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 guest is 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.
[02:38] - Corah gets warmed up by talking about her favorite things to do.
[03:38] - Brad brings up the topic of legacy issues, talking with Corah about generational issues. Corah then reveals that in the future, she would love to do what her dad does and own the company (rather than being a dentist).
[04:54] - Brad discusses a couple who he recently spoke with in Florida who gave him some insight into working with their children. He then outlines some requirements for Corah before she can join the business.
[05:54] - We learn more about Brad’s background, including the fact that he started the business from scratch.
[06:38] - Brad shifts to the topic of having legal protections in place, explaining to Corah (and the audience) that he and his wife put everything into a trust several years ago. He recommends Matt Spahn as a trust attorney.
[10:35] - After a short break, Brad and Corah talk about the future, with Brad mentioning that the property management industry is still waiting for its big disruptor. He and Corah then talk about the importance of technology.
[12:06] - We circle back to the idea of major disruptors. Brad explains one possible option to Corah using the clear example of their upcoming vacation.
[12:58] - Brad asks Corah a big question: would she rather go on vacation to the same place every time, or to a new place each time? He then ties her answer into how the industry may be changing.
[14:26] - We hear about the potential role of drones in property management. Brad then talks about the possibility of cash becoming obsolete, with everything being done electronically.
[16:14] - Corah shares what she’s most excited about this summer: not having school!
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