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. Description Today we are very lucky to hear from Thayer Willis, author, speaker and practicing psychotherapist, who gives her unique understanding of the pressures of joining the family business. Thayer was born into the Georgia-Pacific Corporation founding family and brings an insider perspective to helping family members grappling with the decision: do I join the family business or not? Guest bio Thayer Willis is an internationally-recognized author and expert in the area of wealth counseling. Since 1990, she has specialized in helping people of all ages handle the psychological challenges of wealth. A member of the founding family of the multibillion-dollar Georgia-Pacific Corporation, Thayer offers an insider's perspective on the challenges that wealthy families face on a regular basis. Thayer has been interviewed on ABC's Good Morning America and 20/20. Her programs are tailored to individuals and families of affluence, financial professionals, family office advisors and estate planning attorneys. Key Takeaways [0:16] Ruth introduces Thayer Willis, her background and publications, and invites her to speak about her own story growing up in a wealthy family. [7:00] Thayer speaks to the advantages of family businesses, but she also speaks to the pressures of joining them and some of the disadvantages younger generations face. [12:52] In order to help families grapple with whether or not to join the family business, Thayer lays out a few important steps that advisors can follow. [16:06] Thayer shares five to six pertinent questions to ask young family members — starting at about 12 years old. [17:46] Assessments can also be of great use; Thayer lists a few of the ones she has in her tool bag — links below. [19:28] Going into a family business should never be a default position, everyone has the right to consider what it is they want to do for themselves. [20:55] Thayer agrees that going to work outside the family business is a very useful step towards deciding if and when they do come into the family business. [22:23] Ruth takes a moment to summarize Thayer's recommendations, and Thayer shares a personal story. [26:29] Thayer shares some books that have made an impact on her. [28:30] Thayer offers up tips on how to have a stress free holiday. [32:10] Ruth thanks Thayer for her 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 Book: Navigating the Dark Side of Wealth: A Life Guide for Inheritors, by Thayer Cheatham Willis Book: Beyond Gold: True Wealth for Inheritors, by Thayer Cheatham Willis Assessments: DISC Enneagram StrengthsFinder Johnson O'Connor Thayer's book suggestions: Grit: The Power of Passion and Perseverance, by Angela Duckworth Make It Stick: The Science of Successful Learning, by Peter C. Brown, Henry L. Roediger III, and Mark A. McDaniel More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn More about our guest Thayer Willis' website

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. What do Family Enterprise Advisors need to know about trusts? Hartley Goldstone shares the most important aspects of a trust, which he has learned over 30 years of experience. He also shares some valuable, actionable tips for advisors who will undoubtedly come across trust situations in their practice. Guest Bio Hartley is a seasoned expert in the arena of trusts and has 30 years experience as a trust attorney and senior trust officer until 2009, when he set up his company, The Trustscape LLC, which focuses on helping clients create supportive trust cultures. In 2010, Hartley launched the Beneficiary and Trustee positive story project which culminated in his book Trustworthy, a collection of 25 stories capturing what has gone well in the trustscape. He is the lead author on the seminal work Family Trust, a practical guide on how to use trusts to pass on wealth. Key Takeaways [0:16] Ruth introduces Hartley Goldstone, his background and publications, and invites him to define the term Trustscape — a fluid system of relationships — that he himself coined. [7:22] From being an attorney to understanding that it all boils down to relationships: Hartley shares a fable that illustrates how he came to understand what hopes and dreams have to be addressed in a trust. [11:25] Hartley speaks to the long history of trusts, all the way back to the middle ages and how they relate to relationships. [15:20] Ruth talks about James E. Hughes Jr.'s comments on the staggeringly high number of trustees reporting that they are unhappy with their trust. Hartley touches on some beneficiary and trustee realities that could explain those numbers. [19:46] Hartley shares his vast experience in the form of six actionable ideas that advisors can use with their clients: Choose a meaningful title Create a preamble Include letters of wishes to beneficiaries and trustees Distribution committees Education Read Trustworthy [37:09] Ruth summarises the key elements Hartley shares during this interview and asks Hartley to share some reading suggestions. [42:33] Ruth thanks Hartley 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 Book: Family Trusts: A Guide for Beneficiaries, Trustees, Trust Protectors, and Trust Creators, by Hartley Goldstone, James E. Hughes Jr., and Keith Whitaker Book: TrustWorthy: New Angles on Trusts From Beneficiaries and Trustees, by Hartley Goldstone and Kathy Wiseman Hartley's author suggestions: James E. Hughes Jr. Dr. Robert A. Emmons Heidi Grant Halvorson Dr. Dan J. Siegel More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn FEX on YouTube More about our guest hartley@navigatinvthestrustscape.com Hartley Goldstone's website Tweetables (edited) "The trustscape consists of everybody touched by a given trust from the creators, trustee beneficiaries to the advisors." — Hartley Goldstone "Trusts have focused on relationships from the very outset, from the time they originated in England in the middle ages." — Hartley Goldstone "Trusts solve problems and create relationships." — Ruth Steverlynck "People think that trusts are legal structures that happen to involve human beings, but actually trusts are human relationships that happen to sit within a legal structure." — Hartley Goldstone quoted by Ruth Steverlynck

