Valuetainment - “Only 30% of Family Businesses Survive＂ - How to Transition Your Business Successfully

00:00:00.000 So, do you know one of the hardest things to do is whatever business you run to pass it down to your kids?

00:00:04.640 Let me tell you why. According to statistics, 70% of the global GDP around the world is ran by a family business.

00:00:13.920 60% of our workforce, they work for a family business.

00:00:18.480 However, only 30% of the businesses that families run makes it to the second generation.

00:00:24.980 12% chance of making it to the third and only 3% chance making it to the fourth because succession is so hard.

00:00:33.080 So, today we're going to talk about the 10 mistakes parents make passing a business over to their kids

00:00:38.020 and 10 things they can do right to set up their kids so eventually one day they can successfully pass their business over to the next generation.

00:00:46.540 If you get value out of this video, give it a thumbs up and subscribe to the channel and stick around to the very end.

00:00:56.080 I'm going to give you the PDFs in our new Entrepreneur Circle on Manac.

00:01:00.520 You'll get all of this given to you so you can sit down with your wife, husband, have this conversation with them.

00:01:05.740 Okay, so the 10 mistakes people make.

00:01:07.880 Number one, assuming DNA equals leadership.

00:01:10.960 Oh, this is my son. He can handle the whole business.

00:01:13.500 Oh, this is my daughter. They can for sure do it.

00:01:15.580 You have no clue the DNA of running a business.

00:01:18.380 You have no clue the DNA of running a company.

00:01:21.020 It could be your kid, your blood, everything.

00:01:24.420 But the DNA of running a business is a very, very different thing.

00:01:29.820 When I talk to my kids right now, I got a 13, 11, 8, 3-year-old.

00:01:32.940 I openly talk to them.

00:01:34.280 Who do you think can manage the business and run it one day and grow it? 1.00

00:01:37.720 Well, I think this person.

00:01:38.720 What do you think?

00:01:39.500 What qualities do you think you need?

00:01:41.400 What do you think is needed to be able to grow the business?

00:01:43.640 You think it's just to maintain it?

00:01:44.980 You think it's just because you're the oldest?

00:01:47.000 You think it's just because you got the best grades?

00:01:48.820 What qualities do you think it takes?

00:01:50.420 You need to start having that conversation with your kids now.

00:01:53.480 Let them talk about it.

00:01:55.180 But DNA doesn't equal leadership.

00:01:57.700 Number two, I sit with a lot of business owners and their kids will come and they're running a business together and they're fighting.

00:02:02.460 They'll bring us in.

00:02:03.300 We run a consulting firm called Bed David Consulting.

00:02:06.120 You can go to beddavid.com to find out how we help families out.

00:02:08.980 But we'll sit down.

00:02:10.420 And you know what's the most common mistake that the father running the business or the mother, the parents run the business and the kids make?

00:02:16.280 They have no hard conversations.

00:02:18.220 Nothing.

00:02:18.700 The son or the daughter will say, every time I bring up a conversation with my dad or my mother, they don't want to talk about it.

00:02:23.480 I'm not right now.

00:02:24.400 We're so busy.

00:02:25.000 Not right now.

00:02:26.040 Maybe later.

00:02:26.580 Not right now.

00:02:27.360 You think that you're pushing the kid away.

00:02:29.200 He doesn't want to do anything with your business.

00:02:31.020 You're making a kid want to go do his own thing.

00:02:33.040 No, no, no.

00:02:33.540 He'll never do it.

00:02:34.260 He'll never leave the family.

00:02:35.340 He or she will.

00:02:36.140 Many do.

00:02:36.840 Well, what do you think I should do?

00:02:38.020 Have the tough conversations.

00:02:40.200 Sit down and have the...

00:02:41.040 Schedule a damn appointment meeting off-site, not in your building, elsewhere, couple hours away from your building.

00:02:49.520 Turn the phone off.

00:02:50.740 Sit down.

