Biblical Keys to Building a Family Business

Episode 173 April 18, 2024 00:21:28

Show Notes

How do you create a family business that endures the test of time? What are the secrets to building wealth that lasts for generations? The Bible has a lot to say about leaving a legacy, and this episode of The WealthBuilders Podcast takes a deep dive into these spiritual principles. Join Karen Conrad and Dave Metcalfe as they unpack inheritance, heritage, and how to build the Kingdom of God together as a family.
 
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Episode Transcript

[00:00:00] Speaker A: Well, there's some blocks that our parents can give us. You know, like little ceilings. Like, for example, the girl that said her parents said, you know, stick it to them. And one of my stories is, as a elementary kid, one of the neighborhood boys told me that a house came up for sale and his dad bought it. [00:00:19] Speaker B: Yes. [00:00:20] Speaker A: And I asked him, why did he buy the house? I didn't understand why. And he said, oh, my daddy's gonna rent it to somebody and make money. And I thought, that's interesting. I went home and told my dad. [00:00:47] Speaker B: Welcome to this week's Wealth Builders podcast. I'm Karen Conrad Metcalf, and I am joined today by my amazing husband, Dave Metcalf. [00:00:55] Speaker C: Dave, thanks for joining me today. [00:00:57] Speaker A: Well, thank you very much. And we're actually filming this from our new state of residence. [00:01:02] Speaker B: We are. We are in Colorado. [00:01:05] Speaker C: Absolutely. [00:01:06] Speaker B: So today we've got a really fun topic. We get a lot of questions from people that know that we've got a family business. And they're like, how do you do a family business? [00:01:17] Speaker A: Right. [00:01:17] Speaker B: How does this work? Tell us about it. And it's actually one of our favorite topics to talk about because we're super passionate about it. And wealth builders, part of what we do at wealth builders is help build legacy and create generational wealth. And so I'm excited to dig into this discussion today where we'll be sharing kind of how we work it out. It's not perfect. We have our moments, but you know what? We are committed. Like, we know this is something that we're called to do. So any of you, too, that are just listening to this and thinking, I've tried it. It didn't work, or really, can I work with my family? I want to tell you, absolutely, you can. If God's called you to do this, which I believe he has called all of us to do this, you are well able. So, Dave, one of the first things that I'd really love for you to go over is a definition of prosperity. We've all come from different areas. Maybe we've received wrong teaching on it. Maybe we thought God wants us to be poor. But you've got this amazing definition of biblical prosperity. Will you share that? [00:02:21] Speaker A: Okay. Well, I must say that the definition is really like a collection of things I've heard from people. And, for example, I love Billy's definition about making sense about wealth, to essentially utilize it correctly. But one of the things that we've listened to Andrew Wommack, and one time, he said that prosperity is having all the necessary resources to do God's will. So I thought that was a great line. And I just added a comma and then put in the idea and wealthy to build wealth that makes a difference, which kind of covers Billy and Becky's, one of the definitions they talk about. And then it's another comma and to leave a legacy, which all both talk about. And individuals that we've listened to, they all talk about the idea of wealth to do God's work, wealth to make a difference, and then also pass it on. So that's the important part, is having all three of those. [00:03:21] Speaker B: Yeah, that's really good. And I really like how you describe that, too, because it's to do God's will. So sometimes we work with a lot of businesses, nonprofits, and they get maybe stuck where they're like, I know God's called me to do this, but they're short on resources and giving an understanding that God, when he calls us to something, he will bring the provision. But a healthy understanding of prosperity is really important. You've also got here, too, if I can read this, we've got some notes. Every spiritual, the resources, every spiritual blessing that provides vibrant physical and emotional health, freedom from oppression, protection, quality relationships, peace, joy, and financial blessing. [00:04:07] Speaker A: Yeah. That ties into God wants to give us the resources we need to accomplish his will. So if we were only thinking about money, we would be missing out on some of the beautiful attributes of God's resources, which is physical health, actually be able to thrive and do well. And just the idea of even having peace, that's a beautiful resource or healing in our bodies. Exactly like the six and a half mile hike we took through the mountains recently. We needed to reach out to that. [00:04:41] Speaker C: Healing for a few days, going up and down the steps. Right? [00:04:48] Speaker A: Yeah, but that's part of the beautiful part of God's resources and really understanding what is available to us because we receive God's resources and it's coming into an awareness and understanding