Ryan McFarland, the innovative mind behind Strider Bikes, has built a substantial fortune through his entrepreneurial endeavors, but he carefully navigates the responsibilities of wealth as a parent.
Strider Bikes was born out of McFarland’s desire to introduce his young son to the joys of biking. He developed a pedal-free balance bike that quickly gained popularity, leading to a business opportunity he couldn’t resist. The venture grew rapidly, reaching a global market, and contributing to McFarland’s impressive net worth of approximately $30 million. Despite this financial success, McFarland is determined to ensure his sons, Bode and Jesse, experience a life rich with challenge and learning, not just material comfort.
Estate planning is a critical topic for McFarland and his wife. They aim to support their sons without removing the crucial life lessons that come from facing challenges. McFarland believes that a life devoid of financial pressures can lead to poor decision-making. Thus, they’ve established a trust to aid their sons’ education but insist that any financial aid be coupled with personal effort from the boys. McFarland refrains from covering day-to-day costs like car repairs, encouraging his sons to engage with these realities independently while offering a temporary solution, like lending his car.
Both sons currently work at Strider Bikes, immersed in marketing and logistics roles. McFarland has taken measures to ensure they are treated as any other employee, believing that genuine career experiences build character. He supports the idea of them forging their own paths before possibly returning to the family business with broader experiences.
McFarland emphasizes the profound impact of being involved in the business from a young age, as it has offered his sons insights into the real-world effects of their family’s enterprise. An especially poignant moment came during a trip to Japan, where they witnessed firsthand the positive influence of Strider Bikes on children and their families. This experience struck a deeper chord than any financial gain, highlighting the importance of purpose in business and life.
The family’s work extends beyond personal success, reaching into philanthropic efforts through the Strider Educational Foundation. McFarland’s deep commitment to charity shows his sons the broader implications of success. His wealth and entrepreneurial achievements have paved the way for significant contributions to charitable causes, which he considers one of the most rewarding aspects of his business journey.
Ryan McFarland’s approach to wealth and fatherhood is a deliberate blend of providing support and promoting independence. By encouraging his sons to engage fully with life’s challenges, he aims to equip them with the skills and experiences needed for a meaningful life. This strategy not only ensures they do not view money as their primary support but also instills the importance of earning one’s way through effort and resilience.
Source: BusinessInsider