00:02:51.240 Write down 15 issues you need to go through and actually have the conversations now before it's too late.

00:02:57.760 But most people will not do it.

00:02:59.200 They avoid the conversations.

00:03:00.660 That's the second mistake.

00:03:01.760 Number three, no meritocracy.

00:03:03.600 Well, yeah, my son's going to run this division.

00:03:05.440 He's only been here for two months.

00:03:06.500 Yeah, he's going to run it.

00:03:07.300 He's my son.

00:03:08.100 None of your employees care.

00:03:09.720 You have no meritocracy.

00:03:10.980 Your son automatically thinks he's entitled to come and run the whole thing.

00:03:13.900 It's like that one movie, Horrible Bosses, where Colin Farrell is a son that does cocaine all the way running the dealership.

00:03:19.480 And the son is just like, well, yeah, yeah.

00:03:21.940 No, that's not how it works.

00:03:23.680 They have to find a way to go through it.

00:03:25.400 One of the mistakes they make is no meritocracy.

00:03:28.000 Put the kid in there automatically.

00:03:29.880 Everybody's like, oh, my God, this guy's son is running.

00:03:31.680 One guy's been with you for 22 years.

00:03:34.380 He was hoping to get the promotion.

00:03:35.560 Now you give it over to him.

00:03:36.480 You don't think that's a big part of the business?

00:03:38.020 Doesn't mean that the employees are not realizing that maybe one day one of your kids is going to run it.

00:03:42.980 But you've got to do it the right way.

00:03:44.760 You've got to do it the right way.

00:03:46.820 Meritocracy is the way to go with it.

00:03:48.220 This next one is tough, which is the founder is not letting go.

00:03:50.540 So they allow the kids to come in and say the kids have been working for the company for 5, 10 years.

00:03:54.500 And they're like, yeah, you guys run it.

00:03:56.440 They're 68 years old or 72 years old.

00:03:58.840 But they run it like this.

00:04:00.200 Yeah, you run it.

00:04:01.340 No, no, no, no.

00:04:02.080 We got, no, no, you, no, no.

00:04:03.820 Dad, let me run it.

00:04:04.980 You're going to let me run it or no?

00:04:06.460 Do not let me run it.

00:04:07.380 As much as they want to give up the power, they don't want to give up the power.

00:04:10.260 They have a hard time with that.

00:04:11.240 Don't get me wrong.

00:04:11.840 It's not easy.

00:04:12.700 There's some ways to do it.

00:04:13.840 But if they've earned the right and they've done their part, they've worked their asses out,

00:04:17.800 they followed every guideline you followed, you've got to let them run it and see what they're going to do with it.

00:04:21.800 Or else you shouldn't have started in the first place, but you've got to let it go eventually.

00:04:25.140 Next one is no formal training.

00:04:26.560 You didn't send them anywhere.

00:04:27.400 You didn't do anything.

00:04:28.000 I went to an event with Goldman Sachs last year in Chicago at St. Regis.

00:04:32.940 60 families in a room, all billionaires.

00:04:34.740 One by one by one.

00:04:35.560 The Crow family, $17 billion.

00:04:37.500 The Walsh family, the, you know, Reinsdorf family, one of the Chicago Bulls, all these guys.

00:04:42.140 They're all talking about how they pass the money out to the next family, how they get the promotion.

00:04:46.320 It was such an interesting dynamic.

00:04:47.520 One family is talking about you have to go get an MBA, work for somebody else for three years before you come in.

00:04:52.760 But they were all having their own systems of how they did it.

00:04:55.780 The interview process, the interviews are G1, first generation, G2 wealth, second generation, G3 wealth, G4 wealth.

00:05:01.940 There were guys in there that were G5, G6 wealth.

00:05:04.560 The money that's been passed down for G5, G6, that means somebody did it right.

00:05:08.960 And they put a structure in place with formal training.

00:05:12.020 Those who screwed up, no formal training, just wing job.

