The Business of Family

Jeff Gould is the founder Lineage Asset Advisors (LAA) a full-service commercial real estate advisory and consulting firm providing customized commercial real estate services to help families make seamless transitions with their properties – from one generation to the next. Lineage collaborates with estate planning advisers to develop and implement portfolio solutions that meet the goals of multiple generations. Their aim is to preserve and enhance family wealth and legacy during difficult life transitions while establishing a culture of respect, peace of mind and financial sustainability. Standout Quotes: "Like most forms of financial planning, the sooner you plan ahead, the much easier it is to implement and follow through" - [Mike Boyd] "Even if the family is risk-averse, I think it is really critical for them to understand that the risk of doing nothing may still be higher than the risk of doing something if they plan to keep the assets" – [Jeff Gould] "I think many families need to stay nimble in the future and really adjust for change" – [Jeff Gould] "Wealth and wealth transfer doesn't always lead to happiness, in fact in many cases it leads to conflict and challenges and strife among family members, so we want to try to shift that conversation, and that takes effort and planning" – [Jeff Gould] "Life is generally empty and meaningless, and we have the ability to establish positive and productive meaning in the midst of a world in constant transition" – [Jeff Gould] Key Takeaways: The ideal scenario would be to involve Jeff early in planning for the transition but the reality is that he is engaged much later when things need to move quickly. There is a unique skill set that is needed to be a trusted adviser to help the family understand what they have in regards to Real Estate, and develop a plan with that Real Estate called a "Shared Asset Ownership plan" that considers the variables of the next generation. The 3 phased process includes Discovery, Planning, and Implementation. Addressing the issue of Deferred Maintenance; the 'Do Nothing Scenario' and the 'Do Something Scenario' 5 Transition Strategies in Real Estate planning: Communication and Education, Conflict Resolution and Accepting differences, Rediscovering your commercial Real Estate portfolio, Developing a mindful asset transition plan, and Implementing the plan and adjusting for change Jeff's advice to Real estate entrepreneurs: Creating your estate plan and developing a shared asset ownership plan that aligns with the next generation. Jeff explains that he helps the family understand that it is a fortunate situation to be carrying on and stewarding the transition of the assets rather than focusing on the personal value of the asset to each family member. Be respectful to everyone you encounter. Episode Timeline: [00:49] Jeff Gould and his professional background [06:06] Do you usually get called in at the time of a transition event in a family or ahead of that time to plan a healthy transition? [08:37] Jeff gives a general picture of the different categories of clients he works with. [11:12] What are the particular challenges with the real estate space that create the need for Jeff's specialty, to steward assets in family transition rather than a generic accountant or financial planner? [16:51] Jeff describes the 3 phased process of his work with families [24:00] Addressing Deferred Maintenance [30:50] What would you say is the appetite for innovation in Real Estate? [35:06] 5 transition strategies in Real Estate planning [39:44] What advice would you give to a founding generation or Real Estate entrepreneur to best prepare themselves to have a great plan in place? [43:24] Do you work with any families that are multigenerational into the 3rd, 4th, or 5th generations? [49:38] From Jeff to his kids *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: Jeff Gould.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: Lineage Asset Advisors — Lineage Asset Advisors was founded to help multi-generational families solve the unique issues that arise when transitioning their real estate portfolios from one generation to the next. For over thirteen years, LAA has worked directly with families and their estate planning teams to develop roadmaps for successful commercial real estate generational transitions.Jeff Gould — Jeff is Principal and Founder of Lineage Asset Advisors which is a consulting, asset management and transaction advisory firm based in Los Angeles. Jeff consults with multi-generational families, family offices, and developers that own and operate commercial real estate to develop customized succession plans with their properties from generation to generation.

