Let's Talk Family Enterprise

Introduction Welcome to Let's Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients. All views, information and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada. Description Steve Legler speaks with Nicole Garton, FEA, about her recent book, Harnessing Conflict: How Family Businesses Can Survive and Thrive. They talk about the well-publicized Stronach and Rogers cases, and how and why FEAs can help their family clients get out in front of conflict while it is still manageable and use it to make their families even stronger as a result. Guest bio Nicole Garton, B.A., LL.B, LL.M., C.Med, FEA, TEP, is a lawyer, mediator and parenting coordinator of family law, wills and estates matters. In her dispute resolution practice, Nicole focuses on the restructuring of families resulting from separation and divorce and wills and estate challenges. In her solicitor's practice, Nicole advises on all aspects of estate planning and administration, including the preparation of wills, powers of attorney, representation agreements and trusts, as well as applications for probate and letters of administration. You can find out more about Nicole Garton on the BC Heritage Law website and her LinkedIn. Key Takeaways [0:26] Steve welcomes Nicole Gartner and asks her to share a little bit about her current research interest and the family that has been making the news rounds. [4:10] The Goldilocks spot of conflict management is real and can yield great benefits, Nicole shares how FEAs are an integral part of walking the line between destructive and productive conflict. [6:14] Nicole shares some constructive tips to help FEAs better help navigate the stages of conflict with the families they serve. [8:56] Getting family members to keep talking is key to making sure conflicts don't fester. Nicole talks about integrative and distributive conflict and shares some governance best practices. [12:28] Getting back to basics, Nicole shares one of the more important aspects of conflict negotiation as well as how to integrate game theory into your family advisory practice to reframe the idea of failure. [16:16] The three-circle model points us in the right direction; serving the whole family system is key. [17:02] Nicole shares her experience reading through the affidavits from the Stronach family trials. [21:26] Finding resolution often passes through the idea of finding a win for everyone, Nicole shares how this relates to the Rogers dispute. [25:27] Nicole shares an entertaining piece of the Rogers litigation. [27:44] Avoiding airing your laundry in public is about doing work upfront. FEAs need to learn to recognise when conflict is brewing and what experts to call in when they do. [30:31] Rogers mediation dispute fun fact! [31:47] Nicole shares her book recommendation as well as a piece of advice from an advisor to other advisors. [34:00] Steve thanks listeners for taking time to tune in, and invites them to subscribe! Share your thoughts with us at fea@familyenterprise.ca Mentioned in this episode The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada. Harnessing Conflict: How Family Businesses Can Survive and Thrive by Nicole Garton Getting to Yes: Negotiating Agreement Without Giving In by Roger Fisher, William L. Ury and Bruce Patton The Infinite Game by Simon Sinek Four Thousand Weeks: Time Management for Mortals by Oliver Burkeman More about Family Enterprise Canada Family Enterprise Canada (FEC) FEC on Facebook FEC on Twitter FEC on LinkedIn

Introduction Welcome to Let's Talk Family Enterprise, a podcast that explores the ideas, concepts, and models that best serve Family Enterprise Advisors in supporting their clients. All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada. Description In this special episode, host Steve Legler speaks with Olivier de Richoufftz, General Secretary of Family Enterprise Foundation about their latest continuity research report, Who are the Guardians of Family Legacy? Guest bio Olivier de Richoufftz With over a decade of experience with organizations supporting business families as well as growing and solidifying their networks, Olivier de Richoufftz is well-seasoned in the important issues business families face from generation to generation. An MBA from HEC Paris, paired with his extensive experience in marketing, sales, and development for organizations such as Euro Disney Resort and France Tourism, bring strategic perspective and innovation to Family Enterprise Foundation. You can find out more about Olivier de Richoufftz on the Family Enterprise Foundation website and LinkedIn. Key Takeaways [0:26] Steve Legler welcomes listeners to a special edition of the podcast dedicated to an overview of the results of the recent comprehensive survey completed by the Family Enterprise Foundation — Who Are The Guardians of Family Legacy? — on the landscape of Canadian family enterprises. [1:20] Steve launches the discussion by asking Olivier de Richoufftz a little bit about the Foundation's origins. Olivier touches on why the comprehensive survey came at a very opportune time, and some of the important coming changes in Canada's Family enterprises it revealed. [3:22] Olivier shares the impetus