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May 17, 2023

Tim Brown Reveals How Success And Wealth Aren't Mutually Exclusive For The Next Generation (#230)

Tim Brown Reveals How Success And Wealth Aren't Mutually Exclusive For The Next Generation (#230)
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“When people feel that they're being heard they feel respected.” - Tim Brown

As Chief Client Services Officer and Global Head of the BPB Family Office, Tim Brown helps lead Berkowitz Pollack Brant CPA's focus on family offices, cross-border global families, entrepreneurs/closely held businesses, tax strategy/estate planning/structuring and commercial real estate ( The BPB Family Office serves as a multi-faceted and fiduciary based “Virtual Single-Family Office” platform that performs no wealth management or banking services. Prior to BPB, Mr. Brown served with Bernstein Private Wealth Management and as Managing Partner with HB Partners, a boutique investment bank working with high-growth commercial real estate companies and “buy-side” representation for single-family offices specific to PE and real estate. Mr. Brown served as consultant with Alliance Bernstein’s Non-Traditional Asset Strategies and continues to consult with Anschutz Investments (the Anschutz single-family office, with investments and operations in professional sports, concert promotion and entertainment (LA Lakers (former minority shareholder), LA Kings, LA Galaxy, AEG, AEG Live), hospitality (Sea Island Resort, The Broadmoor Hotel, Xanterra), natural resources, wind-energy, ranching, telecommunications and other industries.

Previously Mr. Brown served as President of Concord Energy Holdings, a Colorado-based integrated commodity logistics and oilfield services company. While at Concord Energy, Mr. Brown focused on a senior leadership restructuring and operational turn-around of a crude oil truck hauling division, a frac-water recycle mobile treatment operation and natural gas energy marketing. Prior to Concord, he was the Founder and CEO of Radius Media Holdings, a position he held for more than 11 years. 

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This podcast is brought to you by Deep Wealth. 

Your liquidity event is the most important financial transaction of your life. You have one chance to get it right, and you better make it count. 

But unfortunately, up to 90% of liquidity events fail. Think about all that time, money and effort wasted. Of the "successful" liquidity events, most business owners leave 50% to over 100% of their deal value in the buyer's pocket and don't even know it.

Our founders said "no" to a 7-figure offer and "yes" to a 9-figure offer less than two years later. 

Don't become a statistic and make the fatal mistake of believing that the skills that built your business are the same ones for your liquidity event. 

After all, how can you master something you've never done before? 

Are you leaving millions on the table? 

Learn how the 90-day Deep Wealth Experience and our 9-step roadmap helps you capture the maximum value for your liquidity event.  

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Enjoy the interview!


[00:00:00] Jeffrey Feldberg: Welcome to the Deep Wealth Podcast where you learn how to extract your business and personal Deep Wealth. 

I'm your host Jeffrey Feldberg. 

This podcast is brought to you by Deep Wealth and the 90-day Deep Wealth Experience. 

When it comes to your business deep wealth, your exit or liquidity event is the most important financial decision of your life. 

But unfortunately, up to 90% of liquidity events fail. Think about all that time and your hard earned money wasted. 

Of the quote unquote "successful" liquidity events, most business owners leave 50% to over 100% of the deal value in the buyer's pocket and don't even know it. 

I should know. I said "no" to a seven-figure offer. And "yes" to mastering the art and the science of a liquidity event. [00:01:00] Two years later, I said "yes" to a different buyer with a nine figure deal. 

Are you thinking about an exit or liquidity event? 

Don't become a statistic and make the fatal mistake of believing the skills that built your business are the same ones to sell it. 

After all, how can you master something you've never done before? 

Let the 90-day Deep Wealth Experience and the 9-step roadmap of preparation help you capture the best deal instead of any deal. 

At the end of this episode, take a moment and hear from business owners like you, who went through the Deep Wealth Experience. 

As Chief Client Services Officer and Global Head of the BPB Family Office, Tim Brown helps lead Berkowitz Pollack Brant CPA's focus on family offices, cross-border global families, entrepreneurs, closely held businesses, tax strategy, estate planning, structuring and commercial real [00:02:00] estate. The BPB Family Office serves as a multi-faceted and fiduciary based “Virtual Single-Family Office” platform that performs no wealth management or banking services. Prior to BPB, Mr. Brown served with Bernstein Private Wealth Management and as Managing Partner with HB Partners, a boutique investment bank working with high-growth commercial real estate companies and “buy-side” representation for single-family offices specific to PE and real estate. Mr. Brown served as consultant with Alliance Bernstein’s Non-Traditional Asset Strategies and continues to consult with LA Lakers, LA Kings, LA Galaxy, AEG, hospitality, natural resources, wind-energy, ranching, telecommunications and other industries.

Previously Mr. Brown served as President of Concord Energy Holdings, a Colorado-based integrated [00:03:00] commodity logistics and oilfield services company. While at Concord Energy, Mr. Brown focused on a senior leadership restructuring and operational turn-around of a crude oil truck hauling division, a frac-water recycle mobile treatment operation and natural gas energy marketing. Prior to Concord, he was the Founder and CEO of Radius Media Holdings, a position he held for more than 11 years. Radius Media provided a broad stratum of five operating companies that ranged from radio broadcasting, lifestyle driven events in the Colorado resort communities, a nationally focused large-format printing company with a specialty in outdoor advertising, a sponsorship/naming rights marketing agency and the management of seven digital billboards in downtown Denver.

