Thứ Năm, 29 tháng 11, 2018

Youtube daily femely Nov 29 2018

chandrababu naidu Life

For more infomation >> నారా చంద్రబాబునాయుడు ప్రారంభ జీవితం, విద్య,కుటుంబం | chandrababu naidu Life,education,family - Duration: 1:31.

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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.

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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] ♪

For more infomation >> The Stoler Report: Challenges & Opportunities of Transitioning a Family Business - Duration: 26:46.

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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.

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Woman stabbed to death at Family Dollar - Duration: 2:32.

For more infomation >> Woman stabbed to death at Family Dollar - Duration: 2:32.

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[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.

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Adorable World's Most Luxury Single Family Home For Sale - Duration: 5:07.

Adorable World's Most Luxury Single Family Home For Sale

For more infomation >> Adorable World's Most Luxury Single Family Home For Sale - Duration: 5:07.

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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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For more infomation >> Custom Usable Artwork For The Family To Enjoy ~ Make Your Photos A Clock! - Duration: 1:57.

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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.

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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.

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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.

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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.

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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.

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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"...

For more infomation >> What TV Family is Most Like Your Family? - Duration: 2:45.

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Family owned store in O'Fallon, MO soon to be under new ownership, everything on sale - Duration: 2:50.

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Firefighters save family dog - Duration: 2:24.

For more infomation >> Firefighters save family dog - Duration: 2:24.

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Suspects' mom is 3rd arraigned in Rhoden family slaying - Duration: 0:29.

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Family Gives Back To Sutter NICU Families - Duration: 2:34.

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164m² The Beautiful Small House For Small Family In Quebec | Tiny House Design - Duration: 3:06.

164m² The Beautiful Small House For Small Family In Quebec | Tiny House Design

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