Jim and Paul Warner work together in multi-generational family dynamics helping all parties establish and sustain authentic, synergistic, relationships. Paul leads young adult retreats, focusing on authentic relationships, navigating change, and leadership development. He also coaches young adults seeking clarity on their life purpose, mission, and vision, and guides them to take full responsibility for their lives. Jim’s work has led him to write three books and an audio series based on high achievers’ yearnings for identity, meaning, and connection. He has been married 44 years and enjoys enriching relationships with his wife, their three adult children, and a granddaughter. Jim and Paul work extensively with Young Presidents’ Organization and Family Business Network Families Worldwide. The last dozen years they have also guided several S.E. Asian families in their quest to establish enduring principles across multiple generations. Standout Quotes: "One of the major issues of families of wealth is they make the mistake of insulating the kids from the realities of living outside of the wealth bubble" - [Jim Warner] "Without being able to experience pain, you cheat people out of the ability to experience joy; I'd like to think of pain and joy as opposite sides of the same coin and if you mute one, you're gonna mute the other" - [Jim Warner] "If we want our young adult children to step into their sense of destiny, are we modeling that ourselves?" - [Jim Warner] "If you've worked with one family, you've worked with one family" - [Jim and Paul Warner] "Introduce a common language within the family so that we can play in these intentional spaces, to stretch towards each other." [Paul Warner] "Harmony is impossible without the willingness to go into painful discussions" - [Jim Warner] "If you choose not to discuss the Elephant in the room, you forfeit the right to complain" - [Jim Warner] "When all parties are willing to play ball, when all parties are willing to take responsibility, we'll often say "right now this family has 600% responsibility" each of you takes 100% responsibility for what is within your control." [Paul Warner] "Love is unconditional, relationships are not" - [Jim Warner] Key Takeaways: Jim explains the need to distinguish supporting and protecting, from enabling, because oftentimes families blur those lines. Mike and Jim agree that being insulated from the rest of the world does not necessarily protect wealthy children but may do more harm than good. Governance structures are secondary to parental modeling of core values. Rather than jumping right into getting the kid fit for succession, the key thing a parent should ask is "How do I help my young adult find their own passion in life?" Jim highlights 3 key steps to balancing being a nurturing parent while not enabling children: Active listening, Allowing children to face disappointment, and Guiding them to take responsibility for their lives. Many professionals who go into a family environment have a relatively small toolbox; if all you've got is a hammer, the whole world looks like a nail. Harmony is about truth-telling, it's not about being nice to one another Jim stresses that the goal of discussing the painful topics (the elephant in the room) is the potential of having an authentic family relationship as opposed to a transactional family relationship If a sense of self-awareness is instilled into children, then when they're adults you can have mature transformational discussions as a family, but without it, the children may never grow up. The components of the "Trust" that sets elders apart: Credibility, Reliability, Honesty, Vulnerability and Adaptability. There are two ways life happens; life can happen to me where I'm the victim, or life can happen by me where I'm a creator and I create my own options Life is a journey and the important things take time; part of that journey will be your individual discovery and deeper understanding and connection with yourself. Don't change, I love you just the way you are Episode Timeline: [00:50] Mike briefly introduces both Jim and Paul Warner, and they share some of their background stories [04:45] Paul describes the impact of his father in his eventual choice of profession [07:22] What are some of the challenges that you've seen for parents raising motivated and happy children amidst wealth? [13:47] What role do you think formal governance structures play in shaping strong family values and bonds? [17:05] Paul's definition of the rising generation, describing the common dynamic between them and the older generation. [20:25] How do you help people identify their own path and whether or not they're fit for succession? [22:46] How Paul got into the family business [28:02] Jim describes how a parent can be welcoming and nurturing without enabling the children [29:55] The approach to working with different families [33:45] 13 guidelines for authentic interactions in any environment [39:10] Discussing the "Elephant in the room" [51:37] What sets an elder apart with respect to the ability to influence the success of a family? [01:00:06] From Paul to his kids [01:01:07]From Jim to his kids 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 Guests: Jim Warner and Paul Warner.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:Jim Warner — Jim Warner is an entrepreneur, author, and transitions expert. During the 1980s and early 1990s, he founded, grew, ran, and eventually sold an international software company.Paul Warner — Paul is a seasoned facilitator and coach in professional, personal, and social sectors. He specializes in creating environments for small groups to openly share, build trust, establish deeper authentic connections, and navigate difficult topics through experiential retreats and tailored workshop trainings.Click here for specific tools for Enhancing Family Dynamics — (as referenced in the podcast)Book: Facing Pain - Embracing Love - by Warner, Jim — Our highly competitive society drives us to be the best and accumulate the most. Yet, as we earn more recognition and wealth, the less we seem to enjoy our lives. In our quiet moments, many of us sense a vague unease and admit that something important is missing. Facing Pain - Embracing Love uses a unique geographic metaphor to guide you out of that discontent and into the joy and richness of authentic living.Book: The Drama-Free Office (a.k.a. The Drama-Free Family) by Klemp, Kaley & Warner, Jim — In The Drama-Free Office, authors Jim Warner and Kaley Klemp interweave humorous and relatable case studies with the key skills you'll need for managing office and family saboteurs--be they subordinates, coworkers, boss, parent, child, in-law or other relatives. You will see your coworkers, family members (and yourself) in this entertaining and practical blueprint for addressing the dramatic behaviors that cripple so many teams and families.Book: 13 Guidelines for Effective Teams by Klemp, Kaley — Good communication is at the heart of every successful team and family. 