behind launching this most recent second part of the survey as well as some of the more interesting highlights from the results. [5:43] Aside from the family business spirit being very strong among the rising generation, Olivier touches on some of the really interesting findings from this research as it relates to the different ways the coming generation and the leading generations view the next great transition. [8:15] Ownership versus leadership is expected to be a key element of discussion as the generational shift continues over the next few years; Olivier explains why this may be. [10:07] Olivier talks about how the survey data was compiled and why the foundation chose to include generational leaders and experts to help make it an interesting reading piece. [11:54] Finding common ground is key to generational transfers, Olivier speaks to some of what the survey has to say when it comes to Canadian enterprising families. [14:22] Olivier talks about one thing they noticed stood out in the survey. He also speaks to what the future of research is pointing towards at the Family Enterprise Foundation. [17:53] Steve thanks Olivier de Richoufftz and listeners for taking time to tune in, and invites them to subscribe! Share your thoughts with us at fea@familyenterprise.ca Mentioned in this episode The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada. Family Enterprise Foundation Ready, Willing and Interested — Or Not? (Part one of the comprehensive survey) More about Family Enterprise Canada Family Enterprise Canada (FEC) FEC on Facebook FEC on Twitter FEC on LinkedIn

Description Dans cet épisode hors du commun, votre hôte Steve Legler discute avec Olivier de Richoufftz, secrétaire général de la Fondation des Familles Entrepreneuriales, au sujet des suites de leur plus récente recherche: Qui sont les Gardiens de l'Héritage Familial? Bio Olivier de Richoufftz compte plus d'une décennie d'expérience auprès d'organisations soutenant les familles d'affaires ainsi que dans la croissance et la consolidation de leurs réseaux. Sa connaissance des enjeux importants auxquels les familles d'affaires sont confrontées de génération en génération se combine à un MBA d'HEC Paris et à sa vaste expérience en marketing, vente et développement. Il a travaillé pour des organisations telles qu'Euro Disney Resort et France Tourisme, et ainsi apporte une perspective stratégique et innovante à la Fondation des Familles Entrepreneuriales. Pour plus d'informations au sujet d'Olivier de Richoufftz, visitez le site web de la Fondation des Familles Entrepreneuriales et LinkedIn. Notes [0:26] Steve Legler vous accueille à une édition spéciale du balado! Olivier de Richoufftz, secrétaire général de la Fondation des Familles Entrepreneuriales se joint à Steve pour discuter des résultats de leur sondage compréhensif sur les entreprises familiales canadiennes. [1:25] Olivier offre un bref survol de l'historique de la fondation et les ramifications positives d'être aujourd'hui chapeauté par Family Enterprise Canada. [3:20] L'objectif d'une telle étude est simple, les transitions intergénérationnelles vont s'accélérer au courant de la prochaine décennie. Olivier explique certaines des visées plus précises de ce sondage incluant les questions liées aux impacts de la COVID sur les intentions de départ. [5:29] La première partie de cette enquête a été publiée en octobre dernier et a soulevé quelques inquiétudes face aux transitions à venir. Olivier explique certaines d'entre elles ainsi que de quelle manière la seconde partie de cette étude y répond. [7:01] « Qui Seront les Gardiens de l'Héritage Familial ? » est un titre provocateur, Olivier parle de ce choix et de la façon dont la génération montante entrevoit son futur à la barre. [9:13] Olivier parle plus en détail de certains besoins qui ont été exprimés par les générations montantes et sortantes entre autres à en ce qui à trait à la fierté et à la confiance. [12:17] Les résultats ont été validés par la communauté via la firme KPMG, Olivier explique ce choix ainsi que la nature à la fois quantitative et qualitative de cette recherche et de la posture unique que ces données qualitatives ont permi de faire ressortir chez les participants. [16:08] Il n'est jamais trop tôt, ou trop tard, pour nourrir des discussions sur la succession! Olivier explique l'impact que peut avoir la relation intergénérationnelle sur le bien commun familial. [18:18] Olivier partage les aspirations futures de la fondation en ce qui à trait au suivi dans le cadre de cette recherche. [19:29] Steve remercie Olivier ainsi que l'auditoire et invite tout un chacun à s'abonner à ce balado pour ne rien manquer des épisodes futurs. Partagez vos idées avec nous au fea@familyenterprise.ca Mentionné durant l'épisode Le balado Let's Talk Family Enterprise est présenté par Family Enterprise Canada. Fondation des Familles Entrepreneuriales Ready, Willing and Interested — Or Not? (Première partie du sondage compréhensif) Family Enterprise Canada Family Enterprise Canada (FEC) FEC on Facebook FEC on Twitter FEC on LinkedIn

