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 (FEAs) 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 1 of a 2-part conversation answering questions posed by FEAs. Topics covered in this podcast include: what to do when members of the rising generation are not willing or able to take over the family business; how advisors can help in situations where family leaders will not let go; what is different about advising family businesses today; 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 is thrilled to welcome and introduce the internationally recognized clinical psychologist and business consultant Dr. Lee Hausner to today’s episode.   [3:45] The overall assessment of “fit” between the rising generation and the family business is, according to Dr. Hausner, a multi-part question. She breaks down the different aspects of this, and how each can be tangibly addressed from a family and a business standpoint.   [5:49] Engaging the next generation in a positive representation of the family business starts early; Lee shares some practical tips on how to identify and promote traits that could be valuable for the business as well as the other way around!   [10:20] Dr. Hausner explains what she means by a “family welfare state” and answers the question: does skill play a bigger part than attitude when integrating children into the family business?   [14:00] What about a situation in which a family’s children may not be capable or even interested in leading the family business? Lee shares a few practical tips for advisors to navigate an example situation from her own practice.   [18:35] Encouraging an overdue retirement by a matriarch or patriarch can be a delicate situation. Dr. Hausner shares a few situations she’s encountered and the pointed interventions that helped resolve the issues.   [25:31] Dr. Hauser shares a very interesting story about what advisors can do to help when there are more than one interested and qualified children to take over.   [26:52] Ruth asks interesting listener questions about Dr. Lee Hausner’s career and advisory style, from the evolution and complexity of family businesses and their needs to the fundamental paradigm shift between being and doing in an advisory role.   [33:50] Ruth thanks Dr. Lee Hausner and invites listeners to subscribe to the podcast and tune in for Part 2 of this enlightening series.   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.   Books: Children of Paradise: Successful Parenting for Prosperous Families, by Dr. Lee Hausner Hats Off To You 2: Balancing Roles and Creating Success in Family Business, by Dr. Lee Hausner   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 (FEAs) 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 Guillermo Salazar, Founder and Managing Director of Exaudi Family Business Consulting to explore the Family Business Myth, the Hero's Journey and the importance of storytelling when working with family businesses.   They discuss the importance of a family narrative around the history of the family business as a way to begin the process of creating a cohesive, shared vision for the generations who will take the family into the future, with a particular focus on how FEAs can be catalysts for these types of conversations with their clients.   Guest bio As Founder and Managing Director of Exaudi Family Business Consulting, Guillermo has helped many business families in the different processes towards the transition of their legacy; integrating new generations and implementing methodologies that create sustainable businesses and align the vision of the family and its values. For over 18 years he has guided business families in Latin America, Europe and the United States in the process of designing family protocols, professionalization processes, effective decision-making and conflict resolution through proven models and methodologies.   You can find out more about Guillermo Salazar here.   Key Takeaways [0:30] Steve Legler welcomes Guillermo Salazar to discuss the “Family Myth” and the “Hero’s Journey” and how Family Enterprise Advisors can use them to better serve their family business clients.   [3:34] Guillermo talks about the importance of storytelling and how the Family Myth can be used to create and nurture the entrepreneurial spirit in the following generations of a family.   [4:54] Guillermo notes the importance of using the Hero’s Journey in a way that will inspire the next generation.   [8:30] Steve and Guillermo discuss how Family Enterprise Advisors can use the Hero’s Journey with their family business clients to rediscover the family’s narrative.   [12:43] Guillermo talks about three stages (or steps) in the Hero’s Journey that can help families remember pivotal moments in their history that they may have forgotten or not realized.   [14:12] Guillermo breaks down the three steps of the Hero’s Journey and how to circumvent certain people’s resistance to the phases of this journey.   [19:54] Guillermo and Steve discuss how the Family Myth can be retold in a way that the family needs in order to continue through generations, and then Guillermo shares an example from the Spanish army.   [27:58] Steve asks how Family Enterprise Advisors can introduce the Hero’s Journey to their family business clients and get them working on their own Family Myth.   [31:10] Guillermo shares his book recommendations and a piece of advice from an advisor to other advisors.   [35:22] Steve thanks Guillermo for joining the podcast 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.   Antonio Ferreira - The Family Myth The Hero With a Thousand Faces by Joseph Campbell The Hero's Farewell: What Happens When CEOs Retire by Jeffrey Sonnenfeld   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 (FEAs) 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 Ruth Steverlynck sits down with author and advisor to business families, Melissa Mitchell-Blitch, to discuss her recently released book, In the Company of Family: How To Thrive When Business is Personal.   Guest bio Melissa is a former CPA and financial advisor who left the field of finance in 2003 to focus on the psychology of business and wealth. She has a Master’s in Accounting and a Master’s in Psychology. Melissa is a Certified Professional Coach, a GiANT Master Coach and a Myers-Briggs Type Indicator (MBTI) Certified Practitioner.   You can find out more about Melissa Mitchell-Blitch here.   Key Takeaways [0:27] Ruth welcomes Melissa to the podcast and asks her to talk a little bit about what led her to pivot from finance to psychology.   [4:34] Melissa touches on some tools of psychology that quantitative advisors can add to their skillset to better serve their clients — helping clients check the limits of their own responsibility and ability.   [8:46] Melissa talks about the misconceptions surrounding the balance between good family relationships and successful business and wealth.   [11:30] Melissa touches on ways that advisors can help find the balance between good family relationships and success.   [14:06] Ruth offers a short synopsis of the discussion so far and opens up the discussion on how to use “the three R’s” to navigate family and business relationships.   [17:05] Melissa then introduces and talks about seeking a balance between “the three F’s.” Ruth and Melissa segue into how help is helpful until it’s not. Melissa offers an example.   [21:09] Melissa explains the difference between hurt and harm, and how advisors can help families avoid long-term damage with well-positioned questions.   [26:03] What if hurt or harm has already been caused? Melissa talks about the transformative power of an “apology session” and shares a powerful example.   [31:35] Melissa offers her advice to other advisors as well as a reading recommendation.   [34:20] Ruth thanks Melissa for coming onto the podcast to share so much of her experience 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: In the Company of Family: How to Thrive When Business Is Personal, by Melissa Mitchell-Blitch   Boundaries: When to Say Yes, How to Say No to Take Control of Your Life, by Henry Cloud and John Townsend   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 (FEAs) 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. Sharilyn Hale, President, Watermark Philanthropic Counsel, to learn ways that Canadian families are effectively using philanthropy to create meaningful multi-generational legacies.   Guest bio Dr. Sharilyn Hale helps those who give, give well. As President of Watermark Philanthropic Counsel, she enables philanthropists and their families to unearth and achieve their philanthropic goals, and helps social purpose organizations deepen their performance. She is a 21/64 advisor to support multi-generational philanthropic families, and in her recent doctoral research on family philanthropy governance in Canada she developed a framework that helps families approach their giving in a meaningful way that works. Find out more about Sharilyn here.   Key Takeaways [0:27] Guest host Steve Legler welcomes Dr. Sharilyn Hale, who shares a bit about her background and her doctoral work in family philanthropy. [3:43] Dr. Hale touches on how family philanthropy and governance intersect and how governance differs in corporate and family contexts. [6:03] Dr. Hale describes how philanthropy can serve as a bridge for discussion and a place for people to have a meaningful impact on the family operations. [8:24] Without cookie-cutter solutions, Dr. Hale shares some of her learning that advisors can put into practice to help families hone-in on what they hope to accomplish through their giving. She also touches on all of the different configurations a family can take and how it affects the discussions. [14:26] Dr. Hale talks about the aspects she observed in very successful family philanthropies, and it often begins with an eagerness by the head of the family to generate engagement from the people sitting around the table. [17:50] Dr. Hale shares a story of growing governance from one of the families in her doctoral research group, about how they engaged the children early on in philanthropic activities and the way it built a more sophisticated thought process on giving as the years passed. [22:00] Dr. Hale shares a personal experience about her daughter’s generosity and multi-generational giving. [24:13] Donor-advised funds are an emerging trend in Canada, Dr. Hale explains some of the different giving structures out there and why they could be chosen by a given family depending on what they can give and what objectives they set for their philanthropic venues. [28:00] Dr. Hale shares one of the key takeaways from her research with Canadian giving families. [28:47] Dr. Sharilyn Hale shares a book recommendation and her advice for advisors. [32:02] Steve thanks Dr. Hale for coming onto the podcast to share her experience 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.   