Legacy: Your Entrepreneurial Endgame with Angelina Carleton

What will you leave behind when your entrepreneurial journey ends? It's a question few business owners ask themselves early enough—but one that can transform how you build, grow, and eventually transition your company.

In this profound conversation with legacy planner Angelina Carleton, we explore the crucial distinction between simply building wealth and creating a meaningful, enduring legacy. Angelina shares how her observations of successful real estate entrepreneurs who lacked long-term planning led her to pioneer a specialized coaching practice helping leaders craft legacies that reflect their values and vision.

The discussion delves into practical strategies entrepreneurs can implement today, regardless of where they are in their business journey. From adopting a "100-year plan" to identifying core values that guide decision-making, Angelina offers a roadmap for thinking beyond quarterly profits. She explains how legacy planning influences everything from business structure to succession planning, highlighting how legal instruments like trusts can protect what you've built while supporting your broader impact goals.

Perhaps most valuable are the mindset shifts Angelina describes—moving from success to significance, from control to stewardship, and from outcome-focused to principle-driven leadership. Through examples of successful multi-generational family businesses worldwide, she demonstrates that lasting impact isn't reserved for the ultra-wealthy but is accessible to entrepreneurs at any level who approach their work with intention.

Ready to start thinking about your legacy? Angelina concludes with three actionable steps anyone can take today: define your legacy vision (perhaps by writing your own obituary), document and live your values, and invest in your personal development. These foundational practices can transform not just your business's future but your understanding of entrepreneurial success itself.

How to connect with Angela?
Website: https://www.angelinacarleton.com/?fbclid=IwY2xjawJZrjhleHRuA2FlbQIxMAABHb98js1oWtTnsDlMOWRSV0SlcJby_yAN3TYy2M9jYJPv0pv5DbJmhMW3dw_aem_cOxHCnNzPOBO6yM8Ep4tFQ

Podcast: https://podcasts.apple.com/us/podcast/design-your-legacy/id1562218846

YouTube: https://www.youtube.com/@Your-Legacy

Facebook: facebook.com/DesignUrLegacy

Linkedin: linkedin.com/in/angelinacarleton

Twitter: twitter.com/DesignUrLegacy

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Episode Transcript

Speaker 1 (00:00):
Welcome everyone to the Firing the man podcast, a
show for anyone who wants to betheir own boss.
If you sit in a cubicle everyday and know you are capable of
more, then join us.
This show will help you build abusiness and grow your passive
income streams in just a fewshort hours per day.
And now your hosts, serialentrepreneurs David Shomer and

(00:22):
Ken Wilson.

Speaker 2 (00:25):
Welcome to the Firing the man podcast, the podcast
that gives you and your journeyto entrepreneurship and
financial freedom.
Today we're honored to havewith us Angelina Carlton, a
distinguished legacy planner,coach and the visionary host of
the Design your Legacy podcast.
Angelina specializes in helpingleaders craft and implement

(00:46):
their personal legacies,ensuring their values and
visions endure for generations.
Her podcast ranked in the top5% and features insightful
conversations that inspirelisteners to take control of
their legacy planning.
In this episode, we'll delveinto the intersection of
entrepreneurship and legacybuilding, exploring how to

(01:07):
create a lasting impact whileachieving personal and
professional fulfillment.
Angelina will share herexpertise on designing a
holistic legacy that aligns withyour entrepreneurial journey,
offering practical advice andstrategies to help you leave a
meaningful mark on the world.
So, whether you're an aspiringentrepreneur or a seasoned
business owner looking to defineyour legacy, stay tuned for an

(01:31):
enlightening conversation withAngelina Carlton.
Let's dive in.
Angelina, welcome to thepodcast.
Thank you for having me, david,Absolutely.
So, to start things off, whatinspired you to focus on legacy
planning and how can businessowners incorporate legacy
thinking into theirdecision-making today?

Speaker 3 (01:52):
Yeah, great question.
So, for some context, Igraduated from Penn State
University in the year 2000 andI had worked in real estate
before, in the capacity of acertified appraiser as well as a
commercial real estate broker,and I was doing well in about
the year 2011, 2012.
And I had clients that weremultimillionaires and they would

(02:13):
have a portfolio of properties.
But what I started to see wasthere was not a long term game
plan for their life regardingwhat they would pass on and
perhaps there was, I just didn'tsee it at that time.
So I would have clients and itwas all about what deal they
could chase and they didn't wantto leave anything on the table.
And when that became theconversations, day in and day

(02:36):
out, year after year, I took astep back and I asked myself the
question again well, surelythere's got to be somebody out
there that can help anindividual design a legacy,
whether they are a self-madeentrepreneur, whether they are
second or third generation, andon and on, and I might've shared
this with you on our icebergconversation.
I couldn't find it.
I could find coaches that couldhelp an individual stop smoking

(02:58):
, lose weight and double theirincome, but I really couldn't
find somebody on googlecom orany search engine that truly
spoke to this need.
And maybe I was just scratchingmy own itch, but I literally
went into the marketplace and Isaid to myself I think that
there is a need for this.
I don't think I am the only onethat needs to have this
conversation.

(03:19):
And again, perhaps there wereconversations around the table
of a CPA or an estate planningattorney or maybe other niched
individuals.
But again, I went to Googlecomand I put in a number of
different key questions andnothing came up.
So then I went back to schoolwith a co-active training
institute and long story short,or short story long here, and I

(03:43):
did their executive educationprogram, their six weeks
fundamentals, their six monthcoaching program, and I was in
the Ruth pod.
Yeah, I just went back toschool and I started over and
then I started coachingindividuals, whether they were
across the pond, in Europe orthe Middle East, and then I just
hit the ground running and sothat's the roots, and so I

(04:05):
started officially in 2014.
And, like you had shared in yourintroduction, I have a podcast
today.
But it was because I felt thatnot enough people were talking
about the subject of legacy andso I thought I'm going to find
individuals that are willing totalk about it, that are
courageous enough to talk aboutit, and I'm just going to jam
with them and try and have a funtime.
So that's the first part.

(04:26):
Okay, the second part is youasked the question how can
business owners incorporatelegacy thinking into their
decision-making?
Today and I know that you are anentrepreneur you left kind of
the corporate world of a steadypaycheck and you leapt off of
the and I call it looking beforeyou leap, and some people leap
after.
You know they look, or howeverthe sequence is, and maybe they

(04:50):
never look and they're justswimming in terms of dog
paddling.
But I wrote down four things.
Number one it's adopting ahundred year plan, or even 250
to 350 years, and I know formany listeners that sounds like
wow, I've never even thoughtabout that.
I just jumped into e-commerceAmazoncom is a great marketplace
and now all of a sudden I'mmaking 10,000 or 100,000 a month

(05:12):
or whatever that number is.
And I think a lot of times, likeI mentioned before, individuals
didn't have conversationsaround their dining room table,
their kitchen table or evenholiday meals, because their
parents were in survival modeand and you could say, oh,
that's great for the Rothschildfamily, but even them, I don't
think that they necessarily Imean they were self-made

(05:33):
successes in terms of thehistory that's shared on the
internet.
I've never spoken directly to amember of the Rothschild family
.
I know individuals who have, sothat would be like two degrees
of separation, but that would bethe number one is to consider
adopting or writing down ahundred year plan, like even if
it's just so outrageous and itsounds like it's beyond your
capacity, you might not knowwhere your e-commerce business

(05:55):
goes and, like I also sharedwith you in our preamble, I had
a grandfather a hundred yearsago and he was a successful
insurance broker, herbertCarlton, in New England, in
Massachusetts, with multiplehomes and Cadillacs etc.
And he didn't write anythingdown and a part of that is like
I shared with you.
He might not have thought thatsomebody would want to have read

(06:17):
it 100 years forward.
You know we dealt with, likeyou know, the whole COVID thing.
I think they had the Spanishflu, so, but again, okay.
So that's number one.
Number two is identify corevalues and then actually use
them, and a lot of times peoplecan say, well, my core values
are discipline and a work ethic,and then great, well, how are

(06:38):
you incorporating that everyweek?
And that's a veryconfrontational question.
But I do think entrepreneurscan handle confrontation.
If they can handle the grit ofgoing into the marketplace week
after week and handling therejection and distilling the
insights.
They can handle someaccountability around their core
values.
So number one is adopt that100-year plan.

