In this episode of The Disruptive Successor Show, Jonathan speaks with Robert Balentine, the Chairman of Balentine, Founder of Southern Highlands Reserve, and Author of First Generation Wealth. Today, Robert discusses his book and the 3 principles to create enduring wealth, family, and legacy. Robert also digs into the phenomenon of going from shirtsleeves to shirtsleeves in 3 generations and how first-generation wealth builders can secure their legacy. In Robert's experience, generations who have been taught by parents with aligned mindsets and the opportunity to fail early fare make for better stewards of the business. He shares how he and his father started their business 50-50, the trials that followed, and the height they achieved after his father’s passing. Robert also comments on trust distributions where he also says that it is best not to be prescriptive and instead be discretionary where there is context and judgment. HIGHLIGHT QUOTES ROBERT: The family business and the business of a family are 2 different things "We've got one client that we joke about years ago, said, I run my family meetings on Sunday nights around the dinner table like I run a board meeting. And his children are smart enough to understand that, so there's a difference in how you run a family business versus how you run the business of the family." ROBERT: The division of wealth among children must be fair, not equal "There's a difference between fair and equal. And a lot of people in family businesses, they think about I've got 3 children, a third, a third, a third. But what about the difference between what's fair versus what's equal? And we spend a lot of time in family meetings counseling families how to think through that." ROBERT: Good customer service is good business "He always said, son, if you worry about your client first and yourself second, you'll have people knocking on your door in 4, 5 years wanting to do business with you." Connect with Robert and get his book through the following links: About Robert Website Email Book If you enjoyed today’s episode, please subscribe, review and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com
In this episode of The Disruptive Successor Show, Jonathan speaks with Robert Balentine, the Chairman of Balentine, Founder of Southern Highlands Reserve, and Author of First Generation Wealth. Today, Robert discusses his book and the 3 principles to create enduring wealth, family, and legacy.
Robert also digs into the phenomenon of going from shirtsleeves to shirtsleeves in 3 generations and how first-generation wealth builders can secure their legacy. In Robert's experience, generations who have been taught by parents with aligned mindsets and the opportunity to fail early fare make for better stewards of the business.
He shares how he and his father started their business 50-50, the trials that followed, and the height they achieved after his father’s passing. Robert also comments on trust distributions where he also says that it is best not to be prescriptive and instead be discretionary where there is context and judgment.
HIGHLIGHT QUOTES
ROBERT: The family business and the business of a family are 2 different things
"We've got one client that we joke about years ago, said, I run my family meetings on Sunday nights around the dinner table like I run a board meeting. And his children are smart enough to understand that, so there's a difference in how you run a family business versus how you run the business of the family."
ROBERT: The division of wealth among children must be fair, not equal
"There's a difference between fair and equal. And a lot of people in family businesses, they think about I've got 3 children, a third, a third, a third. But what about the difference between what's fair versus what's equal? And we spend a lot of time in family meetings counseling families how to think through that."
ROBERT: Good customer service is good business
"He always said, son, if you worry about your client first and yourself second, you'll have people knocking on your door in 4, 5 years wanting to do business with you."
Connect with Robert and get his book through the following links:
If you enjoyed today’s episode, please subscribe, review and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com