Watermark Philanthropy Counsel The Giving Governance of Multi-Generational Families Humble Inquiry: The Gentle Art of Asking Instead of Telling, by Edgar H. Schein   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 There is nothing quite like a global pandemic to cause us to pause and think about what really matters in our lives. Ruth Steverlynck sits down with author, coach, world record-breaker, and global resource for CEOs and Family Enterprises, Dave Phillips (dphillips.com), to explore why achieving success in life may not, in and of itself, be enough and practical steps we can take to figure out our authentic life purpose.   Guest bio Dave Phillips, of Phillips Management Inc., is an experienced executive mentor and speaker for high-performance CEOs and business leaders across North America. His work covers topics ranging from the boardroom to the bedroom in some of the most challenging and even troubling areas of the leaders’ lives. Dave not only supports CEOs and business leaders but also their teams to make a greater impact and provide long-term solutions to business leaders. Along with leadership mentoring and speaking engagements, Dave and the Phillips Management team have developed a variety of team-building tools and courses to support corporate teams for a variety of businesses. Regardless of your business size and revenue, the tools and capacity building programs Phillips Management offers will improve business communication and, in the long run, the overall health of the business. For Dave’s full bio, click here.   Key Takeaways [0:27] Ruth introduces fellow Vancouverite Dave Phillips and works down the list for only part of his impressive resume. [5:00] Ruth quotes part of the foreword in Dave’s book, The Three Big Questions. She takes a moment to ask him why taking the time to know, understand and clearly define his overarching life purpose was more transformational than any of his personal or professional accomplishments. [6:00] They discuss the difference between "purposeful" versus "purpose for". Dave shares that the life purpose puzzle has three pieces. [9:28] There have been, since the beginning of humankind, overarching and common characteristics of what it means to be a person of substance and this is agreed upon, regardless of creed. Dave explains that these virtues are our greatest hope for legacy but hardly ever our primary focus. [11:50] Dave shares a story which starts when he broke the world record for the longest water-ski marathon (1300 miles). [20:11] Dave addresses the question, “What’s my purpose?” and the value of finding that deeper sense of self. [22:11] Dave talks about being intentional about who you want to be in life, which may lead to finding a purpose. [23:04] Dave addresses the second question, “What is my mission?” and touches on how we can find what we’re likely good at and may find satisfying. [24:11] Dave touches on the third question, “What is my vision?” [29:27] Dave shares some practical steps to get started if you’re interested in finding more purpose, mission and vision for your life. [34:22] Dave explains how having a clear understanding of what your top three values are may inform more decisions than you would believe. “If you don’t know who you are, you will become the sum of the expectations of those around you.” [36:20] The three categories of values are as follows: identity values, competency values and activity values. Dave breaks down and defines each category. [39:00] Ruth asks Dave to share his advice to advisors: “To be mindful of: The money is not the client.” He takes time to explain exactly what he means as well as how he goes about talking to his clients about it. [44:09] Ruth thanks Dave for coming on to the podcast to share so much of his wisdom 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.   Dave Phillips The Three Big Questions that Everyone Asks Sooner or Later, by Dave Phillips The Values Game will be made available in the Family Enterprise Exchange Monthly Digest. Lead Yourself First: Inspiring Leadership Through Solitude, by Raymond M. Kethledge and Michael S. Erwin   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.   Description Following the recent merger of the Business Families Foundation (BFF) with the FEX Foundation to form the new Family Enterprise Foundation (FEF), host Steve Legler speaks with Nan-b de Gaspe Beaubien(C.M) who, with her husband Philippe, co-founded BFF in 1990 and is the current Co-Chair and Founder of the de Gaspe Beaubien Foundation. Together, they discuss the historical impact of BFF on the global stage of family business and the significance of this merger in not only advancing the platform for FEX and FEF, but also perpetuating the legacy started by the de Gaspe Beaubien family.   