(06:59):
Number two is know your corevalues and then actually use
them.
Number three is invest in yourpersonal development and then to
that, then also invest in otherpeople.
They call that human capital.
Like, there's different formsof capital.
There's emotional capital,social capital, financial
capital.
There's you know, I'm holdingup my hand, I know this is an
audio version but there aredifferent forms of capital and a

(07:22):
lot of the times when we thinkabout wealth.
But there are different formsof capital and a lot of the
times when we think about wealth.
Sometimes we think about ohwell, we need to teach the next
generation financial literacy,and that's true, but you also
need to give them sea legsaround every other topic.

(07:42):
That's going to make up nameslike Timmy and Sally.
Well, let's say, timmy andSally come home and they say
well, the other children don'tlike me because they're jealous.
Well, how do you handle that?
So that's why I say invest inyour personal development,
because there's so many topicsthat are going to come up that
become attached to money.
There's a great book before Imove on to the fourth key point

(08:03):
and I can't think of thepsychologist's name right now.
He's out of New Hampshire and Ithink the book title is
something like Strangers in aStrange Land, and he wrote
Wealth 3.0, which is also anexcellent book.
But what he said aboutStrangers in a Strange Land is
when people come into wealth, nomatter their age, it's like
moving to a foreign country, andnot only do you have to learn

(08:30):
the culture and the customs, butyou also get new language,
because the way that theaffluent speak is very different
than somebody in the workingclass, and that's not putting
any of those socioeconomicclasses up or down, that one is
better than the other, it's justdifferent language.
And then when someone gets intothe country called wealth, then
they have to make sure thatthey don't get deported.
So that's why I say invest inyour personal development,
because there's so manyconversations that need to be

(08:51):
had that again didn't might nothave happened with your parents
because they might not havedreamed as big, or they might
not have had the thick skin totake the hard times and the
rejection and the rollercoasterride that comes with
entrepreneurialism.
Ok, I know I'm being longwinded.
Ok, so here's the fourth pointthe hard times and the rejection
and the rollercoaster ride thatcomes with entrepreneurialism.
Okay, I know I'm beinglong-winded.
Okay, so here's the fourthpoint Design your exit with
intention, because one of thethings we might've talked about

(09:16):
also in our preamble or icebergconversation is when an
entrepreneur sells, and whetherthey sell their business for 3
million or 30 million orwhatever that number is.
I compare it to the metaphor ofall of a sudden and we're
having this conversation in theUnited States.
So any listeners, that is,outside of the United States,
this might be a reference thatthey get or they might not get,
or it's just a starting point,but it's like asking them to
move to the great plains andthey look all around and it's

(09:37):
just miles of flat land and theygo.
I don't know this place and nowyou're expecting me to adapt,
and so if they are a individualthat has a growth mindset,
they'll be great, but sometimesthey get to that point and
there's no accountability.
They might not have that coachor a circle of friends.

(09:58):
God bless their heart thatholds them accountable.
You know, I always hope thatindividuals that have money have
got a good set of friendsaround them, but the reality is
sometimes they just don't.
Yeah, that hard, that hard.
So they get to the middle ofKansas, and I think that if they
can design it today and part ofdesigning it is is that it
doesn't have to be perfect.

(10:18):
It's a question that they canfill in the answers week by week
, of okay, well, one day, if Ido sell and I build a business
that I and e-commerce, you know,perhaps you can sell your
business or pass it down to yourchildren.
I don't know what the businessmodel looks like exactly, even
though this is a growing niche,but it is a question of like,
okay, well, one day maybe I willsell and then I'm going to

(10:40):
travel the world and do thatnext thing I want to do as a
part of my legacy, to finally,like, visit 58 countries or
whatever that thing is.
And so I just think it's aquestion that deserves an answer
, and I think the starting placeis curiosity.

Speaker 2 (10:56):
I like it.
I like it and there are so manygood points in that response
the four items that youhighlighted and there's a couple
areas here I want to dig into alittle bit further.
So you were talking aboutworking with the real estate
entrepreneurs and they were verymuch focused on immediate

(11:16):
growth and scaling, and I thinkthat's something that
entrepreneurs struggle with.
How can they balance, like theshort term success and then
building a lasting legacy?

Speaker 3 (11:30):
Yeah, absolutely.
You know, one of the things Ithink about is well, first of
all, I have to say from acoach's perspective, the brain
is either in growth mode or it'sin fear mode.
So if they're in fear mode,then you have to kind of shake
it off, like that Taylor Swiftsong, and get to that place in
your brain of, okay, Idefinitely want to scale, and

(11:52):
that is one piece of theconversation.
But then it's making space,like I call it the space of the
Grand Canyon, where they canincorporate a new question or a
new conversation.
So, like you had said, manyindividuals can chase revenue
and profit and real estate is avery different niche, especially
commercial real estate, becausethat's more of a long-term
niche.
But I think in e-commerce, whenpeople are like click, click,

(12:12):
click and they're buying everyday and every week, you know you
get to check online to see whatthose numbers look like,
whereas in commercial realestate it's more so like oh well
, you know, did the tenant paythis month or did they renew
their three year or five year or10 year lease or whatever that
you know the contract is.
But I think real success interms of thinking about the long

(12:33):
term is asking yourselfquestions around impact,
reputation and resilience.
And again, that's a whole otherconversation that somebody has
to.
Number one, they have to wantto have that conversation.
One of the things my dad wouldsay to me growing up is if you
want success, there's got to betwo elements.
That's there.
Number one, you have to want it, and that has to do with hunger
.
Nobody can give you hunger.

(12:54):
And then, number two, you haveto be ready for it.
So, for instance I'm just goingto put you on the spot, david,
for a moment If you were to sayto me you know, I would like to
have this long-term vision, butI'm dealing with the short-term,
day-to-day of mastering mybusiness, I'm going to say great
, are you ready to have thatother conversation about even
drawing up a hundred-year plan?

(13:15):
And you could be like yes, I'mready, I got space in my mind, I
can handle it, I can juggleanother ball.
Or you could say to me I don'tknow, I just need to know that
there's proof social proof,economic proof that I can make
$10,000 a month or whatever thatnumber is.

Speaker 2 (13:39):
Is it something that I've really ever thought about?
I would say the longest that Ithink forward and is probably
five to 10 years, and that wasuntil I had this conversation
with you, where I do think thatthat thinking much longer term
is is critical.

Speaker 3 (14:07):
And.

