Family Prosperity Podcast

In this podcast, Mason talks about how to split up without falling apart or turning everything into one big bureaucracy. At some point, you can't bring everything to the meeting table. Your family will be dealing with multiple businesses, households, and events. Walking the tightrope between becoming disconnected and getting overwhelmed is almost impossible. For family boards, there are some rule-of-thumb that work really well to find out whether you need to split off, and how much to do so. If you can stay focused on your top-line objectives, you won't get overwhelmed by minutia. At the same time, when you do decide to create a new committee, move into a new home, or start a new business, you can't cut people out of the loop. FOLLOW Family Prosperity Partners everywhere: Facebook: Business Page: https://www.facebook.com/Familyprosperity Public Group for Families: https://www.facebook.com/groups/familybizgroup Private Group for Clients: https://www.facebook.com/groups/familyprosperity LinkedIn: https://www.linkedin.com/company/19139744 Subscribe to the Podcast: Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0 Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

Are you making decisions about your money or is your money making decisions for you? There can be times where we wonder if our business is running us or if we are in control. It is very important to keep perspective and not fall into this trap. Are you reacting to the economy and news more than you are executing your plans for the future?Michael discusses this in today's podcast.FOLLOW Family Prosperity Partners everywhere:Facebook:Business Page: https://www.facebook.com/FamilyprosperityPublic Group for Families: https://www.facebook.com/groups/familybizgroupPrivate Group for Clients: https://www.facebook.com/groups/familyprosperityLinkedIn:https://www.linkedin.com/company/19139744Subscribe to the Podcast:Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

In this podcast, Mason goes over a story from his Dad's career as a corporate fixer-upper. This particular plant was one of the most difficult cases his company had ever encountered. Things got so bad that a plant manager committed suicide due to the pressure of failure, and his supervisor walked off the job out of guilt. At first, a highly skilled officer was brought in out of California, but he didn't have the qualities it takes to turn around a problem plant: commitment and respect for execution. A new leader had to be found, and in this case, he was found from within the plant. He was committed, knew the process, and had the potential to grow. By developing his knowledge, giving him the authority and responsibility he needed, and by allowing him to grow, this plant achieved what turned out to be an almost impossible task. Lessons from this story apply directly to Family Business. You can learn how to make leaders that will allow you to step back confidently and grow your family and business. FOLLOW Family Prosperity Partners everywhere: Facebook: Business Page: https://www.facebook.com/Familyprosperity Public Group for Families: https://www.facebook.com/groups/familybizgroup Private Group for Clients: https://www.facebook.com/groups/familyprosperity LinkedIn: https://www.linkedin.com/company/19139744 Subscribe to the Podcast: Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0 Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

It is a rare thing to have the perfect leadership qualities in one person these days. How many times can a Steve jobs, Henry Ford, or Jaime Diamond be born? More likely, there will be desireed traits in many different people. There is also a talent for execution versus a talent for strategy. How should your family navigate this problem?FOLLOW Family Prosperity Partners everywhere:Facebook:Business Page: https://www.facebook.com/FamilyprosperityPublic Group for Families: https://www.facebook.com/groups/familybizgroupPrivate Group for Clients: https://www.facebook.com/groups/familyprosperityLinkedIn:https://www.linkedin.com/company/19139744Subscribe to the Podcast:Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHgRSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

In this podcast, I discuss how lapses are natural; especially in a team. Unlike when you fail and it only affects you, failure in a family team can be complicated. Oftentimes, the solution to the problem is counter-intuitive. Rather than punishing ourselves and our family, we have to make it easier to start again, and positive to re-engage in the discipline of Family Governance. Every family and every person has lapses. They’re natural. You just can’t let those lapses turn into downward spirals that will crash and burn the whole family enterprise. I know I would have liked to hear this message when I was not doing everything I could, or when I felt disappointing in the progress of my family. You can catch lapses earlier, and make people feel safe and confident to own up to their shortcomings and move forward. FOLLOW Family Prosperity Partners everywhere: Facebook: Business Page: https://www.facebook.com/Familyprosperity Public Group for Families: https://www.facebook.com/groups/familybizgroup Private Group for Clients: https://www.facebook.com/groups/familyprosperity LinkedIn: https://www.linkedin.com/company/19139744 Subscribe to the Podcast: Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0 Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg  RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

