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Family Loses Everything In The Camp Fire, And Then Their Truck Is Stolen - Duration: 2:25.
For more infomation >> Family Loses Everything In The Camp Fire, And Then Their Truck Is Stolen - Duration: 2:25. -------------------------------------------
The Stoler Report: Challenges & Opportunities of Transitioning a Family Business - Duration: 26:46.
♪ [THEME MUSIC] ♪
>> I BELIEVE IT IS WRITTEN
THAT THE FIRST GENERATION BUILDS
THE BUSINESS, THE SECOND
GENERATION SOMETIMES CONTINUES
AND NORMALLY THE THIRD LOSES THE
BUSINESS.
WHAT ARE THE PROBLEMS, THE
CHALLENGES, AND OPPORTUNITIES IN
TRANSITIONING OF A FAMILY
BUSINESS?
I'VE ASSEMBLED THESE INDIVIDUALS
WHO ARE ALL INVOLVED WITH FAMILY
BUSINESSES, FIRST, SECOND, THIRD
GENERATION, TO TALK ABOUT WHAT
THEY SEE AS THESE CHALLENGES AND
OPPORTUNITIES.
JOSEPH MATTONE, SR., FOUNDER
AND CEO OF THE MATTONE GROUP.
EDWARD BLUMENFELD, FOUNDER OF
BLUMENFELD DEVELOPMENT GROUP,
LESTER PETRACCA, PRESIDENT AND
CEO TRIANGLE EQUITIES AND PETER
SUDLER, CEO OF SUDLER COMPANIES.
>> THIRD GENERATION --
>> THIRD AND I HAVE GOT A FOURTH
WHO JUST CAME WITH ME.
>> SECOND GENERATION.
>> FIRST GENERATION.
>> FIRST GENERATION.
>> YOU HAVE A SECOND GENERATION
WHO WORKS FOR YOU.
>> I WORK FOR THEM.
>> A SECOND-GENERATION YOU SHARE
SPACE WITH.
AND YOU HAVE A POTENTIALLY
THIRD-GENERATION JOINING THE
BUSINESS.
WHAT DO YOU SEE AS THE MOST
DIFFICULT PROBLEMS OR THE
OPPORTUNITIES?
>> EGOS AND RESPECT,
FOR THEM TO GET ALONG.
AND A CLEAR DIVISION OF DUTIES,
BUT AGREEMENT ON HOW TO PROCEED
WITH NEW VENTURES.
I THINK THOSE ARE THE MAIN
OBSTACLES IN SUCCESS.
>> YOU WERE WITH YOUR FATHER AND
YOUR BROTHER.
>> MY FATHER AND THREE BROTHERS.
>> LET'S TALK ABOUT THAT.
YOU HAVE FIVE SIBLINGS.
TWO SONS AND ONE DAUGHTER.
YOU HAVE TWO SONS BUT YOU ALSO
HAVE --
>> I HAVE TWO PARTNERS I'VE
KNOWN SINCE THEY WERE FOUR YEARS
OLD.
THEY ARE LIKE SONS.
PRESENTLY, TWO GRANDSONS THAT
ARE IN SOME FIELD OF THE REAL
ESTATE BUSINESS.
>> JOE, YOU HAVE EIGHT CHILDREN,
FIVE THAT ARE INVOLVED WITH
CERTAIN ASPECTS OF THE BUSINESS.
>> AN EVENT THAT CAUSED ME TO BE
VERY AWARE OF ESTATE PLANNING.
I LOST MY FIRST WIFE TO CANCER
AND AT THAT TIME I DECIDED TO
DISCLOSE -- WHICH I THINK WAS A
MISTAKE, HOW MUCH MONEY I HAD.
I DECIDED BECAUSE OF THE EVENT I
DECIDED TO DISTRIBUTE HALF
OF MY MONEY TO MY CHILDREN.
A BENEFIT IN SOME WAYS AND A
MISTAKE IN OTHER WAYS.
MOST OF THEM IN THE OFFICE GOT
ABOUT THE EQUAL SHARES WHO ARE
IN THE DEVELOPMENT PART.
I HAVE TO COMPARTMENTALIZE SO
MUCH.
YOU TRY TO DO IN TERMS OF RISK
TO REWARD.
PARTICIPATION, LEFT ENTIRELY TO
MY DECISION.