Speaker 2 (14:07):
I'm a huge fan of the Vanderanderbilt family uh and
talk about lost it all.

Speaker 3 (14:09):
Yes and yeah, but there's.
I'm sorry to interrupt you, butthere's more to the story.
There's also you got the frontside of the hand, then you got
the back side of the hand.
A lot of times people don'tknow about the darkness of that
family, and so that's the.
There's even a book.
It's about an oil tycoon out ofla and it was called like the
dark Side of.
It's on my bookshelf, but it'sit's when wealth goes right, and
then it's also when wealth goeswrong.

(14:30):
But yeah, go ahead.

Speaker 2 (14:36):
I've read up a lot on that family there are very few
aspects of my life where, when Ithought more long-term,

(15:09):
whatever it may be, somethingbad happened.
You know what I mean.
I do think it's generally.

Speaker 3 (15:14):
You're getting tested .
You think you're getting tested, okay, but I want to add five
other quick little tips on that.
I think the first thing isredefining success.
Is success making that $10,000or $100,000 a month?
Or can success be redefined toinclude your legacy?

Speaker 2 (15:30):
Yeah, yeah, absolutely.
It definitely deserves a seatat the table.

Speaker 3 (15:36):
And then the second tip I wanted to bring up is
legacy as a strategic asset.
So you might have yourinvestment account with Fidelity
and that's an asset.
So you might have yourinvestment account with Fidelity
and that's an asset If you'rediversifying financially, if
you're at that place and yourlisteners are at that place.
But also its legacy as astrategic asset, and it's more
than just the name on the sideof a building or the chance to

(15:57):
buy a sports team.
Again, it's thinking about 100years down the road or even just
the next generation.
Like if you say a hundred yearsis too much and you don't,
you're not ready yet to researchother families, and I shared
with you before we pressed therecord button that I I've got
nine pages of notes here ofother families that have that
are known and some not so knownaround the world that can serve

(16:20):
as positive role models for somedue diligence and research.
The third tip that I wanted tobring up is, you know,
short-term wins but alsolong-term vision.
So like yes, like in terms ofaccountability, if your
listeners are saying like yeah,I got that short-term win and
they're going to celebrate,however it is that they
celebrate, you know, maybe theygo to the ball game, or they

(16:41):
toast at a nice restaurant, orwhatever that thing is.
But also, you know, allow thoseshort-term wins then to fuel
the long-term vision.

Speaker 2 (16:49):
Absolutely, absolutely Well.
We've established that itdefinitely deserves thought.
It definitely deserves a seatat the table.
One of the things I'd beinterested in asking you are
what are some common mistakesthat you see business owners
making when they're trying tocreate long term impact, and how
can they avoid them?

Speaker 3 (17:08):
Yeah, absolutely yeah , so I just wanted to.
Can I just give the other twotips before?

Speaker 2 (17:15):
I jump into the next question.

Speaker 3 (17:16):
Please do yes please do the other thing that, in
terms of if you have a listenerand they're thinking about, I've
got to handle the short term,so how can I even make space for
the long term?
The fourth tip I'd give isconsider systems for legacy.
So, whether that's, you know,creating a framework, early
standard operating procedures Imean, this is like underneath

(17:37):
the hat of business coaching,but you know leadership
principles and pipelines.
There's a whole bunch ofstructures in place that they
can consider leadershipprinciples and pipelines.
There's a whole bunch ofstructures in place that they
can consider, you know again,when they're ready for that
conversation.
And then the fifth tip is ithas to do with your exit
strategy being your legacystrategy also.
And again, if somebody'sbuilding, they might not even be
thinking about their legacystrategy.
Okay, so common mistakesconfusing legacy with ego.

(18:01):
And it was interesting about adecade ago when I started this
in 2014,.
Even my own father said to mewell, be careful, some people
might just think about legacythrough the lens of their ego.
Well, fantastic, it gets evenbetter than that, as I might
have shared with you in ourprample, david.
A lot of people just thinkabout legacy in terms of death
and money, but it's so much morethan that.
Much more than that, I thinkit's.

(18:27):
It asks me more than just Iwant my name on everything.
It's more so.
I want to be remembered and howcan I do good with what has
been gifted to me?
And again, not everyone's gotto create a library system like
Andrew Carnegie, but there's alot of families in the
background that are doingamazing things for their
community, because either thegovernment and their country
can't step up or they're justbeing a really strong family
unit as a role model in theircommunity.

Speaker 2 (18:47):
Absolutely, absolutely.
That's something that I'm gladthat you pointed out, because I
think when I first hear legacy Ioften think of like the
Carnegie's of the world, but Ialso think about when I
graduated from high school.
I got a thousand dollarscholarship from a family that

(19:09):
it was a middle-class family.
They had a son that passed awayand they made a scholarship in
his name.
It wasn't a huge scholarship,but it made a meaningful
difference in my life and thatscholarship is still active and
has been funded, so it can go oninto perpetuity and talk about.

(19:29):
You know that is a legacy, thatyou know that it wasn't a
Carnegie type family, it was aworking, a working family that
that did prioritize legacy andand made that happen.
And I think that's somethingthat, as we're discussing this,
that legacy isn't only forbillionaires, it's it's

(19:51):
something for everybody.
And so, yeah, what are yourthoughts on that?

Speaker 3 (19:55):
Yeah, well, I'm sorry to interrupt you again.
I'm just excited and passionateabout the topic that was.
One of the things I think wealso talked about in our
preamble is that it used to beabout two-thirds of today's
affluent are am I saying thisright?
Are self-made.
Two-thirds of today's?
Yeah, and actually it's inchingup to 90%.

(20:16):
So, again, what we're talkingabout is psychographics of
individuals that are hungry andthey're willing to put in the
hard work, and then those thatare given it, whether they're
second generation, thirdgeneration, that pool of
individuals is shrinking.
So, yeah, I want to bring upanother mistake.
It's waiting too long to thinklong-term, and I know a part of

(20:38):
it is the procrastination forsome individuals.
But again, there's someindividuals that are just going
to be like I'm on a winningstreak and I'm going to kick the
soccer ball forward, and sothen I think one of the good
choices they can make isembedding legacy into their
business model.

Speaker 2 (21:01):
Yeah, yeah.
One thing that you hadmentioned was the first
generation of people that arecreating massive amounts of
wealth.
One thing that I've learnedfrom this podcast.
You know we've interviewed over250 entrepreneurs.
There seems to be a commonthread amongst immigrants
entrepreneurs.
There seems to be a commonthread amongst immigrants, and
if you were to say you have agroup of a hundred immigrants
and you have a group of ahundred people that inherited
wealth, they're going to dosomething, and it can be

(21:23):
whatever, I would put my moneyon that group of immigrants and
I I they oftentimes are first.
You know, they're the firstgenerations.
That's creating wealth andthere's something that happens
in that process that helps them.
And I'm still like trying toplace my finger on that, but I,
yeah, it's something that I'vedefinitely picked out or picked

(21:45):
up on.

Speaker 3 (21:46):
Well, I think a part of it is that their country
might not have something calledlike welfare or section eight or
food stamps or social security.
It's more like you either pullyourself up by your bootstraps
or you die, and I think theirwork ethic leans into this idea,
where they take nothing forgranted and they work really
hard, and that humility is likethey're going to be at their

(22:09):
shop at late hours Now.
Are there pros and cons to that?
Sure, absolutely.
But they're going to be attheir shop at late hours Now.
Are there pros and cons to that?
Sure, absolutely.
But they're going to workreally, really hard.
I have a mother, so like I thinkI shared with you.
On my father's side he's a 10thgeneration American out of
Massachusetts, but on mymother's side, she immigrated
here from South Korea and herperspective to my sister and I
is never waste an opportunity.