In today's podcast, Michael walks you through the typical life cycle of a family business. Each stop along the way presents many challenges and opportunities. Successfully navigating these will decide your family's future. Family governance can equip you to handle each of these challenges.FOLLOW Family Prosperity Partners everywhere:Facebook:Business Page: https://www.facebook.com/FamilyprosperityPublic Group for Families: https://www.facebook.com/groups/familybizgroupPrivate Group for Clients: https://www.facebook.com/groups/familyprosperityLinkedIn:https://www.linkedin.com/company/19139744Subscribe to the Podcast:Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHgRSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

Why are some experts saying this statistic is misleading? In this podcast, I talk about a discussion happening in the Family Business space: The “70% of family businesses fail to transition” statistic is misleading. A critical look at a highly cited statistic in the Family Business space is making the rounds after some advisors claim that entrepreneurship is the solution to long term family success. They claim that the statistic of successful transitions does not take into account the tendency for families with businesses to be more entrepreneurial. This criticism, though, is just more evidence that highly successful families are highly successful. Families with already successful businesses are far more likely to succeed in a new venture because they support each other with resources and experience. It doesn’t make sense that families should have to start over every generation. Long-term success does not look like a series of gambles made one at a time over and over again. Family Board Starter Pack: https://shop.familyprosperitypartners.com/products/diy-family-board-starter-pack FOLLOW Family Prosperity Partners everywhere: Facebook: Business Page: https://www.facebook.com/Familyprosperity Public Group for Families: https://www.facebook.com/groups/familybizgroup Private Group for Clients: https://www.facebook.com/groups/familyprosperity LinkedIn: https://www.linkedin.com/company/19139744 Subscribe to the Podcast: Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0 Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg  RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast In this podcast, I talk about a discussion happening in the Family Business space: The “70% of family businesses fail to transition” statistic is misleading. A critical look at a highly cited statistic in the Family Business space is making the rounds after some advisors claim that entrepreneurship is the solution to long term family success. They claim that the statistic of successful transitions does not take into account the tendency for families with businesses to be more entrepreneurial. This criticism, though, is just more evidence that highly successful families are highly successful. Families with already successful businesses are far more likely to succeed in a new venture because they support each other with resources and experience. It doesn’t make sense that families should have to start over every generation. Long-term success does not look like a series of gambles made one at a time over and over again. Family Board Starter Pack: https://shop.familyprosperitypartners.com/products/diy-family-board-starter-pack FOLLOW Family Prosperity Partners everywhere: Facebook: Business Page: https://www.facebook.com/Familyprosperity Public Group for Families: https://www.facebook.com/groups/familybizgroup Private Group for Clients: https://www.facebook.com/groups/familyprosperity LinkedIn: https://www.linkedin.com/company/19139744 Subscribe to the Podcast: Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0 Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg 

Do you keep your nose where it belongs? And your fingers out of where they don't?The source of most issues in family wealth usually boils down to Nose In and Fingers out. Everyone should have their nose in every aspect of the family wealth and happiness, at least a little bit. The difficulty comes when someone won't let other family members pay attention to the family assets or events. They see this attention as intrusion.Other times, someone tries to go beyond just understanding. They try to take over. It all boils down to boundries. Where are the boundaries? Do you know where they are? Where are they going? Boundaries should move over time. Afterall, that next generation must take over at some point.Michael talks about these issues in today's podcast.FOLLOW Family Prosperity Partners everywhere:Facebook:Business Page: https://www.facebook.com/FamilyprosperityPublic Group for Families: https://www.facebook.com/groups/familybizgroupPrivate Group for Clients: https://www.facebook.com/groups/familyprosperityLinkedIn:https://www.linkedin.com/company/19139744Subscribe to the Podcast:Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHgRSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

In this podcast, I talk about how successful parents often put their kids in a really difficult situation: how to manage huge amounts of money that are just given to them at a certain age. For a while, it was pretty trendy in the C Suite circles to make a trust that didn’t pay out until the beneficiaries turned 35. It was seen as wise to wait until the kids were old enough to give them all those resources. But, as you probably know, you did not learn how to handle money properly just because you got money. Look at lottery winners. They are on average about 45 years old, but they go bankrupt more than twice as often as the general population. Having money doesn’t make you better at handling it, and neither does age. On the flip side, some parents just want to keep their kids away from any kind of success. This can be just as damaging. FOLLOW Family Prosperity Partners everywhere: Facebook: Business Page: https://www.facebook.com/Familyprosperity Public Group for Families: https://www.facebook.com/groups/familybizgroup Private Group for Clients: https://www.facebook.com/groups/familyprosperity LinkedIn: https://www.linkedin.com/company/19139744 Subscribe to the Podcast: Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0 Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg  RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