13 Guidelines for Effective Teams gives each individual within an organization or family the power to create the most reliable environment for effective communication. Used by an entire team or family, the stage is set for breakthrough creativity and authentic relationships. Team and family facilitator, Kaley Warner Klemp, has compiled these powerful principles into a concise pocket manual, making effective team or family communication accessible in virtually any work environment.Book: Aspirations of Greatness by Warner, Jim — AoG introduces several models for navigating the treacherous rapids of midlife, with principles that apply to anyone who feels lost, lonely, or unloved. The book is a blueprint for positive change and offers uplifting, practical guidelines for living out your innate genius with gratitude, wisdom and serenity.Audio Series: When Having It All Isn’t Enough by Warner, Jim — This 12-part audio series identifies the issues, dilemmas, and emotions faced by an emerging generation of successful, but unfulfilled, professionals. These “winners with heart” appear to have it all, yet yearn for purpose, connection, and inner peace, along with a renewed energy and aliveness. They have attained affluence and power, but confess to feeling little sense of mission, meaning, or connection in their lives.

Jonathan Goldhill is an Experienced Coach to Entrepreneurs and Family-Owned Businesses. He states that the dwindling chances of multigenerational success are due in large part to the issues unique to family businesses that are often wrapped up in a tightly woven knot of unspoken plans. In his new book DISRUPTIVE SUCCESSOR, Jonathan offers a proven framework and playbook for unwinding this knot, scaling up your business or planning your exit. Standout Quotes: "Perhaps all multi-generational businesses should have a family constitution, while we're naming secretaries and treasurers... why not name a historian?" – [Jonathan Goldhill] "There's no evil to money... it's the absence of instilling good values as to what the significance of that money means" – [Jonathan Goldhill] "There's a requirement of the older generation that if they're going to leave money to a younger generation that they provide some guardrails around it" – [Jonathan Goldhill] 96% of all business in the US are under a million dollars in revenue, and 64% of the GDP in the US is coming from family businesses. – [Jonathan Goldhill] "It takes time for one generation to let go and release and enjoy what they've built, and trust the next generation to grow it bigger and do it safely" – [Jonathan Goldhill] "I'm not in the business of family coaching, I'm in the families doing business coaching" – [Jonathan Goldhill] The hardest part I think of running businesses is managing the people and getting the right people in your company. – [Jonathan Goldhill] "There's a time for family, a time for business, and then there's time for the family business or the business of family where they overlap in between" – [Mike Boyd] "Life is hard work and if you're not working on yourself then nobody else is going to" – [Jonathan Goldhill] Key Takeaways: One of the downsides of being wealthy is that wealthy people can be very busy at the expense of spending time with children Jonathan emphasizes the importance of a family business archive as he explains he does not know exactly how his grandfather's family business was shut down. The blessing and curse of setting up a trust fund: there's lots of misinterpretation of younger generations when they inherit that wealth There's a requirement of the older generation that if they're going to leave money to a younger generation that they provide some guardrails around it. Jonathan explains that there is a generational gap with unspoken conversations between generations, and the families he knows had the best transitions communicated as peers. Business coaching is not about hitting a mass number of people, it's about the business of the family. If you're not having important conversations, then you're not building a healthy business. Hard work isn't always in the form of just long hours and physical toil, it comes from commitment and dedication to improve oneself and be better. Episode Timeline: [00:48] Introducing Jonathan Goldhill who shares some history of his grandfather's family business. [08:09] How exactly did the business end? [11:57] Jonathan describes one of his attempts at starting a new business and the challenges that effectively impeded the success of the business [16:08] The impact of wealth on Jonathan growing up [21:40] How did you take this formative experience from your own family to help other business families through their situations? [32:50] Who typically engages you; is it more of the successor generation or the boomers who have built the family business and are looking to hand over? [34:55] About Jonathan's book: "The Disruptive Successor" [41:10] The role of the different cultures in the family business [44:50] Defining "Family" [48:00] A letter from Jonathan to his kids *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: Jonathan Goldhill.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:Goldhill Group | Certified Scaling Up Coach | Business Adviser — Connect with JonathanBook: Disruptive Successor: A Guide for Driving Growth in Your Family Business — Get Jonathan's new book on AmazonBook Website: Disruptive Successor — If you genuinely are a Disruptive Successor, you’ll have a different vision from that of your forebears.