(22:30):
Somebody brings you anopportunity, you show up and you
give it 100%, like she was justhardcore because she marvels at
some things in the UnitedStates, including that some
individuals take for grantedwhat they're given.

Speaker 2 (22:48):
Yeah, yeah, absolutely, absolutely.
I've.
I've seen that firsthand, andshe did go hungry when she was
growing up.
There's that type of struggle.
I don't know, I don't have abackground in this, but there's
something that happens when youexperience struggle like that,
especially early on in life,that that for years it shapes

(23:09):
you and, and oftentimes for thebetter.
For years, uh-huh, it shapesyou, and oftentimes for the
better, and so it's.
Yeah, it's really interesting,interesting topic, and so I do
want to.

Speaker 3 (23:19):
Well, I want to say something to that point for a
moment before we go on to thenext question.
You know I'm going to bring upthe Rothschild family again, and
I'm not even saying that I'm afan of theirs.
All I'm saying is that I lookat what works for different
families.
Now, is it true that they grewup in poverty in Germany,
perhaps but I also think thatthey got a lot of help along the
way his as a trader and as abanker from for him coming up,

(23:54):
finding the right clients and soforth.
But I think that he got to apoint where it was beneficial
for him to win and they even saythat about Donald Trump love
him or hate him.
He got to a point where thebanks in the United States said,
ok, you're going to filebankruptcy, we can't let you
sink.
We're all in this together.
So I think that I think that'spart of it.
So I think that sometimespeople get to a place where that

(24:14):
work ethic and that level ofdiscipline helps them.
But I also think they get to aplace where they get so good at
relationships, which is anotherskill set when it comes to
investing in one's personaldevelopment, because some people
are good at it and other peoplearen't good at it, but they
have to become refined along theway, absolutely, I fully agree
with that have to become refinedalong the way.

Speaker 2 (24:29):
Absolutely, I fully agree with that, fully agree
with that.
So, bringing our conversationback to legacy planning, there
have been AI and automation hascome on the scene and it's here
to stay.
And so how?

Speaker 3 (24:50):
do you see technology shaping the future of legacy
planning for entrepreneurs?
Yeah, I think this is a greatquestion.
I have good feelings aboutChatGBT.
I know some people don't likeit and I'm just going to start
there, because there's a lot ofother tools.
I think the brilliance withtechnology today is that we can
build off of it.
So like, for instance, if I goto ChatGBT, I look at it and I
see it as the foundation, andthen I've got to build my

(25:12):
knowledge and add my knowledgeonto that.
So it's like wow, I missed that.
Ok, well, that added somethings that were in my blind
spot.
But then we have to bring ourown mental muscle power to it.
It's kind of likemultiplication.
We might not take a piece ofpaper out anymore, but it's good
for our brains.
At least we can remember how todo it.
So I say don't delegatecompletely, but have that as a
tool.
So there's things like mindmapping and there's other

(25:35):
websites that can analyzepersonal values, business data,
impact goals, et cetera.
But I also think there'ssomething to be said about a
live human being across from youthat can help you on this
journey of legacy planning.
Like one of the things I sharedwith you is I listened to your
episode with Matt Stafford lastnight and you guys chatted about
coaching at the very end, andthere's going to be life
experiences that he can utilizeand lean into then to help guide

(25:59):
yourself or listeners or otherindividuals, because he's done
the sweat equity and I thinkthat's what AI cannot do, and so
I think it's a blend of humanstapping into that, and so I
think it's a blend of humanstapping into that.
So, like with financialplanning, they can do modeling
and that's great.
And there was even a professoron my podcast.
He's an Israeli professor outof Northern California and he

(26:22):
talked about financial advisors.
They have to be well-beingadvisors in the future, because
that's what AI can't do.
So I think, again, ai ismarvelous.
It can do automated knowledgetransfers.
You can put things in a cloud,and I even use a cloud.
It's called Mediafirecombecause I've had so many
MacBooks crash and iPhones crashand once you lose the data,

(26:45):
you're like you want to justkick the wall, so you kind of
learn the hard way.
Okay, great, it's in that cloud, and so I think that's one
thing.
And so, yeah, there's so manywebsites that are secure and
that are fantastic to lean intoand so like, for instance, in
your business, david, maybe youcan put in you know how, to you
know again, standard operatingprocedures or governance
documents or the whatever it isyou need, so like, if you have

(27:08):
to pass the baton one daywhether that's succession or
letting go of control andbringing in a president or some
executive, so you can go tothose 58 countries as a part of
your legacy plan, thentechnology then can step in,
because then you've gotsomething whether it's a Google
Drive or some database that thatdata is there and you're not
going to lose it.

Speaker 2 (27:28):
Absolutely, absolutely.
I fully agree with you in termsof AI not replacing the
entrepreneur, and you had saidsomething very early on in the
podcast on you're either ingrowth mode or you're in being
scared mode.
Yeah, it's interesting when Italk to people I can.
When I talk to them about AI, Ican generally tell whether

(27:50):
they're in growth mode or are inscared mode based on how they
feel about it.
You know, my opinion on it isit puts a jet pack on the
entrepreneur's back and allowsthem to work much faster and
much more efficiently.
However, it's not to a spotwhere it can replace them, and
so I'm a huge fan of it.
I've incorporated it into mydaily practices and I like to

(28:14):
think I am in growth modecurrently.

Speaker 3 (28:17):
Yeah, I wanted to add one other thing to that legacy.
I wrote this down, for ourconversation today is evolving
from financial to philosophicaland emotional permanence, and I
think that's when technology canthen be an asset regarding,
like time capsules orimmortality projects.
You know it's photos, not justin this hardcover coffee table

(28:38):
book.
I'm a big proponent of having ahardcover coffee table book.
I mean, I will bring it up andI'll ask individuals like what
images and stories and bestlessons are in there?
Because, again, if you have acoffee table and it's got some
architect, that's fantastic, butif it's got what you're about
or what your family's about,that's 10 times better.
And someone might be bashfulabout it and a lot of times

(29:01):
people are, and it's a part ofthe legacy.
Planning conversation actuallyinvolves self-worth, because
somebody actually has to believethat what they have to say and
share is worthy enough.
What's that?
Look on your face.
No, I fully agree with you, andI'm just thinking of the lack of
coffee table book at my house.
Well, so I think that's a partof it, but then the other part
of it is the immortality pieceof putting it, you know, in a

(29:23):
digital database of your photos,that it's in a downloadable PDF
, if need be, or, these days,video, some people might say.
You know, I'd really like tointerview David for 10 hours and
see what he has to share, andyou might talk about everything
regarding your life, yourbusiness and, again, that's
captured and that's likedownloadable, whether it's 10

(29:46):
years from now or whenever it is.

Speaker 2 (29:49):
Yeah, yeah, absolutely, absolutely.
And I think we're getting tokind of the digital
transformation here where we aremoving from where things can be
stored in the cloud and can bepassed on from generation to
generation, if you handle thatstuff responsibly.
I would love if my grandpa hada podcast.