Introduction Welcome to Let's Talk Family Enterprise, a podcast that explores the ideas, concepts, and models that best serve Family Enterprise Advisors in supporting their clients. All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada. Description Ruth Steverlynck sits down with Christian Stewart, Founder and Principal of Family Legacy Asia, and 2021 recipient of the Family Firm Institute's Interdisciplinary Award, to discuss the characteristics and merits of working in collaborative advisory teams. Guest bio Christian Stewart founded Family Legacy Asia in July 2008 to help Asian families preserve their family wealth for generations by providing them with independent and objective advice on effective family governance practices. Christian works with enterprising families as a process consultant, coach, and family meeting facilitator. He helps families to form their own family council, family constitution, and family policies, often in the context of planning for succession. Christian also advises a small number of families on family learning & development and acts as a chief learning officer. You can find out more about Christian Stewart on the Family Legacy Asia website and LinkedIn. Key Takeaways [:26] Ruth Stevelynck welcomes Christian Stewart, Founder of Family Legacy Asia, and asks him to talk a little bit about his career trajectory and what brought him to family enterprise advising. [8:17] Christian was honored with the Family Firm Institute Interdisciplinary Award for 2021, he touches on what interdisciplinarity truly is as opposed to multidisciplinarity. [12:19] Working with advisory teams is a part of what Christian does; he delves a little deeper into the three different aspects of interdisciplinarity when it comes to actually advising clients. [18:14] External resources are an integral part of how an interdisciplinary team optimally functions, Christian shares an example of how this can manifest. [20:25] Christian shares his thoughts and tips on how to best build a collaborative team when one is the newest addition to a team. [26:45] Fostering team cohesiveness requires intentionality, Christian shares his expertise and best practices around building collaboration. [29:00] Family enterprises that don't have a cohesive, intentional approach — i.e. siloed approaches — face some risks, Christian explains how and shares a few examples. [35:44] Christian shares his one piece of advice as an advisor for other advisors as well as his book recommendations. [43:26] Ruth thanks listeners for taking time to tune in, and invites them to subscribe! Share your thoughts with us at fea@familyenterprise.ca Mentioned in this episode The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada. Interdisciplinary Award — FFI Tara Brach More Time to Think: A Way of Being in the World, by Nancy Kline The Different Drum: Community Making and Peace, by M. Scott Peck, M.D. Healing Collective Trauma: A Process for Integrating Our Intergenerational and Cultural Wounds, by Thomas Hübl More about Family Enterprise Canada Family Enterprise Canada (FEC) FEC on Facebook FEC on Twitter FEC on LinkedIn

Introduction Welcome to Let's Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients. All views, information and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada. Description In a departure from the usual format, this episode features both of our regular hosts, Ruth Steverlynck and Steve Legler, acting as both host and guest. They decided to look back at some of their favourite episodes from 2021 and discuss a few of their greatest takeaways in the hopes of bringing back good memories and encouraging listeners to go check out episodes they may have missed along the way. Guest bio Steve Legler was born into a family business, and as the only son of an immigrant entrepreneur, was expected to follow in Dad's footsteps. Along the way, he also married into a business family and has seen some of the communications challenges that they have faced over the years. He now realizes more than ever how important good communication is for families who want their legacy to continue, as it is transferred to future generations. As a supplement to his life-long career in a family business and an MBA, In 2013, he enrolled in the Family Enterprise Advisor program, which is geared mostly to wealth managers, accountants, and insurance folks who deal with business families on a regular basis. He immediately felt more of an affinity with those at the front of the room, who were teaching the classes; people who work as family business facilitators, trusted advisors, coaches, and mediators. You can find out more about Steve on his website and LinkedIn. Ruth Stevelynck's great passion is working with families to help navigate this complexity — planning for the human/relational aspects of wealth transition: fostering positive communication, managing upsets, and developing key competencies needed to realize aspirations. With an international background in Law, Dispute Resolution, Education and Governance, Ruth recognizes that no single approach works for all, so she draws upon her diverse experience and network of resources. Her particular area of expertise is the arena of inherited wealth. She primarily consults to Family Offices and/or families whose wealth sits in Trust. You can find out more about Ruth on Your