My Kids Want To Work For Me

0:00I do some real estate advisory. We do between a 100 and 180 million a year. >> Right. >> What's stopping me is trying to replicate myself. All the relationships are ones I've formed over 35 years. >> Yeah. >> They're people I call, "Hey, I need 10 million." or "Hey, I need this." So, I I can do it. >> But, I don't have anybody else doing that. >> You need a baton pass functionally. >> My kids are at the age of kind of interested. What I've done, rightly or wrongly, is I've encouraged them to work for somebody not named me. >> Mhm.

0:25>> Cuz they were working for me, they were ambitious. I don't think they recognized the opportunity. So, I invited them to leave. >> Mhm. >> [laughter] >> Do they have a newfound appreciation for what >> It didn't take long. They're wanting to come back, and I'm Yeah, I'm not sure you've had enough pain. >> Enough getting kicked in the face. Yeah. As long as they have shifted from like cuz there's like dough, there's dad, and then there's like, "Oh, dad's G."

0:50They get professional respect for you. I think once that happens, I can't imagine a better teacher than you for all the things that you know. >> Right. >> You have the advantage of the fact that your kids want to get involved, which is a a massive advantage. I'm taking junior with me on every call and every meeting, and I'm trying to prep junior to be more impressive than me, and I'm going to try not undermine junior in front of the person. And if you do that for 5 years, 10 years, eventually the authority and expertise is going to transfer both in reality, but also in perception.

1:24>> Right. >> I think that would be like the most elegant, simple way of doing it cuz the nature of the business you have generates so much money. Bringing like a hired gun in is is they would just have to become a partner because they could always hang their own shingle and make more unless they have opportunity. And so, because you have the kids that are interested, you can make the transition without the fear of them poaching or, you know, taking all of your secrets and your contacts and then just basically doing without you.

1:48But, that is how I would think about it. Is that I need I need my associates to see junior as the younger, smarter, more ambitious version of me that learned everything that I learned and is going to do four times as much in half the time. >> Okay. >> Cuz he doesn't have to make all the mistakes. >> Okay. Okay. That's helpful. Thank you. Thank you.