Brown began his career more than 25 years ago in sales management in the high tech and telecommunications [00:04:00] industry. During the course of a decade, he worked with both established and start-up companies, as an entrepreneur and intraprenuer, in Denver, Chicago and Sydney, Australia including Cisco Systems, Alteon Web Systems, and American Power Conversion.

Mr. Brown is an active member of Young Presidents’ Organization in the YPO Jackson Hole Integrated and YPO Miami-Fort Lauderdale Gold Chapters, serving as past Chapter Chair of the Rocky Mountain Chapter and past board member of the M&A focused, YPO Deal Network, Personal Investing Network and is current Chair of the YPO Personal Investing Network and Co-Chair of the two-time “Best of the Best” award winning YPO Chicago Booth School Seminar. Mr. Brown Co-Founded YPO Investing Network’s Personal Investing Forums, which have continued to grow month-over-month, [00:05:00] with over 500+ global members and 43 global forums since April, 2019. Mr. Brown previously served on the Chief Executive Organization’s International Board, the sister organization to YPO.

Mr. Brown is the author of two books, “Jumping into the Parade” and “Old School with New Tools”. Mr. Brown earned a bachelor’s degree from Colorado State University with a focus on political science. He and his wife Aleathia, split time between Jackson, Wyoming and Miami, Florida. 

Welcome to the Deep Wealth podcast, and he's back. He is back in the house. We have a business leader, a thought leader, an author, a terrific all-round individual who's gonna take our thinking to the next level. You all heard Tim Brown in an earlier episode, and for those that are new to the community and the communities just growing like gangbusters, we'll have a link in the show notes to that interview.

But it was funny [00:06:00] because when we wrap up that last interview, Tim and I were talking and we're saying, you know what, based on what we're talking about, there's another episode in here. Why don't we get that in the books? And here we are all those months later, we're gonna do a deep dive on something you don't hear a lot about.

But I'm gonna pause it right there. Tim, welcome back. It's great to have you. And you know what, for our new listeners who are new to the community, why don't you give us the story behind the story, what got you to where you are today, and then we'll do our deep dive on that fascinating topic that we were going through offline.

[00:06:29] Tim Brown: Oh my gosh. This is one of the best questions ever. I ended up where I am today purely by accident. I think I've always been somebody that's passionate about learning. I'm also very passionate about loving what I do. And I think when you overlay creating on top of that everything comes together.

In fact I did this really cool exercise when time with my Y P O forum where each person had to present for one hour on [00:07:00] what do you want.

[00:07:01] Jeffrey Feldberg: Wow.

[00:07:02] Tim Brown: And you had to distill that down to one sentence. What do you want? And so for an hour you would have people say, well, I wanna be comfortable. What is comfortable and why comfortable? And it was really remarkable. And then getting it down to the clarity of that one sentence, what do you really want? I wanna create, I wanna love, I wanna learn, 

[00:07:21] Jeffrey Feldberg: Your sweet spot.

[00:07:22] Tim Brown: If I have those, everything is perfect. So, when I think about how I got where I am today, I have always been curious. I've always tried to look at people who I admire, understand what kind of qualities they exhibit and why that's tracking me to wanting to learn more about them and over time, as you know, you can pick up bad habits or you can pick up good habits.

And through the emulation of those habits that you see people have, you can do some really interesting things. I think I'm here partially just by luck. I could not be happier. I just turned 53 and I think that, yeah. Thank you. I think that [00:08:00] what I'm doing today is exactly what I'm supposed to be doing.

And I really love it. It's interesting too one of the things I do is I work with a lot of families related to family office type dynamics and really for those who may not understand the family office concept, right? You have literally an operating business that takes care of all matters for a family. It could be check writing. It could be tax returns, it could be governance. It could be in the investment committee or the family councils or what happens at the foundation level or how investments are done, or, policies related to son-in-laws and daughter-in-laws and operating businesses.

So, there's all these great dynamics and every family office is different. Every family is different. And so, I think it's just kind interesting to sort of end up what I do today. And just how much I've enjoyed. But I think It's alot of it I just every single day you're learning every single day there's different dynamics 

[00:08:52] Jeffrey Feldberg: It's a terrific answer. And you know what, it is a wonderful recap. Episode 167 is where you and I [00:09:00] went down that rabbit hole of what you're doing and what really was the intersection of where you're happy and your success, where that came from. And listeners walked away with it, well, how do I optimize my life for happiness?

And it's a terrific segue for today of what we're gonna talk about because Tim, you have a level of depth and experience when it comes to generational. Setting not only ourselves up for success as business owners, but also our children and our family. Most people don't have that. And unless you're in very particular circles and some of those circles, it's a very high price of admission to get in.

It's not accessible for most people. You're coming at it unprepared and what a terrific idea that you're talking about today of, well, why don't we make this successful for people, they're doing the business not just for themselves, but ultimately for their family, for their kids, and to transfer that Wealth, whether they're having an Exit of the business and then that Wealth goes on to the kids, or maybe the kids [00:10:00] are coming in as a next generation to take over that business.