00:05:15.040 Number six, no proper estate planning.

00:05:17.800 No one sits down and goes through all the details.

00:05:20.140 Here's what it takes.

00:05:20.880 Here's what is this.

00:05:21.680 That takes six to 12 months of doing a property.

00:05:23.940 And if you're somebody that's got a lot of money or you're making good money, you've got a good business, you could spend a few hundred thousand dollars doing this property.

00:05:29.500 But you know what they do?

00:05:30.420 They sit down with your kid and they tell them what's going to happen with the estate.

00:05:33.660 Here's the bylaws.

00:05:34.860 Here's the rules.

00:05:35.540 Here's the guidelines.

00:05:36.240 This is what you do.

00:05:37.360 It's a very, very important, but most parents, small business owners, that's a family-owned business, they don't want, we don't need estate planning.

00:05:44.560 We'll do it ourselves.

00:05:45.840 Okay, no problem.

00:05:47.100 Go ahead and see what happens.

00:05:48.400 No wonder only 30% of the business makes it to the second generation.

00:05:53.040 How much of that thing is on the founders?

00:05:54.720 A lot of it.

00:05:55.920 It's not all on the kids.

00:05:57.160 A lot of that is on the founders that they don't prepare for that to be taking place.

00:05:59.920 So what happens?

00:06:00.600 No success planning, skipping legal, skipping financial planning.

00:06:04.560 It is so important to sit down to do the planning with everybody up front.

00:06:09.200 First, just you and your wife, then the kids being involved. 0.69

00:06:11.700 Number seven, no vision beyond the founder.

00:06:13.560 The founder doesn't have where we're going.

00:06:15.140 What are we going to do?

00:06:15.720 Who's going to run the business?

00:06:16.780 How are we going to do it?

00:06:17.580 There is no vision.

00:06:18.940 It's just day to day to day to day to day.

00:06:21.100 There is none of that.

00:06:21.860 And if you don't do something like that, what's going to happen with the business?

00:06:24.180 You need to have a vision beyond the founder.

00:06:26.980 And this isn't easy to do.

00:06:28.580 Sometimes it's sensitive for the father because the father's identity is tied to the business.

00:06:33.240 And it's kind of like, oh, you guys just want to get rid of me.

00:06:35.500 You guys just see me as an old man.

00:06:37.300 No, man.

00:06:37.800 We need to have this conversation, buddy.

00:06:40.700 Do you want us involved?

00:06:41.660 You guys just want me dead.

00:06:43.140 You want me...

00:06:43.400 Sometimes the overreaction is a way of saying, do you guys don't realize how much I work as

00:06:49.840 a slave to build this company? 0.99

00:06:51.560 So the kids and the wife and the...

00:06:53.520 They need to be able to have that conversation the right way.

00:06:56.340 But there needs to be a vision beyond the founder that worked like a slave to build the

00:07:01.600 business.

00:07:02.320 There just needs to be one.

00:07:03.240 Next day, assuming they're interested, what if they don't want to do it?

00:07:07.720 And you're pressuring them and it creates resentment.

00:07:10.440 Kid doesn't want to do it.

00:07:11.440 I really don't want this job.

00:07:12.720 I'm just doing it because I want to make you happy.

00:07:14.640 There needs to be interest.

00:07:15.920 You can't force something like this.

00:07:17.300 Never forget my son.

00:07:18.260 I love baseball.

00:07:19.000 We own part of the Yankees.

00:07:20.300 We've had two rounds of ownership of Yankees.

00:07:22.220 And I wanted my kid to be a Yankee. 1.00

00:07:24.200 I wanted to be like, well, my son is the first baseman.

00:07:26.900 He's the second baseman of the Yankees.

00:07:28.480 Bet David on the back.

00:07:29.380 One day he sits me down.

00:07:30.280 This is a year and a half ago, two years ago.

00:07:32.020 He says, daddy, I got to tell you something.

