Building a multi-generational family empire requires explicit systems—family meetings, a shared creed, and ironclad trusts—not just wealth.

15:10the point where you're like, this is a hodgepodge of stuff and it works for us, but no one buyer would ever actually take this. So like, but then I also think that it comes down a lot to the family. And I think that there's something special around family meetings. We've had Rob Deick on here. He talked about that. I actually follow some people on Instagram and they talk

15:26about like family meetings. >> Explain what you mean. What is what's a family meeting? So, the way that I grew up is probably very similar to the way potentially you grew up, but the way a lot of Americans grew up, which is your parents never talked to you about money. If you asked them like how much do you make, they would say like that's none of your business. Um, and there was very

15:44little transparency and there was probably very little culture creation in terms of like here's explicitly my expectations of you. Here's our family's culture. Here's our values. And what I've been learning about and frankly what I like is this idea of a family meeting where you get the children and everyone in the same room monthly, quarterly, annually, something like that. And in the same way you run a

16:06board meeting, you run a family meeting where you say like here's the values that we stand for. Here's how we did last quarter, last month according to what we said we wanted to achieve. And what about the future? What would you guys like to do? Let's let's talk about this. And here's the money that we have to spend on whatever dreams and ideas that you have. and let's discuss if it

16:25fits within our family credo and mission. And there's actually like a way to do that. And I aspired to do that with my family. My family >> was like taking minutes, taking meeting minutes, a board observer. >> I just think there's something special about being explicit about stuff. I think that a lot of times when you're growing up, there's these things that you say, well, we never really talked

16:44about blank, but my feeling was this. But what I would like to experience is like saying like we are actually going to speak what we intend to do and how we will do it and what resources we have to get it done and we'll have a conversation. And I think there's something very special about the families who pull that off. >> Yeah, I um I totally agree. I think it's

17:02explicit versus implicit. So it's not even like don't talk about that. It's more just it didn't get said, right? And it doesn't get said not for malicious or secretive reasons. It's just we were busy. I don't know myself what you know it's like I'm not sure I really know the answer to all these things and it's easier just not even think about it right it's like if you ask somebody what

17:22do you really want watch people just immediately just start to flounder and it's such a simple question don't you think you should know what you really want when I'm meeting new people and I want to make them feel like I care about them sounds like I'm being nefarious but I mean like I'm trying to like get to know someone I'm like hey in the next 6 months anything interesting you want to