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. Myra Salzer is the Founder of The Wealth Conservancy and has been repeatedly listed among top financial advisors in the U.S. by Worth Magazine. Myra joins host Ruth Steverlynck to share her insight and knowledge on working as an advisor for inheritors. She shares tips, best practices and what to consider when building relationships with this often underserved and misunderstood clientele. Key Takeaways [0:16] Ruth introduces Myra Salzer — known as the inheritors' advocate — and asks her to explain what an inheritors' advocate is. [3:12] There has been a rise in resentment against the wealthy and Myra touches on how this has affected inheritors and what emotions she usually sees in new beneficiaries. She also shares tips on what advisors should check, in themselves, in order to do their jobs well. [5:34] Hostile envy is a phenomenon that can manifest itself in some individuals in direct relation to their own relationship to money and can be very destructive to inheritors. Myra also gives her definition of minorities, how inheritors do fall within those parameters and why they require an advocate. [8:26] Myra shares her experience on how to best work with inheritors from an advisory perspective, as well as the biggest pitfalls to avoid, the first of which is to work on being aware of your own prejudices and find ways to circumvent them in order to prevent dehumanizing your clients. [14:09] So you've found that you do have some biases and latent prejudices? Myra explains how relying on other people or teams to better serve your client may be the best way to move forward in that relationship. [15:36] Myra offers a workshop for inheritors as many tend to hide their wealth and try to fit in. She shares the story of when she realized how alone this minority group was and how helpful this workshop can be. [23:03] Advisors should also have a place to safely talk about their experiences and bounce ideas off of other experts and meet new resources. [24:00] For listeners who are interested in this topic, Myra recommends a book, her TEDx talk and her workshop, all of which are linked below. [25:45] Ruth thanks Myra for her time and experience, then invites listeners to subscribe and tune in for the next episodes. Mentioned in this episode Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange Myra's resources Workshop: Inheritors of Wealth Workshop Myra's Books Myra's TEDx Talk Book: The Cycle of the Gift: Family Wealth and Wisdom, by James E. Hughes Jr., Susan E. Massenzio, and Keith Whitaker More about the Family Enterprise Xchange Family Enterprise Xchange (FEX) FEX on LinkedIn FEX on Facebook FEX on Twitter More about our guest Myra Salzer at The Wealth Conservancy Myra Salzer on LinkedIn

Welcome to Let's Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family enterprise Advisors in strengthening their clients. This episode explores the idea of character. Your host Ruth Steverlynck is joined by Greg McCann, family business owner, Founder, Principal, and executive coach of McCann & Associates, a consulting firm for family enterprises. Key Takeaways [:16] Ruth introduces Greg and invites him to talk a little bit about his background. [3:00] Ruth and Greg define character for the purposes of this podcast and its double importance for family enterprise advisors. [5:58] Is there any research to substantiate this idea that families are looking for more than just expertise? [11:07] Because this is a very introspective process, Greg suggests four gears to modulate in order to better your practice as an advisor. [16:07] The 30-second rule. [18:13] Ruth summarizes the four gears: problem-solving, feedback, coaching, and validation. [20:27] Greg shares some tangible practices for working on your character: create some white space for yourself, find someone neutral who can give you feedback, find someone to listen to you. [25:25] Greg shares additional resources for listeners. [26:46] Ruth thanks Greg for his time and experience and invites listeners to subscribe and tune in for the next episodes. Mentioned in this episode Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange Greg McCann & Associates Book: When Your Parents Sign the Paychecks: Finding Success Inside or Outside the Family Enterprise, by Greg McCann Book: Who Do You Think You Are?: Aligning Your Character And Reputation, by Greg McCann Family Office Exchange Center for Creative Leadership resources on feedback Myers & Briggs Book: The Road to Character, by David Brooks Book: Wherever You Go, There You Are: Mindfulness Meditation In Everyday Life, by Jon Kabat-Zinn More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn FEX on YouTube More about our guest Greg McCann's bio on Greg McCann & Associates Greg McCann at Cornell's SC Johnson College of Business Greg McCann on LinkedIn