00:07:33.560 I need to have a serious conversation with you.

00:07:35.040 He's nine years old at the time.

00:07:36.200 You love baseball.

00:07:37.400 I don't like playing baseball.

00:07:38.520 It's too slow for me.

00:07:39.880 And you need to let go of your dream because I don't want to play this game.

00:07:44.180 I want to play soccer.

00:07:45.260 I said, are you quitting?

00:07:46.080 He says, I thought about it.

00:07:46.980 I'm not quitting.

00:07:47.760 I said, once you finish the season, he says, I'm going to finish the season, but don't

00:07:50.760 push me towards baseball.

00:07:52.220 I don't want to play baseball.

00:07:53.560 You know what happens right now when he plays soccer?

00:07:55.620 He's nonstop.

00:07:56.480 He can't help himself playing soccer.

00:07:57.860 He trains three, four, five hours a day of soccer, but he loves watching the game of

00:08:03.120 baseball.

00:08:03.760 Just doesn't like playing that.

00:08:04.820 A little weird because it's typically the other way around.

00:08:06.660 You need to allow your kids to be able to tell you, I don't want to run the damn business. 0.75

00:08:10.660 Have other dreams.

00:08:11.520 No problem.

00:08:12.340 Don't force it.

00:08:13.280 It's friction in the family.

00:08:14.720 They need to be interested.

00:08:16.440 Remember how number four was not letting go.

00:08:18.040 Number nine is not letting them fail.

00:08:19.480 They're going to fail.

00:08:19.960 They're going to screw up.

00:08:21.160 And I remember I'm talking to this group that let us entertain you.

00:08:23.740 They got seven, 8,000 employees.

00:08:25.340 It's a massive restaurant chain.

00:08:27.020 COVID happens.

00:08:27.840 They call the father.

00:08:28.900 I was like, hey, dad, man, I don't know what to do.

00:08:31.260 COVID's happened in all the restaurants.

00:08:32.740 They're in Chicago.

00:08:33.580 We have to shut it down.

00:08:34.680 He says, so what are you guys going to do?

00:08:36.020 Well, I don't know.

00:08:36.520 What should we do?

00:08:37.360 I don't know.

00:08:37.940 Figure that and call me back.

00:08:38.980 The father who built this billion dollar empire, seven, 8,000 employees during COVID.

00:08:44.520 They got to send six, 7,000 employees home.

00:08:47.120 The kids are calling to plead with dad.

00:08:49.400 We don't know what to do.

00:08:51.140 The dad says, I don't know.

00:08:52.080 Once you guys figure that, call me back.

00:08:53.300 I'm busy right now.

00:08:53.960 Holy shit.

00:08:55.180 Now that takes brass. 0.52

00:08:56.420 But that's the right way to do it.

00:08:57.720 The kid says, we were worried that he would be worried because most of his equity is still

00:09:01.660 tied to.

00:09:02.060 He's still alive.

00:09:02.880 But we're like, shit, we got to figure this out.

00:09:04.200 And they figured it out.

00:09:05.100 And they brought it back.

00:09:06.000 And the rest is history.

00:09:06.900 But they felt empowered.

00:09:08.760 The three kids that were running, let us entertain you.

00:09:11.300 This last one's tough to do because parents sometimes use this as the guilt.

00:09:15.540 Do not use the guilt.

00:09:16.560 It's not going to produce the right emotion.

00:09:18.000 And we worked so hard for this business for you.

00:09:20.560 They didn't force you to do it.

00:09:21.440 You chose to do it.

00:09:22.300 Well, you know what we did.

00:09:23.700 Don't use that towards them, the guilt.

00:09:25.460 Use it as example, not as guilt.

00:09:27.600 Guilt is unattractive.

00:09:29.960 I look at the business.

00:09:31.280 I'm like, I'm always going to look at this business tied to guilt.

00:09:33.980 I don't want this business.