SO THEY DID NOT ALL GET EQUAL
PARTS.
THOSE WHO REALLY WORKED IN THE
DEVELOPMENT PART OF IT GOT A
PERCENTAGE.
THOSE SOMEWHAT RELATED GOT A
LITTLE LESS AND THOSE WHO WERE
NOT IN THE BUSINESS AT ALL BUT
HAD MARRIED WELL AND
PROFESSIONAL, THEY GOT LESS.
THEY GOT AN AMOUNT TO FEEL THEY
WERE RECOGNIZED.
OF COURSE, HAVING GIVEN THEM A
RATHER SUBSTANTIAL AMOUNT OF
MONEY, HALF $1 MILLION, THEY
ENJOYED THE INCOME.
THEY STILL WORKED.
I THINK IT LED SOMEWHAT TO
EGO PROBLEMS AND
DISTRIBUTION OF WEALTH AND
RESPONSIBILITY.
WHICH IS WHY I AM STILL
THERE WORKING.
>> I SAID EARLIER I THINK THE
TRANSITIONING OF A FAMILY
BUSINESS IS MORE ART THAN
SCIENCE.
I DON'T THINK THERE'S A MAGICAL
FORMULA.
A LOT DEPENDS UPON THE DYNAMICS
OF THE KIDS.
A LOT DEPENDS UPON THE STRUCTURE
OF THE BUSINESS.
>> WE HAVE THE INITIAL FAMILY
BUSINESS AND YOU TODAY HAVE FIVE
SIBLINGS, FIVE CHILDREN WHO WILL
BE IN YOUR BUSINESS.
>> THAT IS WHO I AM REFERRING
TO.
IN OUR PROCESS, NOT EVERYBODY
WAS INTERESTED IN GOING INTO OUR
BUSINESS.
MY OLDEST DAUGHTER HAS SOME
INTEREST, LIKES BALTIMORE, WORKS
FOR PNC IN THEIR REAL ESTATE
DIVISION,
SAID MAYBE IN THE NEAR TERM SHE
MIGHT DECIDE TO TURN HER
ATTENTION THERE.
VERY CAPABLE, GRADUATED WILLIAM
MERRY AND ONTO CAREY SCHOOL OF
BUSINESS.
>> NOW SHE HAS A BROTHER WHO'S
IN THE BUSINESS.
>> HE IS THERE AND DOING A GREAT
JOB.
SHE HAS MADE IT VERY CLEAR THAT
SHE DOES NOT WANT TO RUN THAT
BUSINESS AND EVAN HAS MADE IT
CLEAR HE'S MORE THAN WILLING TO.
THE WAY THAT I'VE SEEN THE WORLD
IS TO SAY HERE'S THE DEAL, WE DO
EVERYTHING IN TRUST SO EVAN IS
WORKING THERE, HE GETS A 10%
KICKER.
IN THE MEANTIME YOU'RE GOING
ABOUT YOUR CAREER AND HE'S
BUILDING WHAT I HAVE STARTED AND
SO HE GETS A LITTLE EXTRA PIECE.
YOU GUYS ARE STILL GETTING A
NICE PIECE OF WHAT IS BEING
DONE.
>> MR. MATTONE
IS IN THE BUSINESS FOR HIS OWN
REASONS.
ED WAS SAYING ONE OF THE THINGS
HELPING HIS TRANSITION IS THEY
HAVE A PSYCHOLOGIST WHO TALKS TO
THE FAMILY AND DISCUSSES THE
DIFFICULTIES.
PETER WENT INTO THE BUSINESS
BECAUSE YOUR FATHER SAID -- WHO
IS THE SECOND-GENERATION, IF YOU
DON'T GO INTO THE BUSINESS I'M
SELLING THE BUSINESS.
>> I HAD A CASE OF WHAT I CALL
I'M GOING TO SHOW MY FATHER --
THIS DISEASE AFFLICTED ME AND
AFFLICTS MY SONS RESULTS IN
HEARING YOUR WHOLE LIFE THAT
YOU ARE GOING TO GO INTO THE
BUSINESS, AND OF COURSE, DO NOT.
MYSELF, HEARING THIS ALL THE
TIME DECIDED NOT TO GO INTO
THE BUSINESS AND PURSUED A
DIFFERENT CAREER.