There's a method to the madness that left unchecked. Most people, even most advisors, will give the wrong advice because they haven't been there. So, for our listeners, Tim, based on what you know, where you've been, what you've seen, where do we start, where does this narrative start of how a business owner should be thinking about next generation Wealth and transference of that wealth to their loved ones?

[00:10:27] Tim Brown: That's a great question. Earlier this year we had a resource named Andrew Dows come and speak at the YPO investing forum round table,

[00:10:37] Jeffrey Feldberg: Okay.

[00:10:37] Tim Brown: And we were sitting in this room with 66 people and he said, I wanna talk about your children and about Wealth and 10 years from now, I have four questions for you and so the first question he asked the audience is, what do you want more of?

And obviously again, very unique answer to everybody. Number two, what do you most [00:11:00] fear? Related to our children, there's a lot that goes into that. Number three, does more Wealth equal more flourishing, if not then what does?

And the fourth is, what do you want most for your children? And I felt like the whole audience, just got quiet. They were really powerful questions. And I think so many times you have a business owner, they've made a lot of sacrifices. They have this moment in time where they've predominantly been living off the income of the business.

They have this big liquidity event and now their lives have changed. And, but so, have the lives of their children. So, have the lives of their grandchildren, great-grandchildren and so I think, the intentionality behind defining your why as, as important as defining the what and the how of the portfolio.

[00:11:53] Jeffrey Feldberg: absolutely.

[00:11:55] Tim Brown: On the investment side and so I think that when I think about my son and [00:12:00] what I really wanted my son to take away, who's, obviously in a similar situation, being around a lot of Wealth is a lot of our listeners I think, a healthy version of him is I know who I am, I know I have a purpose and it's my purpose.

And I view Wealth as simply a tool now as part of the whole thing, because I think it's easy to over resource our children,

A along those lines. And so I think that's also part of that plan of what you want to do with your Wealth, when you go through that liquidity event.

Tax planning purposes, right? You may decide you wanna spend out a new family foundation to be able to do that. The time to do that is before you sell the business, for all the reasons you already know. But I think, you know, also understanding with your corpus, you can lose it all to taxes.

You can spend it all, you can give it all. So, what is it that, that you're ultimately looking to do? One of the things that, that I like to ask in terms of questions is, and again this relates to our children, is if you could fast [00:13:00] forward a hundred years from now in time, think of a dynasty trust, right?

Of a hundred years, if you could fast forward a hundred years from now, five generations from now of people, you're not going to, unfortunately have the likelihood of meeting, What kind of questions would you wanna ask them?

[00:13:15] Jeffrey Feldberg: Sure. What do you even want your legacy to be? But Tim, let me go back to the third question that you asked and I'm gonna make a couple of assumptions that I'm gonna put out there just to set the context for you and for our listeners. So, let's take the position because of course, every listener of the Deep Wealth podcast is successful, and if they're not there today, they're gonna get there and they're gonna have a terrific liquidity event and nudge, nudge wink, wink.

They'll even use a nine step roadmap of Deep Wealth to grow their business and then to capture the best deal on their Exit. So, let's take that as a given for just a moment. Okay. That success is either here or it's being worked on. It's on the way. And the other assumption here is that for the children, the next generation, they want those [00:14:00] kids to be well grounded.

They want those kids to be responsible. They want those kids to be just good people, good values, and they don't want the money to get in the way of that, whether the kids go into the business or don't go into the business. That's another topic for another time. Maybe that's the third episode you and I will do, Tim, but for this episode, you asked a really terrific question, and that is, does having more Wealth so as wealth increases, is that necessarily better, particularly for the next generation, because we've all heard those horror stories of what the Wealth has done to the next generation in terms of not being, I'm being polite here, not being the best people, not being the most productive people for society and those around them so with that in mind, Tim, this is a long winded intro. We into the question. We have children. We want them to be successful. We want them to be productive. What can we do today? Even when they're young, even if they can't speak, [00:15:00] even if they're toddlers or teenagers or wherever they are? What can we start doing today to really have them as productive individuals, even though they may have an immense amount of Wealth at their disposal?

[00:15:14] Tim Brown: Number one, I think you start talking about Wealth and responsibility of Wealth at an early age. You know, I remember when my son was 14 just about every weekend he would go to church with the patriarch of the family that made the wealth.

Patriarch had made a book of different exercises about how you show up and they would sit down and go through those together. And I think it was a great way for him to see himself inside of that at the age of 14. You know, one of the things that I think we can also do right is from a best practice is for every dollar your children are earn or are given.

 Do you have a third of that go to savings? A third of that they can spend and a third go to charity that they get to direct. If [00:16:00] you have a family foundation, do you create a role for them on the board when they turn 18 so that they can start to interact and engage and understand, what the donor intent is and the things that you believe in but also see their own identity in that.

Do you help create the corpus of a new foundation in their name or, presumably once they're married and them and their spouse's name.

You know, It's interesting. Another thing that came up with wealth in this back the investing forum round table is a lot of times, and again, this is part of workshop we're sitting with Andrew, is a lot of times the younger generation, when it comes to wealth, think, I'm anxious, I'm scared, I'm gonna mess this up. When I look at what my father and mother have created I feel like wealth can complicate my relationships around me.

