Family Prosperity Podcast
by Family Prosperity Partners
This is a podcast that is dedicated to helping bring families to life. Where most contributors talk jsut about making money, we will talk about how to take care of the people and the dollars. There is an emphasis on creating dynasty wealth.
Episodes
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When To Split Up
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...
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Don't Be A Slave To Money
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…
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Saving A Disaster Plant
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...
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Want perfect leaders?
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...
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Getting Back On The Horse
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…
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3 Family Business Stages
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...
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Did I Lie About Family Failure?
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…
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Do you keep your nose where it belongs?
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…
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Just Dump Money On Your Kids - Everything Will Be Fine
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...
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This Overlooked Investment Class Really Pays Off
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...
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3 Types Of Advisors That Transformed Our Family Business
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...
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Use Trusted Advisors To Vet Shady Consultants
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…
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Be Lame, Save The Day
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...
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Say No to Surprise emergencies
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…
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Why A One-Size-Fits-All Mentality Turns Great Plans Into Nightmares
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...
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How To Turn Individual Visons Into A Family Vision
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…
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Why business owners fail to retire, and how to fix it.
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…
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IBM Watson: How An Entire Family Got Stuck In Dad's Shadow
It is always important to keep growing and oving forward. That is why planning out your vision is so important. If you don't know where you are going, you might get stuck. At some point, you will need to leave your business. If you can't let go and move forward, you can hold your entire family...
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Your Vision For The Family Needs To Take Care Of People
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,...
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How To Make Useful And Actionable Family Business Goals
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...
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Family Before Football?
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...
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How Your Family Can Focus On The Future For The Best Results
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...
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Find Out How To Structure Your Family Team
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…
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Feeling Stuck? How to talk about your family vision.
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…
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Your Family Has A Policy For Everything, So What Are You Missing?
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…
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Use Your Family Governance For The Future Or You Will Still Fail
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…
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This Asset Protection Tool Can Give Your Family Governance The Power Of Law
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...
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Teaching Kids The Game Of Life - 3 Things Do With Your Kids That Will Make Them Better Leaders
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…
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Does Your Business Threaten Your Money?
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...
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Marriage - Don't Get Smacked By A New Branch On The Family Tree
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...
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You Can't Lose What You Don't Own
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....
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Growing Pains: New People, New Problems
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…
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The 4 Things Required For Dynastic Wealth
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...
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How Does A Successful Family Grow And Change?
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...
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Don't Say The Government Never Gave You Anything!
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...
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Are Family Board Meetings Really That Different?
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...
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This is The Goal: The Cargill Family
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...
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A Living Family Needs Eyes
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...
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Don't Panic - These Mistakes Are Dangerous To Your Money
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...
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Commitment Is The First Step
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...
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You Won't Always Agree
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...
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3 Stages of Family Development: Are You Ahead Or Behind?
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.
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The New Normal: Sometimes You Have To Take Out Money
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...
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3 things my generation needs to do better in Family Business
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.
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Create Your New Normal: The Most Difficult Family Business Decision
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...
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Create Your New Normal: Family Employment
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...
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Easy steps for families to create a strong community identity.
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.
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Define Your New Normal - Questions You Must Answer For Successful Decisions
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…
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Bring them into your business life!
Mason talks about asking your family members and community members to help you out so everyone can benefit.
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Define Your New Normal
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...
About this show
This is a podcast that is dedicated to helping bring families to life. Where most contributors talk jsut about making money, we will talk about how to take care of the people and the dollars. There is an emphasis on creating dynasty wealth.
Hosted by
Family Prosperity Partners