience...so they can come back" - [Nike] "In Nigeria, 90% of indigenous businesses are family businesses, but only 2% survive beyond the founder" - [Nike] "Family businesses are so key to the community, if they keep failing after a generation, then what's that doing to the economy?" - [Nike] "I think that starting from a relatively small base, the best way to build anything is with community, and actually building what that community wants rather than just dictating something that you found off the shelf from another culture" - [Mike] "If you've seen one family business, you've seen one family business" - [Nike] "A friend of mine says whenever you wake up is your morning, some people don't wake up until they're 85, they don't know what they want" - [Nike] "I need to be in the best version of myself so I can serve people to the best of my ability" - [Nike] "There's always something new to learn, we've never arrived, we're just on this ongoing journey of endless learning, in my view" - [Nike] "There's no position that's guaranteed in life, whether it be a position of material success or honor, today you might be celebrated but it doesn't mean tomorrow you will be" - [Nike] "It is important to ensure that people's external projections don't become your internal story, because your story is the most powerful thing that you can give yourself" - [Nike] Key Takeaways: Nike is a 2nd generation family business owner, and she narrates how her father started the family business initially as a side-hustle. Describing events around her entry into the business, she shares the plan was to only stay for a few months in Nigeria, gain exposure to business in general, and move back to the UK eventually. However, she was drawn to the spirit of entrepreneurship there and felt more liberated as a young black female. Nike explains that while her father had expressed general support for her in any field she was planning to go into, she had never expected she would work in the family business. A glaring disparity in the decision-making process between her former place of work and the family business was the time taken which could be much shorter or longer in different scenarios, leaving her befuddled about family business as a whole. This encouraged her to get professional education at the Family Firm Institute in Boston. Employing her knowledge in her family business, Nike started the process of "Governance" which involved her siblings more, intending to avert the typical dissolution that plagued most Nigerian family businesses after the founding generation. Another strategy adopted involved starting the conversation by creating a community called "African Family Firms" for African families facing similar challenges to meet and navigate through these issues. Nike highlights various peculiarities of African families, noting how these have to be put into consideration when trying to find solutions to the survival of family businesses in Africa. You won't know what you want until you come together as a family, have open conversations, and plan for different scenarios. Get clear as a family on who you are, what your values are, the goals of the family, and the purpose of the family business. Emphasizing the importance of continuous learning, Nike embraces the process as a part of being the best version of herself. A significant failure that set her up for success took place in school, where the result she got at some point would not be good enough for the jobs she wanted, and this motivated her to push herself harder than ever before to achieve her desired goal. Nike’s parents impressed upon her certain values described as 4Hs and 2Ps. The 4Hs are Honesty, Hard work, Humility, and Harmony while the 2Ps are People and Places. All of these were included in the family constitutional value system when the formal family enterprise was set up. It is important to understand that while people can project their weaknesses onto you and vilify you, their external projections should not become your internal story because your story is the most powerful thing you can give yourself, and you have to hold on to that story. Episode Timeline: [00:50] Meet Today's guest, 'Nike Anani'. [01:56] Nike's personal and professional background. [08:30] How did the family make the jump from medical consumables to construction and building hospitals? [16:55] How were you inspired to learn more about the Business of Family? [23:00] Since the wake-up call that you received, what did you do about it for your own family or your friends' families? [29:50] Do people document entitlements for kin or rather more of a bloodline lineage? [32:53] Challenges surrounding Real Estate planning in Africa. [39:18] An overview of Nike's different roles in family business generally. [50:15] Has there been a specific failure that you've learned a great deal from? [56:00] Apart from education, what else came through as fundamentally important from your parents? [59:40] Nike's letter to her kids. For more episodes go to BusinessOfFamily.net Sign up for The Business of Family 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: Nike Anani.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:Nike Anani — Nike is the founder and CEO of Nike Anani Practice, Ltd. With over a decade of experience working with select business families in Africa, Nike Anani helps owners lead their family organizations to long-term impact and legacy.Nextgen – the turning wheel | Nike Anani — Nike Anani's clients choose to engage her, not only because of her extensive professional training, but also because of her practical experience as both a business founder and a NextGenBuilding a Generational Bridge in Africa - Women in Family BusinessPodcast: The Connected Generation with Nike Anani — The Connected Generation Podcast with Nike Anani