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The Artisan Podcast: Developing the Next Generation – Preserving Family Wealth Through Education



Developing the Next Generation – Preserving Family Wealth Through Education


Explore the topic of “Developing the Next Generation” – Featuring internationally renowned speaker, author, and consultant Kirby Rosplock as she shares her unique perspective with Arthur Salzer, Northland’s Founder & CEO.


Major issues to be discussed on this webcast include:

  • The complexities of family enterprise

  • Generational wealth preservation

  • Cultivating and developing human capitol

  • Forming Tamarind Learning, a unique resource for families

Kirby Rosplock, PhD is the founder of Tamarind Partners, a leading family office consultancy named Best Family Office Management Consultancy (2019) and Best Family Wealth Counseling by the Family Wealth Report (2019, 2022). She is also Chief Learning Officer and founder of Tamarind Learning, an online learning platform for families, beneficiaries and their advisors named Best Specialty Service Provider (2022) by the Family Wealth Report.


Recognized by her peers as an innovator, educator, trusted advisor, lauded author, and world-renowned speaker, Kirby helps both business-owning families and family offices. Born into a complex enterprising family, Kirby understands first-hand being a beneficial owner, inheritor, fiduciary, board member, and an operator.


Kirby combines her life experiences with her passions for research, client advisory, and her love of writing, which have culminated in many articles, research studies, and books including The Complete Family Office Handbook (2014, 2021) and The Complete Direct Investing Handbook (2016).


Make sure to check Northland Wealth’s YouTube Channel for more episodes.


Transcript

SPEAKERS: Arthur Salzer, Kirby Rosplock

Arthur Salzer 0:11

Hi, good morning, and we're here to share with you my guest today, Dr. Kirby Rosplock. She is the Founder of Tamarind Learning. And we've I think we've known each other now since 2015. And it's a bit of a funny story how we met back in the 70s. 1978 I believe, in February, just before that my father speculated using futures, I guess that's where I got some of my investing side from that Chrysler with Lee Iacocca was not going to go into receivership. And he did quite well with that, that trade. And as a reward, he took our family, my grandmother included for a three-week trip to San Diego, California. And it was sort of was very eventful. We lost our bag is traveling through Chicago. And when we got to San Diego, I guess the year previously, there was a famous song written, It Never Rains in Southern California, it pours. And for, you know, more than two weeks of the three, it was it was raining and we drive to we try to drive to Disneyland each day. And mudslides would happen. And we could never make it up the highway to Anaheim we finally got there at the end. But it was a real challenge. And you know where we stayed was this this Hilton Hotel on Mission Bay? I think the first triathlons were created there.


Fast forward to 2015 and I'm part of this group called the Family Firm Institute. And they were holding their global conference at the same hotel in San Diego, that, that I attended with family in 78. And I thought I had to go back. And you know, there I am at the event. And there was this card being handed around about this upcoming book that was being released in a few months, called the complete family office handbook. And it was written by this professional Kirby Ross block and it was very fortunate just to meet her briefly at that event. And we've met you know, thereafter at industry events but it was really something that that tied me to Kirby and I know Kirby you've been in the family office you know, business and industry for for quite some time. But really your journey began a lot before. You know coming to the industry, can you maybe share a bit more about your family and growing up? And why the interest in this area and the passion in this area?


Kirby Rosplock 3:08

Surely, and Arthur, thank you for just letting me be an interloper guest on your podcasts because I really enjoy listening to your great podcasts. And you have great guests. So I'm thrilled to be here. Gosh, so my, my interest in the family office space stems mainly because I like a lot of folks who actually go into psychology and therapy was trying to figure out kind of what was going on in my own family. But also, just because it was taboo for me really to even think I would have a right or some opportunity to come into our families, complex businesses and well. And why was it taboo because my family made its wealth in timber. I joke a lot about this saying that they're lumberjacks but not lumber, Jill's and, you know, women just really were sidelined and not expected to participate in anything business related. And it really created an interesting sort of social divide within the fabric of our family, as my grandfather had four daughters, my mom being the second oldest. And so, she, I mean, always had this really interesting childhood, of watching her father run the businesses but again, her and her sisters were never going to be a part of that. And so when she married then my father went in and worked in the business for many, many years most of his actual working career and so did many of the other sent in laws.


