Don't Lose the Asset
Walmart wasn't built in a generation. Don't lose the asset.
Alex Caviness, Principal Owner at Senivas, is the fourth generation of his family in business, and now has sons of his own. I asked him what is really handed down: the knowledge, the work, the security.
His blueprint is something he tells his son regularly. He does not mind what his children choose to do with their lives. But he will teach them the business, and if they decide to pursue something else, they can hire someone to run it.
Just don't lose the asset.
It is a profoundly wise distinction between ownership and operation. The next generation need not run the enterprise themselves, but they must understand it well enough to steward it. The asset is the legacy.
Which asset would you most want your children to keep?
From the podcast Accessible Paths to Financial Freedom, hosted by John Sparks for Asset Acquisition Partners.
John Sparks
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