Ivan Lansberg

The other thing I think this change highlights for me, and I think the book certainly builds on this concern, is that let's say you take Elon Musk and have him moving to government to cut all the inefficiencies, so to speak. I'm all for having an efficient government. I think that's terrific. The concept is very nice.

The other thing I think this change highlights for me, and I think the book certainly builds on this concern, is that let's say you take Elon Musk and have him moving to government to cut all the inefficiencies, so to speak. I'm all for having an efficient government. I think that's terrific. The concept is very nice.

But before you move in with a chainsaw, you really need to pay attention for why those inefficiencies are built into the system. Because if you cut them all away, you're basically jacking up risk. That the institutional stabilizers, as we call them in the book, will begin to wither. And before you know it, the U.S.

But before you move in with a chainsaw, you really need to pay attention for why those inefficiencies are built into the system. Because if you cut them all away, you're basically jacking up risk. That the institutional stabilizers, as we call them in the book, will begin to wither. And before you know it, the U.S.

is going to start beginning to look more like Guatemala, you know, in terms of its ability. And for business people, the implications are huge, like you're pointing out. Exactly. You know, I mean, what will the stars do to our game? What will, you know, what will happen when we can't count on, you know, in FEMA to rescue people after a tornado goes by?

is going to start beginning to look more like Guatemala, you know, in terms of its ability. And for business people, the implications are huge, like you're pointing out. Exactly. You know, I mean, what will the stars do to our game? What will, you know, what will happen when we can't count on, you know, in FEMA to rescue people after a tornado goes by?

I mean, once you take all that away, if you just slash and burn, you're going to be left with just a skeleton or something that really does expose the construct of the U.S. to enormous risk.

I mean, once you take all that away, if you just slash and burn, you're going to be left with just a skeleton or something that really does expose the construct of the U.S. to enormous risk.

Thank you, Garrett.

Thank you, Garrett.

The other thing I think this change highlights for me, and I think the book certainly builds on this concern, is that let's say you take Elon Musk and have him moving to government to cut all the inefficiencies, so to speak. And I'm all for having an efficient government. I think that's terrific. The concept is very nice.

The other thing I think this change highlights for me, and I think the book certainly builds on this concern, is that let's say you take Elon Musk and have him moving to government to cut all the inefficiencies, so to speak. And I'm all for having an efficient government. I think that's terrific. The concept is very nice.

But before you move in with a chainsaw, you really need to pay attention for why those inefficiencies are built into the system. And because if you cut them all away, you're basically jacking up risk. That the institutional stabilizers, as we call them in the book, will begin to wither. And before you know it, the U.S.

But before you move in with a chainsaw, you really need to pay attention for why those inefficiencies are built into the system. And because if you cut them all away, you're basically jacking up risk. That the institutional stabilizers, as we call them in the book, will begin to wither. And before you know it, the U.S.

is going to start beginning to look more like Guatemala, you know, in terms of its ability. And for business people, the implications are huge, like you're pointing out. Exactly. You know, I mean, what will the stars do to our game? What will, you know, what will happen when we can't count on, you know, in FEMA to rescue people after a tornado goes by?

is going to start beginning to look more like Guatemala, you know, in terms of its ability. And for business people, the implications are huge, like you're pointing out. Exactly. You know, I mean, what will the stars do to our game? What will, you know, what will happen when we can't count on, you know, in FEMA to rescue people after a tornado goes by?

I mean, once you take all that away, if you just slash and burn, you're going to be left with just a skeleton or something that really does expose the construct of the U.S. to enormous risk.

I mean, once you take all that away, if you just slash and burn, you're going to be left with just a skeleton or something that really does expose the construct of the U.S. to enormous risk.

Right. I was just thinking that. But, you know, I think one key point, Gary, is that it runs through all of the strategies. None of them come for free. And business owners are so focused on their operating models appropriately, right?

Right. I was just thinking that. But, you know, I think one key point, Gary, is that it runs through all of the strategies. None of them come for free. And business owners are so focused on their operating models appropriately, right?

So, you know, you're running a company, 90% of your attention is making sure, you know, the product goes out the door, the service is provided, and everything is done in the most cost-effective manner possible. But if you overlook also pausing

So, you know, you're running a company, 90% of your attention is making sure, you know, the product goes out the door, the service is provided, and everything is done in the most cost-effective manner possible. But if you overlook also pausing

And asking yourself, what risks are we taking and what measures might we build into our operating models to be able to cushion uncertainty, which will come your way, one way or another. You know, whether it's 9-11, whether it's COVID, whether it is, you know, the new administration, whatever it is. Something's going to affect and touch your business.