So again, just watching all the women just sort of watching at a distance but playing a pretty important role, which was keeping sort of the social fabric of the family together. Now fast forward to me, I was sort of passionate around wanting to help, you know, my family, but again, was pretty much at a distance. So, I did sort of my own path and focus more on other aspects of wealth and enterprise and sort of foray into academia, but at Marquette University, and also became sort of over educated as I was thinking a lot about closing the gap. On what I felt insufficient, right, I, I did have that sort of imposter syndrome feeling. So, you know, MBA PhD, just felt like I needed to prove to myself prove to my family and prove to so many others that I that I actually could contribute. I missed a board meeting, and a shareholder meeting and subsequent board meeting where there's some things going on in our family. And I was actually nominated by my immediate branch to represent our family's interests on the board.


Arthur Salzer 6:14

How old were you with that, then, in that case?


Kirby Rosplock 6:17

I'm well into adulthood now. So, I'm, you know, I'm at that time I was working in a multifamily office, I was actually working on the manuscript in the contracting for the first handbook. And so, you know, I'm in, I'm well into my 30s, at this point. And maybe I'm just shot, I'm around 30-35, somewhere in that range.


Arthur Salzer 6:44

So, you were doing a lot of board meetings already? And participating in those types of things?


Kirby Rosplock 6:48

I was, I was working in the business world, I was climbing the ladder, I was participating, and, you know, a lot of other family consultation and support. But honestly, up into that point, I was only a passive owner and my own family's enterprise, I was a shareholder. I was interested in leaning in, but not active. And so in the flip of the switch of missing that shareholder meeting, I get put on the board. And for the first time, in the 130 plus year history of the family business, again, started by my grandfather and his two brothers in upstate New York. And essentially, now I'm supposed to be a participant on the board. And it was kind of at that moment that I realized, even though I have like tons of academic knowledge and a lot of financial information, and a lot of knowledge around just sort of corporate America, working in a closely held small board environment, where women had never graced prior was that this was all new, really new for me. And so it was sort of a humbling moment where I realized, I have to really listen and learn.


I also have to really recognize that I cannot participate in this board, like I did, when I was a shareholder. So I had to sort of partition what I heard on the board from even the rest of my immediate family and sort of sanitize, because there were decisions being made, that really weren't privy to the rest of the family until the board was announcing right some of these decisions. So it was it was a really wonderful opportunity and experience. I just felt sad, because it came when I had already moved on. And I was already doing a lot of work with other families. And the other real sad part about it was I was on the board at a time when we were sort of unwinding a lot of our operating companies selling them liquidating. So that's dismantling a family enterprise is really, really devastating when you know, it's like a big part of your identity, a huge part of it.


Arthur Salzer 9:09

I mean, if you've had the family enterprise for more than 100 years and multiple generations, what would cause the family to say this, this is enough, we shouldn't be in this business any longer?


Kirby Rosplock 9:22

Well, there were certain financial situations within the family that required us to come up with cash. So, we had to sell several businesses to meet tax burdens, you know, levied from my grandparent’s estate. There was you know, just there was a lot of at the time there was a lot of downward pressure on building and materials and our industry we were getting squeezed by you know, sort of big box retailers. So, there were macro and micro issues on the business side and then there were just wealth transfer it shoes. So that is really where the need to sell came up. But also, you know, what happens in a lot of times with family with multi generational wealth and business is it stops being the identity for a lot of the family and they want financial freedom, not the ties that bind through closely held securities, they want liquidity, they want somewhat of freedom. And, and really, my parents’ generation never do that. Because we were, you know, maybe wealthy on paper. But nobody was cash rich, nobody had money in their pockets to sort of buy toys and do things. And so the opportunity to sort of allow people to do their own thing was really attractive at a time when we had these financial pressures and tax issues.