of how we can actually manage what we've inherited through Jesus because of what he's received. [00:05:07] Speaker B: That's really good. And I think some of the perspective that I know I had growing up is we'd see people in prosperity was all about money, yet you would see maybe health issues or maybe there was a lot of problems in their family, or there's other things going on. The idea with God is that prosperity actually is all the things that we need. So I really like how you broaden that definition, and that truly is God's will. [00:05:37] Speaker A: Well, actually, part of that came in just entering the wealth builder culture, where listening to Billy and Becky, it took me a number of times to kind of capture different themes. And at some point, which I would encourage you as you're watching and you're thinking, wow, some of the stuff that's talked about with wealth builders, it seems like it's not over my head that it's up in the skyscraper somewhere is at some point, because these are spiritual truths. They all begin to come together and make sense. But it's like a mosaic. You have a little piece of information here that's about resources or inheritance or wealth building, and you kind of wonder, how does that piece work? But then they begin to come together and you see God's picture, which is what we're talking about right now. He wants you to do his will, but he wants to bless you to do his will, and he wants you to have all the resources, and at the same time, he wants to bless you to not only do his will, but then to spread and help other people and then leave a legacy, which is something we're talking about with our kids. The legacy doesn't start when we die. It actually starts right now while we're alive. [00:06:51] Speaker C: Yeah. [00:06:51] Speaker B: And I think that was one of the motivators that you and I had to just really press into this family business is really a lot of the things that we have seen is that people get money when their parents die, but they have no training or they haven't been able to enjoy the journey together. And even, like with the jewish culture, there is so much that the parents teach the children, and it goes on for generations. And, you know, I think that's a really important aspect, and you have a wonderful understanding of that. [00:07:25] Speaker A: Well, I think the jewish culture is really beautiful, and part of the beauty is the historical perspective that they've had. So biblically speaking, their perspective is that generational wealth is a part of God's plan. It's Abraham, Isaac, Jacob, and even going to a lower generation of Joseph. So you have this span of age. And they purposely actually worked on wealth together. They worked through the family transition. And one of the things that they did is they didn't just work on inheritance, they actually worked on heritage. [00:08:02] Speaker B: Explain that difference. [00:08:03] Speaker A: Yeah. So inheritance might be me giving you something tangible like money or farm animals, like they had, but a heritage was like, for example, a man's good name, which proverbs 22 says a man's good name is worth more than gold or silver. So when a father and a mother pass on their good name, their reputation. What that actually does, combined with the resources of inheritance, it helps them to conduct business in a respectful way, because they already have the reputation of the family. So, like, if we were to mention some family names in the country, which we won't, you'd say on that family, and you mention another family and say, hey, that's a good family. [00:08:49] Speaker C: Yeah. [00:08:50] Speaker A: And so then what happens is the people transfer the trust level to the business based upon reputation more than the fact that they just have money. [00:09:02] Speaker C: Wow. [00:09:02] Speaker A: So jewish culture is really big into giving a heritage, a man's good name, proper business practices, and the Old Testament, the Torah, is full of practices about how to implement the Ten Commandments. So just a little side trail. The Ten Commandments. There's one commandment that says, love God. There's one commandment that says, take care of yourself. That's commandment four. That's take a day off. And then the other eight are all about loving people. Well, then, to explain loving people, the Talmud got into over 600 types of examples of how not to have weights that were imbalanced. When you measure out, like, you got this food, and I put my thumb on the scale and charge more. Don't do that. And it essentially broke down how to conduct business in a way that was honest and trustworthy and even looked for win win situations. Like, don't sell something and then walk away and laugh and think, I really, like, I really stuck into that guy. You're supposed to actually, in the transaction, think win. So these are all important things that they passed on to their children. And if we pay attention to that type of process, doing business with our family means we bring that into the family business as well. [00:10:20] Speaker C: Wow, that's good. [00:10:21] Speaker B: You know, a friend of ours was sharing with us over the holidays about when she was growing up. [00:10:26] Speaker C: All her dad taught her is how to basically remember that story. She was