Dato’ Loy Teik Ngan, the eldest son of a well-known entrepreneur who built one of the largest business conglomerates in Malaysia, Teik Ngan took over the rein of his family company upon his father’s demise. Within a year, the sprawling business empire that took 35 years to build, collapsed under the weight of huge debts amidst the 1998 Asian financial crisis. 14 years passed before all personal liabilities of his family from the days of the financial crisis were eventually settled. In the process, he built a new family business, in education. The Taylor’s Education Group is today the largest private education group in Malaysia. Focused on premium education, Taylor’s K-12 schools & higher education institutions are widely recognised as the top education institutions in their respective categories. Taylor’s institutions operate in Malaysia, Singapore & Vietnam. The struggles during the tough financial period of his life shaped Teik Ngan’s stewardship views for family business. Appreciating unity, his family has introduced concepts and activities that promote collaborative conversations & strengthen relationships. He is dedicated to the development & transition of his family’s next generation of 13. Teik Ngan’s family are active members of the Family Business Network Asia & he is the current President of the Board. Standout Quotes: "We had to learn how to live together; we had to form a Living Together Committee" "One thing that normally goes wrong when families end up in dispute is lack of proper communication" "The family unit is important and sometimes we are subservient to the larger family" "We try to always emphasize that the family comes before the business, the business allows us the blessing to be able to have the lifestyle that we have, but we have to work together as a family first" "Do you want to be Rich or do you want to be King?" "I would encourage my kids to understand the context in why they do what they do... What is it all for? Wealth is fleeting; wealth is something that we cannot take with us when we die" Key Takeaways: Dato’ informed the bank he was indebted to, that they could either push him into bankruptcy or loan him more money to rebuild and pay back the company debts. A living together committee had to be formed to help the large family live in one compound. Knowing that lack of communication was a common cause of family disputes prompted the introduction of Forums to build positive communication. Dato’ shares that the most important thing that has been done as leader of the family business in recent times is Annual Vacations. The difference between "Family Business" and "Business family" is that in 'Family Business', the family comes before the business. Guided by the shared family values, one of which is "Achievement and Learning", Dato’ explains how the next generation is encouraged to follow their passion even when it may be outside the family business. The concept of a "Personal Portfolio" in creating an education plan for the family The difference between being rich and being a king is that a king has ultimate authority, loyal subjects and lots he has to look after but being rich is just going for performance, the best point is somewhere between both Dato’ explains the concept of the "Deathwalk", an exercise involving walking into our death, looking back at our current age, and giving ourselves the advice we would. Episode Timeline: [00:49] Introducing Dato’ Loy and 'The Taylor's Education group' [01:59] Dato’ narrates the events surrounding his transition into his father's company, which was is debt before the overwhelming challenges brought about by the Asian financial crisis [07:02] Dato’ admits he was ill-prepared for the scale of complexity involved in the business, worsened by the lack of adequate resources to surmount the crisis at the time. [08:43] From a collapsed family business to a thriving one [13:45] Dato’ describes in detail the current size and scale of the family business [14:50] How did these experiences shape your views towards stewardship of the family business? [20:50] The living together committee [23:28] Dato’ explains the different strategies employed to keep the family harmony [29:25] Differentiating between "Family Business" and "Business family" [33:35] Are you actively planning and anticipating succession with the next generation? [35:16] The concept of a "Personal Portfolio" in creating an education plan for the family [40:53] In the last 5 years, what new belief, behavior, or habit has most improved your family business? [43:26] Dato's letter to his kids: 'the Deathwalk' *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: Dato’ Loy Teik Ngan.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:Taylor's Education Group — The Taylor’s Education Group is today the largest private education group in Malaysia. Focused on premium educationLoy Teik Ngan - Family Business Network Asia — Teik Ngan’s family are active members of the Family Business Network Asia & he sits on its board

Caroline Link, a 4th generation family member who is being groomed to run B.Grimm, one of Thailand’s oldest family-owned industrial conglomerates. Caroline grew up in a family where the common driving value and belief was to conduct business with compassion and in harmony with nature. Through multiple generations of management, and multiple business areas and geographies, B.Grimm (which was founded in Bangkok in 1878), has managed to cultivate a spirit of innovation and empowerment among its staff. Standout Quotes: “All the family members that are not in the business are just as important because they also form who you are, form your opinions, and influence you in some way” – [Caroline Link] “I think the most important thing that we invest in, is our reputation and that is really the most important thing that we have” – [Caroline Link] “Being a family business; that really helped in a way because these strong values, they weren’t only passed on when you became a leader within the company, but they were lived in the household” – [Caroline Link] “Keep working on yourself, and if you want things to change you have to initiate it and change yourself” – [Caroline Link] Key Takeaways: Caroline explains that the resilience of the family business over time was born from the entrepreneurial spirit in the leaders, as well as a strong culture that is value and purpose-driven A family business is different from normal