Family Enterprise Website and LinkedIn. Key Takeaways [0:26] Ruth and Steve will be each other's host and guest, covering the past 30 episodes and providing an overview of all the information that was shared this past year. [2:14] Dr. Moira Somers joined the podcast on an episode to talk about how the medical profession and family advisors play a similar role; Steve and Ruth touch on the curse of knowledge and the importance of connection. [6:20] Dr. Lee Hausner had a two-part episode series where she asked that the questions be crowd-sourced! From success to significance, and not letting the family business be the family welfare state, Ruth and Steve share how impactful this interview was. [11:24] Dr. Josh Baron talked about the four rooms model and the five rights of owners. The hosts share highlights from this interview and their appreciation of the fact that there are now actual models for reference. [16:05] Scott Peppet: from law professor to Buddhist priest. Ruth shares her perspective on how the slightly provocative interview with him impacted the way she perceives family offices. [21:38] David C. Bentall talked about learning patience and EQ. Ruth touches on honesty and the need to learn and reflect on your mistakes. [27:34] Melissa Mitchell-Blitch shared her experience on doing exactly what the client wanted and how it can end up harming the family. Steve and Ruth reflect on the importance of finding a way to put relationships first and on the practical tools they took away from this episode. [31:12] Ruth and Steve share their most impactful reads and advice for advisors. [36:13] Steve and Ruth thank listeners for taking time to tune in, and invite them to subscribe! Share your thoughts with us at fea@familyenterprise.ca Mentioned in this episode The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada. Dr. Moira Somers: "Advice That Sticks" — released on September 13, 2021 Dr. Lee Hausner: "In Conversation with Dr. Lee Hausner," Parts 1 and 2 — released on March 8 and April 12, 2021 Dr. Josh Baron: "Family Business Ownership: Four Rooms and Five Rights" — released on June 7, 2021 Scott Peppet: "The Family-Focused Office: Not a Family Office" — released on July 12, 2021 David C. Bentall: "Dear Younger Me" — released on August 9, 2021 Melissa Mitchell-Blitch: "Helping Families Thrive When Business is Personal" — released on January 11, 2021 Books: Range: Why Generalists Triumph in a Specialized World, by David Epstein Solving Tough Problems: An Open Way of Talking, Listening, and Creating New Realities, by Adam Kahane More about Family Enterprise Canada Family Enterprise Canada (FEC) FEC on Facebook FEC on Twitter FEC on LinkedIn

Introduction Welcome to Let's Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients. All views, information and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada. Description Steve Legler speaks with Dr. Jim Grubman about everything from "Wealth 3.0" and the Ten Domains of Family Wealth to the importance of having knowledge, skills and the ability to learn to play well with others. Guest bio Dr. Jim Grubman is an internationally recognized consultant to families of wealth, family enterprises and the advisors who serve them. His work with clients at many levels of affluence — from the "millionaire next door" to The Forbes 400 — has earned him a global reputation for thought leadership within the field. Whether facilitating a family meeting or training advisors in the complexities of wealth, he draws on his deep knowledge of psychology, family dynamics and family business, with specialty interests in trusts and estates law and family governance. His goal: to help integrate life and wealth for the benefit of the family and society. You can find out more about Dr. James Grubman on his website and his LinkedIn. Key Takeaways [0:26] Steve introduces today's guest and invites him to share a bit more about the 10 Domains of Family Wealth from Ultra High Networth Institute as well as how "playing well with others" ties into it. [4:12] Jim speaks to how the 10 Domains of Family Wealth have helped evolve the way we think about wealth management from an initial — and exclusive — focus on money. [6:41] What is wealth 3.0? Jim gives us the "Reader's Digest" version, from trying to avoid the "shirtsleeves to shirtsleeves" to the 70% rule on wealth transfer and what it means for the future of advising. [13:49] On top of demographics as a factor in how advisors and families evolve, Jim touches on the many influences at play, and what is still missing in the field for it to be truly recognized. [19:03] Jim explains what he means when he says that for a strong field in the future, advisors will need to be conversant if not fluent. [24:00] Having everyone — from the head of the family to the siblings — around the table and educated on the family dynamics and plans may be the surest way into wealth 3.0, Jim explains. [29:00] Jim's reading recommendation as well as his advice for advisors. [32:41] Steve thanks Dr. Grubman for joining the podcast and sharing his experience and expertise with the audience. Listeners, please subscribe! Share your thoughts with us at fea@familyenterprise.ca Mentioned in this episode The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada. Ultra High Net Worth Institute Books: Strangers in Paradise: How Families Adapt to Wealth Across Generations, by James Grubman Ph.D. Cross Cultures: How Global Families Negotiate Change Across Generations, by Dennis T. Jaffe Ph.D., and James Grubman Ph.D. The Moses of Rovno: The Stirring Story of Fritz Graebe, a German Christian Who Risked His Life to Lead Hundreds of Jews to Safety During the Holocaust, by Douglas K. Huneke More about Family Enterprise Canada Family Enterprise Canada (FEC) FEC on Facebook FEC on Twitter FEC on LinkedIn