Arthur Salzer 10:52

I think that goes for a lot of families. And I think Jay Hughes, the author, and lawyer, you know, wrote a piece and uses the term families of affinity, right, you want, you know, this, this group within the family to want to work together on a consistent basis. And sometimes families get so disjointed, you know, either due to personalities or passions where they want to pursue, it's hard to keep everything together forever.


Kirby Rosplock 11:20

Yeah, I mean, there's no script. And especially when, I mean, in our family, I didn't sense that there were always fresh new advisors are insights that permeated into sort of our business system. So, the board was extraordinarily loyal, we would, you know, nominate, and bring new people on, on occasion. But I also recall, you know, the family's attorney that at the time, he would be, you know, 90 plus now, but had been there since my grandfather and my, maybe even all the way back to my great grandfather. So, his span of advising the family had gone on for decades. So, we've seen many, many twists and turns and evolutions and, and so, again, there's continuity, but sometimes that continuity needs also fresh blood and fresh insights. And I think by the time the hand was extended to me, and maybe other members of my generation, we'd all moved on, like, we'd all actually sort of created our own paths, our own careers, and it was almost like we missed passing the baton, at the strategic times were engaging, inviting, and, hopefully bringing in if you want family leadership that's qualified, when missed opportunities,


Arthur Salzer 12:46

You were seeing a lot of that in your role at the multifamily office, that you were working at then, and you were you were Head of Education. And you dealt with a lot of the most complex or sophisticated families in the United States. I'm sure you were trying to create these programs in education, routes for these families, you would take from learning experiences plus your own professional training and studies. And, then create programs that way is that is that what was going on?


Kirby Rosplock 13:27

So what I mean, I, I was lucky enough to work with a lot of different families who where no fact pattern was identical. And that massively shaped sort of my thinking around how I consult how I engage, but also what is needed, what are what are families missing, when it comes to these critical ages and stages, be at the stage of the family business, or the family wealth be at the stage of parents and children. And so, what I started to recognize is that none of us are sustainable, right, we all will be sometime in the ground. And we all have to sort of think beyond our own lifespan. Because when this wealth endures, you know, my family, like, you know, it's still enduring, it's manifested now and other sort of micro family businesses, right. Some family have ranches, some family have different enterprises. So you know, at the end of the day, I realized from sort of working with those initial families in the multifamily office space, that there was no one provider and there was really no one consultant or advisor that could span the duration of the incredible wealth and business success that many of these families created. And so my interest always has been around truth and knowledge, tools and resources and saying what can You know the old adage, don't give them a fish, teach them how to fish? What can we help families do that they can hopefully do for themselves and become self sustaining? Because that's, that's actually, that's the key.


Arthur Salzer 15:13

And you put that into a book. Right? I mean, you wrote out The Complete Family Office Handbook on what family should do to it to create that structure?


Kirby Rosplock 15:24

Yeah, it's one, it's one resource that hopefully gives, you know, a more unbiased opinions, right? No one, we don't sell any product. We don't provide any. We will provide services, but you pay for who we are. And what we're delivering. The book was really just trying to codify some great thinkers. Obviously, I wrote some of it, about half of it. And about half of it, we got contributors from really wonderful experts in different bespoke areas. But again, if the book is the beginning, right, that's how do I sensitize socialized myself to the complexity that I'm really thinking about. And then the real work becomes when people start to actually build their plan and start to go to work to build out the structure.


Arthur Salzer 16:14

And part of writing the book. Did you find it cathartic at all? I mean, you were, from what I understand you were trying to look at whether do you create a professional, single-family office? Or do you go the multifamily office route? Was that path, part of that book and at least the first edition?


