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 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

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, Ruth Steverlynck sits down with guest Scott Peppet to explore why the traditional family office lens of managing financial capital and legal risk - whilst important - is not in service of the primary task of a family office: the family. Scott shares his thoughts on what a family-focused office looks, acts and feels like where the well-being of the family is front and centre. What he shares is applicable to all advisors who work with families of wealth irrespective of whether there is a family office.   Guest bio Scott Peppet is the President of a single-family office and private trust company, an advisor to family members seeking a more authentic presence around wealth, a speaker and writer on family enterprise issues, a facilitator of difficult but generative conversations for business and family leaders, an expert on conflict and negotiation and a Zen priest.   You can find out more about Scott Peppet on his website.   Key Takeaways [0:30] Ruth Steverlynck introduces Scott Peppet to the podcast and invites him to share a little bit about his background from being a lawyer, writing books and being an ordained Zen priest.   [6:40] What is a family-focused office, and how does it differ from a family office? Scott shares some pitfalls of having technical expertise while advising families.   [12:16] Are you in service of the family or are you in service of the wealth? Scott speaks to why a family-focused office is important.   [15:22] Outsourcing the mental and emotional well-being of a family may not be the right choice; Scott touches on what happens when an organization shifts to a family-focused mindset.   [16:52] Scott breaks down what a family-focused office looks like. He also touches on what a “wonder question” is and how a family-focused office might be able to tackle those.   [21:40] Scott talks about a little-discussed indicator of a family office and how he often sees fear in the organizations he visits.   [25:25] Scott shares what wealthy family members need more than anything — and rarely get from the world — which can shift their world from obligation to opportunity.   [30:30] Scott’s guiding beliefs come from multiple sources; he shares how “from obligation to opportunity” came to be and the impact it has had on his life and practice.   [36:13] The “to me” vs. “by me” mindsets and how this impacts family members.   [37:55] Ruth speaks to how helpful for her work Scott’s whitepapers have been; she invites him to share some of the other topics he writes about so other advisors can use his resources.   [42:20] Scott shares his reading suggestions and advice for advisors.   [44:18] Ruth thanks Scott for sharing so much of his expertise and invites listeners to subscribe to the podcast.   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.   Book: The 15 Commitments of Conscious Leadership: A New Paradigm for Sustainable Success, by Jim Dethmer, Diana Chapman and Kaley Klemp   More about Family Enterprise Canada Family Enterprise Canada Family Enterprise Canada on LinkedIn Family Enterprise Canada on Twitter Family Enterprise Canada on Facebook

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. Josh Baron, co-author of HBR's Family Business Handbook about Family Business Ownership. Together they discuss the Four Rooms models, which nicely complements the Three Circle Model, as well as the Five Rights of Family Business Owners (Design, Decide, Value, Inform and Transfer). Guest bio Dr. Josh Baron is a co-founder and Partner at BanyanGlobal. For the last decade, he has worked closely with families who own assets together, such as operating companies, family foundations and family offices. He helps these families to define their purpose as owners and to establish the structures, strategies and skills they need to accomplish their goals. Josh is also an Adjunct Professor at Columbia Business School, where he teaches MBA courses on Family Business Management and Managing Conflict in Family Business. He also teaches in the Enterprising Families Executive Education Program.   You can find out more about Dr. Josh Baron on the BanyanGlobal website.   Key Takeaways [0:30] Steve Legler introduces Dr. Josh Baron to the podcast and invites him to share a little bit on how he developed the Four Rooms model.   [2:30] Should the Four Rooms model be used with or instead of the Three Circles model? Dr. Baron talks about how to understand system dynamics.   [6:12] Family and family business dynamics differ greatly; Dr. Baron speaks to the function of doors as they encourage or limit access within a family business as well as the model as a pedagogical tool.   [9:10] Dr. Baron shares a professional anecdote where working with the Four Rooms helped organize and streamline operations. He also shares his tips on how to use this tool more efficiently.   [13:10] The distinction between “voice” and “vote” leads Dr. Baron to share some advice on how to navigate certain touchy situations in the Owner Room.   [14:55] After the “Three Circles” and the “Four Rooms”, we have the “Five Rights of Ownership”. Dr. Baron breaks down each of these rights and what they tangibly mean.   [20:00] Creating capital through communication is something Dr. Baron lives by. He shares his thoughts on finding the balance between privacy and inclusion.   [26:40] Power dynamics in owner’s groups can shift over time, Dr. Baron shares the story of “the kids” who grew into their ownership power in their 50s!   [31:47] Dr. Baron offers his book recommendations as well as advice for advisors.   [35:09] Steve thanks Dr. Josh Baron for sharing so much of his expertise and invites listeners to subscribe to the podcast.   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. BanyanGlobal Family Business Advisors   Books: Family Business Handbook: How to Build and Sustain a Successful, Enduring Enterprise, by Dr. Josh Baron and Rob Lachenauer Range: Why Generalists Triumph in a Specialized World, by David Epstein   More about Family Enterprise Canada Family Enterprise Canada's Website Family Enterprise Canada on LinkedIn Family Enterprise Canada on Twitter Family Enterprise Canada on Facebook

