Compass for Entrepreneurial Families - Course Preview

Compass for Entrepreneurial Families is an educational program developed by Business Families Foundation to provide business families with a better understanding of fundamental, contemporary concepts.

OK let's just do it I'm often asked about The Secret of the phenomenal expansion of my business and I surprise people by saying I never really had a plan except to grow grow grow grow it doesn't matter whether you've got a billion dollar enterprise or 5 goats if that's what you own how do you make decisions about how you’re going to leave your assets onto your next generation I'm really worried about what's going to happen to the family after I'm gone I mean I keep thinking maybe the best thing to do is to sell the business divide the assets and avoid those difficult conversations Grandad can I ask you a question privately. There are more opportunities and compelling reasons for partnering between the senior and junior generation not just within the family but within a management team. Well, the company needs good ideas you know the world is changing and the company has to change with it and if we don’t, we face bankruptcy and that's going to make a whole lot of people really nervous my children are grown up and I'm sure they’re wonderful people, I mean they’re my kids. If we make this acquisition we could double the size of the business that would really put our family on the map even more than we already are but this acquisition would saddle the company with more debt than it's ever had I think the 3 of us need to be clear about the risks that we as joined owners want to take with our joint capital I think we have to have a family meeting so that everybody understands my current way of thinking I was wondering if it would be possible for you to set up a meeting for us say like next Tuesday right idea, wrong timeline a formal family meeting is exactly what we need let's take some time to think about how it's going to work any cousin who joins the business should see that there is a fair process for entering the ownership circle there needs to be an agreement something that's written down transparent to everyone so you won’t be joining us next week. Listen you rest you rust OK cut.