00:09:35.060 Every time I think about this business, I link it to guilt.

00:09:37.240 That's the parent's fault.

00:09:37.920 That's the founder's fault.

00:09:38.820 Versus they need to look at it and say, man, every time I look at this business, I feel a

00:09:41.960 sense of pride.

00:09:42.840 When I was a kid, I used to do da-da-da-da-da.

00:09:44.500 I remember being six years old.

00:09:46.080 I remember being 12 years on my first job.

00:09:47.780 I love this company.

00:09:48.960 Sense of pride, not a sense of guilt.

00:09:51.320 That comes from the founders, the parents, you, not the kids.

00:09:54.420 So now these are 10 strategies on how to do it right.

00:09:56.380 Number one, treat it like a business decision.

00:09:59.080 Interview your son.

00:10:00.240 Interview your kids.

00:10:01.320 Are they the right people?

00:10:02.140 If they're not, they're not ready yet.

00:10:03.760 What training would you give?

00:10:04.900 So imagine somebody comes and applies for a job.

00:10:06.680 If they're not ready, what feedback do you give them?

00:10:08.920 If they really want this job, go get this.

00:10:11.120 Go get that MBA.

00:10:12.000 Go get this.

00:10:12.500 Give them the feedback, but treat it like a business decision.

00:10:15.720 Number two, start five to 10 years earlier.

00:10:18.100 Just start very early.

00:10:19.320 You're like, my kids are only nine.

00:10:20.560 Start now.

00:10:21.520 Seriously?

00:10:22.060 Yes.

00:10:22.620 Talk about it now.

00:10:23.660 Start very early.

00:10:25.080 So many people, when they come, when they're coming down, sitting with us, it's usually

00:10:29.000 too late.

00:10:29.680 Start very early.

00:10:31.740 Gradual involvement.

00:10:32.740 We're running election night the other day, a few months ago.

00:10:35.520 My son, Dylan, wants to sell merch.

00:10:38.180 I said, I'm not hiring.

00:10:39.140 You go talk to RJ, our chief HR officer, and get your comp plan.

00:10:42.840 I don't know what he's going to pay you.

00:10:44.000 He's sitting in the HR's office like this with RJ, negotiating his pay.

00:10:48.320 Great.

00:10:48.620 Did you negotiate?

00:10:49.320 Yes.

00:10:49.600 You feel good about it?

00:10:50.360 I think it's fair.

00:10:51.200 Great.

00:10:51.740 He works four hours that night selling merch.

00:10:54.060 One by.

00:10:54.560 I'm in the middle of doing a podcast.

00:10:56.160 He comes and says, dad, can you sign these three ads?

00:10:57.900 I got this guy to pay $99 if they're signed by you.

00:11:00.440 I'm in the middle of a podcast.

00:11:01.800 He's, I'm getting, making me.

00:11:02.760 He goes back.

00:11:03.840 He said, that guy right there wants to buy a three, four.

00:11:05.580 But you see, it's gradual.

00:11:07.080 Let him in.

00:11:08.100 Let him gradually feel involved in participating.

00:11:11.240 Eventually, this could lead to them being excited and care about the business.

00:11:15.620 But start them early.

00:11:16.620 Talk about a succession plan. 0.98

00:11:17.840 Talk to them.

00:11:18.260 Hey, son, if one of you guys wants to one day run this business, this is what I expect.

00:11:21.880 You need to get your MBA to understand business and have a couple hundred case studies under your belt.

00:11:26.000 You need to go work for somebody else for a few years.

00:11:27.780 Really?

00:11:28.180 Yes.

00:11:28.500 Why?

00:11:29.060 Because you got to get experience before you come here.

00:11:30.760 And if you come, you're not reporting to me.

00:11:32.920 Create a gradual plan.

00:11:35.000 Why would I not be reporting to you or my dad?

00:11:36.640 You're not going to report to me.

00:11:37.740 What do you mean I'm not going to report?