business; families come from a place of love, harmony, and support, and it’s important to look at this dynamic Caroline describes that the most important thing the business invests in is “Reputation”, and a lot of the reputation is based on the company's purpose and culture. Following an exercise aimed at creating an in-depth definition of the company as a whole, it was realized that the key to the success of the company, even from the founders, was an inherent drive towards helping society and creating value. Caroline also shares that a workshop on family values revealed the two main values in her family to be ”Contribution” and “Sense of Freedom” It is important to develop a strong sense of self-awareness; keep working on yourself, and if you want things to change you have to initiate it and change yourself Find what makes you happy professionally and gives you meaning, and make a contribution Episode Timeline: [00:48] Meeting the guest; Caroline Link, and the B.Grimm company [01:33] A brief history on the founding of the B.Grimm Company up to the 3rd generation [06:48] Caroline shares that she was lucky her interests were aligned with many fields that the family business was already involved in. [08:40] How has the family business remained resilient for such a long time? [09:53] How the family has governed itself successfully [15:52] Diversifying the family wealth outside of the business [16:54] Caroline describes that the family strives to build an archive of the business history even though so much of it has been lost to wars and a fire accident. [20:23] What is the most worthwhile investment you have ever made? [22:01] Who is B.Grimm? [23:20] The two main family values shared by Caroline’s family [25:17] The scale of the B.Grimm enterprise [28:06] Caroline’s thoughts on the children being a part of the family business [31:58] A letter from Caroline to her Kids 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: Caroline Link.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:EN B.Grimm Group – Doing business with compassion for the development of civilisation in harmony with nature. — B.Grimm is one of Thailand’s oldest family-owned industrial conglomerates which Caroline Link is being groomed to run.Marking 140 years of success — A FAMILY-OWNED multinational conglomerate founded in 1878 and active in everything from healthcare to real estate, e-commerce, and transport; B Grimm is celebrating 140 years of success with a series of initiatives, among them an exhibition and a book.Prestige Online - 40 Under 40 - Caroline Link — Caroline Link is the fourth-generation heir to B.Grimm, one of Thailand’s oldest business institutions, carrying a 142-year-old tradition of “doing business with compassion.”The 4 virtues of B.Grimm — By marrying profit, progress and social good, Harald Link has found the secret to keeping the oldest companies eternally young.Caroline Link | Tatler Thailand

Richard Eu is a fourth-generation Eu. His grandfather was tycoon and philanthropist Eu Tong Sen who remains a legend in Singapore for the vast commercial empire he built across Southeast Asia in the early 1900’s. Tong Seng had 11 wives with whom he had 24 children, setting the stage for a complex and conflicted period of succession following his death in 1941. One of the family's last remaining businesses, Eu Yan Sang, a network of Traditional Chinese Medicine dispensaries, was founded by Richard Eu's great-grandfather Eu Kong and the family's fifth generation are still in the business today. This is a gripping story of family politics, loss of control, re-consolidation, an IPO, and ultimately privatisation of the family firm once again. Standout Quotes: “My father told me when I was still studying that I would not expect to be able to work in any of the family businesses after graduation because of the family politics” – Richard Eu “If you want to institutionalize the business, it cannot be in family hands forever” – Richard Eu “When an institution buys into a business like ours, to a large extent they also buy into the culture that's been set up there by the family and they should be crazy just to lose it” – Richard Eu Key Takeaways: If you want to institutionalize the business, it cannot be in family hands forever One of the problems that we had from the 3rd generation was that nobody called the shots, yet because they were individuals they didn't think like as institutions, they just thought about their situations When an institution buys into a business, what they should do is preserve the culture and manage it in a modern and efficient way without trying to kill the original culture It's not just about financial ratios or balance sheet, you have to bring in the heart Good communication helps build trust in the family business From Richard to his kids: when I’m dead and gone, they should look at themselves and see if they are on the path that we set off to follow as a family Episode Timeline: [00:48] A brief introduction to Richard Eu, who shares a detailed history of the multi-generational family business [08:15] Richard joined the business at 42, although his father did not expect he would be able to work with any of the businesses because of the family politics involving his uncles [16:56] About the TCM family business "Eu Yan Sang", with more emphasis on the challenges posed by politics affecting the family business. [34:20] Despite all the challenges, the family business experienced consistent growth almost every year. [38:20] Richard describes one of the problems that began from the 3rd generation [42:01] How two members of the 5th generation joined the family business [47:00] Do you have any favorite failure that set you up for success in the family business? [50:42] A major learning point for Richard; Communication [52:26] From Richard to his kids *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: Richard Eu.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:Richard Eu Profile | Endeavor Malaysia Mentors — Richard Eu was appointed to the board as Chairman of the EYSI board on 1st of October 2017.Eu Yan Sang International - Official Online Store — A network of Traditional Chinese Medicine dispensaries, was founded by Richard Eu's great-grandfather Eu KongEu Yan Sang: Healing a Family and Business | INSEAD Case Study — This case and teaching note explore one of Singapore's early entrepreneurs and the family business empire he created.