(30:13):
I would pay a lot of money totune into that.
Of course it doesn't exist, butthere is a chance, if I handle
conversations like this well,that my grandchildren could tune
into this very podcast thatwe're listening to.
And so, yeah, any thoughts onthat, like just the very podcast
that we're listening to.

(30:33):
And so, yeah, any thoughts onthat, like just the digital
transformation that we're in andhow that may be making this
easier.

Speaker 3 (30:41):
Yes, and I want to share one other great thing
about technology and I'm not anattorney, so I just want to
provide that disclaimer up frontbut when people are talking
about blockchain and smartcontracts, it also makes a
difference regarding estateplanning and even impact
investing, for instance, becauseit's now we talk about things
like IP, intellectual propertyequity.
But great, there's intellectualproperty, that's there.

(31:02):
There might be a logo, theremight be, you know, brand rights
.
I mean, you could get to aplace and you might say, well,
I'm not like you know, richardBranson, but maybe one day,
because of this podcast, there'ssome brand equity around your

(31:24):
name.

Speaker 2 (31:26):
Yeah, yeah, absolutely.
Now that's something that Ihave not thought about, but I
absolutely think that'ssomething to be thinking about.

Speaker 3 (31:35):
So one other quick thing and then I know you have
to go on to the next question.
Smart contracts allow forautomating donations, even
mission based payouts.
But I know that's again.
I'm kicking the soccer balldown the field because your
listeners might just be sayingI'd like to grow my business,
you know, to this wildlysuccessful place.
I'm not even thinking about,you know, nonprofit work or

(31:55):
philanthropy.
I'm just saying that automationin terms of your legacy
planning.
There's a lot there that can bea strategic tool.

Speaker 2 (32:03):
Yeah, yeah, I really like that perspective and one of
the things that I may not be adirect consequence, but an
indirect consequences of this isif legacy planning, if you're
in the mode of I just am tryingto build the company for the
next year, but you do, you dostop and think about legacy
planning.
It kind of forces you to buildsomething that's worth passing

(32:25):
down, and not building somethingjust to make a quick buck, and
that's a totally differentmindset.
Building something just to makea quick buck, and that's a
totally different mindset.
Like when you're setting upprocedures and and, um, you're
not thinking these proceduresneed to function for the next
year, that you're thinking theseneed to function for the next
hundred years.
That's a totally differentmindset and, and I think, a

(32:45):
mindset that has benefits whileyou're in growth mode, while
you're in building mode.
So I do want to touch on youknow.

Speaker 3 (32:55):
It also.
I just want to add this partalso.
It gives somebody something tolook forward to in addition to
the money.

Speaker 2 (33:00):
Yes, absolutely, absolutely.

Speaker 3 (33:03):
Money is exciting, but there's something to be said
about okay, I've got all theprofits coming in.
I mean, I've seen individualsand they're over in Dubai with
their sports cars and they'relike living it up, and that's
fantastic.
And then there's the newproblem of like oh, I've arrived
, now what?
And I think that's a part ofthe conversation we're having

(33:23):
today that again, if you've gota great circle of friends,
that's awesome.
But sometimes somebody arrivesthere and they go, oh, okay, now
what do I do?
Which is why I think thisconversation is important.

Speaker 2 (33:35):
Absolutely, absolutely.
So.
For the entrepreneurs that arethinking, you know listening to
this, or are already thinkingabout legacy planning from a
structuring your businessstandpoint, you know, like legal
entities, operational systems,what are some tips you have to
protect and sustain their legacywhen setting these up?

Speaker 3 (33:57):
OK, so I love this question and, of course, I have
to provide a disclaimer up front, because I'm not an attorney
and this can step on some toesregarding attorneys.
So, of course, get proper legaladvice from a variety of
sources, at least three.
Ok, I said that piece up front.
Perfect.
I am a big fan of trust.
In 2013, I set up for foreigntrust and that was quite a

(34:20):
learning curve.
There is a book out there.
It's a little bit controversialand the company got sued by the
USDOJ, but I think it's becauselaw schools in the United
States don't teach as much abouttrust as they could, and
hopefully I'm not going to putmy foot in hot water by saying
that.
But there are things likedynastic trusts out there.

(34:40):
There's so many differenttrusts.
There's a book called PassingBucks, I think.
There's even a website.
I've had Howard Hinman on mypodcast twice and he's a dear
friend.
But I learned about foreigntrusts in 2013 from a British
lady and she's now passed on.
But in the United States, southDakota is one of the best

(35:00):
states for domestic trust.
If you are going to go overseas,luxembourg is the number one
location for privacy andprotection.
Number two is Panama, yeah, soI think trusts are amazing.
Are they always airtight?
It depends on how they'restructured, but I think, in
terms of one layer of protectionand, again, privacy, oh, they

(35:22):
can help.
I think they're so amazing.
And, again, it involvesteamwork.
So if you can find anindividual that you can trust as
a trustee, fantastic.
If you can find two trustees,even better trustee.

Speaker 2 (35:37):
Fantastic.
If you can find two trustees,even better, okay.
Okay, for people that are notfamiliar with trust at all, uh,
what would be a good startingplace for educating themselves
on what they are, the differenttypes, maybe some benefits and
pros and cons of each one, anyanything that would be helpful
there?

Speaker 3 (35:52):
yeah, so again, I'm probably going to get in trouble
for saying this, but thepassing bucks books are amazing.
I think the first book is like$400.
And then I think the next bookis like 1200.

Speaker 2 (36:01):
Interesting.

Speaker 3 (36:02):
Yeah, so it's about the price of if like so for the
first book, it's it's a kind ofa cursory overview, um, but it's
like so for $400, that's like aone hour in an attorney's
office.
But now you're putting theknowledge in your court in terms
of control, because once youbuy the book, it's always there
on your bookshelf and then theother book gets into sample
documents and the nitty grittyand it's like super duper long

(36:24):
and thorough and, yeah, youcan't necessarily sit down in
one weekend.
So if I set up my trust in 2013, you know, it's been a decade
and I'm still learning, but Iyeah, but I yeah, but I've got
the house in the trust, I've gotthe car in the trust, I got the
bank account in the trust, etcetera, and it's not.
It's not like you know, life isstill going to happen, but I'm

(36:45):
so glad that that has been there.

Speaker 2 (36:47):
That's helpful, that's helpful.
And there's somethingintriguing about the price point
of those books that they'reobviously delivering value if,
if they can justify you knowcharging that price and so OK,
that's really a lot.

Speaker 3 (37:03):
A lot of the conversations when it comes to
trust are kept in either veryexpensive law offices and with
attorneys in New York, toronto,dc, boston, and if you're not in
that clique, you don't reallyget access to the conversations
at those tables.

Speaker 2 (37:18):
Yeah, yeah, that's that is.
I have often heard that there'sa type of and these are let me
just point out, these are mywords, not Angelina's words but
there's tax planning reservedfor the rich, there's tax
planning that only certainpeople have access to, and

(37:39):
oftentimes you hear of trust andirrevocable trust as a system
or as a mechanism that you canuse for either avoiding taxes or
avoiding death taxes orwhatever that may be, or
avoiding death taxes or whateverthat may be, and it kind of.

(38:01):
You know, I've been involved inbusiness for quite some time,
but the knowledge of what trustsare and how to use them.
It hasn't necessarily made itsway across my desk and I think,
in terms of having a good good,just business hygiene, learning
about those types of vehicles isvehicles would be valuable, and
so there was a gentleman alsoon my podcast, les Winston.