And I feel like it can be a burden. And sometimes, they may even feel ashamed and not want kids to come over to the house or not wanna talk about things and so these are all things that I think that help prepare them. It all gets back to, I [00:17:00] think if I had to advise a parent on what are the things that you want to help your children to answer. It's who am I and who do I want to become? They need to have an identity that's not tied to wealth.

[00:17:15] Jeffrey Feldberg: Sure.

[00:17:16] Tim Brown: They need to see themselves in that regard. You know, number two, what am I here to contribute? And that's really all about purpose.

And then, number three, what do I do with what I have? And this is making impact with those resources. So, you know, back to 10 minutes ago when I was talking about creating. Is there a way for them to create their own identity and to follow their own passions? It's interesting. There's this great, and I thought that maybe we talked about this at one point.

There's this great card, values card exercise on They're New York based company. They create all these amazing facilitated resources and they, and you can buy these packs of value cards, right? 30 values, you can rank them. Your top five [00:18:00] values, and you can sit down and even have a conversation and understand what the reason those are the five core values.

And by going through that, you learn a lot about your children and your children can learn a lot about you. The key to that exercise is being disciplined enough to never use the word why, ever when you're asking clarifying questions, the second somebody hears, well, why did you pick that?

They're gonna shut down, whether you know it or not they're gonna shut down. And so, what I think is all issues of challenging issues with next generation tend to always come back to purpose and identity. And when I think you have a solid grounding when your children are truly good in both of those areas, purpose and identity.

[00:18:47] Jeffrey Feldberg: Tim, before you go on there, I mean, wow. He gave some really potent insights of purpose and identity and it really sounds so, simple when you think about it, but it really isn't [00:19:00] on the backend. It's very deliberate for someone to raise their children in that way.

And so, as you look at it and Tim, you're no stranger to this. You've gone through this, your family, your immediate family, your whole background, leading up to this has really positioned you well for doing this so for our listeners out there when it comes to their kids and having the privilege of teaching their children this way of, I'm gonna call it being because it's a way of life. It's not a to-do list. It's a way of life to do from a very young age earlier, the better. What would be some strategies or some tips that would really work well that you've seen perhaps even for yourself with your family, that's worked well, that you can pass along?

[00:19:42] Tim Brown: I think when people feel that they're being heard they feel respected.

I think the difference is a lot of times people mistake being heard for, oh, I agree with you, and that's not what I'm talking about.

The difference is between understanding [00:20:00] versus agreement

And when you show respect and empathy for someone, for your children. May not be in agreement with them, but by showing respect and empathy and understanding, a lot of times they feel valued and so, I think what happens is you create better listening around safe conversations and reflective listening.

Jeffrey, I'm hearing you say this. Do I have that right? And is there anything else that you wanna say? So, these are things that, as simple as that may seem there's no judgment that's gone into that. It allows them to talk about some things and then you get to where you ultimately want to go by using a lot of questions.

[00:20:41] Jeffrey Feldberg: And so, tim, if we can just pause there for just a moment because again, very insightful so, really what I'm hearing you say is, and how often do we see this? You don't have to agree with the kids, and let's put it into a business context for just a moment. It's a little bit easier that way.

And then from there we can take it to other areas. Maybe the kids are [00:21:00] gonna be in the business and they're up with the technology and they're seeing different things. They have a different view on the world as a different generation, and they have these ideas. Well, as the older generation, perhaps you don't agree with those ideas.

Maybe you don't even understand those ideas. But what you're saying is just because you don't agree with that doesn't mean you can't give empathy and respect, which if you work that backwards, they're gonna feel heard. The younger generation, the kids are gonna feel heard and because if you're heard, they're gonna feel respected.

You're gonna have a more productive dialogue. Am I getting that right? Is that what you're advocating here?

[00:21:35] Tim Brown: Exactly. You see so, times, right? Where there are some families where there may be some dysfunction amongst the children, and then the patriarch or the matriarch die. And those families fall apart, because there's a lot of in fighting. And many times it's because people did not take the time to get to the heart, the difference between the what's wrong and then the what's really wrong.

And that's where I think you can really get far [00:22:00] doing some of the exercises we just talked about.

[00:22:03] Jeffrey Feldberg: It does make sense. So, you're talking really about a way of life when the children I'm saying the word kids, but really the children are young to show them the respect by being empathetic and by demonstrating to them, Hey, I don't have to agree with you, but it doesn't mean I can't respect you for who you are and what you're saying.

[00:22:19] Tim Brown: Absolutely. I remember talking to my son about this on a really difficult situation with him and I just said, I really appreciate you showing up here today and sharing with me how you felt that was it.

[00:22:31] Jeffrey Feldberg: And I would imagine that your son who probably like most children, wants the approval of the parents, wants that compliment, wants that acknowledgement was probably on cloud nine with that.

[00:22:43] Tim Brown: I think he felt that empathy and he felt respected. This happened to have been a decision to send him to boarding school at the time. 

And it was because we were having some other issues at the time. It was a difficult and challenging today, I think he looks back on it and says, this was a really, this was a good thing in [00:23:00] my life, and it was a good experience.

