Preserving Families and Perpetuating Businesses

#46・
47

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The Business of Family
Preserving Families and Perpetuating Businesses
By Mike Boyd • Issue #46 • View online
Raising Children Amid Wealth (The 3Gs): Gratitude, Goals, and Grit
  1. Gratitude prevents a sense of entitlement.
  2. Having goals helps kids translate lessons learned as they grow while having a worthy pursuit more valuable than money.
  3. Grit involves knowing how to say No to your kids, when yes is always an option. How do you bail your kids out when they have trouble?
“Families often don’t train the next generation to become owners because we don’t want them to fail while we’re watching.”
However, part of this training can be done by co-investing with kids to meet some of their smaller needs. Additionally, building a working shared ownership mentality among kids can be difficult but is necessary, so it helps to start with small shared decisions.
These ideas and many more feature in this week’s podcast episode with Dave Specht. A thoughtful, refreshing and inspired conversation that I’m sure you’ll enjoy as much as I did.
Dave encourages his kids to have an ownership mindset and not limit themselves, even while keeping the values of a good honest job. What is your ambitious pursuit?
If we focus too much on giving the best to our children, we may only pass on valuables rather than values.
Enjoy the episode!
Mike

Spotlight: The Albrecht Family
An original Albrecht store pictured above. ALDI Einkauf GmbH & Co. oHG via Getty Images
An original Albrecht store pictured above. ALDI Einkauf GmbH & Co. oHG via Getty Images
Theo and Karl Albrecht took their mother’s thrifty corner store, still standing in Essen, Germany, after World War II, and turned it into a low-cost supermarket chain that today spans over a dozen countries across Europe and the US.
Aldi, short for Albrecht discount, has become such a stakeholder in Europe that other chains like it, including Walmart, have never been able to get a foothold. Throughout the decades, Aldi became one of the most profitable retail chains, with over 10,000 stores across Europe and the US.
In 1979, a family trust bought Trader Joe’s, the low-cost grocery store native to the US.
The Albrecht brothers’ heirs are feuding after one of the founder’s wives tried to cut her grandchildren and daughter-in-law out of the family business because of their “lavish spending,”
Billionaire Aldi Family Fortune To Hit German Court As Son Sues Mother For Embezzling Funds
Recommended Reading
The Family Business Whisperer David Specht
Latest Podcasts
Dave Specht - Preserving Families and Perpetuating Businesses
Matina Agio - The Inheritance Muse
Interesting Links
How To Prevent Family Dynamics From Undermining Your Family Business: A Code Of Conduct
Fendi dynasty’s Delfina Delettrez is the hottest name in jewellery design
A New Generation Leads Chick-fil-A’s Growing Flock - WSJ
Stay in touch
Mike Boyd is the co-owner and CEO of the Vroom Group, Founder of Prosura insurance, Investor at Mudbrick Capital, Host of The Business of Family Podcast and an active member of YPO.
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Mike Boyd

I'm inspired by multi-generational businesses and the families who steward them.

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