Welcome to Let's Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family enterprise Advisors in strengthening their clients. This episode explores the book Wealth of Wisdom: The TOP 50 Questions That Wealthy Families Ask. Your host Ruth Steverlynck is joined by Tom McCullough, Principal and co-Founder of Northwood Family Office as well as co-author of Wealth of Wisdom. Key Takeaways [:16] Ruth introduces Tom McCullough and asks him to share a bit about himself. [1:58] Tom talks about where the idea for the book come from. [3:42] Of all the questions that could be asked, how did Tom whittle it down to 50? [5:15] Tom shares the questions he found most interesting through this process. [6:20] wealthofwisdombook.com [6:52] What are the best practices that came from the experts Tom consulted for the book? Two things stood out for him: on values and parenting. [11:54] This book can be used by advisors as a resource to get more knowledgeable on technical aspects they may not already have in their background, legal, practical or otherwise, as well as a starting point to dig deeper into some aspects. [13:57] On the Prince Charles syndrome, the fact that you can contact the book's experts, and Tom's favorite part: the end-of-chapter questions. [16:58] Even after 35 years of work, Tom was surprised at the amount of cooperation he got from the world experts he reached out to. [18:58] Tom on the many communication styles he got to see while preparing the book from very discreet to very blunt and the way it complements the many learning styles. [20:51] The surprising way the first and last chapter bookended. [23:07] Tom's advice for advisors: ask questions, what are the five whys. [27:02] Ruth asks if there are any ideas for another book by Tom as well as any reading suggestion he may have for our listeners. [30:22] Ruth thanks Tom for his time and experience and invites listeners to subscribe and tune in for the next episodes. Mentioned in this episode Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange Book: Wealth of Wisdom: The TOP 50 Questions Wealthy Families Ask co-authored by Tom McCullough Northwood Family Office Book: The Investment Think Tank: Theory, Strategy, and Practice for Advisors by Harold Evensky Keith Whitaker Wigmore Association Charles Collier Christine Lagarde Book: Complete Family Wealth, by James E. Hughes, Susan E. Massenzio, and Keith Whitaker Book: Made to Stick: Why Some Ideas Survive and Others Die, by Chip Heath and Dan Heath More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn FEX on YouTube FEX on Instagram More about our guest Tom McCullough's bio on Northwood Family Office tm@northwoodfamilyoffice.com Tom McCullough at the Rotman School of Management, University of Toronto

Welcome to Let's Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family enterprise Advisors in strengthening their clients. Description This episode explores the often difficult question of mental health issues in family enterprises. Your host Ruth Steverlynck is joined by Arden O'Connor, principal and founder of O'Connor Professional Group, a concierge behavioral health firm based in Boston Mass. Key Takeaways [:16] Ruth introduces Arden and invites her to talk a little bit about her background. [3:40] During any given year one in five adults will experience some form of mental illness, Ruth asks Arden her perspective on this sobering statistic. [5:18] Ruth and Arden discuss why it could be that, given these very high statistics, very few people actually talk about these issues, and how this dialogue has been evolving. [8:16] At what point does "feeling a little down" turn into mental illness, and when should it be categorized as such? Arden talks about some definitions. [10:26] Are there any red flag behaviors to watch for in terms of mental health? Arden dives into some things to watch for, as well as how to best offer support in these situations. [15:20] Arden offers a wide variety of practical tips for advisors who might need to approach the subject of mental illness with a family. [23:31] Are there different approaches to take when the issues are coming from the wealth creator? How can an advisor help when there is a power discrepancy in the relationships? [28:30] Are all mental illnesses treatable? [30:38] In the situations where you do have a person who is unwilling to get treatment, does your focus need to revert to supporting the other members of the family? [33:07] Arden shares the impact she has seen for a family system where there is a mental health issue and nothing is successfully done. [35:40] Are there any resources for advisors to learn more on how to best support families who are struggling with these issues? [38:37] Arden recommends a few books, articles, and ways to contact her personally for specific questions. [39:49] Ruth thanks Arden for her time and experience and invites listeners to subscribe and tune in for the next episodes. Mentioned in this episode Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange O'Connor Professional Group ADLs (Activities of daily living) Family systems therapy DBT (Dialectical behavior therapy) Book: Addiction Recovery: A Family's Journey, by Diana Clark Contact Arden with specific questions: 617-290-9818 aoconnor@oconnorpg.com More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn FEX on YouTube FEX on Instagram More about our guest Arden O'Connor at O'Connor Professional Group Arden O'Connor on LinkedIn