Many people don't really think about this type of an investment. However, it is vitally important for the long term success of a family enterprise. For most family businesses, no matter their size, community involvement is a big deal. Your business isn't that faceless corporation. It started as a big part of your community. Your business has shaped your community and been shaped by it. That is really what makes you different from the heartless corporate giants.Michael talks about this investment type.FOLLOW Family Prosperity Partners everywhere:Facebook:Business Page: https://www.facebook.com/FamilyprosperityPublic Group for Families: https://www.facebook.com/groups/familybizgroupPrivate Group for Clients: https://www.facebook.com/groups/familyprosperityLinkedIn:https://www.linkedin.com/company/19139744Subscribe to the Podcast:Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHgRSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

In this podcast, I talk about the kinds of people you need to find to help you move forward in business or as a family. From my experience with Riffs, I can remember three types of people that fundamentally changed how our business functioned: technical experts, people with many connections, and people who assess you and your team’s performance honestly. There are other kinds of people, but these are definitely essential. When it comes to doing something new, it is almost required to include an expert. Even if you’re just trying to make more bacon, it can only help to have someone who knows what they’re talking about. Another type of person is the super-connector. Don’t just listen to anyone who says “I know people,” though. A very connected person knows a bunch of people in the industry. Sometimes they can tell you things it would take years to learn, or get you in front of that one key person you never knew existed. You have to seek out and curate these relationships. Don’t just focus on running your business and forget to make relationships. Finally, make sure there are people around you that can tell you what’s really going on. If you don’t have someone that can keep you honest, you’re never going to see failure coming until it is already too late. Same goes for your team. Make sure there are people who know what they’re talking about who are willing to honestly criticize. FOLLOW Family Prosperity Partners everywhere: Facebook: Business Page: https://www.facebook.com/Familyprosperity Public Group for Families: https://www.facebook.com/groups/familybizgroup Private Group for Clients: https://www.facebook.com/groups/familyprosperity LinkedIn: https://www.linkedin.com/company/19139744 Subscribe to the Podcast: Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0 Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

When the economy turns, new advisors and strategists approach successful families. These families want to save what they can and shelter the storm. In good times, they want to be efficient and save on taxes or other expenses. Many consultants do very good work. They are invaluable and do come into your life only temporarily. But not all of them do good work. Some of them do harm. Here's how you should approach their use.FOLLOW Family Prosperity Partners everywhere:Facebook:Business Page: https://www.facebook.com/FamilyprosperityPublic Group for Families: https://www.facebook.com/groups/familybizgroupPrivate Group for Clients: https://www.facebook.com/groups/familyprosperityLinkedIn:https://www.linkedin.com/company/19139744Subscribe to the Podcast:Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHgRSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

In this podcast, Mason goes over the unsung - even mocked - role of preparedness. You see it in movies and TV shows; the middle manager running everyone through an ineffective fire drill, the dad showing everyone where to go in case of a tornado. There's no denying it, it's lame. There is also no denying that practice makes perfect. If you can look back at the silly drills you had to run, a crisis will seem so much less scary. This podcast is a call to start being the guy in your family that makes them practice. Or, at least, to make you find the person in your family you're going to make do it for you. Making this happen doesn't just prepare you for the worst, it can help bring your family closer together, and even build relationships with your key advisors. When you run drills, you shouldn't just include your family. Include important people in your circle to get them used to dealing with your family. Build relationships. If you can do this consistently, your family can separate themselves from the families that just achieved success, but weren't able to create stability and security. FOLLOW Family Prosperity Partners everywhere: Facebook: Business Page: https://www.facebook.com/Familyprosperity Public Group for Families: https://www.facebook.com/groups/familybizgroup Private Group for Clients: https://www.facebook.com/groups/familyprosperity LinkedIn: https://www.linkedin.com/company/19139744 Subscribe to the Podcast: Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0 Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

In today's podcast, Michael talks about the extra things you need to do in your yearly plans. How to make sure your family not only moves towards its goals, but is also ready for anything that life throws your way? This podcast talks about how to proactively plan for crises and how to maintain your family governance throughout.FOLLOW Family Prosperity Partners everywhere:Facebook:Business Page: https://www.facebook.com/FamilyprosperityPublic Group for Families: https://www.facebook.com/groups/familybizgroupPrivate Group for Clients: https://www.facebook.com/groups/familyprosperityLinkedIn:https://www.linkedin.com/company/19139744Subscribe to the Podcast:Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg

In this episode, I go over how your planning and vision has to change as your family does. It is not just about the money. In fact, the easiest way to make a restrictive plan is to plan just for the money - make a trust that pays out at 35 and give up planning right there. When you’re creating a Family Vision, you need to always lay out the path forward. I know I was confused when Riffs was just getting started. Without a vision for the business, I had no idea what it meant to participate in helping the family. Don’t make that mistake. As your family grows and changes, you need to make sure you reach certain checkpoints, otherwise you’ll quickly run out of road and into chaos. Family Board Starter Pack: https://shop.familyprosperitypartners.com/products/diy-family-board-starter-packFOLLOW Family Prosperity Partners everywhere: Facebook: Business Page: https://www.facebook.com/Familyprosperity Public Group for Families: https://www.facebook.com/groups/familybizgroup Private Group for Clients: https://www.facebook.com/groups/familyprosperity LinkedIn: https://www.linkedin.com/company/19139744 Subscribe to the Podcast: Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0 Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg  RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

In today's podcast, Michael talks about how you can take each family member's individual vision for the future and create a shared family vision. Michael also talks about how each family member can leverage their talents for the benefit of everyone. Shared goals and a shared vision are essential to keeping your family together for the long term.FOLLOW Family Prosperity Partners everywhere:Facebook:Business Page: https://www.facebook.com/FamilyprosperityPublic Group for Families: https://www.facebook.com/groups/familybizgroupPrivate Group for Clients: https://www.facebook.com/groups/familyprosperityLinkedIn:https://www.linkedin.com/company/19139744Subscribe to the Podcast:Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHgRSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

In this podcast, Mason goes over how retirement isn’t the end of your contributions to a family enterprise. It is the most important part. This is so difficult, because if you don’t lay the groundwork early, there is no way for you to participate in big decisions from the moment you relinquish the CEO position. If you try to do this at the last second, or wait until you can’t handle running a business anymore, you just have to hope things go well, and you lose your primary focus in life. If you can set up a Family Board ahead of time, there are infinite ways you can use your wisdom, strategic thinking, and experience to bring incredible value to the family. You can set things up so your life doesn’t end when you retire. Family Diagnostic https://shop.familyprosperitypartners.com/pages/family-diagnostic-pdf FOLLOW Family Prosperity Partners everywhere: Facebook: Business Page: https://www.facebook.com/Familyprosperity Public Group for Families: https://www.facebook.com/groups/familybizgroup Private Group for Clients: https://www.facebook.com/groups/familyprosperity LinkedIn: https://www.linkedin.com/company/19139744 Subscribe to the Podcast: Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0 Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg  RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

In this podcast, Mason discusses his experience with families who were successful from a monetary standpoint, but didn't take care of their family members. One way you can set your family up for failure is by leaving everything in a trust and dumping the money on your kids when they turn 35. Or, you can make sure they have infinite money to spend from the second they can walk. Either way works to mess up your children. When we plan for our financial futures, we are willing to pay huge sums of money to competent professionals. When it comes to taking care of ourselves and our family, though, we often skimp or feel like we "aren't there yet." If you have had success in life, make sure it isn't just money. Include serious plans to take vacations, groom the next generation of leaders, and make sure people always know where they can get help. FOLLOW Family Prosperity Partners everywhere: Facebook: Business Page: https://www.facebook.com/Familyprosperity Public Group for Families: https://www.facebook.com/groups/familybizgroup Private Group for Clients: https://www.facebook.com/groups/familyprosperity LinkedIn: https://www.linkedin.com/company/19139744 Subscribe to the Podcast: Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0 Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

When you think about your goals and your dreams for your family, your vision is probably very ambitious. Sometimes your vision might have goals that take more than one generation to achieve. These visions must guide you to goals that can be achieved and put to use in growing your family. The main purpose of your individual vision is to create goals that will allow you to grow and allow your family to grow. This podcast discusses how to have an ambitious vision and still create practical goals for growth.FOLLOW Family Prosperity Partners everywhere:Facebook:Business Page: https://www.facebook.com/FamilyprosperityPublic Group for Families: https://www.facebook.com/groups/familybizgroupPrivate Group for Clients: https://www.facebook.com/groups/familyprosperityLinkedIn:https://www.linkedin.com/company/19139744Subscribe to the Podcast:Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHgRSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

