Creating Generational Wealth with Mike Boyd, The Business of Family

One of the many perks of owning a business is an opportunity to pass your business and wealth down to your family. Multigenerational businesses are a great way to do some long-term family planning. Our today’s guest is Mike Boyd, the host of The Business of Family. He interviews successful families and their advisors to learn how they steward their wealth across generations and manage succession issues to "keep it in the family.”Tune in to hear how you can create a family enterprise that can last your family for generations to come. About our guest: Mike Boyd is a serial entrepreneur with an impressive business portfolio. He specializes in helping entrepreneurs grow their family businesses into family enterprises that can stand the test of time. Unfortunately, most companies don’t last longer than three generations, and Mike is on a mission to help educate entrepreneurs on this topic through his podcast, The Business of Family. On Today’s Episode: Who is Mike Boyd? - 0:36 Where Mike sees himself in his entrepreneurial journey. - 4:02  Mike's calmer approach to business and portfolio entrepreneurship. - 4:55What had to change for Mike with his business portfolio. - 6:50 One of the biggest mistakes in his career and the lesson he had to learn from it. - 9:07 The biggest impact on Mike’s experience as an entrepreneur. -11:28 Using digital intangibles in business to keep costs low. - 14:48 The benefits of automating operations. -16:57Risk types in business. - 18:54The importance of having a long-term view on business and life. -21:41 Having a family constitution, family meetings, and a family value system. -23:30How most family wealth is gone by the third generation. -24:14Generational storytelling and passing down wisdom is a powerful force. -28:09The difference between a family business and a family enterprise. -35:41 How Mike plans to continue educating entrepreneurs on managing generational wealth while keeping families together. -38:51The importance of staying in the game when it comes to business. -40:46The impact of bringing meaning and purpose to your business. -42:58Key Takeaways: Generational storytelling and passing down business wisdom can significantly impact the strength of your family and their success going forward. If you inherit a family business, think of yourself as a steward to grow it and leave it even better than before and provide a way for future generations to thrive. Focusing on the profit motive and staying in the game can bring a tremendous amount of success and help you weather the storms that life brings.Diversifying your family wealth can give it even more staying power for multiple generations.  Giving your business purpose and meaning beyond yourself can light you up when you feel lost. You can create family enterprises that last for multiple generations. [37:45]  “We’re not trying to diminish the wealth, we are trying to grow it. As a result, we are stewarding whatever we inherited and passing it down to the next generation in a better condition than when we inherited it.” How can you create a family business that will continue to thrive through each generation? Tell us in the comments, and don’t forget to say hello if you would like to share your entrepreneurship story on our podcast. Connect with Mike Boyd: Web: https://mikeboyd.com.au/Podcast: https://www.businessoffamily.netLinkedin: https://www.linkedin.com/in/mikeboyd08/Twitter: @MikeBoydFollow Beyond 8 Figures:Website: Beyond8Figures.comTwitter: @beyond8figures Facebook: Beyond 8 FiguresInstagram:@b8fpodcastEmail: [email protected] with Insights Lab: Website: https://insightslab.ai/Facebook: https://www.facebook.com/TheInsightsLab/Instagram: https://www.instagram.com/insightslab.ai/Email: [email protected]: https://www.linkedin.com/company/insightslab-ai/

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