And asking yourself, what risks are we taking and what measures might we build into our operating models to be able to cushion uncertainty, which will come your way, one way or another. You know, whether it's 9-11, whether it's COVID, whether it is, you know, the new administration, whatever it is. Something's going to affect and touch your business.

You better be ready for that and understand that any one of those measures, like a spare tire in a car, will take some resources, will occupy space, will weigh you down a little bit. But in exchange for that, you're upping the chances of continuity, which for most family enterprises, I'm very much in tune with your legacy constructs, is key. That is a key priority.

You better be ready for that and understand that any one of those measures, like a spare tire in a car, will take some resources, will occupy space, will weigh you down a little bit. But in exchange for that, you're upping the chances of continuity, which for most family enterprises, I'm very much in tune with your legacy constructs, is key. That is a key priority.

So if you want to continue, you better be attentive to risk.

So if you want to continue, you better be attentive to risk.

And to me, I became a grandfather seven years ago. And to me, that is a very important motivation to try and reflect on what can I pass on to my grandchildren that... will endure? You know, what are the stories? What are the values?

And to me, I became a grandfather seven years ago. And to me, that is a very important motivation to try and reflect on what can I pass on to my grandchildren that... will endure? You know, what are the stories? What are the values?

What are the strategies that I've seen worked and that this work actually reflects, you know, an inventory of that could be useful to them as they will tackle the world they will inherit with full knowledge that that world, as Devin suggests, will be quite different from the one I've lived.

What are the strategies that I've seen worked and that this work actually reflects, you know, an inventory of that could be useful to them as they will tackle the world they will inherit with full knowledge that that world, as Devin suggests, will be quite different from the one I've lived.

Yeah, I know. It's a great question, and I had two thoughts on that. One is, you know, there is something so important in families because you're constantly managing the relationship between the I, who I am as an individual, and the we, the identity that we hold together as a group, right? So that tension is inherently built into families. The other thought I had about this was –

Yeah, I know. It's a great question, and I had two thoughts on that. One is, you know, there is something so important in families because you're constantly managing the relationship between the I, who I am as an individual, and the we, the identity that we hold together as a group, right? So that tension is inherently built into families. The other thought I had about this was –

A story that I think Warren Buffett tells about, you know, sometimes they ask him, so how do you define success? And then he says that the person who dies with the most friends. And then they asked him, so how do you define a friend? And then he says, well, a friend is... And then he notes a friend of his who went through the Holocaust, right? Right.

A story that I think Warren Buffett tells about, you know, sometimes they ask him, so how do you define success? And then he says that the person who dies with the most friends. And then they asked him, so how do you define a friend? And then he says, well, a friend is... And then he notes a friend of his who went through the Holocaust, right? Right.

And says, a friend is somebody who will hide you, meaning somebody who will have enough conviction and commitment to you to take a personal risk on your behalf.

And says, a friend is somebody who will hide you, meaning somebody who will have enough conviction and commitment to you to take a personal risk on your behalf.

An advocate, right? An advocate who will protect you when the time comes. Our emphasis on family and on risk, basically, in the book, it really comes from being exposed to families worldwide in the US, in Europe, in Asia, in Latin America, in Africa, that are just

An advocate, right? An advocate who will protect you when the time comes. Our emphasis on family and on risk, basically, in the book, it really comes from being exposed to families worldwide in the US, in Europe, in Asia, in Latin America, in Africa, that are just

exemplary at managing that tension and being able to call forth a collective identity that allows them to get, you know, that gives them the resiliency they need to cope with the challenges they face.

exemplary at managing that tension and being able to call forth a collective identity that allows them to get, you know, that gives them the resiliency they need to cope with the challenges they face.

Yeah, we believe in the power of ideas. And the book is really our attempt at trying to summarize that experience and share them with others. You know, as we often think about this, it continues to be a work in progress. We don't pretend to have all the answers here, but we do want to get people curious about how important continuity and resiliency are in building legacies.

Yeah, we believe in the power of ideas. And the book is really our attempt at trying to summarize that experience and share them with others. You know, as we often think about this, it continues to be a work in progress. We don't pretend to have all the answers here, but we do want to get people curious about how important continuity and resiliency are in building legacies.