00:11:38.540 You're not going to report to me.

00:11:40.260 You have to show that you can respect all the other bosses that we have here that are building this company.

00:11:45.280 If you can show me you can earn respect from them, later on you can get their respect if you choose to become a leader in the company.

00:11:51.980 But that's what it's going to take.

00:11:53.000 Okay, great.

00:11:53.720 Create a leadership council or board to coach them and mentor them.

00:11:57.520 And start that early.

00:11:58.440 Create that board.

00:11:59.240 Hey, what do you think I should do?

00:12:00.660 I don't know.

00:12:01.120 Talk to Tom.

00:12:01.840 Go talk to Mario.

00:12:03.040 Have you talked to the group?

00:12:04.100 No.

00:12:04.420 Go talk to them before you come.

00:12:05.420 Why are you coming to me?

00:12:06.240 They're there.

00:12:06.780 Go talk to them.

00:12:07.440 All right, I'll go talk to them.

00:12:08.360 Great.

00:12:08.720 No problem.

00:12:09.260 Let them, instead of you always solve all the problems, let them go and establish these relationships with these other people so they can also learn how they think, how they process issues.

00:12:18.760 But create an advisory board for them to start having to make some of these decisions and get the feedback from others, not from you.

00:12:24.900 This next one I already got, but it's reporting to someone else.

00:12:27.480 Even when I, my sister wanted to work with my company many, many years ago, I said, you can't work with me directly, but I want to work with you directly.

00:12:32.940 It's not going to work.

00:12:33.700 You're better off working with somebody else.

00:12:35.480 Trust me.

00:12:36.020 I don't know if that's a good idea.

00:12:37.000 I'm telling you, for the sake of the relationship, it's better.

00:12:39.720 They did.

00:12:40.480 They're doing very well for themselves.

00:12:42.260 They build a very good business for themselves, but they work with somebody else, not with me.

00:12:46.260 Talk to them about earning respect from their peers.

00:12:49.000 So if my kids want to come in, I'm like, hey, if you ever wanted, you better make sure they respect you.

00:12:53.420 How am I going to earn that?

00:12:54.520 Work your ass off.

00:12:55.540 Be a great teammate.

00:12:56.680 Have a great attitude.

00:12:57.980 Be respectful to them.

00:12:59.160 Don't use your last name.

00:13:00.660 Don't act like just because you have a last name that you can go push people around.

00:13:03.540 Don't be like that.

00:13:04.280 That's unattracted.

00:13:05.680 Merit-based.

00:13:06.440 Earn it.

00:13:07.080 I'm going to earn it.

00:13:07.940 Awesome.

00:13:08.680 If you do that long-term, you're going to be fine.

00:13:10.340 Challenge them to win first.

00:13:11.380 I'll never forget.

00:13:11.980 I'm sitting with Barron Trump.

00:13:12.960 I'm like, Barron, when are you going to do a big interview?

00:13:14.720 He says, I can't do an interview yet.

00:13:15.960 I said, why not?

00:13:16.640 He says, I haven't won at anything.

00:13:17.880 Why would I go do an interview?

00:13:19.360 Let me go win something.

00:13:20.920 Then I'm going to do an interview.

00:13:22.420 What an attractive thing to say.

00:13:24.260 You're 6'9", 6'10".

00:13:25.660 Barron Trump, everybody around the world wants to know about you.

00:13:29.360 And you still say, I have to go win at something before I do an interview with the market.

00:13:34.680 You got to respect that.

00:13:36.020 This next one is communicate with all stakeholders.

00:13:37.900 The kids, the kids to you, coworkers, shareholders.

00:13:41.660 It doesn't matter.

00:13:42.320 Communicate with all stakeholders.

00:13:43.680 The more communication, the better it is.

00:13:45.860 And last but not least, number 10 is document everything.

00:13:49.740 Document it early.

00:13:51.160 Put it on paper.

00:13:52.280 Let them know what the bylaws are.