Kirby Rosplock 16:33

So, I truthfully need to admit that part of the reason. So, remember, if we go back to when I told you, I missed the board meeting, because I was working on the book. Well, the reality was, right, when you create a lot of wealth in transition, many families like mine were faced with, do we build something? Do we join an MFO? Do we do it ourselves? You know, what do we do after, you know, some of these businesses turn over? And there's Quiddity. So, I was actually diligent seeing from my own family, in part by writing this book. What are the opportunities? What are the different pathways? And could I provide sort of guidance to my family, but maybe other families about the options that are out there? And then I think the real reality is every family office is another family business. It's another business enterprise that needs to operate with the same kinds of metrics and performance parameters that you would with any business. So I'm not super excited about families who say, Oh, no, it's just a cost to us. It's just something we, you no need to maintain. And I'm like, well, will your next generation feel the same way? Because maybe you can justify it as like a luxury to have. But ultimately, it really needs you when you need to test the muster of whether it can stand on its own.


Arthur Salzer 17:59

Oh, absolutely. It makes a lot of sense. And after you were you finishing the first edition, is that when you started to bring together Tamarind Partners, and really put together this this platform for families, to learn who they are learn how, you know, the different legal structures and terminology and really begin to focus and work on that human capital side.


Kirby Rosplock 18:24

Yeah, I mean, honestly, what I started to see in my family, but also in so many families is that education is an afterthought. It's like, oh, yeah, well, yeah, to get that we should do that. Yeah, that's probably really important. Ironic, though, some of the most successful families are very purposeful, around education as it relates to higher education, you know, let's get them into the best high schools and colleges and universities. But when it comes to actually preparing and educating in house about what they own, what they have, what they work so hard for. It's somewhat Cavalier and ad hoc, to what actually gets discussed and prepared and what doesn't. And so, the more and more I looked at my own sort of family, my own journey, right, getting to a board where I was super educated but felt super naïve, as it was related to my own fact pattern. The more it became abundantly clear that there was this gap in the education world where we teach a lot about being operators. Can Are you good at management? You know, can you build a balance sheet? Do you have good ideas about business strategy, so we have all this purposefulness. But then, so many families don't have doers. They have beneficial owners. They have people that are coming in and are not going to be contributors, they're not going to build wealth, they're not going to, you know, be the ones to lead the next decade of the family visits.


Arthur Salzer 20:09

So Laura, Laura Croft and Indiana Jones really are fictional. There's no families that they've got members like that, that can do everything?


Kirby Rosplock 20:20

Well, there are some, there's some really gregarious family members, but let's, let's count them as the exception, not the norm. And that's probably the biggest mistake families make is that they, they either don't cultivate the ones that could be exceptional, early enough. So I look, again, my family where we had really great talented folks, and I was like the youngest in the generation. So really, it was not unusual that I was not really that identified as someone who could come in and lead, because I had cousins that we're you know, is almost in age range of my youngest. And so that's, you know, when the generations get very diverse and age wise, but I think most families end up cultivating beneficiaries, and then we need to figure out what do they need to know? How is their journey purposeful? How do they contribute, even if it's not from an operator capacity? And so families oftentimes miss the opportunity to embolden their family systems by supporting these individuals?


Arthur Salzer 21:30

Well, I mean, look at, you know, just look at politics today. And the lack of interest, and people don't vote, and they don't understand how the system works. And I presume that really translates to family too, right? You have a board or an Opco (operating company), or shares, and they really don't know how to communicate, and because they don't understand the structure, well, or they just honestly haven't been included.



Kirby Rosplock 21:53

And that's okay. But it still requires them to have a tacit amount of knowledge about how it functions, what it does, what its purpose, if you're not on the board, how is your voice heard in which other kinds of forums? What's the process, it supports? Family governance, board governance, trust governance, operating entity governance. So again, there's just a bigger story that happens behind the scenes are most family businesses, that rarely gets articulated. And, and even in the families themselves, it may not be organized.


Arthur Salzer 22:34

Makes a lot of sense. So, this this platform you created Tamarind Learning? Could we take a look at that and maybe go through a few of the areas? We've got one Northland family now, that's that's beginning to work through the program. And we've heard very, very positive things. So, Can we jump in there and maybe take a peek at it?