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 Exchange or its employees.   Description Guest Host Steve Legler speaks with Dr. Karl Pillemer of Cornell University and author of Fault Lines: Fractured Families and How to Mend Them. Together, they discuss various ways that Family Enterprise Advisors (FEAs) can act as valuable resources to their family clients who have experienced family estrangement, which can occur over money and inheritance or unmet expectations.   Guest bio Karl Pillemer, Ph.D., is one of America’s leading family sociologists and researchers on aging. Dr. Pillemer is a Professor of Human Development at Cornell University and Professor of Gerontology in Medicine at the Weill Cornell Medical College.   Throughout his career, Dr. Pillemer’s research has focused on how family relationships develop and change throughout people’s lives. His research takes place in the real world of families and professionals who work with them.   Karl Pillemer lives in Ithaca, New York, with his wife, Clare McMillan. He is the father of two daughters, Hannah and Sarah, and the grandfather of (scientifically and objectively speaking) the most adorable grandchildren in the world, Clare and Tommy. When not writing, you may find him running, biking, and playing the guitar (badly).   Book: Fault Lines: Fractured Families and How to Mend Them, by Karl Pillemer, Ph.D.   You can find out more about Dr. Karl Pillemer here.   Key Takeaways [0:30] Steve Legler introduces Dr. Pillemer and launches the conversation on how learning to work with fractured families is relevant to family advisors.   [2:47] Karl talks about the silent epidemic that a great number of families struggle with as well as some of the ways professionals can help families tackle this issue.   [5:50] The advisor may well be perfectly suited to serve a preventative function within families; Dr. Pillemer explains how.   [8:32] Karl describes one of the major highways to family estrangement and how advisors can help zero-sum game situations.   [10:40] There are multiple paths to estrangement, and Dr. Pillemer offers that socio-cultural expectations may have a big role to play as well.   [15:12] There is hope, even when there are fractures; Dr. Pillemer shares some of the results he saw in case studies.   [18:00] Should some fractures even be mended? Karl shares what signs to watch for as well as an anecdote from his book.   [22:40] Dr. Pillemer talks about the problem of inertia in the context of family conflicts.   [25:35] Successful reconciliation required one key aspect from the people involved, and Karl shares how he has seen this again and again.   [30:10] Looking forward despite disagreement is hard, but Dr. Pillemer shares how people who mend families have found a way.   [31:12] Steve invites Dr. Pillemer to share a book recommendation as well as his advice to advisors.   [36:40] Steve thanks Dr. Karl Pillemer for sharing so much of his expertise and invites listeners to subscribe to the podcast.   Share your thoughts with us at fea@family-enterprise-xchange.com   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange. Book: Fault Lines: Fractured Families and How to Mend Them Hidden Valley Road: Inside the Mind of an American Family, by Robert Kolker   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX 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 Exchange or its employees. Description In this episode, Dr. Lee Hausner sits down with Ruth Steverlynck for part 2 of our 2-part conversation, answering questions posed by FEAs. Topics covered in this podcast include the “big reveal”, money and meaning, talking about money, the important role of philanthropy in wealth transition and more. Guest bio Dr. Lee Hausner is an internationally recognized clinical psychologist, business consultant, and family wealth advisor. She served as the senior psychologist for the Beverly Hills Unified School District for 19 years and is currently the Senior Managing Director for First Foundation Advisors. Dr. Hausner is a graduate of Northwestern University (BA, Psychology), San Francisco State University (MA, Psychology), and Kensington University (Ph.D., Psychology). You can find out more about Dr. Lee Hausner here. Key Takeaways [0:30] Ruth Steverlynck introduces Part 2 of the discussion with Dr. Hausner. [3:00] The discussion starts with Dr. Hausner’s answer to the question “when, how and how much do we tell our children about the wealth they will receive when it comes to wealth transition?” [7:37] Dr. Hausner touches on the role achievement plays in the coming generations and how to manage the profound impacts on children of the last great taboo in our modern society. [12:24] Does age matter when discussing estate planning? Dr. Hausner shares her take on when the right time might be. [15:30] Fear of entitlement can lead to withholding teachable moments as it relates to certain particular life skills, Dr. Hausner weighs in on the importance of transparency. [19:20] Dr. Hausner shares some tips on how to protect more vulnerable heirs as well as gifting. [23:00] In a technological world, handling money has become a more abstract concept. Does this have an impact on how children learn healthy financial habits? [24:40] As more women become wealth owners, Dr. Hausner touches on how marriage relationships may be affected in the future. [29:35] Dr. Hausner shares how she has handled emotional situations in her professional practice and why working with families can create a blurred boundary between the personal and professional. [33:04] Is walking away from a family something you can do as an advisor? [37:37] Dr. Lee Hausner’s advice for advisors. [39:41] Ruth thanks Dr. Hausner and invites listeners to subscribe to the podcast. Share your thoughts with us at fea@family-enterprise-xchange.com Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange. More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn