Alright – so today we’ve got the honor of introducing you to Drs. Phillip & Janice Porter. We think you’ll enjoy our conversation, we’ve shared it below.
Drs. Phillip & Janice, looking forward to hearing all of your stories today. So, what do you think about family businesses? Would you want your children or other family members to one day join your business?
To create a successful family business that will endure for generations, you must us a proven recipe with proven ingredients. The secret ingredient to creating generational wealth, is ownership! Family ownership is the key ingredient, and it must include at least one of the following ownership strategies: real estate, business, investment, or intellectual property.
To successful established one or more of these ownership strategies, we give the families we work with the following tips:
#1 Have an inspiring written family vision and mission statement for your family and an inspiring ownership (real estate, business, investment or intellectual property) vision and mission statements and link them together. This process will not happen overnight but when done, you would have completed the foundation for building generational wealth.
#2 Master Soft Skills – Your family & business leadership must master the essential soft skills needed to bring and keep your family together while building generational wealth.
#3 Intergenerational Communication & Trust Strategy – Your family leadership must implement ways to effectively communicate with the both the current and next generation and get them involved early. Plus, intentional incorporate activities on a regular basis that continue to build trust between the family leaders and the family members.
#4 Family Rewards System – Implement and maintain a successful family rewards system that the recognizes those family members that help achieve the family and business goals each year. Your Family Reward System must be designed to teach and reward all generations who learn how to work together and achieve results. We recommend that you get future generations involved in the rewards program starting at the age of 5 – 7. This is the strategy that the top 10% of wealthy families do!
These 4 major tips have allowed our family to have over 30 family members from three generations to own shares in our family business and still have great family reunions.
Drs. Phillip & Janice, love having you share your insights with us. Before we ask you more questions, maybe you can take a moment to introduce yourself to our readers who might have missed our earlier conversations?
Our company is on a mission to erase the toxic family business myth of “don’t hire your family in your business because they will be a major obstacle to building wealth”.
The Vision of Global Family Success Institute is to be a leading global educational institution that educates, trains, and coaches family businesses, students, and community leaders in practical principles to balance family traditions, social relationships, professional expertise, business, and ownership needs in a safe learning environment that’s cultivates the family’s dream of building wealth together.
What makes our company special is that our company Global Family Success Institute is a division of Generations Empowerment Enterprises, LLC which is a privately held African American family own business. We have over 30 family members from 3 generations who have shares in our family business. Through our many years of business experience, mentors, coaches, etc. we have developed a model that teaches family members how to learn and work together to build generational wealth. There is not much we have not experience as a family business from board members getting divorced, a major project failing, major disagreements between family members, and more. But together we made and continue to move forward.
What makes our company unique is that we have the following:
* The 5-Step Building a Family Championship Team Program: Our 5-step program consists of the following steps:
1. Education: Through our online education platform, we invite family members from at least two generations to take our courses together. This is a very critical step in the process as you begin to learn together as a family like-minded unit. To learn more, go to https://globalfamilysuccess.thinkific.com.
2. Business Meeting: You will learn how to run effective family business meetings. Most family businesses fail because they do not master this step.
3. Reward System: You will learn how to create and launch a family reward system that rewards the family to be successful. If major companies have employee rewards programs and wealthy families have rewards systems, your family business must have one as well to be successful. When your family implements an effective reward program, you will be among the top 1%.
4. Ownership: The key to building wealth is through ownership. You will learn several types of ownership and implement at least one wealth building ownership strategy.
5. Vision Driven Family Handbook: Your family handbook is given to family members and employees. It contains employment and job-related information. It is a vital communication tool between a company and its family members and employees. It can be used to explain a company’s systems and processes, and to provide guidance on workplace.
Two Books written by Drs. Phillip & Janice Porter that is a roadmap for success based on their family’s success:
– The Power in a Vision Driven Family Workbook: Journey to a Generational Vision
– The Power in a Vision Driven Family: Journey to a Generational Vision
How about pivoting – can you share the story of a time you’ve had to pivot?
Our business had to pivot two times in our history in order to survive and grow.
Our journey began unexpectedly after we wrote our second book “The Power in A Vision Driven”. The reason we wrote this book is because, for many years prior, people kept asking us how our family started a family business, got over 30 family members from 3 generations to invest their time and money into the business and not break the family apart. In 2016, we decided to answer this question and more by writing a book titled “The Power in A Vision Driven Family: The Journey to A Generational Vision”. We gave a copy of the book to our pastor. After reading the book, our pastor asked us to conduct a “Vision Driven Family Workshop” at our church. The workshop pushed us to create and publish a workbook with the same title “The Power in a Vision Driven Family Workbook: Journey to a Generational Vision”. The workshop was extremely successful and surpassed our expectations.
First Pivot: Host Online Zoom Webinars: Covid-19 struck, and we could no longer come together in person to conduct workshops. It was either go out of business or transform our in-person workshops into online zoom webinars. We had never done a zoom webinar and did not know anyone who had done webinars successfully. After we made a decision to begin conducting webinars, we took the necessary training to make this transition successful. This process took over a year to effectively learn how to market, advertise and host successful interactive webinars.
Second Pivot: Establish an Online School: To grow our business long term, we needed a way to generate income 24/7/365. We had no clue on how to create successful interactive online courses. Once again, we had to take the training necessary to make this happen. This process took over 2 years and now we have Global Family Success Institute.
We’d love to hear the story of how you built up your social media audience?
We built our social media audience through networking and interviews.
* Through networking and applying to be an expert guest on LIVE YouTube Channels, podcasts, radio, and more we built our audience. This has been very effective for our organization. There are several podcast platforms where podcast hosts are looking for experts to interview. All interviews are posted on our social media platforms on a regular basis.
* Guest Presenter at Conferences: We have presented at conferences throughout the United States which dramatically increased our brand awareness and income.
* Partnerships and Collaborations: We partnered and collaborated with other businesses which has been extremely successful.
* Book Signings: As authors we used book signing and book giveaways to build our social media audiences as a well.
* Free Webinars: We also us webinars to grow our audience as well.
Contact Info:
- Website: https://globalfamilysuccess.thinkific.com
- Instagram: @globalfamilysuccess
- Facebook: https://www.facebook.com/globalfamilysuccess
- Linkedin: https://www.linkedin.com/in/phillipporter
- Twitter:
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