An ESPN documentary on Mike Singleterry has stuck with me for years. In this podcast, I go over how Mike got family right. Mike Singleterry is the only player inducted into the Hall of Fame to be introduced by his wife. He called it an easy decision, because if she wasn't there, he wouldn't be either. Just like we train Families, Mike put together a 5 year vision for the family that he updated all the time with his wife. He was fully committed to everything he did. He even put together a Family Mission Statement. He became one of the best linebackers of all time, and he did it without sacrificing other parts of his life. On the contrary, his focus on his family is what helped him get where he is today., FOLLOW Family Prosperity Partners everywhere: Facebook: Business Page: https://www.facebook.com/Familyprosperity Public Group for Families: https://www.facebook.com/groups/familybizgroup Private Group for Clients: https://www.facebook.com/groups/familyprosperity LinkedIn: https://www.linkedin.com/company/19139744 Subscribe to the Podcast: Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0 Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

It isn’t enough to just hold family meetings. It isn't enough to just have family policies. You need to use them. Use it all for the future. Now that your family governance is in place, today's podcast discusses how you can use it for the future to keep a happy, healthy, and successful family and business.Family Diagnostic Tool:https://shop.familyprosperitypartners.com/pages/family-diagnostic-pdfFOLLOW Family Prosperity Partners everywhere:Facebook:Business Page: https://www.facebook.com/FamilyprosperityPublic Group for Families: https://www.facebook.com/groups/familybizgroupPrivate Group for Clients: https://www.facebook.com/groups/familyprosperityLinkedIn:https://www.linkedin.com/company/19139744Subscribe to the Podcast:Google Podcasts:https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHgRSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

How do you actually divide up responsibilities in your family? Just letting things happen is not good enough. We would never settle for having a key position missing on a sports team, and we shouldn’t settle with or family or business. It is not as easy as finding responsibilities and handing them out. People need to be competent, passionate, and the team actually needs to benefit. The only way to make sure of that is to plan ahead. Don’t make the mistake of having a family of clones: people who are all good at the same things. That leads to infighting and a lack of diversity. FOLLOW Family Prosperity Partners everywhere: Facebook: Business Page: https://www.facebook.com/Familyprosperity Public Group for Families: https://www.facebook.com/groups/familybizgroup Private Group for Clients: https://www.facebook.com/groups/familyprosperity LinkedIn: https://www.linkedin.com/company/19139744 Subscribe to the Podcast: Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0 Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg  RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

To make the most out of our family governance, we need to make some plans for the future. If we want our family to continue to grow and stay together, then our family needs to share goals to work towards. Sometimes this could also mean you need to plan for what to do when bad things happen.So how do you start these conversations? Many of the topics are personal, and rightly so! Michael discusses some of the ways you can start these conversations. The COVID pandemic has made this type of discussion necessary for the entire family, not just those nearing retirement.Join the community at:https://www.facebook.com/groups/familybizgroupFOLLOW Family Prosperity Partners everywhere:Facebook:Business Page: https://www.facebook.com/FamilyprosperityPublic Group for Families: https://www.facebook.com/groups/familybizgroupPrivate Group for Clients: https://www.facebook.com/groups/familyprosperityLinkedIn:https://www.linkedin.com/company/19139744Subscribe to the Podcast:Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHgRSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

In this episode, Mason goes over the rest of the Family Governance story past Policy to talk about Responsibilities, Identity, Engagement, and Survivability. Find out where your family might be strong, and where they need more help. Policies aren’t everything. You need to practice, and you need to hold yourselves to the commitments you’ve put down in writing. This podcast starts to lay the foundation for preparedness and maintenance in Family Governance; all the things you actually do. The first step in any process is finding out where you are deficient. By the end of this podcast, you will have some key questions to help you examine the state of your Family. FOLLOW Family Prosperity Partners everywhere: Facebook: Business Page: https://www.facebook.com/Familyprosperity Public Group for Families: https://www.facebook.com/groups/familybizgroup Private Group for Clients: https://www.facebook.com/groups/familyprosperity LinkedIn: https://www.linkedin.com/company/19139744 Subscribe to the Podcast: Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0 Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg  RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast Drillbook: https://shop.familyprosperitypartners.com/products/family-survival-drillbook