[00:23:01] Jeffrey Feldberg: And Tim, how do you do that? How do you, with children who don't have the benefit of foresight yet, and they don't have the benefit of experience where you know that down the road, hey, you're gonna look back and you may not like it today, but down the road you're gonna look back and say, this was foundational for me.

This really helped me become who I am today. Easier said than done. Of course. Any suggestions on that?

[00:23:23] Tim Brown: Well, certainly, sharing your own experiences is always a way. You know, where you're creating that relational side versus telling them, I think it can come also in the form of trusted advisors to the family. That could be aunts, uncles, cousins, it could be people like you and I that are friends to the family. Also I think there are other teaching moments. As an example my son was in sixth grade. We showed up and as part of a school commitment that they had made and to a soup kitchen and, and for I don't remember what it was, five or six times that year.

The [00:24:00] class was there and I think it was good for them to meet other human beings, have conversations with other human beings and realize that there was a lot that everybody had in common.

And so, I think that's another area. 

[00:24:12] Jeffrey Feldberg: And Tim, let me ask you something on that, and this for families of Wealth, family of means, when it comes to the kids, it can really be a two-edged sword that Wealth and so, the first question on that topic for you would be this for the children who come from family of means that they don't feel guilty, that they can do things that other families can't.

So, as an example. We can pick a good, you know, any number of examples, but maybe a family of means has these exotic family trips, or maybe they go out to restaurants all the time, or maybe they're ordering it all the time and the children are with their friends or their peers who can't do that. Their families can't do that.

They're not in a position to do that. So, how do you raise kids on the one hand, to respect that, hey, you know what, not everyone is [00:25:00] like this, but it doesn't mean that you have to lose out, that you have to feel bad because other people can't. You've been blessed, you're fortunate that you can, how? How do you deal with.

[00:25:09] Tim Brown: I think it's important to talk about you're going to have, you're gonna have people who say things about you.

And there are going to be times where it's difficult being around Wealth. But I think you would probably agree that there are also opportunities that come from this where, you can also make the world a better place.

And I think getting them into that mindset of Wealth as a tool, and a tool for change, a tool for good things, are very important. By the way this has come up with my own son and having those conversations, right and kids saying mean things at one point you know, in elementary school

About things. And so, you, talked to that about that. 

[00:25:51] Jeffrey Feldberg: It sounds like conversation and talking about wealth because I know in a lot of families, money and Wealth, it's a forbidden topic. It's just [00:26:00] taboo. You don't talk about that. You don't know kids how wealthy your parents are or how wealthy your family is. That's not for you to know. It's not something that, as a family, we talk about really.

You're saying, Hey, let's blow the cover off this. Let's have it out in the open. Let's talk about this. Let's be open just to normalize it. Am I hearing that correctly from you?

[00:26:17] Tim Brown: Absolutely. This is the way I view it. If people did what you and I are talking about well they would be relying less on trust to try to do the work for them. You know the greatest trust structures in the world, but if you don't have what we're talking about working it, it doesn't necessarily serve you at the end of the day. 

[00:26:36] Jeffrey Feldberg: And speaking of serving us let me ask you this. I, and I know there's a method to my madness. I'm all over the map here, Tim, you've been very patient with me and thank you for that. So, we're gonna flip it here. There's always two sides to a coin. And so, we talked about on the one hand, you have a child who wants to enjoy the success of the family.

I mean, after all, the family's worked very hard and sacrificed to get there, but feels guilty. [00:27:00] that they can enjoy things that perhaps their friends can't. And you've addressed that. You said you talk about that you acknowledge that, and it's okay to be part of that. You have a thought for that? Yes.

[00:27:11] Tim Brown: I think it's the shift from believing that Wealth is the master of your life versus Wealth is not my identity. It's simply a tool that I use and I can direct that positive ways and that's how you change that conversation.

[00:27:25] Jeffrey Feldberg: Got it. Okay. And then on the flip side though, how has first generation wealth creators, and you see it in the movies, you hear it, people talking about it, that we don't let the Wealth. Spoil the kids that they just lose touch with reality. And on that topic, I've seen such extremes where a family of means will make their kids take a cross country trip by bus.

Nevermind a flight and you're not gonna be able to get a car. You're going to have to wait [00:28:00] or get it on your own many years later. I'm just pulling things outta the air here, but they take it to the other extreme and punish the kids for the Wealth, it's not really the kids' fault. They were born into a wealthy family, but then on the flip side, they just get spoiled by it and lose touch with reality.

How do you structure balance. If there's such a word or such a thing in this kind of situation, what would you recommend?

[00:28:22] Tim Brown: Wow. You know, I think the more involved we are in our children's lives, and the more conversations what we're having with our children the probably the greater the odds are that we're going to have very healthy, productive children that come from that. I think it's when sometimes maybe when they're not getting that where they can drift.

But ultimately I think, our children are paying attention to a lot of the things that we do and say but more often what we do

[00:28:50] Jeffrey Feldberg: Yeah.

[00:28:50] Tim Brown: And so, I don't believe that our children find Wealth and easy place to be. I don't and so, I think it's up to us, to help [00:29:00] them with how you hold that stigma, right? To your question from five minutes ago.