Speaker 3 (38:19):
He's out of Miami, florida, and he talked about the
section in the IRC code.
So for anyone in the UnitedStates, irc is the Internal
Revenue Code.
I can't think of the exact IRCcode right now, but I can send
you the link afterwards.
But he talked about that.
There is a section in the codewhere if you give to your
favorite charity or nonprofit,it's a write-off.

(38:39):
Okay, so it?
I mean it was put in the taxcode.
I don't know if it was in theseventies or when it was.
So there are some amazingthings that can be done, that
one can be smart about theirmoney and it is a win-win
because then you're helpingelevate a section of society
that needs some funding and atthe same time you don't feel
like you're just giving money,you know, to the tax man.

Speaker 2 (39:02):
That makes sense.
That makes sense.
Any other financial strategiesthat you think would be helpful
to touch on when we'rediscussing securing wealth and
ensuring that a business thrivesfor generations?

Speaker 3 (39:16):
Yeah.
Second point would be create asuccession plan.
So if something never happensto David, your wife's not going
to wonder because you're goingto have the number two person
there, the number three personthere, Because, again, sometimes
when a business gets startedit's all about the founder.
And when somebody can get to apoint where they say, okay, well
, if something happens and I'min Aspen and I'm skiing and life

(39:37):
happens sometimes like I don'twant to be morbid, but then it
helps your wife not have toworry.

Speaker 2 (39:43):
Absolutely, absolutely.

Speaker 3 (39:44):
Yeah, and also then that she doesn't necessarily
have to step in and fill yourshoes, because one of the things
that's also happening right nowand we might've talked about
this in our preamble is there'slike a 22.7 or $27 trillion
wealth transfer that's going tohappen, and a lot of that's
going to be resting or being putonto the shoulders of women,
whether it's daughters or wivesor widows or whoever and they

(40:05):
don't have the training.
So that's why it's the greatestsuccession plan, like yesterday
.

Speaker 2 (40:09):
Okay, I like it, I like it.

Speaker 3 (40:12):
So the third thing would be embed values into your
operating systems.

Speaker 2 (40:16):
Okay, I like it I like it.

Speaker 3 (40:17):
So the third thing would be embed values into your
operating systems.
Okay, yeah, implementgovernance structures.
On my website, I've got a freegovernance document because a
lot of times people will say tome well, our family doesn't have
a family constitution.
What do you mean?
A governance document Fantastic, I got a sample for free on my
website.

Speaker 2 (40:30):
Okay, very good, very good, and we'll link to that in
the show notes free on mywebsite.
Okay, very good, very good, andwe'll link to that in the show
notes.
Okay, let's talk a little bitabout mindset.
So how does an entrepreneur'smindset influence their ability
to create lasting legacy, andwhat key shifts should they make
early on?

Speaker 3 (40:47):
Yeah, I think mindset is really, really important
because, again, it's like youcould go in with ego and control
, and I think a part of controlis you know what made that
entrepreneur successful in thefirst place.
But then to create a legacy,again, you have to be willing to
expand the capacity of what'spossible.
Like a part of it and youprobably know this from success
there's the doing piece and thenthere's the being piece.

(41:09):
Yeah, so I think that the thebeing piece, um, it's thinking
about like, like there's aconcept called legacy, well, and
so it's like yes, it's like asmart structure plus intentional
stewardship, plus generationalwisdom.
So it's not just like I'm goingto get like five sports cars.

Speaker 2 (41:28):
Mm, hmm.

Speaker 3 (41:29):
And there's a lot of very successful people that are
in their 20s and 30s and like,yeah, go get the sports cars.
And then it's going to be like,OK, but now what?

Speaker 2 (41:37):
Yeah, yeah, absolutely, absolutely.

Speaker 3 (41:41):
So so I might say I wrote down five examples for
today's conversation.
So it's going from success tosignificance.
So so one mindset could say Iwant to make money and be known.
The legacy mindset could be Iwant to make meaning and be
remembered for something deeper.

Speaker 2 (41:57):
Okay, that's number one Number two.

Speaker 3 (42:00):
like you had talked about going from short-term wins
to long-term wisdom.
One mindset could be well, howfast can I scale?
That's great.
The legacy mindset could be howwell can I build something that
outlasts me?

Speaker 2 (42:12):
something that outlasts me.
I like it All right, very good.

Speaker 3 (42:15):
Number three again I mentioned control is a trait
that can help an entrepreneurbecome successful, because it
could be that control freak thatthinks about everything and
again the buck stock stops withthem.
So that's great.
But then to go to this idea ofstewardship, or even from
ownership to stewardship, OK, soone mindset could be you know,

(42:36):
this is my company, Right?
The legacy mind shift could beI'm a caretaker of something
bigger than me.

Speaker 2 (42:46):
I like that one.
I like that one.

Speaker 3 (42:48):
So I've got two more from you or two more for you.
Ok, one, you know it's goingfrom that scarcity mindset of
fear to multiplication.
So you know, one way ofthinking could be I need to
protect what's mine and that'salso a big thing, for, like
first generation, like I builtthis before I passed the baton
to the second generation,they're going to spend it all,

(43:08):
or or whatever you know thethoughts might be.
The legacy mindset could belike how can I multiply my
impact through others?
And a part of that could beincorporating your children to
work in the business, or lookingat their strengths compared to
where their weaknesses are.
I'm going to bring up that book,wealth 3.0, for another minute
and plug it, because I think oneof the things that's happening
today is, with the nextgenerations coming into wealth,

(43:32):
the focus is really now on theirstrengths.
It's not about changing them.
It's like okay, well, what areyou interested in?
What are you good at?
And then how can we weave thatin so it's a win-win, like no
longer like, oh it's.
You know this expression calledlike teacups to teacups, and
then it's a presumption that thechildren are going to fail, or
the adult offspring.

Speaker 2 (43:52):
Yeah, okay.

Speaker 3 (43:53):
Okay, I've got one more and I know we got to wrap
soon, but it's from outcomefocused to principle driven, and
so, like one mindset could belike what's the ROI or the
return on investment, and thelegacy mindset would be what's
the ripple effect?
You know over time andthroughout, you know the
community.

Speaker 2 (44:13):
I really like those five tips that you laid out From
a leadership standpoint.
What are some leadership traitsthat can distinguish those who
have a meaningful legacy fromthose who fade away?

Speaker 3 (44:27):
Yeah, absolutely, and I just want to circle back on
that last question for a momentthat legacy.
Entrepreneurs make decisionsbased on values, not just vanity
metrics.

Speaker 2 (44:37):
That's important.
That's really important andprobably something that not a
ton of entrepreneurs are doingcurrently, and so that's a
really really good point.

Speaker 3 (44:48):
So anything else on that before we go on to
leadership traits Well, I knowthat, like I shared with you and
I don't know if there'll be theopportunity to speak about all
the families around the worldthat have done really well, that
are like 250 to 350 year longfamilies that have made amazing
decisions and they almost worklike a sports team.
So we might not cover thattoday, but I just would like to

(45:09):
say to any of the listeners thatthere are those that have come
before you.
So, number one, don't feel likeyou have to do it all like in a
New York minute, but ratherthat you can pace yourself and
realize that when your successis materializing, that there's
so much amazing that you can dowith that.