WHEN MY FATHER TOLD ME IN
MY 40s HE WAS DISGUSTED AND HAD
NOBODY ELSE AND WAS GOING
TO SELL THE BUSINESS,
THAT'S WHEN I ENTERED THE
BUSINESS.
PAYBACK IS A BITCH.
MY TWO SONS, HAVING HEARD THAT
I WOULD LIKE THEM TO GO IN THE
BUSINESS DECIDED THAT THEY ALSO
HAD THE DISEASE AND THEY WENT
INTO THE MILITARY.
ONE OF THEM JUST TRANSITIONED
INTO MY BUSINESS AFTER HAVING
SPENT 12 YEARS AS A SPECIAL
FORCES GREEN BERET.
THE OTHER WAS IN MARINE CORPS.
I AM HOPING THAT HE WILL COME
INTO THE BUSINESS THIS JANUARY.
I'VE HEARD THIS BUT I WILL
BELIEVE THIS WHEN HE SHOWS UP AT
THE DOOR.
>> YOUR DAUGHTER DID GO INTO THE
BUSINESS.
>> MY DAUGHTER, THE GOOD CHILD,
IS AN ATTORNEY AND WAS
ASSISTANT GENERAL COUNSEL IN MY
BUSINESS.
SHE RECENTLY HAD FOUR KIDS SO
SHE'S ON MATERNITY LEAVE NOW.
I'M HOPING AT SOME POINT SHE
WILL COME BACK INTO THE
BUSINESS.
SHE IS THE ONE WHO DOES NOT SEEM
TO HAVE THE DISEASE.
>> HERE IS THE QUESTION FOR ALL
OF YOU SINCE YOU HAVE
NEXT-GENERATION IN THE BUSINESS.
WHEN YOU WERE STARTING YOUR
BUSINESS OR GROWING YOUR
BUSINESS, DID YOU WANT YOUR
CHILDREN IN YOUR OWN MIND TO
JOIN THE BUSINESS?
>> IN THE BACK OF MY MIND, SURE.
THAT IS WHAT I WAS WORKING FOR,
TO MAKE A MULTIGENERATIONAL
BUSINESS.
I GREW UP IN AN AGE OF, -- IN
MANHATTAN, WHERE THE MAJOR
PLAYERS IN REAL ESTATE BUSINESS
WERE FAMILIES.
THE SIX --
>> THE FIVE FAMILIES.
>> RIGHT.
THAT WAS MY DREAM AND EDUCATION.
I STARTED A BUSINESS AND --
>> WHAT ABOUT YOU?
>> WE ALL HAVE DIFFERENT
EXPERIENCES.
MY EXPERIENCE AT PETRACCA AND
SONS, THE RESTRUCTURING OF THE
BUSINESS WAS NOT PLEASANT.
MY BROTHERS WERE PISSED OFF.
MY FATHER HAD ALL THE CONTROL.
HE DECIDED.
PRIOR TO THAT, -- WE ARE
AGGRESSIVE GUYS, WE WERE
BUILDING A BUSINESS, ALL VERY
CAPABLE.
THERE WAS NOT A SLOUCH IN THE
GROUP.
I WAS AT MY DESK AT 5:30 AND
HOME AT 8:00 AND THAT WAS THE
NORM FOR MY BROTHERS.
WE BUILT IT FROM A SMALL TO A
LARGE CONSTRUCTION COMPANY.
AT THE RESTRUCTURE MY FATHER
MADE THE DECISION AND INSTEAD OF
GOING BY THE WRITTEN RULE HE
WENT BY WHAT HE THOUGHT WAS THE
RIGHT THING TO DO.
IT UPSET PEOPLE.
SO MICHAEL WENT ON HIS OWN, MY
FATHER FULLY RETIRED AND ME AND
JEAN CONTINUED FORWARD.
I WAS GIVEN THE REAL ESTATE
WHICH WAS REALLY TWO PIECES OF
DIRT AND SOME CASH.
FROM THAT I HAD TO MAKE DO WITH
WHAT I HAD AND I GOT THE
MAJORITY OF THAT, --
MAJORITY OF THE CONSTRUCTION
COMPANY.
>> WE WERE TALKING IN THE GREEN
ROOM ABOUT THE OTHER ELEMENT.
DAUGHTER-IN-LAWS, WIVES AND
OTHER SITUATIONS.