Good Family Governance is the key to creating truly dynastic wealth and a healthy family. But just doing the work to define your family isn't enough. You have to use it. You have to believe in it. And, your family won't succeed if they only use it in a crisis. They won't succeed if you only use it for the big things. If you only go through the motions.Successful families have plans. They have goals and dreams and move towards them together. This is an overview of that process. This is how you should use Family Governance every day.Join our community on Facebook at:https://www.facebook.com/groups/familybizgroupFOLLOW Family Prosperity Partners everywhere:Facebook:Business Page: https://www.facebook.com/FamilyprosperityPublic Group for Families: https://www.facebook.com/groups/familybizgroupPrivate Group for Clients: https://www.facebook.com/groups/familyprosperityLinkedIn:https://www.linkedin.com/company/19139744Subscribe to the Podcast:Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHgRSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

Asset protection trusts are the premiere tool for asset protection. The can help solve the ownership dilemma when it comes to protecting assets. They protect against divorce, creditors, and even malfeasance with a good trustee. But, did you know they can also give your family governance the force of law?An asset protection trust that also serves as a dynasty trust can take your family governance to the next level. All of your rules and policies can become the law of the family!This episode introduces this concept. It will be explored further in future podcasts.Join the Community on Facebook: https://www.facebook.com/groups/familybizgroupFOLLOW Family Prosperity Partners everywhere:Facebook:Business Page: https://www.facebook.com/FamilyprosperityPublic Group for Families: https://www.facebook.com/groups/familybizgroupPrivate Group for Clients: https://www.facebook.com/groups/familyprosperityLinkedIn:https://www.linkedin.com/company/19139744Subscribe to the Podcast:Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHgRSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

Kids often have no idea what their parents actually do to keep a roof over their heads and food in their mouths. For a lot of families, that is because you can’t just bring your kid to work every day. If you own a business (or more than one) you are in a fantastic position to give your kids a huge leg up in life. It is never to early to start teaching your kids how to play the game. If they get to see what good leadership and teamwork look like from a young age, they will have so much more experience when they have to take the reigns. This is another key way to use your Family Governance. If you can start giving responsibilities to the younger members of your family early, it will be easy for them to make the transition into their responsibilities as adults. You’ve hopefully made your 5-year vision plans for the adult members of your family. Make sure to take the kids just as seriously. FOLLOW Family Prosperity Partners everywhere: Facebook: Business Page: https://www.facebook.com/Familyprosperity Public Group for Families: https://www.facebook.com/groups/familybizgroup Private Group for Clients: https://www.facebook.com/groups/familyprosperity LinkedIn: https://www.linkedin.com/company/19139744 Subscribe to the Podcast: Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0 Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg  RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

Your choice in business entity can make or break your asset protection. In fact, if you don't choose one purposefully, it could cause you to go broke. You need to know the strengths and weaknesses of each type. As always, you should understand your asset protection plan so you can keep your money safe. Asset protection will make sure that you and your family never start over with nothing. It will make sure that your children have an inheritance. That your legacy will survive at least one more generation. How you structure your businesses is completely under your control.Join our Family Business Community at:www.facebook.com/groups/familybizgroupFOLLOW Family Prosperity Partners everywhere:Facebook:Business Page: https://www.facebook.com/FamilyprosperityPublic Group for Families: https://www.facebook.com/groups/familybizgroupPrivate Group for Clients: https://www.facebook.com/groups/familyprosperityLinkedIn:https://www.linkedin.com/company/19139744Subscribe to the Podcast:Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHgItunes: https://podcasts.apple.com/us/podcast/family-prosperity-podcast/id1487514100RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

If you can help it, you really shouldn’t wait until after you’ve added someone to your family to decide how they’ll fit in. In this podcast, we cover some of the key mistakes people make when integrating a spouse into successful families. Whether are in the 7th generation of a family empire, or just starting out, you need to think about how someone new is going to fit in. Just like with everything, the best time to do that is now. Should spouses be able to vote on things that affect the whole family? Do they even get to come to meetings? How do we decide what their roles and responsibilities are? The answer is different for every family. The only way to truly fail is to never consider these kinds of questions, and never write any policies down.

