Secrets Of Billionaires: Hobby Lobby and Generational Wealth

Big Business Mistakes

No matter if you make five, six, seven, or even 8 figures a year, imagine your wealth being completely lost after you pass it along to the second or third generation of your family. Brandon and Kaelin Poulin spent multiple days hanging out with billionaire David Green (the founder of Hobby Lobby) to learn the secrets on how he secures his wealth and sets it up to grow through multiple generations of his family.

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I Can't Believe They Said That:

“I gotta read this stat, 70% of wealthy families will loose their wealth by the second generation and 90% will loose it by the third.” -Brandon Poulin

“It's not passing down the money, it's translating the mindset of the money.” -Kaelin Poulin

Key Moments:

First reflections on what Kaelin learned from David Green. (7:14)

A look inside how successful the Hobby Lobby empire really is. (11:49)

How to structure the family's wealth to be age appropriate. (23:11)

The power of your family all choosing reside in the same place. (42:59)

How to get your family on board with gathering your family together to operate on the same mission. (45:43)

The Mistakes:

Generational Wealth Mistake 1: Not creating a fine tuned family mission that revolves around values, traditions, and a culture that welcomes the family into the business. (8:41)

Generational Wealth Mistake 2: Allowing the family member's focus to be on making as much money as possible instead of focusing on the mission of generosity. (13:25)

Generational Wealth Mistake 3: Not taking time to create unique family values that are based off a strong foundational principles and failing to put them into practice once they are established. (30:41)