THE SON AND DAUGHTER MAY GET
ALONG BUT SOMETIMES THE NEW WIFE
OR THE CHANGES OVER THERE.
>> IF YOU MANAGE THE PROCESS
PROPERLY YOU CAN ALLEVIATE
A LOT OF THAT AND NOT ALL OF IT
BECAUSE THERE IS PERSONALITIES
AND EGOS LIKE WHAT HE SAID.
WITH MY CHILDREN, YOU'RE GETTING
SAME AS YOUR BROTHER,
HE IS GETTING AN EQUITY PIECE
FOR DOING THE SWEAT AND TEARS
THAT IT TAKES AND THE FOCUS.
AT THE END OF THE DAY,
YOU'RE NOT FAR OFF WHO HE IS.
MEANWHILE, YOU'RE OUT WITH
YOUR OWN CAREER.
IF YOU WANT TO COME IN,
COME IN AND YOU GET EXTRA
EQUITY KICKER.
>> IN THE MONEY I GAVE THEM ON
THE DEATH OF MY WIFE,
THEY WOULD ENJOY AN INCOME WHILE
I WAS STILL ALIVE, WHICH I'M
SURE THEY APPRECIATED.
A LOT OF TAX ADVICE AND THINGS
OF THAT NATURE AND HOW TO COMPLY
WITH THE LAW.
I'M SURE EVERYBODY HERE WILL DO
THE SAME THING.
THE IMPORTANT THING WAS THE ONES
WHO ARE GOING TO CONTINUE TO
WORK --
>> THERE IS ANOTHER ELEMENT.
IT'S NICE TO SAY YOU WANT TO GET
THE GENERATION TO CONTINUE ON
BUT CERTAIN GENERATIONS ARE NOT
CAPABLE OF CONTINUING ON IN THE
BUSINESS.
>> THAT'S VERY EVIDENT IN OUR
BUSINESS.
THERE ARE MANY FAMILIES WHERE
THE PATRIARCH HIRED A TRUSTEE
OR SOMEBODY TO ADMINISTER WHAT
WAS THE BUSINESS AND THE KIDS
CAN WORK THERE.
BUT THERE IS SOMEBODY THAT IS A
NONFAMILY MEMBER THAT IS IN
CHARGE.
I KNOW THREE CASES ON LONG
ISLAND.
WHICH IS WHERE WE ARE BASED.
THAT HAS HAPPENED.
I'M TALKING ABOUT LARGE FIRMS.
>> IN MY FAMILY'S CASE EVERY
SINGLE ONE OF THEM ARE CAPABLE.
SOME DON'T HAVE THE INTEREST.
MY YOUNGEST DAUGHTER WANTS TO BE
A STAY-AT-HOME MOM.
WONDERFUL.
>> WHAT ABOUT HER HUSBAND?
>> HE IS NOT ENTERING INTO THE
PICTURE AT THIS POINT AS FAR AS
I'M CONCERNED.
MY OTHER TWO SONS, ONCE AN
INVESTMENT BANKER, TAKES
COMPANIES PUBLIC, MY OTHER SON
IS HAPPY THERE.
UNTIL THEY SHOW AN INTEREST YOU
JUST LET IT GO THE WAY IT'S
GOING.
>> WHAT ABOUT YOU WITH THE BOYS
AND THE DAUGHTER?
>> THE DAUGHTER WAS VERY HAPPY
AFTER HAVING BEEN IN A BIG WALL
STREET LAW FIRM IN THE
LITIGATION SECTION TO TRANSITION
INTO THE FAMILY BUSINESSES AND
GENERAL COUNSEL.
THE SONS WANTED TO HAVE THEIR
OWN CAREER AND HAVE THEIR OWN
IDENTITY.
I'M A BIG PROPONENT IN KIDS NOT
COMING INTO THE BUSINESS RIGHT
AWAY.
I THINK IT'S IMPORTANT FOR THEM
TO ESTABLISH THEIR OWN IDENTITY
AND NOT ALWAYS BE A FUNCTION OF
THE FATHER.
I'M VERY HAPPY THAT MY BOYS WERE
ABLE TO GO OUT AND DO SOMETHING
ELSE AND ARE COMING TO THE
BUSINESS AS I DID LATER IN LIFE.
I THINK THAT IS IMPORTANT.
