Capital Club The Generational Impact of Business Family Facilitation with Steve Legler
Welcome back to the Colloquium Podcast! In this episode, I welcome Steve Legler! Steve is a Family Legacy Guide from Montreal, Canada. He grew up in a family business and now works with other business families as a resource around all sorts of family matters related to their wealth transition.
In this episode, Steve talks about the generational impact of business family facilitation. He shares how a business family can be more aligned and how the management of wealth and the decision-making processes by the family is smooth and seamless. He also talks about how a family can work together more effectively for future generations. Join us and listen in!
[00:01 – 07:15] Opening Segment
- Welcoming Steve to the show
- Steve shares his background
- Taking over his family’s business
- Managing a small family office in 1991
[07:16 – 25:46] What Allows a Business Family to Continue Its Legacy
- Defining a family office
- Steve talks about family alignment
- The importance of family engagement
- ‘Passing the baton’
- Common threads in families that get it right
- Openness
- Having proper relationships with the offsprings
- The processes for an operating company vs. a purely financial family post-liquidity event
[25:47 – 38:36] Business Family Facilitation in Today’s World
- The effect of social media and cultural changes
- Today’s young people’s outlook of the future
- Steve talks about when you should call a business family advisor
- Getting started is the hardest part of transactions
- How Steve is working with business families
[38:37 – 40:48] Closing Segment
- How you can connect with Steve
- Closing words
Tweetable Quotes
“You need to know where you're going if you want to be aligned.” - Steve Legler
“It's really about getting the rising generation to understand what's ahead for them, getting them prepared, preparing to hand down some decision-making from one generation to the next, and having some family meetings around this whole process.” - Steve Legler
“Let them [your children] know that things were up and down and that they should expect the same thing, and that life is not all in one direction. And that you, too, had some imperfections and made some mistakes, and that you would accept them making some mistakes, as long as they're learning from them and going in the right direction.” - Steve Legler
Resources Mentioned:
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Connect with Steve on LinkedIn!
Check out Steve’s website: https://stevelegler.com/
Connect with me:
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