D
Dave Specht
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May 29, 2026
Managing Family Wealth: Moving Beyond the Portfolio
34:02
34:11
34:21
34:40
35:11
35:18

Dave SpechtGUEST
... we will, we will hire them and not provide the kind of feedback that we do to any other non-family employee.

Dave SpechtGUEST
I think beginning, before we hire family members, I think it's important to develop a policy around, you know, what are the expectations.

Dave SpechtGUEST
If a family member is gonna be hired, will a job be created for them, or will they apply for a job that's open? Will they be paid like a non-family member? What kind of feedback will they give, and, and what level of accountability do they have? As far as the two outsiders, you know, shared ownership is the hardest thing you can ask anyone to do.

Dave SpechtGUEST
And one of the questions I like to ask that often gets parents off the hook from feeling like they have to put their kids in shared ownership is I will ask each child individually, "Are you comfortable personally guaranteeing the debt of the business so that it can, it can continue forward?" Now, if, if you have that one highly talented one that's maybe gonna run it, they, they likely understand the business and would put themselves at personal risk to see it going forward.

Dave SpechtGUEST
If you have two that are outside that have different lives, and, you know, there's usually not that level of commitment.

Dave SpechtGUEST
And so, you know, if you're gonna be an owner, you gotta, you gotta align yourself with taking risk as well.
7 MINS LATER