I HAD A BAD EXPERIENCE -- WE HAD
A MINORITY PARTNER IN THE
BUSINESS AND HIS SON CAME IN
RIGHT OUT OF COLLEGE AND IT WAS
A DISASTER.
I AM A BELIEVER THAT THE KIDS
NEED TO HAVE THEIR OWN IDENTITY,
DO SOMETHING ELSE AWAY FROM THE
FAMILY AND HAVE THAT FOUNDATION
BEFORE THEY COME IN.
>> I DID NOT SAY
IT AS ELOQUENTLY AS
YOU DID I SAID THEY HAVE
TO GO OUT AND EARN THEIR BONES.
THAT'S WHAT EVEN MY
GRANDCHILDREN ARE DOING.
WORKING FOR OTHER PEOPLE AND
PUTTING IN THE TIME AND THEY
WILL COME AND BRING SOMETHING.
MY BELIEF IS IF THEY COME RIGHT
OUT OF SCHOOL THEY COME IN AND
EVERYBODY ELSE IN YOUR
ORGANIZATION SAYS THEY ARE
ENTITLED.
>> WHAT HAPPENS WHEN YOU SAY TO
THE CHILDREN I WANT TO SELL THE
BUSINESS.
>> I DON'T THINK THE BUSINESS OR
AN INDIVIDUAL PROPERTY?
>> I'M SAYING YOU WANT TO SELL
THE BUSINESS LIKE HIS FATHER
SAID TO HIM WHEN HE WAS A
PROSECUTOR RUNNING HIS OWN
BUSINESS AT THIS TIME SAYING I'M
80 YEARS OF AGE IF YOU DON'T
COME INTO THE BUSINESS I'M
SELLING THE BUSINESS.
>> I DON'T HAVE THAT PROBLEM
BECAUSE THEY ARE ALREADY IN THE
BUSINESS.
>> LET ME GIVE YOU THE OTHER
APPROACH.
ALL OF YOU ARE IN THE REAL
ESTATE BUSINESS.
MANY PEOPLE YEARS AGO SOLD THEIR
BUSINESSES OR AN ASSET OF THAT
BUSINESS TO A REIT SO THEY NO
LONGER OWN THE FAMILY BUSINESS.
THEY WERE PART OF A PUBLIC
ENTITY.
IT'S A DIFFERENT THING.
MAYBE ESTATE TAX WISE OR
PERSONALLY FEEL DIFFERENT
APPROACH.
IT IS GOOD MY SONS AND
DAUGHTERS ARE HERE.
WE DON'T HAVE TO WORRY ABOUT THE
POTENTIAL OF OTHER CHILDREN AND
GRANDCHILDREN.
>> WHAT YOU'VE DESCRIBED IS A
DEAD-END.
YOU REACHED A DEAD AS IF
YOU HAVE NO OTHER ALTERNATIVE
BUT TO SELL.
MY GRANDFATHER STARTED THIS
BUSINESS IN 1907 WHEN THEY CAME
OVER FROM RUSSIA WITH NOTHING.
I FELT A RESPONSIBILITY AT SOME
LEVEL THAT I WAS GIVEN THIS AND
I'M REALLY A TRUSTEE AND I
THINK AT SOME POINT MY KIDS
THINK THAT WAY AND I THINK THAT
IS VERY IMPORTANT.
SINCE I HAVE THE OPPORTUNITY TO
TRANSMIT THIS TO MY CHILDREN I'M
GOING TO TAKE THAT OPPORTUNITY.
WE'VE HAD NUMEROUS OFFERS, AS
I'M SURE ALL OF YOU HAVE HAD, TO
SELL INTO A REIT AND JUST
COLLECT A COUPON BUT WE ARE NOT
GOING TO DO THAT AND IT SOUNDS
TO ME LIKE NONE OF YOU ARE
EITHER.
>> THAT IS A DEAD-END.
THAT'S WHERE IT STOPS.
THEY ARE BASICALLY THE COUPONS.
>> I'M NOT SAYING WITH THE FOUR
OF YOU BUT THERE ARE CERTAIN
PEOPLE IN THE BUSINESSES LIKE
YOU WERE BRINGING UP BEFORE THAT
THERE IS A TRUSTEE OR SOMEBODY
WATCHING OVER IT BECAUSE THE
FAMILY IS NOT CAPABLE OF RUNNING
THE SUCCESSFUL BUSINESS.