Crystal Lam is the Managing Director and second generation to manage Vinawood Ltd., Vietnam’s largest wood component manufacturer specializing in customized window covering, millwork and architectural mouldings. With 10 years of operations experience in Vietnam, Crystal has lead the firm’s expansion into new markets, product categories and strategic ventures. Standout Quotes: “My father raised me with the same belief systems; to be traditional in values but modern in action" - Crystal Lam “It's not just experience or skill, it's really just the heart” - Crystal Lam "I've always found it to be important to be happy with who you see in the mirror when you wake up every day" - Crystal Lam "Know what you stand for" - Crystal Lam Key Takeaways: A crisis or challenge can create the opportunity to show your heart and grit in your family business. It's not just experience or skill, it's the heart, so wherever your heart is, you will be great and you want to find people whose hearts beat the way your heart beats. You will make decisions your entire life but the way you come to these decisions is rooted in your belief system and your value system. If you don't know what you stand for, you will continuously feel conflict which holds you back from being the best version of yourself. Episode Timeline: [01:37] Crystal's journey in the family business started at a young age [03:03] Balancing growing up in America (an individualist society) with the expectation of family in Asia (an honor or face-based society) [04:57] Crystal describes 3 major obstacles she had to face, working in the family business, and how she overcame them. [07:50] The impact of the pandemic on the family business in 2020. [13:14] Addressing the challenge of forgetting more sensitive family topics while focusing on the business. [19:00] Crystal describes the admirable qualities of her grandmother, narrating a key event that occurred while she was a journalist. [21:11] A key failure experienced by Crystal that shaped her journey [23:19] The future for Vinawood [27:29] Implementing their Father-Daughter forum [33:01] A letter from Crystal to her kids: "Know what you stand for" *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: Crystal Lam.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:VINAWOOD LTD. — VINAWOOD are dedicated to accentuating the splendor of nature’s finest element: Wood

Chris Herschend is a third-generation shareholder and Chairman of Missouri-based Herschend Enterprises, the largest family-owned themed attractions company in the US. HFE properties span 26 locations and 10 states, employing over 10,000 people who collectively host over 13 million guests annually at properties including Silver Dollar City, Dollywood and the world-famous Harlem Globetrotters. Standout Quotes: "That's not your board members' primary role; to be experts on your business, they're really there to be a resource for you, a check for you..they also provide a level of protection" – Chris Herschend "I hear a lot of family businesses that do not have shareholder agreements in place, and that's a mandatory first step, you've got to have a shareholder agreement before you do anything else" – Chris Herschend "You can't trust somebody if you don't know them; you can't know them if you never see them" – Chris Herschend "You'd be amazed at what millionaires would do for a $250 plane ticket" – Chris Herschend "It's not about you and you are not your own" – Chris Herschend Key Takeaways: Humility and Accountability define the principle behind the business model of a majority independent board for their family-owned company. The primary role of your board members is not to be experts in your business, they are there to be a resource, a check, and for protection Humility of an owner who wants a true board is so attractive to high-quality board members and business thinkers that they want to be a part of that You need to know where you are in the generational business cycle The primary role of the board is to be truth-tellers One of the hardest things you have to do as a larger family is to define 'Family' The simplest most important thing done in their family business is "Gathering" Chris emphasizes to his kids that their job is to steward the family business Episode Timeline: [00:49] An Introduction to Chris Herschend [01:26] The mission of Herschend Enterprises is to create memories worth repeating; Chris shares the history of the company [07:26] The day to day operations of the business as a theme park [10:10] Chris gives a detailed description of the governing structure of the family business [13:30] Reasons behind the business model of a majority independent board for a family-owned company. [21:33] The family is constantly around the business but rarely in the business. [26:03] Chris describes his role in the family business [35:40] The different phases or eras in handling the wealth of the family business [48:50] Are there any key resources that your family has invested in to get to where you are today? [56:27] A letter from Chris to his kids *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: Chris Herschend.