Kirby Rosplock 22:58

Absolutely. Happy to, to share. So again, this was motivated and inspired by a client that Tamarind worked with, gosh, probably 2016-17 vintage. And they had a really complex family system, a blended family with the needs of, you know, very sophisticated and advanced trained family members to younger adult family members who are just fresh out of college and coming in. So, when we first worked with them, we said, Okay, how do we best support a really complicated family that has such diverse learning needs, and we actually built what sort of our first learning management system with that family, because we recognize that the boardroom actually wasn't a safe place for the family to learn. So they needed to be supported both where ever they were, and given the space and time to go through content at their leisure. So building a learning management system like Tamarind Learning, has its roots right back into an actual case. And what we have today is, you know, three generations away from what we created for that initial family because we're like, how do we scale this? How do we make it more accessible? I'm currently logged into the Tamarind Learning Canada site, and this gives you a little peek at the dashboard. This is all live. I'm logged in as an administrator. But we have our courses you can see how you do on your quizzes. There's a short quiz at the end of each module. We have a virtual online notebook. We have a document repository where people can upload and save their own stuff. They can say their homework we have a dynamic discussion board if you're learning in a group, so fiddling around with your sibling or your advisor, we have a place where you can host and save your meetings, if you desire, a pretty expansive glossary, a whole support online support mechanism. And you know, so there's a lot of a lot of cool features that we have by just, you know, coming right in here, this is geared.


Arthur Salzer 25:21

This is geared to Canadian families, because, you know, the Canadian tax law, trust law, it's very different than, you know, what I've studied in the United States. So, you've created this just for Canadian families, as well as your original for, for US based families.


Kirby Rosplock 25:42

Correct. And so, we will even build like our webinars, we hosted a recent advisor webinar, right into our own actual structure. So, the accredited beneficiary stewardship program is our flagship 10 Course Program that of each course area, there's anywhere from one to four modules. And then we broke this flagship program into three smaller programs. So, if you only one as sort of have an onboarding onramp. To Canadian stewardship, we've cover what it means to be a beneficiary, a trustee, and the basics of stewardship.


This is sort of our technical program, which covers estate planning, trust and tax, and you hit it right on the head, Arthur, that there are definitely a lot of differences between Canadian trust tax and estate planning than, say the US. So, it's really important to be able to sort of call out those specific areas. And then finally, we have a Finance Administration working with advisors and investing program. So, this is a great place if you're more focused in those areas. And, and for those who are curious, you can jump in and do an online demo of our Canadian stewardship preview. So that's the first course, to really get a sense of how our courses work. Each one of these tiles represents a course and I'm happy to jump in or show you other aspects of the curriculum.


Arthur Salzer 27:19

So obviously, this makes a lot of sense. Given that families are global nowadays, Canada is a big country, its many, many hours, or days drive from one side to the other. So, you could have, you know, one group of the family maybe that lives in British Columbia, working at the same time, you know, as their cousins in Quebec or Ontario.


Kirby Rosplock 27:44

Exactly. I mean, I think the beauty of a virtual learning environment is that you can be anywhere, study and learn at any time, and go at your own pace, no one's looking over your shoulder, no one's judging you if you didn't raise your hand in that board meeting, or whether you take the quiz five times to get a perfect score. This also allows families to emphasize what really matters to them. So what I might really care about, maybe Arthur, you don't. So, I could go through and say, You know what, I am really excited about something I'm reading. So, this is a sample curriculum. And you know, what, this is telling me all about what is the definition of stewardship. And I just, I want to hear more, I want to hear more Dennis Jaffe share his views on modern stewardship.