>> IT IS AN ART, NOT A SCIENCE,
MICHAEL.
>> THE BAYSIDE TERRACE SHOPPING
CENTER.
GOES BACK TO THE INDIANS.
THEY DON'T OPERATE THE BUSINESS
NOW.
THEY HAVE A PROPERTY GUY.
AN ITALIAN FELLOW.
HE RUNS THE WHOLE SHOW.
>> THE POINT,
IN TERMS OF TRANSITIONING
FROM GENERATION IF YOU DON'T
FEEL YOU HAVE CAPABILITY, BLOOD
CAPABILITY, YOU ARE AT THAT
DEAD-END.
LESTER SAID HE IS DOING
EVERYTHING IN TRUST,
GENERATIONAL SKIPPING TRUST,
ALL TYPES OF TRUST YOU CAN
ACCOMMODATE SIBLINGS AND GET
THE BUSINESS TO KEEP GOING,
TO KEEP GOOD PEOPLE THAT YOU
SUPPORT YOUR OWN BLOOD WITH YOU
HAVE TO FIND A WAY TO KEEP THEM
HAPPY.
>> YOU BROUGHT UP AN INTERESTING
POINT.
YOU HAVE TWO ADOPTED FAMILY
MEMBERS.
THIS IS NOT BLOOD.
>> WE HAVE A PSYCHOLOGIST TO
TEACH US HOW TO TALK ONE
ANOTHER.
BUT TO TALK TO THE EMPLOYEES,
IT IS AN ART.
IF YOU ARE ENTITLED YOU ARE NOT
GOING TO TALK TO ONE OF YOUR
EMPLOYEES THE WAY YOU WOULD --
>> EACH ONE OF YOU ALSO HAS A
SPOUSE WHO HAS BEEN YOUR
PARTNER, 55 YEARS.
WHAT'S THE FEELING OF YOUR
SPOUSE FOR THE -- THE
TRANSITIONING.
>> I'M GOING TO SATISFY MY
SPOUSE IN SOME WAY THAT APPROACH
IS WHAT SHE WANTS.
THAT'S ONLY FAIR.
>> MY SPOUSE HAS BEEN IN THE
BUSINESS WITH ME FROM THE
BEGINNING AS GENERAL
COUNSEL AND SHE IS ALL
IN FAVOR OF HAVING THE KIDS TAKE
OVER THE BUSINESS.
>> YOU HAVE A SON-IN-LAW IN
THE REAL ESTATE BUSINESS.
WHAT ABOUT HIM?
>> HE'S CONDUCTING HIS OWN REAL
ESTATE BUSINESS.
QUITE SUCCESSFULLY.
>> YOU JUST SAID YOU HAVE A
SUCCESSFUL BUSINESS, MAYBE
AFFORD TO TAKE IN THE OTHER
SON-IN-LAW.
>> IT'S NOT A QUESTION OF AFFORD
BUT WHAT PEOPLE WANT TO DO.
RIGHT NOW, MY SON-IN-LAW IS
CONDUCTING HIS OWN REAL ESTATE
BUSINESS AND LIKES BEING HIS OWN
MAN.
HE WORKED FOR REAL ESTATE
COMPANY FOR NINE YEARS.
AND THEN WENT OUT ON HIS OWN AND
HE IS PERFECTLY HAPPY DOING
THAT.
>> THE ADVICE I WAS GIVEN A LONG
TIME AGO IS IF YOU DON'T SELL,
YOU KEEP.
HE SAYS YOU GO OUT MORTGAGE.
I TALK BACK TO MY KIDS AND I
SAID WHY DO YOU THINK YOU'RE
GETTING SO MANY OFFERS TODAY FOR
THE PROPERTIES THAT YOU OWN?
THEY'RE PAYING ME MONTHLY BACK
SO THAT WE COMPLY WITH THE
INHERITANCE LAWS.
I SAID IT'S EASIER TO GO OUT AND
BORROW THE MONEY IF YOU NEED THE
MONEY.
ONCE YOU SELL THE COW, THAT'S
IT.
>> MAYBE I DO IT DIFFERENTLY.
THEY DON'T PULL FROM THAT TRUST.
THEY ARE OUT WITH THEIR OWN
CAREERS.