Introduction Welcome to Let's Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients. All views, information and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada. Description Ruth Steverlynck sits down with Gaia Marchisio and Wendy Sage-Hayward to discuss their soon-to-be released book, Own It: How to Develop an Owner's Mindset at Every Age, co-authored alongside Barbara Dartt. Wendy and Gaia share why they wrote this book, what readers will learn, who will most benefit from reading it, as well as key learnings they each had during its development. Guest bio Wendy Sage-Hayward is the co-founder of SAGE Leadership Advisers Inc., a Vancouver-based leadership coaching and consulting company. She has 20+ years of experience in rebuilding and strengthening leadership and family teams to help them function as effective stewards of their business and family enterprise. She specializes in the "tough" cases such as derailing executives and business families in high conflict. Wendy earned a Master's degree in Counselling Psychology at the University of British Columbia. You can find out more about Wendy Sage Hayward on the Sage Advisors website, the Family Business Consulting Group and her LinkedIn. Gaia Marchisio is a tenured Associate Professor of Management at the Coles College of Business at Kennesaw State University (GA, USA), and Executive Director of the Cox Family Enterprise Center. Gaia brings a unique combination of knowledge and experience from the fields of strategic management, behavioral science and entrepreneurship to her work with family businesses, combined with a growing expertise in family dynamics and conflict management. You can find out more about Gaia Marchisio on the Family Enterprise Foundation website and her LinkedIn. Key Takeaways [0:26] Ruth Steverlynck welcomes Wendy Sage-Hayward and Gaia Marchisio to the podcast to discuss their latest book, Own It! Both guests share their diverse backgrounds. [5:38] Ruth shares an interesting road trip story that involves all of today's guests. She asks Gaia and Wendy what their individual impetus for writing the book was. [8:11] Wendy speaks to the things she wishes she'd known when she became an owner in her family business and all of the things she had to learn while unprepared. [14:12] Gaia shares how, in light of her introduction story, she began to work and study in the field of getting next generations ready for taking over. [16:48] When it comes to next generation successors, Gaia opens the conversation on the three common struggle categories the book tackles as well as where these difficulties originate and how to best manage them. [21:49] This is a book about education and growth. Gaia touches on who she believes the primary audience to be. [24:46] There are common blind spots when it comes to running a family enterprise. Wendy shares a few of them, why they tend to occur and how collective learning can help mitigate most of them. [28:52] Reflecting on ownership and stewardship is critical. Wendy shares some of the most profound questions families need to answer in order to pursue generational success. [31:46] Gaia talks about what writing this book has meant to her in terms of deepening her understanding of belief systems and the sharing mindset. [36:00] Wendy developed tremendous respect for diversity and a profound understanding of how complex the concept of ownership really is. [38:46] Gaia and Wendy each share their piece of advice for other advisors as well as their reading recommendations. [48:08] Ruth thanks Wendy and Gaia for joining the podcast and sharing their experience and expertise with the audience. Listeners, please subscribe! Share your thoughts with us at fea@familyenterprise.ca Mentioned in this episode The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada. Books: Own It!: How to Develop a Family Enterprise Owner's Mindset at Every Age, by Wendy Sage Hayward and Gaia Marchisio Preparing Successors for Leadership: Another Kind of Hero, by Craig E. Aronoff and John Ward The Voice of the Rising Generation: Family Wealth and Wisdom, by James E. Hughes Jr. Boundaries in Human Relationships: How to Be Separate and Connected, by Anne Linden More about Family Enterprise Canada Family Enterprise Canada (FEC) FEC on Facebook FEC on Twitter FEC on LinkedIn

