Jewish Family Business.

one of the ways that the Jewish Community builds  generational wealth is through family businesses   and you might say well there's nothing Jewish  about family businesses everybody has them yeah   but we take them really really seriously there's  two things that are really important to Jewish   people number one is family and number two is  time one of our missions in life is to create   large families and the other thing that we have  the experience with is time for 3,300 years we've   been in existence so we understand the concept of  continuity one of the ways to build a family is by   having the means the funds to build a family  it's not cheap I have five kids I could tell   you that it costs me at least $155,000 a month  just to operate that ship it's no joke and we   don't live so crazy so if you want to build a  family you better make sure that you have money   and one of the ways that we do this is through  making sure that our children have the ways to   make money which is through family businesses  because at the end of the day business is the   main way to make money a business owner makes more  than a professional a doctor a lawyer a dentist an   architect we don't want to be a dentist we want  to own the dental practice we don't want to be   the architect we want to own the architectural  firm we don't want to be a lawyer we want to own   the law firm the mentality it's a major shift  so we teach our children very young that being   a business owner is going to be the way to get  to the next level in your life and be successful   while everybody else has to start at practically  Ground Zero a young Jewish boy who has the   privilege of having a father who's in business if  the son is respectful if the son is diligent and   if the son is willing to put in his work he's  going to have an incredible opportunity on his   hands by entering into his father's business it's  not easy to get a business off the ground it could   take years it could take over a decade to get a  business to a place where it's solid and producing   and consistent so where everybody else has to go  and they have to start from zero and they have to   waste that first decade or two or sometimes  three in building a business from scratch   a young Jewish boy is encouraged many times to  go into a family business where it's already   established for that one two or three decades  and he's able then to take that business to the   next level right so imagine that continuity and  here's where the generational wealth comes into   the whole thing where your father sweat since  1970 or 1980 to bring his business into 2010 or   2015 or 2020 whatever it is and he sweat in those  first few decades to perfect the business model   to get it off the ground to stabilize it by the  time a father is 50 years old 60 years old he's   tired he's tired and if you don't have children  then the only options that you have is either a   to fold the business and there goes all of your  hard work or B sell it and then there's nothing   left and you exited hopefully you did well a lot  of times you have to sell it to whoever is willing   to buy it whereas in the family business what the  Jewish Community loves to do is to give that over   to the next generation and the next generation  is able to take that 30-year-old business and   they're able to put 30 or 40 years into it and now  that 30-year-old business the next 30 years has   the chance to grow exponentially why because they  already went through the difficulties of building   that really hard Foundation to build to the next  level you know my father for example he was in   the scrap metal business and he tells us stories  when he was growing up and when he first started   his own business his father died in a plane crash  and when he went to go earn money for the family   cuz he had no choice he was 17 years old and his  neighbor was in the scrap metal business and as a   favor what his neighbor would do they would bring  him in the car with him and they would take him   on their routes that they would go pick up scrap  metal at the local manufacturing plants and that's   how he started and slowly but surely he grew and  eventually he bought his own truck and eventually   he bought his own machinery and eventually he  rented his own place and eventually you know it   all sort of formed into its own business when I  came into that business when I was 20 years old   so that was 15 years ago the business was doing  about 8 or 9 million dollar a year I worked in   that business for almost a decade I introduced  new products new services and new technologies   why because I had the ability to do that if I  was busy driving the truck like my father had   to do there's no way that I would have been able  to spend my energy and my brain power on building   the business as a whole I would have had to  spend my hand power like my my father had to   do but because I was introduced into a business  when the business was already three decades old   it already had the means to support my salary and  I was able to go build new product Lines by the   time I left that business the business was doing  $30 million a year in volume so I was able to   Triple that business in 10 years where it took my  father 30 years to get to $8 or $9 million a year   so family businesses are a vehicle to create  this generational wealth that everybody wants   and that ultimately is beneficial for the entire  family unit now why did I leave because I had   younger brothers who entered into the business  and they had their own ways of doing things and   anybody knows one of the downsides about family  business I don't want to you know paint it so bad   or so good but one of the downsides in family  business is you're doing business with family   and I had a hard time getting along with  my brothers and I decided that if I was   going to keep my family then I had to leave the  business but by the time I went to go on my own   and I went into a different industry by the way  because I didn't want to compete with my family   because that in itself is a terrible thing to do  family is the first word business is the second   word why because family comes first and business  comes second so when I went to go start my own   business I couldn't go into the same business line  that they were in I had to start a new business   from scratch I could tell you something it was  really difficult it was really hard it's still   hard I'm 8 years into it it's still hard it's very  different from entering into a business that has   three decades under its belt it's very difficult  to start a business but if you have that capacity   and if you have that ability your aim your goal  should be to create a business where your family   can eventually take that over and take it to  the next level today my father lives the life he   travels to Europe he lives in Miami half the year  he literally lives the life he's semi-retired why   because he has two very capable young men my  brothers who are there running and operating   his business day in and day out and making sure  that his investment is growing so everybody wins   my brothers won because they get to step into a  family business that's established now for four   decades and my father wins because he has two  young hungry men who are capable because they   went through this whole family business  experience and listening to my father's   stories at the dinner table year after year and  they're running his business for him and doing   his bidding and growing his interest for him  so a major Jewish Business secret to building   generational wealth is growing and building a  family business and passing that over to the next   Generation I hope this video brought you value if  it did leave me a like leave me a comment hit the   Subscribe button and if you like this video  you're going to love the next one God bless