>> MY KIDS HAVE GOT CASH COMING
IN.
THAT'S THE PROBLEM I CREATED.
>> THEY ARE OUT STILL DOING
THEIR THING KNOWING WE ARE DOING
THINGS IN TRUST.
>> HAVE THE OTHER CHILDREN EVER
WORKED IN THE BUSINESS?
>> MY FOUR CHILDREN -- ALL FIVE
WERE OFFERED TO WORK THE SUMMER
GOING INTO THEIR SENIOR YEAR AS
AN INTERN THEY WERE TOLD THEY
COULDN'T WORK FOR ME.
MY SON EVAN WAS PLAYING BALL AND
GOING TO NAVY AND DID NOT HAVE
THE LUXURY.
HE CAME TO ME BETWEEN HIS ENDING
FIVE YEARS OF SERVICE AND HIS
STARTING AT COLUMBIA AND SAID IN
BETWEEN THAT NINE-MONTH PERIOD
CAN I COME WORK FOR YOU?
I WILL BE VERY CANDID I WENT
HOME ONE NIGHT TO TRACY AND SAID
TO MY WIFE -- HE IS DISCIPLINED,
HE IS SMART, HE IS FOCUSED.
HE DID VERY WELL AT COLUMBIA AND
I SAID HOW DO YOU GIVE THAT TO
SOMEBODY ELSE?
THAT IS MY BLOOD.
ALL THE OTHER KIDS IN MY FAMILY
WERE COOL WITH IT.
THEY UNDERSTOOD.
>> HOW DID YOUR FATHER TAKE WHEN
YOUR WIFE JOINED THE BUSINESS?
WAS HE ALIVE?
>> HE WAS NOT.
HE PASSED AWAY SHORTLY AFTER I
CAME INTO THE BUSINESS AND THEN
MY WIFE JOINED THE BUSINESS AS
GENERAL COUNSEL.
I BEGGED HER TO JOIN THE
BUSINESS AS GENERAL COUNSEL.
SHE IS A SUPERB LAWYER.
WE LIKE HAVING FAMILY AND BEING
SURROUNDED BY FAMILY AND HAVING
FAMILY IN THE BUSINESS.
THE PROBLEM IS IF YOU HAVE AN
INCOMPETENT SITUATION AND THERE
IS A DEAD END AND YOU HAVE TO GO
TO SOME OTHER SCENARIO.
FORTUNATELY I DON'T HAVE THAT.
>> IF YOU HAVE CONFIDENCE IN THE
ORGANIZATION AND THE KIDS THE
ONLY ISSUE IS WHAT I STARTED OFF
THIS PROGRAM WITH, EGOS AND YOU
SAY SPOUSES, I DON'T HAVE THAT
ISSUE.
WHO DOES WHAT?
THERE'S ONLY SO MUCH CHEESE YOU
CAN HAVE.
I'M TALKING ABOUT JOBS.
WHO IS DOING WHAT AND WHO CALLS
THE SHOTS.
IT'S GOT TO BE UNANIMITY.
>> A DIFFICULT SITUATION TO
TRANSITION THE BUSINESS AND I
AGREE, IT IS AN ART AND NOT A
SCIENCE.
>> I'M PRETTY CERTAIN THE
TRANSITION OF YOUR BUSINESSES
WILL BE EASY BECAUSE ALL OF YOU
HAVE UNDERSTOOD THAT IT IS AN
ART.
I WOULD LIKE TO THANK JOE, ED,
LESTER, AND PETER.
I WILL SEE YOU NEXT WEEK.
♪ [THEME MUSIC] ♪
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Welcome to the Local 5 Family: Michaela Joy Johnson - Duration: 1:03.
For more infomation >> Welcome to the Local 5 Family: Michaela Joy Johnson - Duration: 1:03. -------------------------------------------
Woman stabbed to death at Family Dollar - Duration: 2:32.
For more infomation >> Woman stabbed to death at Family Dollar - Duration: 2:32. -------------------------------------------
[INDO SUB] BTS (방탄소년단)X HYUNDAI PALISADE "What defines a family?" - Duration: 2:42.
For more infomation >> [INDO SUB] BTS (방탄소년단)X HYUNDAI PALISADE "What defines a family?" - Duration: 2:42. -------------------------------------------
Adorable World's Most Luxury Single Family Home For Sale - Duration: 5:07.