like, how to. I don't know what the word is. Like, take someone. [00:10:36] Speaker A: How to stick it to them. [00:10:37] Speaker C: How to stick it to them. And so she was giving us examples, and he would train them as kids and go. And like, okay, this is what you do. You go over here and do this amazing treating or teaching them to be little crooks in a way, or taking advantage of people. So then she got born again, and she's like, what? She had to relearn all of this based on the word of God, right? And so. And, you know, today, of course, they're absolutely amazing. But think about that hurdle that she had to overcome. [00:11:10] Speaker B: So we talk a lot about, you. [00:11:12] Speaker C: Know, how we both have this passion with our families. And she's like, you know, she's teaching her kids how not to do what she was taught, and she's changing that generational path or that legacy. [00:11:25] Speaker A: That's funny. [00:11:26] Speaker C: It's really funny. [00:11:28] Speaker B: But you know what? [00:11:29] Speaker C: Better way, too. [00:11:30] Speaker B: Think about how when you grow up, I think about, like, you watch your parents, right? And so it's not that they sit you down and they teach you a specific lesson, but you learn by observing. I mean, you share so many amazing stories about your mom and dad and how they modeled things and they taught you, and they teach you. Well, those business principles are really picked up a lot in the same way. And then bringing that practical, that intentional part to it as well. [00:12:01] Speaker A: Well, there's some blocks that our parents can give us. You know, like little ceilings. Like, for example, the girl that said her parents said, you know, stick it to him. And one of my stories is, as a elementary kid, one of the neighborhood boys told me that a house came up for sale and his dad bought it. [00:12:21] Speaker B: Yes. [00:12:21] Speaker A: And I asked him, why did he buy the house? I didn't understand why. And he said, oh, my daddy's gonna rent it to somebody and make money. And I thought, that's interesting. I went home and told my dad, yeah, hey, this neighborhood boy is like, the dad's gonna buy a house, rent it, make money. What do you think of that? I mean, it intrigued me. [00:12:43] Speaker C: Yeah. [00:12:43] Speaker A: And his response was, we already have a house. Why would we. We couldn't see, why would we want another house? And, you know, a voice of a father and mother is so powerful. [00:12:55] Speaker C: So powerful. [00:12:56] Speaker A: And God can help us, obviously, get rid of the voices that are not good. But that actually set up in my mind the idea that, why would you have another house? You get one and you just be happy about that. [00:13:08] Speaker C: Yeah. [00:13:09] Speaker A: So it's so powerful. And then learning later in life that, hey, this is actually kind of a good idea. [00:13:14] Speaker C: It's a great idea. [00:13:17] Speaker B: And I think that's, too. Where, you know, the world is out there. Like, make money, make money, make money. Go buy. Buy more houses to consume or buy more houses or boats or whatever. And God wants us to have nice things. But this concept is really, how can you bring transformation or influence to the people around you if you only have enough for you? [00:13:38] Speaker C: Right, right. [00:13:39] Speaker B: And so this idea that Billy and Becky have brought, like, making money for making a difference. Right. It's that part, that aspect in that changes everything. So, like, for example, if your dad would have had that perspective. He would have seen, it's not another house for us just to own. Why would we need that? [00:14:01] Speaker C: But he would have like, wow, I. [00:14:03] Speaker B: Can actually take that money and I can give more because he's such a generous person. [00:14:10] Speaker C: But, yeah, there's all sorts of things. [00:14:12] Speaker B: There's blocks that we have. I really like that you brought that up. There's good things that we pick up. But as parents, as grandparents, when we sort of have this light into things, we can change the impact, the direction of our lineage for generations by grabbing hold of this. [00:14:34] Speaker A: Absolutely. Because truth can really bust the constraints off. And we sometimes don't even realize we're bumping into an opinion, and the opinion is a limitation. And when we're talking about building generational wealth, going to, like, a wealth builder's culture, community, you begin to suddenly realize, okay, that's a limit. That's something I'm hitting right now. And then we actually talk about limits with our kids so that we talk, hey, this is kind of a limit. And if we were to take that away, look at how that looks. [00:15:12] Speaker B: Yeah. [00:15:12] Speaker A: And the easy part about that is that spiritual truth is always busting limits. And when we see the spiritual truth, and that's the thing I love about wealth builders that Billy and Becky are very adamant about, let's keep it biblical, because that's where it all happened. [00:15:31] Speaker B: That's where the light is. [00:15:31] Speaker A: And then that truth actually helps us see things clearly and we can begin to remove limitations. And that's a great thing to do in a family business, is to look