When you want to protect your money, the vast majority of strategies come down to ownership. How you own something matters. If you own it inside of a trust, that is a different type of ownership. It is a different characteristic. Does your company own it? That's another different characteristic. Asset protection strategies often sue ownership to separate you from your money. If this is done in the right way, you can't lose it. Usually you can't lose what you don't own. However, you can benefit from things that you don't own directly. Many times, you can still control them too.Join our Family Business Community at:www.facebook.com/groups/familybizgroupFOLLOW Family Prosperity Partners everywhere:Facebook:Business Page: https://www.facebook.com/FamilyprosperityPublic Group for Families: https://www.facebook.com/groups/familybizgroupPrivate Group for Clients: https://www.facebook.com/groups/familyprosperityLinkedIn:https://www.linkedin.com/company/19139744Subscribe to the Podcast:Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHgRSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

This podcast goes over some of the challenges of adding someone new to a successful family with family governance. Whether it is a new spouse, a new child, or your third cousin who just wants to help out, you need to decide how to handle new members of your family. Mason talks about how his family is updating their policies to cope with the upcoming addition of a new member on August 8th. Family Board Starter Pack: https://shop.familyprosperitypartners.com/products/diy-family-board-starter-pack FOLLOW Family Prosperity Partners everywhere: Facebook: Business Page: https://www.facebook.com/Familyprosperity Public Group for Families: https://www.facebook.com/groups/familybizgroup Private Group for Clients: https://www.facebook.com/groups/familyprosperity LinkedIn: https://www.linkedin.com/company/19139744 Subscribe to the Podcast: Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0 Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHg  RSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

If your family doesn't have these four things, there is a pretty good chance that you'll fail to pass your legacy on to future generations. It might not be this generation, it might not be the next, but a weakness in any of these four and your family will lose it all. Examining historic family businesses and historic family wealth has proven time and again that asset protection combined with solid family governance is the way to lasting wealth and prosperity for your family.It is true regardless of wealth and sophistication. Wealthy families have failed at this. Successful families have succeeded even if they are not yet one of the iconic pillars of American society. These 4 things are discussed in this podcast.1. Asset Protection2. Family Governance3. Advisory Boards4. Crisis Planning and ManagementIf you have ever wondered how it all comes together, wondered how all of the things you learn about in this podcast work together, this is it. All failing families can demonstrate a weakness in one of these four. All successful families hit them all.FOLLOW Family Prosperity Partners everywhere:Facebook:Business Page: https://www.facebook.com/FamilyprosperityPublic Group for Families: https://www.facebook.com/groups/familybizgroupPrivate Group for Clients: https://www.facebook.com/groups/familyprosperityLinkedIn:https://www.linkedin.com/company/19139744Subscribe to the Podcast:Google Podcasts: https://podcasts.google.com/feed/aHR0cDovL2ZlZWRzLmZlZWRidXJuZXIuY29tL2ZhbWlseXByb3NwZXJpdHlwb2RjYXN0Spotify: https://open.spotify.com/show/0XKuUhHRdhPWHeLZwxhzVa?si=jli-ywiuQP-nVt4pT_nhHgRSS Feed: http://feeds.feedburner.com/FamilyProsperityPodcast

After you’ve implemented Family Governance, things usually start to change pretty fast. Getting everyone on the same page and working to achieve success often causes some serious growth. One of the best things about Family Governance is that you can change your strategies as you make decisions together. But how do successful families change their strategies and structures as they grow? This podcast introduces a series on the transformations your family is likely to make, and shows the way forward by illustrating where we should be going; what a fully grown family looks like. Facebook Group: https://www.facebook.com/groups/familybizgroup/?ref=pages_profile_groups_tab&source_id=724222434591193 Phone Number: 1-763-275-1688

Asset Protection begins with understanding the strategy behind the techniques. Why do we do this? The government also has given each of us an asset protection plan. You might be happy with it. You might want more? But don't say the government never gave you anything. There is an amount of wealth that the government says that everyone gets to keep. Is it more than you think is the minimum to be happy? Find out in this podcast. Everything starts here for asset protection.If you want to join a community of family businesses dedicated to long term wealth and to keeping their businesses alive over all the generations, joins us at:www.facebook.com/groups/familybizgroup

Mason goes over the three key differences between a business board and a Family Board: the goal of the meeting, the structure of the meeting, and how we record what happened. When you're meeting with your family, you sometimes have to do the opposite of what you learned in the business world. You have to focus on some things that aren't the top-line items, you have to include things that aren't purely professional, and you need to be an even better note-taker than the secretary on a corporate board.

