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The Business of Basketball & Breaking a Legacy Trust

This week's podcast with Chris Herschend immediately jumped into my Top 3 favourites so far. Herschen
The Business of Family
The Business of Basketball & Breaking a Legacy Trust
By Mike Boyd • Issue #19 • View online
This week’s podcast with Chris Herschend immediately jumped into my Top 3 favourites so far. Herschend Enterprises owns several theme parks and attractions in the US as well as the world famous Harlem Globetrotters basketball team.
Chris Herschend (3rd Gen) tells an amazing story and the level of sophistication in their family enterprise is inspiring.
HFE boasts 54 family shareholders across ~20 households, none of whom work in the business.
Herschend Enterprises is stewarded by a Family Council and independent board and the wider family gathers for Family Assemblies twice a year. The Herschend’s invest together via a separate family office and have learned some difficult lessons about trying to control what family members do with their money.
While all family enterprises are unique in their needs and structure, I’m sure this episode will spark plenty of ideas for multi-gen families, investors and founders alike.
I highly recommend you queue it up for your weekend listening.

"Creating lasting family memories one smile and rim-rattling dunk at a time."
"Creating lasting family memories one smile and rim-rattling dunk at a time."
Qualtrics Cofounder Ryan Smith Buys Utah Jazz For $1.66 Billion
Miller Family breaks Legacy Trust to sell majority stake in Utah Jazz
In more basketball news this week, it was announced that The Miller family has entered into an agreement to sell the Utah Jazz to Qualtrics founder Ryan Smith for US $1.66 billion.
What you may not have seen was the interesting family ownership story behind the Jazz.
In 2017 the Miller’s announced:
Gail Miller, owner of the Larry H. Miller Group of Companies, today announced ownership of the Utah Jazz and Vivint Smart Home Arena have been transferred into a Legacy Trust in order to keep the franchise in Utah for generations. This unprecedented action will help to ensure the Jazz are always a vital part of Utah and represent the state around the world.
“As a family, we have always considered the Utah Jazz a community asset and it has been our privilege to serve as stewards of this team for more than 30 years,” said Miller.
So it was particularly interesting to see only 3 years later that a majority interest had been sold to Smith.
2020 - A New Legacy
When questioned about the reversal of their generational plan, Gail Miller said the following:
“Now there’s been a lot of attention given in recent years to my putting the team in a legacy trust,” Miller said. “This was done in connection with my estate plan, with the objective of assuring our loyal fans that the team would remain in Utah. I am fully convinced that with this sale, the objectives of that trust will still be honored, and I want you to know the new owners have made the same commitment to keep the team in Utah.”
Gail Miller and her late husband, Larry, are credited with saving the Jazz in Utah, purchasing control of the team in the mid-1980s when there were fears that the franchise’s financial strife could have caused the team to be sold and moved. The Millers bought 50% of the franchise in May 1985 and acquired the other 50% in 1986 to become principal owners. The family will retain a minority interest in the team.
“There’s no question that we have had a long and rewarding journey these last 35 years,” Miller said, growing emotional as she spoke. “Today is a day I have never been able to imagine.”
Recommended Book:
Samsung Rising: The Inside Story of the South Korean Giant That Set Out to Beat Apple and Conquer Tech
This Week's Podcast Episode:
Thank you for your support - every bit of encouragement is greatly appreciated.
Thank you for your support - every bit of encouragement is greatly appreciated.
If you would like to leave a review for the podcast, this link will prompt you to open iTunes directly where you can leave a comment. Thank you!
Interesting links:
Lee Kun-hee, who made Samsung a global powerhouse, dies at 78
Investors should look beyond the label in choosing a modern multi-family office | Financial Times
How Family Businesses Can Navigate The Greatest Wealth Transfer In Human History
Inside Lenny Kravitz's Brazilian Farm Compound | Open Door | Architectural Digest
Stay in touch
Mike Boyd is the co-owner and CEO of the Vroom Group, Founder of Prosura insurance, Investor at Mudbrick Capital, Host of The Business of Family Podcast and an active member of YPO.
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Mike Boyd

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