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:Herschend Enterprises — Herschend Enterprises is a family of companies who focus on family entertainment. For nearly six decades, Herschend Enterprises has operated with the purpose to bring families closer together by Creating Memories Worth Repeating®.Harlem Globetrotters — The Harlem Globetrotters are worldwide icons, synonymous with family entertainment and great basketball skills. The Globetrotters represent 90-plus years of breaking down barriers, acts of goodwill and a commitment to fans that goes beyond the game. Herschend Family Entertainment – America's Largest Family-Owned Themed Attractions Corporation — Herschend Family works daily to create wholesome, immersive entertainment experiences with soul and depth. Experiences for every generation of our family. Sometimes thrilling. Sometimes lighthearted. Always distinctive. Their award-winning theme parks, entertainment and attractions aim to inspire happiness and family bonding.

Dr. Jim Grubman has provided services to individuals, couples, and families of wealth for over 30 years. His work with clients at many levels of affluence - from the “millionaire next door” to The Forbes 400 - has earned him a reputation as a valued family advisor. Jim is the author of Strangers in Paradise: How Families Adapt to Wealth Across Generations and co-author with Dennis Jaffe, PhD of Cross Cultures: How Global Families Negotiate Change Across Generations, offering ground-breaking explanations of how individuals and families can adjust to wealth effectively. Standout Quotes: "At the affluent and perhaps high net worth level, it's not that families leave wealth, it's that wealth gets distributed" – Dr. Jim Grubman "People come to wealth without preparation for how they're going to sustain it in their family and that's really why it is so difficult for families" – Dr. Jim Grubman "Most people just focus on the money and they forget adaptation" – Dr. Jim Grubman “Everybody wants to get to the land of wealth but they don't realize what is going to be like once they get there and what their life is going to be like, the new problems that they're going to have and the adjustments in identity” – Dr. Jim Grubman “Many inheritors are really disenfranchised citizens of the land of wealth, people think they have money but they really don't, it's in trust, tied up in partnerships... they don't control most of the wealth that is associated with them” – Dr. Jim Grubman "Don't chase happiness; Happiness is a result, it's not a goal" – Dr. Jim Grubman Key Takeaways: Cross-cultural adaptation is much harder than people anticipate when they make the journey to wealth In trying to adapt to a new environment, 2 dimensions make the greatest difference: the degree to which people hold on to or let go of connection to where they came from, and the degree to which they take on or resist getting involved with the new culture Many of the things that are necessary for the business of family are completely unknown to the people coming to wealth. Many inheritors are really disenfranchised citizens of the land of wealth, they don't control most of the wealth that is associated with them. The 3 main cultural prototypes: HFD Dignity culture/individualist culture (the West) Face culture/harmony culture (East/Asia) Honor culture (across several countries) The natives of global wealth get transformed into the 4th culture; a hybrid blending where they have roots in Honor or Harmony culture with strong influences from individualists and understand the struggle that their families have gone through cross-culturally Is the 4th culture the destination for all of these different cultures? One of the most difficult transitions for families is to move from a strong focus on the individual to understanding how much you have to build skills, processes, and structures for the interdependence of significant wealth. Honor and Harmony culture are much more prepared to understand interdependence. The 3 main questions on adaptation; What from our background still serves us that we can keep? What from our background no longer serves us that we need to let go of? What from our new circumstances do we need to take on for the journey ahead? Chase purpose; happiness comes from a fulfilled life Episode Timeline: [00:48] Mike introduces Dr. Jim Grubman and describes some of his work [01:54] Dr. Jim narrates the history behind his involvement in Family wealth psychology [04:16] The concepts of 'Coming to wealth' and 'Coming from wealth' [10:19] The contrast between statistics that 80% of the wealth is created in the current generation and the amount of family wealth that is lost from generation to generation; where is all the wealth going? [16:09] How do immigrants to wealth acquire the mental template to transition into the new culture? [19:03] The known strategies that people go through in trying to adapt to a new environment. [20:56] What individuals go through in making the journey to wealth [26:08] Do the models and strategies for wealth preservation differ for those native to wealth compared to those coming to wealth? [29:10] The main types of cultures as categorized in the book 'Cross Cultures' [44:39] Jim's recommendation for G1s or wealth creators starting a healthy transition to G2 [47:00] Are there new trends emerging? [50:16] Jim's letter to his kids 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 Grubman PhD.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:Bio | James GrubmanBook: Strangers in Paradise: How Families Adapt to Wealth Across Generations: Grubman Ph.D., JamesBook: Cross Cultures: How Global Families Negotiate Change Across Generations: Jaffe PhD, Dennis T., Grubman PhD, James — Jim is the co-author with Dennis Jaffe, PhD of Cross Cultures: How Global Families Negotiate Change Across Generations