And also be talking about the responsibility that Wealth brings responsibility to your family, the responsibility within the community, responsibility to your faith. And I think it's, how do you ultimately explore the purpose of Wealth in life.

And how do you define what that purpose is? And that's where I think a lot of the kids not riding in first class on an air flight taking the bus, having to go work. It was interesting. My son and I we did this week long Harvard Business School program when he was 15 years old and it was a parent team program and I was riding on a bus and we were going out to see dunk donuts there in Massachusetts to meet the whole operating of the team and just learn about the brands and how they had built a lot of that. And I was sitting there next to one of the other fathers.

He was telling me about within his own religion that it was deemed you know, you were hurting your children by not giving them the experience, what it was like to build their own identity.

[00:30:00] To see them be successful. If you robbed them of what it felt like to be able to rely on yourself and to go build those types of things. And that's where, I think you can have as an example around identity for children. You can have a family council where your children can come with a business plan and have that family council be comprised of the matriarch and the patriarch, but also trusted third party Advisors.

It allows your children and also your daughter-in-law or your son-in-law to come with a business plan. It has to be approved by everybody in the room, including the majority are third party advisors

And so, they're heard, they're respected if they get that capital. They're are obviously rules and expectations come along with that. But what it does is it allows every generation to view themselves as Gen zero or Gen one, the Wealth creator.

And that's really where you can create a lot of empowerment. I think when you think about things [00:31:00] to give your children, it could be, and again, this comes from I'm reliving again, sitting through this workshop with Andrew here.

It's personal development, that could be different programs they want to go on. That could be getting a business degree, that could be taking a gap year to go do some type of an experience, right? It's access to capital to build things.

Like we just talked about, it could be a medical emergency or it could be, maybe you're helping with the financing of a first home. But I don't think you have to do much more than that. If you think about it, like all of those, when you overlay a strong family and the availability to communicate and to feel heard and respected, when you pull all that in, I just think the odds of success, right? Of having all of those fundamentals in place go way up.

[00:31:45] Jeffrey Feldberg: And so, Tim with the Family Council, as you've presented it, it's really an intriguing suggestion for our listeners. Because what you're saying is, hey, with the first generation, the Wealth creators, along with third party independent advisors, you're [00:32:00] not hiding the success and the Wealth that the family has, and in fact, you're honoring it and you're making the kids go through a process of presenting.

It's like a private board of directors, a family board of directors, if you will. Hey, I wanna use the money X, Y, Z dollars because I have this. And either it'll be approved or it won't approve. Just if it went to a bank, it'd be approved or not approved if they're getting a loan. And from what you're saying, it creates a sense of responsibility of, okay, how do I present, how do I talk about this?

How do I formulate this in a way that makes sense to people? How do I get their buy-in to do this?

[00:32:32] Tim Brown: Absolutely. But I think another thing here too is it also helps keep predators away from your children who may want get close to them in the business environment.

[00:32:41] Jeffrey Feldberg: Terrific point. Let's talk about that.

[00:32:43] Tim Brown: Yeah look I think there are people out in the world who don't necessarily have the best intentions at heart for our children. And it's up to us to help them understand that, of sharing your own experiences again, maybe encouraging [00:33:00] them to not share too much about themselves too quickly.

I think understanding who, what the motivations are of people who may wanna get close to and that's where I think a family council when it comes to a business plan, if you have somebody that has a business plan, it just doesn't make a lot of sense.

 I'm just pulling something outta the air. Maybe somebody wants to build surfboards. Not that there's anything wrong with building surfboards.

[00:33:21] Jeffrey Feldberg: No offense to all the surfboard makers out there. Keep on doing what you're doing. This is just an example, right?

[00:33:26] Tim Brown: But they're not really qualified to make surfboards because they're a surfer and they're trying to bring that passion and they're gonna make surfboards.

[00:33:34] Jeffrey Feldberg: Okay.

[00:33:35] Tim Brown: I think having this family council, they can still, they still have to do all of the work. They still have to come in with a business plan with the proformas. They've gotta be pressure tested against what those assumptions are. You can use an eyedrop revolver type of a system in terms of how you capitalize that business. Where you have very specific KPIs that you're monitoring things and keeping them contained.

So, you watch it how they're [00:34:00] progressing. You may find right, that the person's talking about wanting to do this business plan and then just by nature of having a lot of questions coming back from the family council they decide that they don't wanna do that, but they feel hurt the end of the day.

I guess that's the point. And I borrowed that somebody else wants use that story about the surfboard so I'm giving them credit.

[00:34:19] Jeffrey Feldberg: Tim with the family council. What I'd like with what you're saying is if it's the parents who are obviously part of the family council, they don't have to be the bad people because it could be the advisors that ultimately shoot it down, Hey Mary, Hey Jimmy. Hear ya on the surfboard idea.

But for all these reasons, it doesn't sound like it's a viable idea for the family to. Loan the money, loan, the capital for you to get going, and it's coming from the advisors, not the parents. And it keeps family dynamics in check and it keeps the emotionality out of it. Would I be on base with that?