So, I can click here. And I can jump into a new tab that gives me a whole podcast with Dennis talking about his views and this is, you know, one of my mentors and greatest people I admire written several books. You can read the transcript if you prefer. I mean, I think the beauty of what we've created is that it allows you to be inspired and to think about, it allows you to learn in a multimodal, multimodal manner. That's a hard thing to say multimodal manner. So you can learn reading, you can listen you can see each page is narrated, I'm kind of scrolling down, but this is a sort of treatment that we use to bring to life the shirtsleeves to shirtsleeves paradigm, and I know folks can test this right. But there is something to be said. Whether it's because of poor communication, poor education, poor preparation, but a lot of families do struggle to maintain the core businesses or the core wealth, if there is an intention, right to maintain it. MacKenzie Scott is a great example of someone who, you know made tremendous well being married and And now she doesn't have the intentions, right to pass that wealth to her progeny she wants, she's giving it all away. So there's lots of lots of interesting ways to use our system and bring it to life.


Arthur Salzer 30:13

And this is a very different approach, then great grandfather trying to rule from beyond the grave by locking up capital interests. Right, this is, it seems to be more about discussion and education, and, and finding a common path forward, as opposed to just restrictions. And, you know, I think, you know, what I've seen in my career, is that when you when you do have that family buy in the the likelihood of success goes up dramatically. Just using legal means doesn't really seem to be the way to, to hold on to wealth. Right, you grab it too tightly, and it still will slip through your fingers like sand.


Kirby Rosplock 31:01

Yeah, I mean, there's a tremendous impermanence to financial capital, if we think about what happens on a daily basis in the stock market, to Bitcoin to whatever you want to talk about. Inflation, you know, financial wealth is somewhat like water, you know, it can evaporate overnight. It can be a consistent flow, if you manage it, if you're smart about it. It can also bloom right? We've seen how many billionaires balloon their wealth in the last, you know, stressful five years of the pandemic, and how lopsided right how much inequity we see in our world between the haves and the have nots. I think all of these things create the need for us to sort of bring it back to who are we? Where are we today? And what are we trying to achieve personally and individually, but then collectively, and you know, collective intentions don't manifest without intention. So, if you want to bring family together to have a meaningful dialogue on what this means, what do we need to know, you need supporting tools and systems that are going to help family members get there?


Arthur Salzer 32:20

No, no, absolutely, it's really a great first step, and then it's, you know, putting that time in and working through each, you know, each section, each project, you know, at the family level. And, and the results are going to be different every time I presume, given that each individual participating is different in each family, right. So but you do end up on a path that's, that's together, much more disjointed. Now, you talked about the creation of wealth. And I know a lot of times we've you know, people in the industry use the shirt sleeves to shirt sleeves in three generations. But there are entrepreneurial families that somehow borrow or access, you know, family trusts or family capital. And I think, you know, we call this family banks. And it's a chapter that you highlighted and went into quite a bit of detail in your book. But is that is that an approach that entrepreneurial family skin can utilize? You know, so instead of putting money into a private equity fund, or you know, the stock market? You know, how do you create that structure to have that the next generation take that risk and try to grow the wealth again?


Kirby Rosplock 33:42

Yeah, I think family banks are a really interesting topic, and one that some families figure out are part of a bigger financial strategy and something that can hopefully incent in the right kinds of ways, family members to think entrepreneurial, I will say a family banks work best when there's a culture of understanding what success looks like, on the other side of using those funds. And in the complete family office handbook, Warren, Warren are bad Babcock and I talk about sort of soft banks and hard banks. And, you know, when families are really, really rigid and professionalize a family bank, that basically we have to really train up family owners to think about, is that the best place for them to get capital? Right?


Because there's a lot more than just if you fail, you've, you know, you know, now you have to pay back right? Or you got to liquidate other assets to pay back the loan that was extended to you. So, you know, we have to be mindful of how much is the bank is set up to be a training ground, and there's some forgiveness if you know your startup or your idea for business falls through versus how rigid the expectation is on, you know, achieving real returns real success paying it back. I mean, banks don't generally aren't like, Oh, it's okay. You know, if we think about commercial banks, they're pretty hard liners, if you come up to debt requirements, and you don't make those are tea those they'll take they'll seize, right the other assets to liquidate.


Arthur Salzer 35:28

And it's in its most loans are full recourse in Canada. So it's hard to get away from the banks. Yeah, they'll take your life savings in your house if you don't pay.