Guest bio Nan-b de Gaspé Beaubien is co-chair of the de Gaspé Beaubien Foundation and devotes her time to philanthropic endeavours that continue to break new ground supporting environmental causes, enterprising families, enterprising women, public health and education. An internationally renowned expert on the topic of family enterprise, she is a regular speaker at global conferences and top universities worldwide. Along with her husband, she has given conferences and workshops at diverse organizations such as the Davos Economic Forum, Young Presidents’ Organization, the Chief Executives Organization, Kellogg School at Northwestern University, Sauder at the University of British Columbia and Harvard Business School, amongst many others.   For Nan-b’s full bio, visit here     Key Takeaways [0:16] Steve introduces Nan-b de Gaspé Beaubien and asks her to talk about the foundation of BFF (Business Families Foundation).   [5:12] Nan-b shares the history of the first BFF events, hosting people from all over the world, as well as how they came about teaching family advisors — and the tools they built to effectively teach families and their advisors.   [9:39] Nan-b talks about how the roadmap program launched and how the family business centres evolved from a board initiative as well as customer demand.   [18:10] They discuss the recent announcement that BFF has merged with the FEX Foundation, as well as the importance of handing over the baton.   [22:06] Nan-b touches on the satisfaction of a well-cared-for legacy. She also answers the question of if she would have done anything differently had she known what she does today.   [27:30] It is important to bring experts from different fields together to advise families, using a common language.   [29:29] Nan-b’s book recommendation and advice from a seminal advisor to other advisors.   [32:10] Steve thanks Nan-b for coming on to share her expertise and invites listeners to subscribe to the podcast.   Share your thoughts with us at fea@family-enterprise-change.com   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange.   Family Enterprise Foundation Books/articles: 12 Rules for Life, by Jordan Peterson   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.   Description Steve Legler sits down with industry thought leader, consultant and lauded author, Kirby Rosplock to explore the “what” and “why” of Family Offices, as well as the trends in the Family Office space that FEAs can benefit from paying attention to. Guest bio Kirby Rosplock, Ph.D., is a recognized consultant, researcher, innovator, advisor, author, facilitator and speaker in the family business and family office realms. As the founder of Tamarind Partners, Inc., a research and consultancy practice that works with families, advisors and institutions connected to the family office market, Kirby provides leading-edge insights and knowledge to the family office domain. Working with families of wealth and enterprise, Dr. Rosplock understands the unique nuances and needs of families starting a family office versus those transitioning or unwinding them.   To learn more about Dr. Rosplock visit Tamarind Partners or Rosplock.net   Key Takeaways [0:16] Steve introduces Kirby and asks her to give a little bit of background on how she ended up working in the family office space. [2:49] Kirby touches on the role that Tamarind Partners fills with family businesses. [4:32] Kirby and Steve discuss what families may require a family office. [6:30] Kirby touches on the two greatest differences she’s seen in the family office space in the past six years. [9:18] New wealth tends to happen earlier in a lifetime; Kirby touches on the differences in working in the mid-30s vs. 60s. [12:00] What does it take to operate a family office, and how does one prepare their children for it? [15:10] Kirby offers what advisors should be aware of and do since their range of skills can be broad and bump up against other people’s domains. [18:37] Steve offers tips on what advisors can do to help their clients find clarity and understanding of all the different choices they have in terms of service provisioning. [19:29] Kirby offers that disclosure of conflict of interest is critical when operating a family office, then shares an example. [24:32] Kirby touches on the impacts of cybersecurity, AI and data management on family offices. Advisors can help in that respect by learning which questions to ask; Kirby shares a few as well as an interesting tip on letting families talking to each other! [31:00] Kirby shares her book recommendation and a piece of advice to advisors. [34:32] Steve thanks Kirby for coming on the podcast and sharing so much of her expertise.   Subscribe to the podcast and share your thoughts with us at fea@family-enterprise-change.com   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange.   Tamarind Partners   Book: The Complete Family Office Handbook: A Guide for Affluent Families and the Advisors Who Serve Them, by Kirby Rosplock   Family Offices: The STEP Handbook for Advisors, by Barbara R. Hauser and the Society of Trust and Estate Practitioners   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 (FEAs) in supporting their clients.   Description In this episode, Ruth Steverlynck sits down with Joan DiFuria, MFT and Stephen Goldbart, Ph.D, co-founders of the Money Meaning and Choices Institute. They discuss the psychological impact that life-altering wealth can have on individuals and families, and what families who are “getting it right” are doing that FEAs can meaningfully learn from to support and help the families they serve.   