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 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

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