Introduction Welcome to Let's Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients. All views, information and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada. Description Host Steve Legler speaks with guest John A. Warnick, founder and head of the Purposeful Planning Institute. Together they cover how the institute came into being, the importance of collaboration, the natural fit that many FEA's feel with that network and the future of the movement to more family-centric advice and planning. Guest bio John A. Warnick is the founder of the Purposeful Planning Institute and Family Wealth Transitions & Solutions. He finds immense fulfillment in educating and training children, adolescents and emerging adults in financial literacy, philanthropic service and holistic family wealth principles. He is currently serving as co-editor of a book on best practices for trusts and is also working on two other books entitled, The Gift of You and The Purposeful Trust Handbook. Mr. Warnick received a BA magna cum laude from Brigham Young University and his JD from George Washington University with honors. You can find out more about John A. Warnick on the Purposeful Planning Institute website and on his LinkedIn. Key Takeaways [0:35] Steve Legler welcomes John A. Warnick and invites him to correct or add anything to his introduction. [3:22] Mr. Warnick touches on how he came to land on the moniker "Purposeful Planning." He shares how his views on family planning evolved and the importance of being more reflective for both clients and advisors. [9:04] Walking the purposeful road was helped by quite a few mentors along the way, Mr. Warnick speaks to the foundational influences he's benefited from and shares how he met James E. Hughes. [16:48] The purposeful planning movement is progressing; John A. Warnick talks about how he sees the future taking shape collaboratively; Steve and John discuss multidisciplinary fluency. [26:09] Mr. Warnick talks about the synergy between FEA, Family Enterprise Canada and PPI, and how this overlap is expanding the library of best practices. [31:50] John A. Warnick shares his book recommendations as well as his one piece of advice from an advisor to other advisors. [36:17] Steve thanks John for joining the podcast and sharing his experience and expertise with the audience. Listeners, please subscribe! Share your thoughts with us at fea@familyenterprise.ca Mentioned in this episode The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.Family Enterprise Advisor designation (FEA) James E. Hughes Jr. Books: Family Wealth — Keeping It in the Family: How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations, by James E. Hughes Jr. The 7 Habits of Highly Effective Families: Building a Beautiful Family Culture in a Turbulent World, by Steven R. Covey Time to Think: Listening to Ignite the Human Mind, by Nancy Kline More Time to Think: A Way of Being in the World, by Nancy Kline More about Family Enterprise Canada Family Enterprise Canada (FEC) FEC on Facebook FEC on Twitter FEC on LinkedIn

Introduction Welcome to Let's Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients. All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada. Description Host Steve Legler speaks with Dr. Moira Somers, author of the book, Advice That Sticks, to discuss the importance of not simply having the best solution for families that FEAs work with but taking the time to connect with clients so that they can increase the chances that clients will actually implement the ideas FEAs share with them. Guest bio Dr. Moira Somers is a neuropsychologist, professor, executive coach and author of the book, Advice That Sticks: How to give financial advice that people will follow. She is a leading practitioner in the field of financial psychology and financial change. You can find out more about Dr. Moira Somers on the Money, Mind, & Meaning website and LinkedIn. Key Takeaways [0:35] Steve Legler welcomes Dr. Moira Somers, and invites her to share a little bit about her book, the main premise of which is "just telling people what to do isn't enough." [2:55] Dr. Moira shares how the financial and medical worlds intersect in a surprising way: Two traits are required of their practitioners — both of which can thankfully be taught! [3:42] Tailoring advice sometimes means being prepared to back off some of our ideas in favor of what the client needs. Dr. Somers explains why your "B team" advice is sometimes better than your "A team" advice. [5:04] Dr. Moira speaks to the University programs currently undertaking research with financial clients as the subjects. She also touches on another similarity between the financial and medical fields: prevention. [7:15] What is the F.A.C.T.S. Model? Dr. Somers explains what it is as well as the F.A.C.T.S. Paradigm, and the five psychological domains that influence follow-through. [9:20] What are your clients ready to do and what is their level of motivation? The Readiness Assessment tool might be just the thing. Dr. Moira touches on the limitations of the K/Y/C questionnaires. [12:57] Dr. Somers shares a bit of research: What percentage of your recommendations are actually being acted on? You'll be surprised to hear that follow-through is actually statistically abnormal. [13:59] A little tidbit for the stat nerds out there! What you do as an advisor counts for more of the variance than all client characteristics combined! [15:50] The advisor (and medical!) field is composed of highly intelligent, confident