Guest bio Joan DiFuria Co-founder of MFCC, Joan DiFuria has had considerable experience in both business and psychology, giving her a unique ability to provide balanced guidance to senior leaders in organizations. She addresses the very sensitive issues of wealth, philanthropy, meaningful careers, and developing family legacies with sensitivity and insight. Ms. DiFuria completed the Harvard Business School Program for Management Development including a degree in education and psychology. She has 18 years of experience as Director of Long-term Strategic Operations and National Marketing Director for one of the largest multinational corporations in the industrial metals distribution and commodities industry.   Stephen Goldbart Co-Founder of MMCI, Stephen Goldbart has over 30 years of professional experience, is a licensed clinical psychologist, professor, author, public speaker, and organizational consultant. Dr. Goldbart also has a passion for working with complex family/organizational systems, helping to clarify purpose, make or remake structure, and find solution pathways.  He has consulted with individuals, families, and organizations to help develop the fulfilling and sustainable balance of personal, professional, and philanthropic goals.   Find out more about Stephen Goldbart and Joan DiFuria here.   Key Takeaways [0:16] Ruth introduces Joan and Stephen, then opens up the conversation by offering to define wealth. [4:09] Stephen talks about the research that exists around the psychological impacts of life-changing wealth. [6:11] Joan takes a moment to break down the insight from the research for the audience, from breaking down taboos to clear decision-making processes. She touches on how they coined the term “Sudden Wealth Syndrome” and the response that it garnered. [9:50] Joan explains why family advisors should think holistically, because coming into great wealth comes with its own set of particular challenges. [13:41] Stephen talks about what 21st-century comprehensive planning is and what it looks like. [15:40] Ruth summarizes the overarching aspects an advisor should cover: the financial wealth, the human wealth of the family and the social impact that the family wants to have. [16:27] Joan touches on the importance of honing the ability to listen as an advisor. [17:10] Stephen speaks about the framework he and Joan have been building to guide families in this kind of planning, from talking to the wealth holders to drafting a set of operational values and finally engaging the entire family in the process. [19:20] Joan mentions that once the values have been isolated, action plans are developed and channelled into governance. [20:40] Stephen and Joan list off a few of the questions they’ve heard from members of the next generation. [24:11] Joan and Stephen talk about giving the next generation the opportunity to ask questions and share ideas. [28:20] Stephen talks about learning to know when to bring in other experts if the situation requires it. Joan and Stephen offer their tips on managing this kind of situation. [31:22] Joan and Stephen share their one piece of advice and book recommendations. [35:00] Ruth thanks Joan and Stephen for sharing so much of their expertise and resources.   Share your thoughts with us at fea@family-enterprise-change.com   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange.   Money, Meaning & Choice Institute The Purposeful Planning Institute Rendezvous   Book recommendation: Family: The Compact Among Generations, by James E. Hughes, Jr.   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.   Description Guest host Steve Legler speaks with FFI Fellow and family business consultant Ken McCracken about the importance of recognizing what our family business clients are doing right and avoiding jumping in with "best practices" and recommendations that don't fit the family or the business. Ken offers the idea of beginning any client intervention with "cautious observation" and then offers clients the benefit of those observations as a "reporter of sights" to the family. He then gives them some useful information that you, as an independent outsider, can reveal to them about their family and business systems. He also offers his views on family governance and whether or not everything needs to be formally documented for the family to succeed.   Guest bio Ken McCracken, FFI Fellow, is a family business consultant and founder of McCracken Family Business Consulting in Edinburgh, Scotland. Ken teaches a Family Business Module on the STEP Professional Postgraduate Diploma in Private Wealth Advising and in 2016, he was named the “Family Business Adviser of the Year” by the Society of Trusts and Estate Practitioners. He is a former member of the Research Applied Board for the Family Business Review and is a current member of the 2020-2021 UK/Europe Regional Advisory Committee. In 2018, Ken chaired the FFI Global Conference in London.   More information about Ken can be found here.   