Spencer is a Principal with The St. Louis Trust Company, a multi-family office for 50 families in the United States managing in excess of US $10 billion, where he heads the Family Business Advisory Practice. Spencer is also an Adjunct Lecturer in Family Business at the Olin Business School at Washington University in St. Louis. Standout Quotes: “Multi-family businesses are acts of inadvertence in the initial years or the initial generation, they're usually a force of necessity, and then it becomes more opportunistic as the family gets bigger, and by the time you get to the 3rd generation it's more process-driven and ultimately becomes strategic” – Spencer Burke “At the end of the day, it's not about having a board and all that, it's about the quality of the people, the vision, the culture and purpose of the organization; that's what creates great companies of all kinds and family business is just a large subset of great companies in the world” – Spencer Burke "In the United States, you can own 100% of the votes and not own any of the economics of a company" – Spencer Burke "I don't think there's anything better to own than your own company and the ability to compound earnings" – Spencer Burke “When it is time to sell the business that's great, that's not a failure” – Spencer Burke “The key to happiness is, don't let other people be the measure of your success; If you're not happy doing what you're doing, go do something else” – Spencer Burke Key Takeaways: Some families walk away from a wealth of knowledge because they don't know what they're getting; although they need the advice, they just have the wrong person giving it to them Multi-generational family businesses are acts of inadvertence in the initial years or the initial generation, but get more opportunistic as the family gets bigger, and by the third generation, ultimately becomes strategic and process-driven. “Hygiene" refers to some cost-free measures that can be set up in the beginning to increase your chances of getting beyond the 2nd and 3rd generation, however, if not taken care of, you have no chance of success The key characteristic shared by enduring companies whether family business or not is "Total Control by One Person” In most families where there are issues, how the socio-emotional wealth is getting shared is just as prominent as how the money is being shared. To succeed over long periods (100 years), successful families have extracted a great deal of wealth out of the business so they have the resources to protect the business when necessary. The 3 fundamental factors that may impede the success of a family business; the Family tree is the first because it tends to grow faster than most business One of the number 1 keys to family business success is "Set the policies for the future when there are no names attached to them". The matriarch of the family is usually the keeper of family harmony, the patriarch of the family is usually the keeper of running the great business, but the patriarch more often than not, does not have the power in that family. The three interest groups represented in a family business; the people in the business, the people that own the business, and the people that are just in the family neither as owners nor in the business. The key to happiness is ‘don't let other people be the measure of your success; If you're not happy doing what you're doing, go do something else’ Episode Timeline: [01:28] A concise overview of Spencer's professional background [07:55] Spencer's thesis on starting a multi-generational family business [10:50] Instead of a Family Business Course, Spencer calls his course Ownership Insights [11:36] Common characteristics shared by enduring companies whether family business or not [14:19] The concept of Spoils of Ownership [16:35] The 'tyranny of the internal rate of return' versus 'creation of real wealth' [20:41] The 3-circle diagram in family business education depicts Family, Business, and Ownership, with how they interact. [22:32] The 3 fundamental undertows that affect a family business [28:57] The continuum of behaviors; a Business Family and a Family business. [35:20] The tradeoff between running a great business and maintaining family harmony [38:00] How is family harmony maintained as businesses progress through multiple generations? [53:40] A letter from Spencer to his kids. 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: Spencer Burke.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 St. Louis Trust Company Multi-Family Office — We provide holistic, high-touch client service combined with customized, independent investment management and a full range of family office services. Washington University's Olin Business School