Most parents hide their wealth to "protect" their children, but in business, hiding the financials from future CEOs is negligence.

In this episode, Dan speaks with John Knowlton, author of Thinking for Success, about the concept of "Shared Governance" for family wealth. John breaks down why 52% of parents fail to discuss money with their children, the critical distinction between "Good Success" and "Bad Success," and how to use tools like a Family LLC and a "Golden Triangle" framework to turn your legacy into a business that every family member helps run.

Key Talking Points:

• The danger of "Authority without Information" in parenting
• Why "Good Success" requires relationships, not just capital
• The "Golden Triangle" framework: Why, How, and What
• Using a Family LLC to shift the psychology of inheritance
• The "Shared Governance" model for decision making
• How to start the "Board Meeting" at the dinner table

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Episode References & Resources:

• 71% of parents would rather talk about death than money — T. Rowe Price Parents, Kids & Money Survey (2019) — https://www.troweprice.com/corporate/en/press/releases/t-rowe-price-parents-kids-money-survey.html
• 52% of parents have not discussed their net worth with their kids — Fidelity Family & Finance Study (2025) — https://newsroom.fidelity.com/pressreleases/fidelity--study-finds-the-great-wealth-transfer-leaves-families-poised-to-build-stronger-financial-f/s/3c72b6d3-9ab6-400a-95e7-f4b30e43db64
• 70% of wealthy families lose their wealth by the second generation — The Williams Group (2018) — https://www.williamspgroup.com/

Connect with John:

• Website: https://abundantthoughtrevolution.com/
• Book: https://indiepubs.com/products/thinking-for-success
• LinkedIn: https://www.linkedin.com/in/john-knowlton-516b828/

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Thank you for listening. This podcast is for education only and is not financial advice.