[00:34:52] Tim Brown: Absolutely, and it's the same reason why you don't wanna have a sibling beyond that family council because you could create just a [00:35:00] lot of real a lot of things. So, rewinding all the way back to your first question right about preparing for all this. I think fundamentally, do you think that more wealth translates into more hope, perseverance, confidence, humility, grit, and a more fulfilled life, or don't you. And I think how you create confidence and perseverance and humility and grit and identity, purpose, and all those types of things, right? I think that's ultimately where this all comes down.

[00:35:34] Jeffrey Feldberg: Yes. And really with the right setup, the proper outlook and strategies, and I'm even gonna say skills, and you focus a lot today on communication skills. You can take a child who comes from a family of means and have them understand that, hey, number one, I've been blessed to be walking into the situation, but number two, I can use it in a positive way to change the world for the better.

To find a painful [00:36:00] problem and solve it. To think highly of myself, to make something of myself that is not just my parents' story or my family's story, it's as much as my story as it is their story from what I've done. What a wonderful way to be able to really sculpt and change and transform children to become productive, giving respectable young men and women.

[00:36:23] Tim Brown: Absolutely. And like I said, everything I've shared here isn't necessarily the right answer. These are just some best practices that I've seen. And ultimately I do think they can make a difference.

[00:36:34] Jeffrey Feldberg: So, Tim, I'm now thinking of the listener who is in this situation. The listener is, okay, you know what? I'm not there yet. I don't have all the zeros in the bank account that I would like. That said, I'm working my way towards that and that will be a reality planning to have a family, or I already have a family, young kids.

What would be one or two takeaways, immediate strategies that they can begin to apply right away to [00:37:00] get to the ultimate outcome that you and I have been talking about for the past. While any takeaways for them that once this is finished, this episode, they can say, okay, Tim said to do this and that's exactly what I'm gonna do to start the process here.

[00:37:12] Tim Brown: Yeah, you know that values card exercise I mentioned to you. I think having the mother and father each get a pack of those cards, rank what the top five values that each of them have, where they're not in the same room with each other when they do that, having them come back together sharing what those top five values are that each of them have picked that are their life And then, one of the things that I would suggest is writing a letter to your children, describing what your hopes and fears are based on those values each child, right? And you can talk about that. And I think your children feel very supported, right? By getting a letter that powerful. Here are the values that your parents have passionately believed in. This is what we've created from those values, including, you and your siblings.

And this is [00:38:00] ultimately, what our hopes and equally our fears are for you. What I think comes from that letter is clarity around intention.

And then I think from that it gives you more to focus on but maybe you miss in terms of how do you create this? How do you impart the sort of ability to adopt values as your own. And I think your children understanding how they're gonna go through the same thing. And how do they create values that are genuinely their own?

I think that could be an exercise that you start with children in their early teens that I just described for you. 

[00:38:35] Jeffrey Feldberg: And you know, Tim, what was interesting with all of this and one of the recommendations that you actually gave a little bit earlier on is really for the listener to start with him or herself. Because you said right from the start, Hey, our kids, it's not so, much what we say, but it's what we do.

And as you said that, it reminded me one of my favorite quotes, Ralph Waldo Emerson, your actions speaks so, loudly. That I cannot hear what you're saying. And [00:39:00] isn't that the truth? Our kids in many ways, who they become, not entirely, but I would imagine in large part, is the impression through our actions, not our words, that we've impressed upon them, that we've made upon them with our actions.

What do you think about that?

[00:39:13] Tim Brown: That's brilliant. Yeah. I love it. It's amazing how that kind of kitchen table wisdom, something simple like that, I think is brilliant. Always the more simple, the better it seems like.

[00:39:25] Jeffrey Feldberg: It seems that way. Well, this has been interesting. I mean, My goodness. We can just go on and on, but you've given some very actionable takeaways. You've painted the big picture of how we can start today regardless of where our children are, if they're younger, if they're older, well, we can start doing today as a family to welcome them in a healthy way to money, to Wealth, to success.

And have them be the benefactors of that and not, quote unquote, the victims of that. And I, it's a message more people need to hear. And you've done a brilliant job of outlining that for us. Tim, let me ask you this as we begin to wrap up this episode, because I [00:40:00] know left uncheck you and I could just talk for hours and just keep on ongoing, before I ask the wrap up question, which will be your second kick at the can and we'll see where that goes.

Was there any question that I didn't ask? Is there any point that you wanna get out there or any topic that we haven't covered that you wanna put out there before we go to the wrap up question?

[00:40:19] Tim Brown: Wow. I think one thing that I would've added about Wealth and maybe feeling guilty about it as children is ultimately how do you explore the purpose of Wealth in life?

That I think Icould have been more clear about that. And I think that's where I think you can create a lot of positivity on, again, how your children ultimately hold that situation. And that's it on me. I think your questions were great. This is fun. I like the informal type of format.

You know, Like I've never been the smartest guy in the room, so these are, like I said, these are just a lot of things that I've learned by listening to others and really just being passionate as a student in this area.

[00:40:56] Jeffrey Feldberg: Always the modest individual, Tim , he [00:41:00] certainly our smart guy. And your experience and accomplishments really speak for themselves. And that's a terrific segue for the wrap up question, and I'll just remind you what that was, and maybe it's the same answer you did last time. Maybe it'll be a different one.

You'll take us wherever you want to go. This is your answer. This is your thought experiment here, so, let's go back to the movie, Back to the Future. And in the movie you have that magical DeLorean car. And as the DeLorean car can take you to any point in time. So, here's where it gets fun.

