#14 Legacy Concerns with the Children of Business Owners and what the future may hold with Corah Larsen
Today’s show is sponsored by Marc Cunningham of Grace Property Management. Marc has created some amazing products for property management companies, which we can say firsthand as we’ve implemented his systems here. Visit their website and try out their products! To get a 10% discount on any of Marc’s products, use the promo code “Brad”!
Today’s episode is going to be a little bit different. Instead of sharing a conversation with another expert in property management, I want to give you some context to think about your business and its future in broader terms.
With that in mind, today’s guestis my beautiful, amazing 7-year-old daughter, Corah! She and I have been talking for some time now about doing a daddy-daughter episode, and we’re both thrilled that it’s finally happening.
In addition to sharing this facet of the business with my daughter from a young age, my goal with this episode is to get you thinking about things like legacy issues from a new perspective. Corah and I talk about the future in a way that may help you figure out how to have these conversations with your own children, as well as give you some insight into things you should be considering.
One topic I bring up is that the second generation in a business (meaning Corah, in this case) generally does well with the business, while the third generation more often squanders the wealth that the previous generations have created.
I’ve set up some requirements that Corah needs to meet before she becomes part of the business, which I’ll touch on in this episode. You’ll also hear about the importance of setting up a trust to avoid having your estate go to probate if the worst happens. We then discuss potential major disruptors to the property management industry.
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ABOUT THE HOST
The Host of this Podcast is Brad Larsen from San Antonio, Texas. Brad is the founder and owner of RentWerx, one of the fastest growing residential Property Management companies in Texas that currently manages over 600 single family homes.