Passing Down Values in the Family Business, with Anthony Chen, Host of Family Business Radio
Family Business Radio host Anthony Chen references a poignant scene from the movie Inception to underscore the significance of sustaining and passing down family values in the business.
Anthony’s commentary was taken from this episode of Family Business Radio. Family Business Radio is underwritten by Anthony Chen with Lighthouse Financial Network.
Transcript
Then, as we’re closing out the show with what’s called Anthony’s Financial Corner here, that’s going to be really hard for me to top these two. So I guess I would just piggyback on the answers with a little bit of a twist, as Andrea was sharing her insights when it comes to the children having their own individual identity and defining the financial planning corner and having that succession discussion.
I can’t help but heaing that, I’m going to steal or probably butcher the line from the movie for those who might be familiar with a movie called Inception at the very end. Where the son was in that kind of hospital deathbed of his father, and he took out that picture and he took out that little flower pinwheel.
And the line was, Yes, I know I’ve disappointed you because I can’t be you. To which the fake father responded by saying, I’m disappointed because you tried. So as a part of World Wisdom for the next gen, your parents are your parents, but as you are running and finding your values, the values that you’re going to hold could be work ethic, could be doing the right thing always, no matter what the cost for the client or something that’s very critical to the family itself that makes the family business successful.
That doesn’t always have to be translated to the exact same business. It could go from plumbing to let’s say HVAC or maybe mechanic work or maybe your law work. But if the absolute value of the family is a strong work ethic, you can have the same strong work ethic in other fields. But it’s got to be a passion that the next generation has passion for.
So if the conversation, again, comes down to communication, what the values are, it could simply be a shift of selling family business, a.) Pass that torch to someone else who will share that same value for business and give the next gen having that same value to a new business venture or business b.), doesn’t have to be the exact same thing, so expand one’s mind when preserving family value and a real asset.
Net worth is the value itself. That’s something no attorney, no accountant, not even myself, the financial planner, can really do the hard job of, that’s going to be a conversation that comes of communication. Values from parents or grandparents to the next generation. Thank you for listening in to Family Business Radio.
Anthony Chen, Host of Family Business Radio
Family Business Radio is sponsored and brought to you by Anthony Chen with Lighthouse Financial Network. Securities and advisory services are offered through OSAIC, member FINRA/SIPC. RAA is separately owned, and other entities and/or marketing names, products, or services referenced here are independent of OSAIC. The main office address is 575 Broadhollow Rd., Melville, NY 11747. You can reach Anthony at 631-465-9090, ext. 5075, or by email at anthonychen@lfnllc.com.
Anthony Chen started his career in financial services with MetLife in Buffalo, NY, in 2008. Born and raised in Elmhurst, Queens, he considers himself a full-blooded New Yorker while now enjoying his Atlanta, GA, home. Specializing in family businesses and their owners, Anthony works to protect what is most important to them. From preserving to creating wealth, Anthony partners with CPAs and attorneys to help address all of the concerns and help clients achieve their goals. By using a combination of financial products ranging from life, disability, and long-term care insurance to many investment options through Royal Alliance, Anthony looks to be the eyes and ears for his client’s financial foundation. In his spare time, Anthony is an avid long-distance runner.
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