Jul 11, 2023
Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts, and models that best serve Family Enterprise Advisors in supporting their clients.
All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.
Description
Host Steve Legler speaks with
David York, author of The Gift of Lift and Entrusted,
about the concept of stewardship and how it applies to
enterprising families. York also shares his three
questions that every rising generation family member needs to have
answered, along with his views on the continuum that runs from
entitlement to enslavement.
Guest bio
David R. York David R. York is an Attorney, Certified Public Accountant, and Managing Partner with the Salt Lake City law firm of York Howell. David practices law in the areas of estate planning, tax, business planning, and non-profit entities. He is a Fellow with the American College of Trust and Estate Counsel (ACTEC) and is the Dean of Legacy with the Purposeful Planning Institute. David has extensive experience in designing and implementing advanced wealth planning strategies for high-net-worth clients. He is the co-author of three books, Entrusted: Building a Legacy That Lasts, Riveted: 44 Values that Change the World, which after its release was the #1 Business Ethics book on Amazon, and The Gift of Lift.
You can learn more about David R. York on his website and LinkedIn.
Key Takeaways
[:26] Steve Legler welcomes David R. York to the podcast and asks him to talk a little bit about the subtitle of his latest book: Harnessing the Power of Stewardship to Elevate the World.
[4:21] David played “slug bug” as a kid, he makes a parallel with looking for and finding examples of stewardship in the world.
[5:50] Though we use and hear the word a lot, stewardship is rarely defined. David offers the working definition he came up with in his book as well as the opposite of stewardship: consumerism.
[8:36] Transcendence and investment characterize stewards, David talks about the ill-perceived trait of entitlement and shares his experience in a five-generation vineyard in Verona.
[11:49] Stewards have a unique perspective on the relationship with the past, present, and future. David shares the four key building blocks of stewards.
[13:55] David dives into the notions of equality of opportunity and cost versus value. He also touches on the four Ps: purpose, preparation, perspective, and participation.
[18:35] The insidious problem of snowplow parenting and the problem of perceived entitlement.
[20:11] The three critical questions David poses to help families surmount the biggest issues surrounding wealth transfer.
[25:16] Entrusted is right in the middle between entitlement and enslavement; Steve and David break down how to keep the balance through rights and responsibilities.
[29:04] David’s reading recommendations and his advice for advisors.
[32:12] Steve thanks David R. York for joining the podcast and sharing so much of his learnings, and signs off until next month.
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Mentioned in this episode
The Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.
The Gift of Lift: Harnessing the Power of Stewardship to Elevate the World, by David R. York
Think Again: The Power of Knowing What You Don't Know, by Adam Grant
More about Family Enterprise Canada
Family Enterprise Canada (FEC)