at things fresh through God's perspective and say, hey, let's take limitations away. [00:15:47] Speaker C: Hey. [00:15:47] Speaker B: When I was down in Florida this last weekend, working in real estate, talking to Levi and Carly, I was sharing. Carly hadn't heard this, and I was sharing and reminding Levi this story. Remember, we were sitting in beachside bungalow. We had done our first investment property in Florida. Levi is an arborist, and he was traveling all the time to California. And we were trying to, like, figure out, because we were coming out of COVID when he got to work from. [00:16:11] Speaker C: Home all the time. So that was kind of part of it. Like, what's real? What I have to actually do my job, right? [00:16:17] Speaker B: Anyway, we were hitting that constraint and we're just thinking, okay, how can we move into Levi doing real estate full time when, you know, he was looking at getting married and he was like, having to get a paycheck. And I'll be honest, like, me and Levi, we're kind of like hitting that wall and then you came along and you said, wait a minute, let's map this out. And you started writing out how we could do it, and it completely removed that restraint or that constraint. [00:16:54] Speaker A: Cool. [00:16:55] Speaker B: And from that, we were able to say, you know what? This is actually a pathway forward. But it wasn't something where we're just gonna, you know, throw away all reason. It was, no, we have to have a pathway. We're actually giving God something to work with. So one of the things that Billy talks about is first you get knowledge, then you get understanding, then wisdom and wealth builders is really committed to helping us get the knowledge. Like you were described, we had to hear it a lot of times. I still remember the law of leverage. [00:17:30] Speaker C: Where we looked at each other. We got it at the same time. [00:17:32] Speaker B: It was probably the 10th time we heard it, but it, like, clicked, right? We got understanding. We had put ourselves in a position to gain the knowledge, and then all at once we got understanding. So then when God spoke to us things with wisdom, we knew how to apply it, right? [00:17:51] Speaker A: Which is so powerful. [00:17:52] Speaker B: So powerful. So that is what we're teaching our kids, and we're really traveling down a path. Sometimes it's unknowns, but we know that this is something that God has called us to. We have confidence with it. We definitely steward it the best we can. Wealth builders is a huge part of that. We wouldn't even be doing what we're doing if it wasn't for what we've learned from wealth builders. And Billy and Becky and I want to just kind of finish with this today because we're out of time. But do you remember when we were reading statistics? And in the world, most of the wealth in families is lost in the second generation, 90% of wealth is lost in the third generation, and that's not going to be us. Right? So what's the answer to that? And then we are reading an article that came out from a rabbi. We had found it, and he was explaining the reason that the wealth is being lost is that they're not passing this information on and they're not teaching their children values. And so when we combine those two things where it's the how to's and the values or that biblical foundation, that is the way that we not only gain wealth, but we retain wealth in our families, right? So we just want to encourage you, if you're thinking about, hey, I really want to get started with this. You are in the right place. Wealth builders is the right place to learn about this. And the foundation is, there's a lot more information, of course, to share, but get involved with wealth builders. Attend. We have a lot of free webinars. Share this podcast with your family. Bring them to the next wealth builders events. We are passionate about this and we want you to build that legacy, build that generational wealth and have that family that works together through business and fulfills God's purpose and destiny for a family. So Dave, any final words that you would like to share or would you share on this idea of building wealth with a family? [00:20:11] Speaker A: I think part of the beauty of building family wealth is the connectivity you already have as a family where you are finding the purpose and the sweet spot of the individual on the family team and knowing that this is something that's not going to just end but really has the chance to move generationally. And it's working together in a loving, caring way where you value each voice in the family and you see where they're thriving and you let them lead and you value their voice. I think it's just taking baby steps in some cases, but you just figure out as a family how we're going to do this together and enjoy the process. [00:21:00] Speaker C: I'd say that, yeah, that is so good. [00:21:03] Speaker B: Thank you so much for joining me. [00:21:04] Speaker A: Well, thanks for having me on the. [00:21:06] Speaker B: Podcast and thanks all of you for being part of the wealth builders family. I just want to encourage you. If you want to learn more, go to wealthbuilders.org dot. We love and appreciate you, God bless you and make it a great rest of the day.

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