00:13:53.840 Let them know what the structure is.

00:13:55.280 Let them know what they need to earn.

00:13:56.500 And make it clear with all the kids.

00:13:58.580 So no one's going to be like, you favored Johnny.

00:14:00.640 You favored Bobby.

00:14:02.140 Now, this was the same structure for all of you guys.

00:14:05.220 And you simply didn't want to do it.

00:14:06.880 There was one of the families.

00:14:08.340 I believe it was the Chicago Cubs ownership family.

00:14:10.880 And they had like three or four kids.

00:14:12.360 I said, so how did you guys decide who was going to get the Cubs?

00:14:14.880 The guy that runs the team.

00:14:16.640 That was very easy.

00:14:17.940 On day one, I came to work at 6 a.m.

00:14:19.740 And I left at 10 p.m.

00:14:20.620 My kids said, yeah, we're not going to work that hard.

00:14:22.020 You can run the team.

00:14:22.880 Very easy.

00:14:23.680 The other guys don't want to come in early, leave late.

00:14:25.580 You're willing to do that?

00:14:26.720 You run the team.

00:14:27.620 I don't want that kind of pressure.

00:14:29.040 Very easy filtering process.

00:14:30.580 But document everything up front so there's no infighting.

00:14:34.220 Because there's favorites.

00:14:35.320 Nope.

00:14:35.920 It's clear.

00:14:36.580 Who wants to work this hard?

00:14:37.540 I don't want to do it.

00:14:38.360 I want to do it.

00:14:39.060 Okay, so if you're someone that's watching and saying, I want all these notes.

00:14:41.400 All you got to do is go subscribe to the Entrepreneur Circle on Manect.

00:14:45.860 I'm going to put the QR code right here.

00:14:48.080 And it'll be in the description.

00:14:49.400 If you're watching this on Spotify or Apple, go to Manect.

00:14:52.820 Go to the Entrepreneur Circle.

00:14:54.540 Join the first hundred.

00:14:56.420 It's $5 a month.

00:14:57.760 Subscribe to it.

00:14:58.600 All the notes and everything I do on these shows will be there moving forward.

00:15:03.580 And we will have many additional things that I do will be there as well.

00:15:07.260 So go to Manect. 0.94

00:15:08.160 Download the app.

00:15:08.920 Join the circle.

00:15:09.580 These notes are waiting for you.

00:15:11.120 Print this out.

00:15:11.860 Sit down with your wife. 0.99

00:15:12.660 Sit down with your partner.

00:15:13.380 One by one by one.

00:15:14.340 Go say, babe, how good of a job are we doing with this?

00:15:16.800 And be proactive with it.

00:15:18.700 If you got value out of this video, give it a thumbs up and subscribe to the channel.

00:15:21.520 And if you enjoyed this video, there's another video I did on the title of generational wealth.

00:15:26.640 It's a longer video.

00:15:27.520 If you've never seen it, I give you a bunch of stories how other families did it.

00:15:31.660 If you've never seen that, click here to watch it.

00:15:33.300 Take care, everybody.

00:15:34.120 Bye-bye.

00:15:34.360 Bye-bye.

00:15:34.580 Bye-bye.

00:15:39.240 Bye-bye.

00:15:40.020 Bye-bye.

00:15:42.640 Bye-bye.

00:15:43.180 Bye-bye.

00:15:45.280 Bye-bye.

00:15:47.180 Bye-bye.

00:15:47.780 Bye-bye.

00:15:47.940 Bye-bye.

00:15:48.660 Bye-bye.

00:15:48.760 Bye-bye.

00:15:49.220 Bye-bye.

00:15:49.320 Bye-bye.

00:15:49.380 Bye-bye.

00:15:49.540 Bye-bye.

00:15:49.920 Bye-bye.

Valuetainment - May 12, 2025

“Only 30% of Family Businesses Survive＂ - How to Transition Your Business Successfully

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