Speaker 2 (45:27):
Yeah, yeah, I think it'd be helpful to maybe get
into some of those successfulfamilies.
Sometimes it's helpful to knowwhat this looks like and maybe
we can touch on some of theleadership qualities or some of
the things that you think helpsome of these families create a

(45:49):
lasting legacy.
So who are some on that listthat you think really stand out?

Speaker 3 (45:55):
Okay, so I could go through the names, but if I go
through what made themsuccessful, that might be like a
whole other podcast, but I'dlike to at least read some of
the names for your listeners sothey have a reference point.

Speaker 2 (46:09):
Perfect, that sounds great.

Speaker 3 (46:11):
Yeah, because it's not just like the Rockefellers
or the Gates family I know theyget a lot of press or even Elon
Musk's family, yeah.
So there's Walt Disney that wasan individual.
The Ford family in the UnitedStates.
In Japan, the Toyota dynasty.
A lot of times we don't havethese reference points,

(46:32):
especially if one came up in thepublic school system in the
United States.
A lot of times these you knowinternational families weren't
covered in the Middle East.
My pronunciation might be not sogreat on some of these names,
but the Olajan families yeah,they got into the business of
exclusive rights in the UnitedArab Emirates, whether it was

(46:56):
like Toyota, lexus, honda, etc.
Ok, the Hermes family HermesI'm probably not as refined for
this French name, h-e-r-m-e-s,so a lot of times people think
about the Rothschilds withEurope.
But Hermes, hermes, ok, again,I'm butchering the name.
But the Walton family Walmart,and they actually received their

(47:16):
success later in life, which isalso very interesting.
The number of individuals thatstruggled for years and years
and years and then it was likethey got to like their fifties
and all of that life experienceand business experience then
became exponential and then itwas like the door opened yeah, I
like that, yeah, in canada andagain my pronunciation is not

(47:39):
going to be amazing, even thoughI studied french for six years
the des mares family,d-e-s-m-a-r-a-i-s um.
There.
They were in banking, insurance, media, etc.
In south america.
The safra family in Brazil,global banking and philanthropy.
The Luck family out of Chile,l-u-k-s-i-c.

(48:02):
The Santo Domingo family out ofColombia.
They were in alcohol, beer aswell as media.
The Lutzik family out of Chile.
They were in mining andinfrastructure.
The Carlos Slim family out ofMexico, even though originally
he is, I think, from Lebanon.
But you talk about thatimmigrant mindset, that they're

(48:22):
willing to work hard, and I'mnot saying that all of these
entrepreneurs made, you know,perfect decisions.
But again, you know, it's kindof like there's this expression
called last man standing, alsomaybe last woman standing these
days with the inheritancetransfer.
The Poma family out of ElSalvador.
In Russia, the Potanin family.
They were in metals as well asbanking.

(48:44):
The Abramovich family out ofRussia oil, steel and football.
You know, sports is also one ofthose things that a lot of
times they don't teachindividuals about, like buying a
sports team or all of that.
Yeah, ok, there's the Harrisfamily, the Morris family, the
Haints family, h-a-i-n-t-z andthe Buxton family feel alone

(49:10):
right now.
Who else is out there?
Or I don't wanna do it how theRockefellers did it, or the
Rothschilds Great.
There's so many other familiesout there that operate like a
sports team and they're verystrategic.
They have a team of advisors.

(49:31):
They also work with a personalcoach, where that personal
development is something thatthey invest in.

Speaker 2 (49:36):
I like it.
I like it, and that's reallyhelpful to get an understanding.
There was a lot out there, or alot that you mentioned, who I
was very familiar with.
However, I was familiar withthe brand, not necessarily the
family behind it and the legacybehind it, and so Toyota is one
an example of that, and sothat's really neat that you laid

(49:57):
those out, and I thinkeverybody who's listening is
familiar with, at least you know, a couple of those on the list.
And so what do you think interms of, like, leadership
traits?
What do you think and maybewith those families, it may be
people that you've worked withbut what are some leadership

(50:18):
traits that you think helpsomeone have a meaningful legacy
?

Speaker 3 (50:27):
Yeah, I have seven today Vision beyond themselves,
which again is hard becausethere's a positive side to an
ego just as there's a negativeside.
So it's learning how to leaninto the positive sides of ego
that are more so competencerelated.
You know, building success longafter one is gone and also
building success for others.
That's number one vision beyondoneself.
Number two being consistentwith values.
Like, are you the same in frontof somebody that can do nothing

(50:51):
for you?
You know, it's not just thewaiter at the restaurant.
I know people always utilizethat metaphor, but it's how kind
are you in terms of your valueswhen no one is looking, or you
think no one is looking, in thatconsistency.

Speaker 2 (51:09):
Absolutely, absolutely.

Speaker 3 (51:11):
Number three empowerment.
And what I mean by empowermentis not being the loudest voice
in the room, and I know a lot oftimes in like a patriarchal
culture, people respect theloudest voice in the room.
Oh, that's a lot of certaintycoming from that individual.
But I think it's really theability to delegate to people
that have earned your trust andalso the ability to build other

(51:33):
people up and to create thatspace for other people to grow.

Speaker 2 (51:38):
I like it.

Speaker 3 (51:39):
I like it other people to grow.
I like it, I like it.
Number four would be thatgrowth mindset, Again being a
lifelong learner.
The humility around that.
I think there's a certainbravado to success, like yeah,
I've made it and you feel goodabout yourself.
And there's a certain amount ofconfidence of like yeah, I've
done this life right, you know,and that's great.
But the humility to know thatif the tsunami comes, like okay,

(52:02):
I can rebuild it.
And being that lifelong learnerbecause, again, a lot of the
families that the names I readoff, they're diversified.
So if an industry changes,great, they're going to start
from the bottom up and learnabout something else, Because
markets change, yeah, yeah.

(52:59):
Yeah yeah, fly, okay, yeah, yeah.
I think that in terms ofresilience with grace, there's a
steady courage about that.
One of the things that you andI had talked about in our
preamble was you were like oh,I'm so glad that when you first
started out, angelina, you knowyou didn't just automatically
get invited through the door,you just kept at it.

Speaker 2 (53:16):
Yeah, yeah, absolutely, absolutely.

Speaker 3 (53:21):
Number six is communicate, communicate,
communicate.
Other people can't read yourmind.
I think sometimes, like infamilies of wealth, when there
is going to be a succession,there's a lot of expectations of
like onto that next gen orrising gen, like don't F this up
, Don't make the family look bad.
But they can't read minds, andso I think a part of it is just
like over communicate.

(53:42):
There was a story of a gentlemanwho took his granddaughter to
the toy store.
Instead of like swiping withplastic, he brought out the
bills and again it was like theLego store, but it was explicit
communication of like these arethe five dollar bills, these are
the one dollar bills.
So even if at the end of thepurchase it was like $110 or
whatever the amount was, it waslike that grandchild could see

(54:06):
the dollar bills getting put onthe counter and I know somebody
could say well, that one store Iwent to it's cashless.
Now Okay.
But my point of this is thesame regarding the principal
it's over-communicatingsomething because somebody might
not know what.
What went into that yes, yes,absolutely, absolutely.

Speaker 2 (54:25):
I agree with that one .
And what about number seven?

Speaker 3 (54:28):
okay, um, it's intentional succession.
So even like, like in thee-commerce business.
If there is a way to pass thatforward, okay, yeah, because at
one once the day will come wheremaybe david doesn't want to do
this anymore, or david can't dothis anymore in, in being

(54:49):
intentional about it's going tomake everything easier.
I I'm, I like it, I like it evenif it's just carving out an
hour a week to say like, okay,I'm going to sit down and learn
what I can about how tostructure a succession and then
talk to someone when I'm ready,because, again, we never know
when we get sideswiped in life.