Adorable World's Most Luxury Single Family Home For Sale
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Custom Usable Artwork For The Family To Enjoy ~ Make Your Photos A Clock! - Duration: 1:57.
Clocks by UsClock.net provide a great work of usable art for the family and promotional
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Many business owners buy promotional products like lanyards, pens and notepads however many
times those products aren't used, and when they are used they have a very short lifespan
and eventually are thrown away and forgotten along with your brand.
You also never want to forget you & your family's achievements, favorite pets or favorite memories.
With Usclock.net you can cherish those memories for a lifetime in a beautiful clock display
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These are perfect for a family room, dining area, or man cave.
Our clock measures 14 inches in diameter.
The outer lens is made from high quality optical lexan held in place with 3 removable rivets.
It is scratch resistant and won't fade or discolor over time.
The advertising face is cut out by a CNC router and the image is created with a UV dried computer
controlled printing process that will last for many years to come.
The replaceable 22 watt fluorescent circuline bulb is housed within durable plastic body
and has a corded on/off switch.
The clock mechanism is a battery operated quartz movement powered by one double AA battery.
Simply send us your high-resolution photo with any other additional information you
want like names and dates.
Companies interested in advertising their products have found they make a unique gift
for their top customers or simply a creative space for a company logo, website or phone
number.
It's that simple to have a company branded or family clock that can last a lifetime.
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Suspects' mom is 3rd arraigned in family slayings of 8 - Duration: 1:14.
For more infomation >> Suspects' mom is 3rd arraigned in family slayings of 8 - Duration: 1:14. -------------------------------------------
Mother of family charged in Pike County mass killing to appear in court - Duration: 1:11.
For more infomation >> Mother of family charged in Pike County mass killing to appear in court - Duration: 1:11. -------------------------------------------
Democrat Wishes Republican's Family Would Die From Legionnaires' Disease - Duration: 4:14.
For more infomation >> Democrat Wishes Republican's Family Would Die From Legionnaires' Disease - Duration: 4:14. -------------------------------------------
Virginia family of Muslim teen raped, slain gets to question killer as part of plea deal - Duration: 2:50.
For more infomation >> Virginia family of Muslim teen raped, slain gets to question killer as part of plea deal - Duration: 2:50. -------------------------------------------
Fort Mill family in critical condition after crash - Duration: 2:49.
For more infomation >> Fort Mill family in critical condition after crash - Duration: 2:49. -------------------------------------------
What TV Family is Most Like Your Family? - Duration: 2:45.
we're here in Times Square New York City that's right my name is AJ DUNK and
my name is Sorin Abraham and listen we're here to find out which family that's on
TV is most like your family is it the Simpsons is it Family Guy is it the
Kardashians is it the Obamas or is it the Trump's we
don't know let's find out I would probably compare I'll probably compare
them to the Three Stooges I know I know my siblings are sober but like at heart
they're not sober you know they don't need to drink because they naturally
drunk like the Kardashians cuz I don't care what anyone says my family we all
had like too many females so they like trying to be in the spotlight bringing
all this drama into the house and it's like yo... well it's definitely Simpsons
Why okay tell us why? can I am I allowed to say one curse word here, of course, In Russian or English, doesn't matter
Went back from the family trip to Thailand and it was 4:00 a.m. and we all got
reunited we were screaming all over the street very happy to see each other and
the neighbors from the next door they looked out of the balcony and they said
fucking Simpsons 4:00 a.m.
why it's ridiculous you know we're in the house all the time we're arguing all
the time we're just like there's one big family but it's one big arguing family
so it's just like what do we even do it together see like this where's the
camera that the one with all black I mean they're all blacks sorry no, Fresh Prince?
heads bald head bald head bald head bald head oh the rock now it just
gets the competitive juices flowing, oh okay it's got two girls and one boy okay three
girls, three girls and one boy oh you talked you're talking about My Wife and Kids?
My name is DJ Mike I weigh about two and a quarter, I'm gonna snap your ass in 1/2 if you mess with my daughter
take my black card from me, "I am not a tourist!"... you don't have to be a tourist!
"This is very good"...
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Laulima Family 11/28 - Duration: 1:24.
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164m² The Beautiful Small House For Small Family In Quebec | Tiny House Design
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