Now that football season is in full swing, it seems fitting to share a cautionary tale from the world of the NFL, and more specifically of the late, great Joe Robbie, the first owner of the Miami Dolphins. Following his death in 1990, here is how aBusinessweek article began:
“In November, 1989, two months before his death, Joe Robbie, owner of the Miami Dolphins, moved to keep the National Football League team in the Robbie family ‘for at least the next generation.’ He established a trust whose primary asset was two partnerships that together owned an 88% stake in the Dolphins. When Robbie died on Jan. 7, 1990, at the age of 73, his family’s control of the club seemed secure.
“But now, the family is locked in a feud that pits three of Robbie’s nine children against six siblings and their mother, Elizabeth. The dispute could force the sale of a sizable share of the Dolphins, one of the most valuable franchises in sports.”
What happened? Joe Robbie was a litigating attorney as well as a business owner. You’d think with all that legal and business experience, he would have been able to structure his estate in a way that benefited and blessed his family rather than left them in a bitter feud. Mr. Robbie, it seemed, had made a fatal error: He didn’t ask the right questions. And the consequence was that “the structure of the trust and rest of the estate made conflict all but inevitable.”
Now think about your life. When you started out, you knew where you wanted to go. You had a plan and you lived that plan successfully. You still need a plan—but now it’s a different kind. You need a plan for your life and wealth. Now it’s your task find the right people who can help guide you toward that purpose and get you asking the RIGHT questions. So, what’s your next move?
Wealth is more than money. Don’t just plan for your future, live it right now. Pass it on and share the insights like this that you find valuable
– Henry Ford