Speaker 2 (55:08):
Yeah, yeah, absolutely, absolutely.
Well, my final question, formyself and for the listeners, is
if someone wants to startworking on their legacy today,
what are three actionable stepsthat they should take?

Speaker 3 (55:22):
Yeah, number one is and even though they ask
individuals to do this inbusiness school, it's still a
little like kind of how do I sayit?
It's kind of a deep breathmoment.
It's writing your obituary,it's defining your legacy vision
.
It's saying okay, on the finalyear or day of my life.

(55:43):
What does that look like?

Speaker 2 (55:46):
Interesting.
I've never heard that, but thatwould be powerful.

Speaker 3 (55:51):
Yeah, a lot of business schools do it,
especially these days, mbaprograms and so forth.
And again, if somebody says,well, I don't know where to
start, great, there's videos onYouTube, there's a lot of free
resources to get the inspirationgoing, but it's in every area,
like I know that.
And like when Matt Stafford,for instance, he talked about
four areas of his life likefitness, number one, number two,

(56:12):
relationship with God, numberthree, relationship with others,
and then for business, even ifyou started your, your legacy
vision of that final day of youknow, and you just put it into
those four categories and justto get really clear, and the
next step could be the backwardsplanning, but just step one is
just to write it out, even ifit's on the back of a napkin.

Speaker 2 (56:34):
Very nice.
Yeah, I think that's reallygood advice and something that
we all could do and all have theresources to do today.

Speaker 3 (56:42):
Yeah, because it's also not just about financial
success.
It's about your impact, yourvalues, the mark you want to
leave behind, and articulatingit today.

Speaker 2 (56:51):
Okay, okay, I like it .
I like it.
All right.
What about number two?

Speaker 3 (56:55):
Okay, that's great and in there.
If you want to add a legacystatement, kind of like a vision
statement, like if you have avision statement for your
e-commerce in there.
If you want to add a legacystatement, kind of like a vision
statement, like if you have avision statement for your
e-commerce, shopify, amazon,business, it's also a statement
that you could put in there foryour legacy.

Speaker 2 (57:09):
Okay, yeah, okay.

Speaker 3 (57:10):
All right.
Number two is know what yourvalues are Like, even if it's
just your three or four core oraspirational values.
Document them and then considerfor extra credit in terms of,
like a Google spreadsheet, likewhen do you live into them
during your week?
When do you give yourselfpermission to live into them?

Speaker 2 (57:31):
Yeah, okay, I like that one.

Speaker 3 (57:34):
And number three is invest in yourself regarding
human capital, personaldevelopment and how you're going
to transfer your knowledge.
So if that sounded like a lot,then just start with.
How are you going to invest inyour own personal development?

Speaker 2 (57:48):
Very nice, very nice.
I like it.
I like it.
Now, angelina, for all of thepeople that are tuning in right
now who may want to work withsomebody on this, you run an
agency to design your legacywhere you work with people on
this.
Who's your ideal client andwhat's the best way to get in

(58:10):
touch with you?

Speaker 3 (58:11):
Yes, so I do have a coaching and advisory practice.
It's based out of Beverly Hills,california in the United States
, and somebody can book online.
I do keep a paper calendar onmy desk, so what's online is not
going to match what's actualreality, but that's just because
I like to still have somethinglike when we talked about AI.
I think AI is brilliant.
They can book something on myWix website, but then I have to

(58:34):
also verify it with my papercalendar and so there can be an
introductory session just tocarve out what is it that
somebody wants?
Because a lot of times, peopledon't know where to start and
then, second, it comes down towho can I talk to about this
that believes in what it is thatI am trying to create for the
long term vision, because, again, come across individuals that

(58:56):
can help you double your income,build your Shopify store, stop
smoking and lose weight thiswhole other conversation.
When one is ready to build outthat legacy, I think it's
somebody that needs to take itas serious as you do for your
money and for your time.

Speaker 2 (59:11):
Okay, I like it.
I like it All.
Right, before we wrap up theepisode, we have something
called the fire round.
It's four questions.
We ask everybody at the end ofthe show Are you ready?

Speaker 3 (59:21):
I am ready.
All right, what is yourfavorite book?
Okay, so we joked about thisbeforehand and so I think this
is a book from like my teenagegirl years and it's a book
called, I think, like theChangeling or the Changeling Sea
by Patricia McKillop, and it'sjust like I don't know.
It's a book that's based off ofa young girl who's like a maid

(59:42):
who works at this inn.
I think it's off the coast ofEngland or somewhere and, yeah,
it has sea monsters in it.
I just thought it was fantastic.
And the lead protagonist hername was Perry and if I ever
have a child, I'm going to namethe child Perry.
Very nice, very nice, all right.

Speaker 2 (59:59):
Second question what are your hobbies?

Speaker 3 (01:00:03):
Oh, this is a very interesting uh question, because
I think a lot of times, likeentrepreneurs can be kind of
like workaholics.
But when I do have time, um, Ithink it's um working in the
yard.
I've got like I don't know 25fruit trees and I think, just
getting my hands dirty andcleaning things up.
I think that's definitely ahobby that brings happiness.
If I can carve out the timesailing my parents provided

(01:00:28):
sailing lessons growing up andto get out there and be all
starboard and on the open watersis cool.

Speaker 2 (01:00:33):
That's awesome.
That's awesome.
Third question what is onething you do not miss about
working for the man?

Speaker 3 (01:00:41):
Abuses of power.
That can happen.
Sometimes there are someamazing leaders out there.
But actually when I was firstin LA, before I became an
appraiser, I had two jobs.
I was a waitress at the BeverlyHills Country Club but I was
also a temp.
I think I got fired from 10temp jobs because I couldn't sit
in my chair.
I just like some people arelike sit and I just I wanted to

(01:01:03):
move around, I wanted to talk topeople and they were like oh no
.
Yeah, she's not going to work.

Speaker 2 (01:01:10):
That's funny.

Speaker 3 (01:01:12):
And even to this day, I'm not good at sitting in my
chair.

Speaker 2 (01:01:15):
That's funny.
Yeah, I share that with you,and that was one of the things
working in corporate Americathat I struggled with as well.
So all right and final questionwhat do you think sets apart
successful entrepreneurs fromthose who give up, fail or never
get started?

Speaker 3 (01:01:34):
or last woman standing.
Sometimes you just have tostand and stand and stand and
there are going to be theseasons in life where you might
just fail and look really bad.
I've been through seasons in mylife where I looked really bad
and it's like all right, and youjust keep going.
I mean, I remember when I wasgrowing up my dad had a quote

(01:01:56):
that he would say to me once aweek when I was provided my
allowance, and the quote wassuccess begins when you quit
caring about what everybody elsethinks, and that can be harder
sometimes than one thinks whenit happens in reality.

Speaker 2 (01:02:09):
I like it.
Yeah, I fully agree with that.
Well, angelina, this has been agreat podcast and, to all of
our listeners, we're going topost links to how to get in
touch with Angelina at Designyour Legacy, and looking forward
to staying in touch.

Speaker 3 (01:02:25):
It's my pleasure.
Thank you so much for having meas a guest today.

Speaker 2 (01:02:29):
Absolutely.