Imagine now Tim is tomorrow morning. You look outside your window. Not only is the DeLorean car parked curbside, But the door is open. It's waiting for you to hop on in, and now you can go back to any point in your life, Tim, as a young child or a teenager, whatever point in time that would be. Tim, what would you tell your younger self in terms of life lessons or life wisdom or, Hey Tim, do this, but don't do that.

What would that sound like?

[00:41:57] Tim Brown: Yeah, that's a great question and that was a great question last time[00:42:00] . Wow. It's interesting you asked that question and I know what the answer is. It's hard one to talk about, but and I think we talked about this last time. If I could go back in time I would've with respect to time available for family over work. I think I would've told Tim at age 37, 36 that your identity that you have in work and professional is not all of your identity.

That it's as important to make time. You see your calling reflected in your calendar, and I think I could have done a lot better job as understanding that.

[00:42:35] Jeffrey Feldberg: You're more than your job. You're more than your profession is what you tell your younger self.

[00:42:40] Tim Brown: Yeah. There's a whole long answer I could have really given you on that one of, if I could go back in time and change something that I would've done that. And it was, it turns out it was one of the biggest learning lessons of my life. And when I look back on it now I was completely unavailable because I was writing an [00:43:00] email on a Blackberry to somebody and felt like I was being interrupted, and, who knows what that email was even about but it changed everything. There's nothing more important than I think taking care of yourself and taking care of your family. And those are important. But anyway, that got real heavy, real fast.

[00:43:16] Jeffrey Feldberg: Well, a what a terrific insight. And you know what? It gives a lot. You've given already a lot for the listeners to think about and you've given them that much more to really, as a saying goes, if you wanna change your life, change the questions that you're asking. And you've given us some great insights, some great questions to ask.

And Tim, on that note, we'll begin to wrap things up. We'll put this in the show notes because you know what you're an author, you've written some terrific books. We talked about that in the last episode. All that's gonna be in the show notes for our listeners. It'll be a point and click If a listener wants to reach out, if they want to have a conversation about this family council or raising the next generation for Wealth, or you know what you're doing.

All those good kinds of things. Where can someone find you online? Where's the best place?

[00:43:58] Tim Brown: Drop me an email [00:44:00] tim[at]3cr8[dot]com 

[00:44:04] Jeffrey Feldberg: Terrific. And for listeners, we'll ha have that in the show notes. Doesn't get any better. Tim has given you his personal email address. Take him up, Take him up on that offer. What a terrific one. Well, Tim, officially it's a wrap. Thank you so much for taking part of your day and spending it with us here on the Deep Wealth Podcast.

And as we always say, please continue to stay healthy and safe.

[00:44:23] Tim Brown: Thank you so much for having me, Jeffrey. Great to see you and great to be out with everybody listening. 

[00:44:29] Sharon S.: The Deep Wealth Experience was definitely a game-changer for me. 

[00:44:32] Lyn M.: This course is one of the best investments you will ever make because you will get an ROI of a hundred times that. Anybody who doesn't go through it will lose millions. 

[00:44:42] Kam H.: If you don't have time for this program, you'll never have time for a successful liquidity 

[00:44:47] Sharon S.: It was the best value of any business course I've ever taken. The money was very well spent.

[00:44:53] Lyn M.: Compared to when we first began, today I feel better prepared, but in some respects, may be [00:45:00] less prepared, not because of the course, but because the course brought to light so many things that I thought we were on top of that we need to fix. 

[00:45:09] Kam H.: I 100% believe there's never a great time for a business owner to allocate extra hours into his or her week or day. So it's an investment that will yield results today. I thought I will reap the benefit of this program in three to five years down the road. But as soon as I stepped forward into the program, my mind changed immediately. 

[00:45:31] Sharon S.: There was so much value in the experience that the time I invested paid back so much for the energy that was expended. 

[00:45:41] Lyn M.: The Deep Wealth Experience compared to other programs is the top. What we learned is very practical. Sometimes you learn stuff that it's great to learn, but you never use it. The stuff we learned from Deep Wealth Experience, I believe it's going to benefit us a boatload.

[00:45:54] Kam H.: I've done an executive MBA. I've worked for billion-dollar companies before. I've worked for smaller [00:46:00] companies before I started my business. I've been running my business successfully now for getting close to a decade. We're on a growth trajectory. Reflecting back on the Deep Wealth, I knew less than 10% what I know now, maybe close to 1% even. 

[00:46:13] Sharon S.: Hands down the best program in which I've ever participated. And we've done a lot of different things over the years. We've been in other mastermind groups, gone to many seminars, workshops, conferences, retreats, read books. This was so different. I haven't had an experience that's anything close to this in all the years that we've been at this.

It's five-star, A-plus.

[00:46:40] Kam H.: I would highly recommend it to any super busy business owner out there.

Deep Wealth is an accurate name for it. This program leads to deeper wealth and happier wealth, not just deeper wealth. I don't think there's a dollar value that could be associated with such an experience and knowledge that could be applied today and forever. 

[00:46:58] Jeffrey Feldberg: Are you leaving millions on the [00:47:00] table? 

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