Have you ever wondered what it looks like to have a family business that runs the best that it possibly can? To have a family business that lasts generation after generation? The largest private held company in the world is one such family business. The Cargill family is on its 7th generation and has more billionaires than any other family.It got there through sound family governance. The stuff that we talk about on this podcast every time. The things that we help families do. The things that we hope your family will also do.Listen to this podcast to see a role model family. It will really show you what is possible.To join a community of families that want to achieve this goal, go to:www.facebook.com/groups/familybizgroupThis community is intended to bring families together that want to help each other build lasting legacies.

The concept that you need a long-term vision for your personal future and the future of your company is so common as to be obvious. So why don’t you have a vision for your family’s future that everyone can agree on?In this podcast, Mason talks about the importance of having a unified family vision, and gives some important tips on how to get your family started on the right path.

There is a lot of fear out there today. People are afraid that they will lose their businesses, their livelihood, and be left with nothing. The economy is showing some distressing signs. But if you panic, you might make it worse. Michael discusses what you absolutely shouldn't do if you start to see danger on the horizon. Asset Protection mistakes are discussed today. Don't make these mistakes. Fraudulent transfers are a big deal.www.familyprosperitypartners.com

Mason talks about how commitment is the first step towards becoming living Family.If you are serious about creating a family legacy that is not just a gift of money, you need all the participants to buy in. Long-term success is about far more than passing on money. Find out what a living family actually is, and the easy way to start towards a real legacy now.

Families don't always agree. It is a great opportunity for your family to grow together, innovate, and thrive. Disagreement breeds compromise, opportunity, and change. Sometimes it can also be the end of your family. How your family handles conflict will ultimate determine whether or not your wealth and legacy continue. Handle it poorly and your family could die. Handle it well and you could create the next great American iconic family.www.familyprosperitypartners.com

How close is your family to being stable and successful in the long term? What should you already be doing? This podcast goes over the stages of family development, and covers the basics of what you need to be doing at each stage.

It is inevitable that someone will need to take money out of the family business. This won't just be salary and bonuses. If the business is to benefit all family members, then even those who don't work inside of the business need access to money. Sometimes it is to follow their passions. It also might be because of something more tragic. Failure to plan for this won't just cause the business to go broke. It might also cause your family to break up. Michael talks about the things that your family should consider in order to make the best policy possible for lasting success.

Long-term planning for legacy and business too often focuses on what the founder or “wealth creator” needs to do to make sure things go well. In this podcast, Mason goes over 3 things the younger generations in a Family Business can do to help ensure Family Survival.

Now is the time to create your New Normal. Michael talks more about what you can do to create the future that you want. Don't wait for the new normal to just be thrust upon you. Family businesses will have to face this difficult decision in order to create a legacy and success that will last for generations. You might have talked about bringing your family together and creating a long lasting future, but life got in the way. Here is another decision that you can make today that will bring your success in the future.This episode is a part of a series. You might get the most benefit if you return to the first episode of the New Normal Series.Find more information at www.familyprosperitypartners.comThis information builds on Michael's Book. It can be purchased on Amazon or found on the website.

Another very important part of creating your new normal is your Family Employment Policy. Once your family makes the choice to have a lasting business, once you decide to pass that business to each generation as a legacy, this is one of the first decisions you should make. This will set expectations and limit entitlement so that the family and the business can survive through time. Michael talks about several of the things you should think about when making this decision.

Creating a positive cycle of community engagement is key to creating a long-lasting family identity in your communities that will drive your family’s success professionally and personally.

So you've decided to take control of your new normal. It is finally time for your family to make a decision about its legacy. Will you leave a lasting legacy? Do you want to keep the family business in the family for all generations to come? Well, to succeed, your family will have to make decisions together. When you decide how to make decisions, you should consider these questions. Michael discusses the questions that every family decision making process must address in order to succeed.

Mason talks about asking your family members and community members to help you out so everyone can benefit.

Take advantage of the new normal. You don’t have to wait for the new normal to just happen. Many are wondering what it will look like. Take control of it. Design it right now. What do you want your new normal to look like? How will it help your family? How will your business be different? How can you make it what you want it to be? Living families are creating their own new normal.

Mason talks about the difference between being different people and doing different things.

During these trying times, a lot of us are wearing more than one hat. Doing more than one job is a normal thing for business owners. Their spouses and families might not be as used to it though. This is a great time to organize and get new experiences. One common estate planning document can really help with this. Michael discusses this document and one other that every business owner should have right now.