I was at a speaking gig recently and bumped into a man I had met previously. I remember being struck by his depth of thought as well as his acute awareness of things around him and how they worked. I struck up another conversation with him and, as we caught up, I realized what an incredible mind he had and how easily he communicated hard-to-understand concepts.

We had several conversations and he inspired notes for a couple of blogs. One particular conversation started when I told him the Sam Walton deathbed story and he said that at least he admitted he was wrong before he left. He went on to say that, “Admissions of guilt are for the people around you.” The people around Walton were the ones who benefited by seeing his humility at such a tender moment; they were given the opportunity to learn from his mistakes.

As I thought about what he said, I realized he was correct. When someone commits a wrong and then makes amends, not only does it release the wrongdoer, it gives the victim the chance to see both sides of the situation and to learn times two.

As parents this is where it is critical to be willing to be wrong in front of our children. We must exhibit humility and honesty ourselves if we want to foster those qualities in our children. The same holds true in business in both our partnership and employee relationships. The boss or the parent who pretends to “know it all” will soon run into defiance and rebellion.

It’s at times like this when I realize how valid the concept of the Family First Entrepreneur is. The skills that work in one place in your life also work in the others, and same rules apply if you lack those skills as well.