people. Dr. Moira offers an Achilles' heel all of us should mind as well as a few other reflexes we all should keep in check. [20:18] On the importance of a feeling of safety when in an advisory relationship and how to build it. Steve offers the saying "They don't care how much you know until they know how much you care." [22:45] During and immediately after big life changes is a critical time for advisors — important life changes go along with changes in identity, Dr. Somers shares how to bridge the gap. [25:08] Technical skills can be learned, so too can personal skills! Dr. Moira emphasizes how every decision that we all make goes through the personal filter, and as such, addressing the personal filter may be the most important thing to do for your advice to land. [27:17] What is the difference between an executive coach and a neuropsychologist? [29:18] Dr. Somers shares her book recommendations — a two-for-one! — as well as her one piece of advice for advisors. [32:29] Steve thanks Dr. Moira Somers for joining the podcast and sharing her experience and expertise with the audience. Listeners, please subscribe! Share your thoughts with us at fea@familyenterprise.ca Mentioned in this episode The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.Family Enterprise Advisor designation (FEA) Books: Advice That Sticks: How To Give Financial Advice That People Will Follow, by Dr. Moira Somers Ask: How To Relate To Anyone, by Dan Solin Lost and Found: One Woman's Story of Losing Her Money And Finding Her Life, by Geneen Roth More about Family Enterprise Canada Family Enterprise Canada (FEC) FEC on Facebook FEC on Twitter FEC on LinkedIn

Introduction Welcome to Let's Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients. All views, information and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada. Description In this episode, Steve Legler speaks with David C. Bentall about David's latest book, Dear Younger Me: Wisdom for Family Enterprise Successors. They also discuss some of the traits that successors to family enterprises may want to develop and how FEAs might better "walk the walk" when working with enterprising family members. Guest bio David C. Bentall is the Founder and President of Next Step Advisors, based in Vancouver, BC, where he works with people from enterprising families in a variety of different capacities. You can find out more about David C. Bentall on the Next Step website and LinkedIn. Key Takeaways [0:35] Steve Legler introduces David C. Bentall to the Let's Talk Family Enterprise podcast. Steve and David met in 2013 when Steven taught the FEA program module, "Business Boards and Family Councils." Steve invites David to discuss his latest book, Dear Younger Me: Wisdom for Family Enterprise Successors. [1:50] After leading two back-to-back family meetings that didn't go well, David sought answers. His book highlights key factors to ensuring better family meetings. [5:38] All the traditional EQ traits are relevant for any business leader or aspiring leader who wants to be successful, but especially in the family enterprise. Family relationships are irreplaceable. [8:24] David discovered that some leadership styles are not ideal for leading in a family enterprise. In his book, David points to certain people with leadership styles that apply well to a family business. [10:53] David shares the single most damaging trait he had as a young family enterprise successor as well as the lessons he learned from it. [13:24] In a family enterprise, successors can be very eager to get to the next step. David shares anecdotes that help highlight the idea that we ought to be grateful for the positions we have. [17:35] Sometimes advisors think they are supposed to have all the answers. David shares some ways you can reframe questions and gain more information. [20:26] David outlines the three truths that apply to almost all family enterprises transitioning from one generation to another. [23:45] Fisk Johnson, CEO of SC Johnson, once said he knew there wasn't going to be room for him in the company as long as his father was there. So he decided to go to school instead. [28:05] David has been cultivating the trait of empathy. He shares why this is critical for family advisors, and how it has broadened his understanding of himself and others. [30:37] David shares his book recommendations as well as his advice for advisors. [34:30] Steve thanks David for joining the podcast and sharing his experience and expertise with the audience. Listeners, please subscribe! Share your thoughts with us at fea@familyenterprise.ca Mentioned in this episode The Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Canada. Family Enterprise Advisor designation (FEA) Books: Dear Younger Me: Wisdom for Family Enterprise Successors, by David C. Bentall Deconstructing Conflict: Understanding Family Business, Shared Wealth and Power, by Doug Baumoel and Blair Trippe Long Walk to Freedom: The Autobiography of Nelson Mandela, by Nelson Mandela Fire Road: The Napalm Girl's Journey through the Horrors of War to Faith, Forgiveness, and Peace, by Kim Phúc Phan Thi More about Family Enterprise Canada Family Enterprise Canada (FEC) FEC on Facebook FEC on Twitter FEC on LinkedIn