The Business of Family

I'm delighted to introduce Rob Robson, a founder, serial entrepreneur and great student of multi-generational wealth creation. Rob is the Founder of OneHarvest, Australia’s largest fresh salads business and these days spends up to 7 months of the year sailing the world. It was Rob who first introduced me to the phrase "The Business of Family" and ignited in me a passion to explore this topic deeply. The Robson Family approach to structuring their family partnership and stewarding their assets for succeeding generations is some of the best work I've seen in this area. I have no doubt that you'll have many take aways from today's conversation. Key Takeaways: The growth strategies you can employ to sustain and expand your family business How to apply the two concepts of business of family and family business in your business How to make your business a great place to work and entice the family to want to work there Learning to let go off your dream for the greater good of future generations The importance of putting as much effort in the business of family as the family business Standout Quotes: “We made it a goal to make our business interesting for our children…our children really became great critics of our business and that was pretty tough on the business.”- Rob Robson [16:46] “Give as much attention to the business of family as you would to the family business.”- Rob Robson [34:57] “Sometimes life isn’t fair but it’s livable and it’s the ability to adapt and change.”- Rob Robson [42:14] Episode Timeline: [0:49] Intro [1:40] He explains how and why he and his wife travel the world sailing 5-7 months a year. [4:55] He narrates how he and his wife expanded his parent’s grocery business by researching and employing innovations over the years. [11:01] The two aspects of the business of family and the family business explained. [14:30] Rob explains how he and his wife made an intentional decision to actively involve their children in their business from a young age. [16:43] How they made the business an interesting place to work over the last 30 years and how the ownership of the business is distributed across the family. [19:58] He describes the process of his family counsel partnership and how it works. [22:47] The four rules of Harvard on the relationship between the family and the family business. [25:16] The change of generations as time goes by in a family business. [28:24] Why it is not automatic for a family member to be offered a position in Rob’s business. [29:04] He explains how they handle the family business’ funding among the family members. [33:27] How and why they invested in a family business. [34:55] Lessons you can learn from Rob on how to grow a multigenerational business. [37:44] He describes his legacy as having put the effort in both the business and the family. [40:25] Rob shares what he would include in a letter of a life lesson he believes many parents don’t teach their children. For more episodes go to BusinessOfFamily.net Sign up for The Business of Family Newsletter at newsletter.mikeboyd.com.au 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: Rob Robson.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:Book: Family Wealth - Keeping It in the Family: How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations: James E. Hughes Jr. — The landmark book that changed the way exceptional families think about their heritage, their wealth, and their legacy to future generations.

Multigenerational wealth creation involves so much more than just capital accumulation. The most successful families cultivate and collect values, stories, knowledge and resources to pass on to the next generation. The systems and processes to do this are very intentional. Very few do the work and even fewer make it beyond the 3rd generation. Join Mike Boyd on The Business of Family Podcast as he interviews members of some of the world's most interesting families about how they pass knowledge, resources, values and wealth to the next generation. Family Constitutions and annual letters Family meetings and retreats Succession planning Stewardship Family Office investing Multi-generational wealth creation and preservation Enduring companies and familes Family enterprise Human, Intellectual and Financial Capital I’ve been fortunate enough to meet some extremely successful families in my travels and gleaned insights from how each are shaping their legacy. Many will tell you that it’s the human, intellectual and spiritual capital that makes them successful for generations & that financial capital is simply a function of their success in these areas. If multigenerational families and businesses fascinate you too, subscribe now to The Business of Family Podcast. I hope you enjoy sharing this learning journey with me and would greatly appreciate any feedback, resources or referrals you have to offer. https://twitter.com/MikeBoyd/status/1277889154601201664 For more episodes go to BusinessOfFamily.net Sign up for The Business of Family Newsletter at newsletter.mikeboyd.com.au 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!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>