Which Is Easier to Build: a Family Business or a Family Culture?

Many successful family businesses also have a strong family culture. How are the two related, and how do you shape your family culture? Mitzi Perdue grew up in one family business and married into another. Mitzi shares how her father, founder of Sheraton Hotel, created a strong foundation for his family and encouraged a positive family culture, and how she and her husband, Frank (think chicken!) built their own family culture. She discusses both business and how to become a better family unit. The author of How to Make Your Family Business Last: Techniques, Advice, Checklists, and Resources for Keeping the Family Business in the Family, Mitzi explains how a strong family culture improves all forms of communication, but most importantly, makes having financial discussions easier.

Doug shares a listener letter. “Janet” wants to know the best way to move a few thousand dollars over to the U.S. Listen to the show to find out Doug’s answer. Hint, it has to do with a cross-border brokerage firm. Doug addresses the problems with offshore mutual funds and offers detailed instructions on how to work with an American bank when you’re outside of the country. He even recommends his free resource Toolkit for Opening U.S. Brokerage Accounts from Overseas. Free download: Toolkit for Opening U.S. Brokerage Accounts from Overseas Learn more about Mitzi Perdue and family business by reading her books or visiting her website. If you’re not already receiving updates on new episodes, sign up now, and as a special bonus, receive Doug’s free ebook The Retirement Planning Book.