Key Takeaways [0:16] Steve introduces Ken McCracken, author of the article, “The Natural Advantage of Family Businesses,” and asks him to quickly explain what he means by advantage. [2:44] For a family business to have existed for a decade, they have to be doing something right, Ken invites advisors not to ‘throw the baby out with the bathwater.’ [4:17] Ken shares a mistake he made in his early days as an advisor. Which led him to humbly realize he had to come into every family with a learning mindset and give them the benefit of the doubt. [6:20] Ken and Steve touch on the role of advisors in helping families figure out exactly where they want to establish the boundaries between family and business. [9:04] Ken offers that cautious observation is a basic courtesy that should be extended to any new family an advisor would work with. [12:32] Steve talks revealing the system to itself and Ken follows with finding what ‘better’ means for each family. [14:50] Ken touches on adaptive incremental change — helping families get better at what they’re doing already while also keeping the pace of generationally-propelled change manageable. [20:44] When it comes to natural governance, when do you write things down, if ever? [25:31] Ken’s book recommendation and his advice as an advisor to another. [29:14] Steve thanks Ken for coming on to share his expertise and invites listeners to subscribe.   Share your thoughts with us at fea@family-enterprise-change.com   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange.   Books/articles: “The Natural Advantage of Family Businesses,” by Ken McCracken Process Consultation: Its role in organization development, by Edgar Shein   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.   Description In a time of crisis, as Family Enterprise Advisors (FEAs) we work hard to be the valuable and trusted resource to our client families. In his latest work, Borrowed from your Grandchildren, Dennis Jaffe reports on a research project where he interviewed family members from 100 global business families who had succeeded over more than three generations. The book shares their stories of continual reinvention and renewal, and how they responded to vast changes in their family and business worlds.   Guest host Steve Legler sits down with Dennis to discuss ways that FEAs can use the wisdom gleaned from this research in service of their family enterprise clients as they face the COVID-19 pandemic.   Guest bio For over 40 years, Dennis T. Jaffe has been one of the leading architects in the field of family enterprise consulting. As both an organizational consultant and clinical psychologist, he helps multi-generational families to develop governance practices that build the capability of next-generation leadership and ensure the ongoing capability of financial organizations and family offices to serve their family clients.   He is also a Family Business Scholar at the Smith Family Business Initiative at Cornell University, a faculty advisor at the Ultra High Net Worth Institute, a regular contributor to Forbes Leadership channel, reporting on family cross-generational family business and wealth, and a professional member of the Society for Trust and Estate Planners (STEP).   For 35 years, he was a Professor of Organizational Systems and Psychology at Saybrook University in San Francisco, where he is now Professor Emeritus. He received his B.A. in Philosophy, M.A. in Management and Ph.D. in Sociology from Yale University.   More about Dennis here.   Key Takeaways [0:16] Steve introduces Dennis Jaffe and asks his guest to explain the origin, nature and goal of his most recent book. [4:38] Dennis touches on the qualitative and narrative research used to build the theories and common themes covered in the book. [6:00] From facing a crisis head-on to having the ability to reinvent and redefine who you are as a family and as a business, Dennis shares some tips for family advisors derived from successful multi-generational family businesses. [10:04] Where does a family’s energy for change come from? [12:11] Dennis touches on the notion of a Family Bank to invest and foster the next generation’s ideas and creativity both for money-making and social impact ventures. [14:38] Advisors can be useful in ways that families may not ask or expect, Dennis shares a few examples of how this can manifest in the field. [19:06] “Which one of my kids is going to be the successor?” Dennis explains how and why, when looking at 100-year family businesses, this is the wrong question. He also explains the need to challenge the very questions people want help with. [22:40] First things first, coming out of this crisis: managing everyone’s expectations that are no longer true… Dennis offers examples. [29:19] Everything will change with COVID-19; make sure you adapt and evolve. [31:21] Dennis shares his last piece of advice from one advisor to another as well as a book recommendation. [34:00] Steve thanks Dennis for his time and experience and invites listeners to subscribe and tune in for the next episode.   Mentioned in this episode Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange.   Books: Borrowed From Your Grandchildren: The Evolution of 100-Year Family Enterprises, by Dennis T. Jaffe Ready or Not: Preparing Our Kids to Thrive in an Uncertain and Rapidly Changing World, by Madeline Levine   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn   More about our guest Dennis T. Jaffe’s website