Kirby Rosplock 35:35

So my word of advice around failing banks is be very clear with what success looks like, build processes and metrics and expectations. But before you go and launch a bank, please, please, please become educated, get your progeny, well educated about the risks, the responsibilities, the process, and don't make your family bank their first loan? I mean, ideally, you would have them actually go out and try to seek other investments and other capital. Why because that raises the bar in their business plan, and the efficacy of their business concept and idea, and the likelihood of success. And sometimes when family actually go to their family bank first, and the feminists like Sure, no problem. And without a lot of rigor behind why they're extending it, the requirements from a financial fiscal responsibility perspective, then we fall down, the bank falls down in terms of like, not meaningfully, holding to account the borrower. And you know, that can create from tremendous conflict.


Arthur Salzer 36:48

And you've given them the money to Billy right, so then Sally wants the money to Yeah,



Kirby Rosplock 36:52

why can't you feed my pet project, if you're feeding theirs, and wait a minute, I think mine's more socially responsible, therefore I should be entitled to so it can create these tensions about, you know, what's justified, as you know, a good project. And that's why I'm saying have that criteria really well baked and quite honestly create buy in by having stakeholders say, well, what do we need to do to raise the bar? Because there's only going to be so much capital, right, that would probably be lent, through that kind of structure. So, you don't, you don't want to make it too liberal. And then everyone's it's a land grab, and then there's internal fighting and competition in an unhealthy way.


Arthur Salzer 37:36

I still have a lingering question about your family story. Did you end up creating a single-family office? Or did you go the multifamily route? And why did you choose that?


Kirby Rosplock 37:49

So, we did all of the above. So, when, when my family's split, we had some family members go and set up their own single-family offices. We had some family members go to sort of what I would call outsource CIOs, others sort of join more sort of traditional multifamily offices, and some are still entrepreneurial, do it yourselves. So, I can't say that we, the one thing I can say is we didn't choose to all invest together in you know, multiple generations and multiple branches saying, oh, we should pull our assets and do this by ourselves. To some degree, our family created enough wealth that a lot of them were like, we can just do this on our own.


Arthur Salzer 38:39

And they love to do it. I suppose they get up every day. And they want to talk about, you know, the human capital side and grow that next generation and then also invested as well.


Kirby Rosplock 38:49

Yeah, I mean, I think our generation is doing it differently. There's just I mean, a lot of a lot of entrepreneurs in our family, but maybe not entrepreneurs in the sense of trying to build massive, huge enterprises, but smaller, you know, more lifestyle, little called lifestyle driven kinds of entrepreneurs who are making a very good living and supporting their own financial means. And then then the multigenerational inherited wealth is just layered in I think we we all are growing our human capital, by doing the things that we love and supporting our families to be sort of the best family members that we can be in that capacity. But at the end of the day, I do sense that there is just a really dynamic and evolving space and, and really virtual and hybrid offices are more than norm than the exception.


Arthur Salzer 39:47

No, that makes sense. That makes a lot of sense. So on that note, thank you so much for for the time today and the insights Kirby. I know our listeners will very much enjoy them and we will be hopefully speaking with it again in the near future, and hearing the great feedback from our families taking the Tamarind Learning program.


Kirby Rosplock 40:10

Well out there, it's a pleasure to be here and be part of your podcast series. And we're excited to have you and your family's part of Tamarind Learning and you know, really want to just share there's so many great resources from the podcast library like yours is free. There's access to a lot of different tools and materials that people scope around. There's a newsletter, workbooks, and all kinds of tools that you can get access to even just start, right the whole idea is just start the journey and get going and figure out how much you can do on your own. How much you can do with your advisor like are there how much you need to help from us and we're happy to support families as are starting their journeys.


Arthur Salzer 40:57

Fantastic. Thank you again, Kirby and take care.


SUMMARY KEYWORDS

Family Office, Education, Learning, Family Wealth, Family Office, Stewardship

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