Successful Generations Podcast
Do you have a strong matriarch or patriarch? Do you have more drama in your family business than is healthy? Do you know someone who has sued a family member? If you answered “yes” to any of these questions, this episode is definitely for you.
Doug Box, 2nd generation of Box Energy Corp, experienced all of these things and more. In fact, Doug’s life pretty much reads like a Hollywood movie. He shared many of the details in his recent book, Texas Patriarch: A Legacy Lost and I was thrilled for the chance to interview him and talk about his experience specifically through the family business lens.
I usually want to keep our interviews to 30-45 minutes, but I couldn’t help but ask Doug additional questions.
Topics discussed in this episode:
- The rags to riches story of Cloyce Box—from a child of the Depression, to a Marine, professional football player, and prolific businessman
- A look at life in the shadow of strong, charismatic Patriarch
- How a rift between brothers tore a company apart
- Straight talk about advance planning, advisors and recognizing conflicts of interest
- What Doug Box says he wishes he could have done differently
- Lessons learned and ideas for raising today’s next generation of family business
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Notable and Quotable:
These are lessons learned from a family business tragedy. @DouglasDBox #successfulgenerations
When you combine your family enterprise with wealth, money, identity and occupation you are touching a lot of nerves.These are treacherous, combustible waters. We didn’t handle it carefully and it blew up in us. @DouglasDBox #successfulgenerations
My passion is helping other families avoid the mistakes we made. @DouglasDBox #successfulgenerations
They don’t make rogaine for the family tree. @DouglasDBox #successfulgenerations
One thing that a strong patriarch does, is they are very, very good at getting their way. @DouglasDBox #successfulgenerations
A family owned business is a very good laboratory experimenting, making mistakes and learning things. @DouglasDBox #successfulgenerations
Accountability is the key to staving off entitlement. @DouglasDBox #successfulgenerations
Without accountability, you will grow your entitlement limbs. @DouglasDBox #successfulgenerations
My dad was a leader, not a teacher. A lot of his values died with him. @DouglasDBox #successfulgenerations
Do not resolve family conflict through litigation in a family owned business. @DouglasDBox #successfulgenerations
Don’t risk missing out on any of the fun that is to come.
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Have a topic suggestion?
If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.