Safe Space with Francesco Lombardo

On this week's episode of Safe Space, Francesco speaks to 3rd generation family business winemaker Mitchell Taylor.    Senior generations create a business but it's the NxtGen who continue them. It's up to the current generation to keep the business healthy, sustainable and evolving, in order to market to the NxtGen.  For the NxtGen, Family business isn't a part time thing. And just because you were born into the family doesn't mean you are automatically part of the family business. You have to earn your place.    Advice for the NxtGen: "Keep the communication coming. Keep asking the questions. Keep talking. Keep learning."

John Gibbons returns to the podcast for a continued discussion with Francesco on integrity in family business. Keep your word, avoid empty promises, follow through and be honest to yourself and those who are part of the family business. You can't control the integrity of others, but you can control yourself.      John's advice, don't lie in business or in life because eventually you'll forget your story and you'll be caught out. Just be honest from the get-go.

In this episode Benjamin Persofsky and Francesco discuss the importance of having two sets of governance to manage a business owning family.     Joining Brown Brothers Harriman in 2010, he is now the Executive Director of the BBH Center for Family Business, which counsels some of the largest business-owning families in the world on issues of strategy, governance, succession planning, transition and capital policies.   Ben shares his experience in working at the intersection of business and family and WHY communication is so critical to the success and health of both.     What Ben believes the future is for business owning families is the importance of multidisciplinary advising.    His advice for the senior generation, never too early to start getting the nxtgen involved. And for the nxtgen, enjoy the process. For one day you will be the senior generation. 

In this episode Francesco talks with Lisa Daniel about the importance of inclusion of spouses in a Family business.  Lisa joined the Lodge family in 1994 when she married 5th generation family member Jay Daniel and is a very active volunteer with the Joseph Lodge Family Council. As Lisa shares, being a spouse who married into the family brings a fresh perspective without the influence of past emotional issues.  We also discuss the importance of allowing the NxtGen to be themselves and not be clones of the current generation.  Lisa talked about how their family council was developed and the role it plays within the family and business. Her advice for families, simple....be inclusive of all.

In this episode, John Gibbons, a 4th generation family business member, talks about his passion project MARINAS GUARDIAN. Francesco and John discuss the importance of having a passion project while also being self-sustaining to be taken seriously. Being reliant on oneself is a critical ingredient for one's self-respect. Many times parents make life easier for the NXTGEN, without realizing they are taking away their childrens' drive. Self-respect is ONE thing money cannot buy. John shares his passion for the oceans and what he is doing about it, all the while maintaining his self-respect and desire to make a difference.  John Gibbons is a professional fiduciary and environmentalist-in-training. He works at Harbour Fiduciary Services Limited, a part of the family-owned Edmund Gibbons group in Bermuda. He is currently studying for his Postgraduate Diploma in Law and is a part of Marinas Guardian, a conservation project to support Marine Protected Areas around the world using autonomous ships. Stay tuned for the second part of this episode where Francesco and John talk about what is INTEGRITY and the importance in family business.

Richa and Francesco tackle the issues of perspectives in Family Business. As Richa shared here, the mentor used to say, "If there are two or more utensils in the kitchen, they will clang and make noise."     The key to successful transition and succession is being able to understand and appreciate the perspectives of the other, all the while recognizing that both sides are truths.    Francesco and Richa discuss the "cultural differences" that influence and impact successful transitions.        One is not right and the other wrong. They are both true from the lens of whose perspective we are addressing.     Richa's advice to both generations: "Listen to each other, be honest".

One of the biggest challenges facing succession and transition of a business from one generation to the next is the disinterest of the NxtGen in the business.    Andre, host of the Impulsive Thinker podcast, and Francesco discuss what the absence of self-expression looks like, why it's suppressed, and the cost of not allowing others, #NxtGen or Senior generation, in #FamilyBusiness to express themselves. Do the #NxtGen want to express their creativity, and business acumen by starting up a new venture other than the current operating family business?    There may be a way to save the family legacy by accepting and encouraging self-expression in the #NxtGen.

In this episode, Francesco interviews Andre Brisson, host of The Impulsive Thinker podcast. A frank and fun filled interview, Andre shares his journey of being diagnosed with ADHD and how he has used this as a tool for championing himself, his team and other entrepreneurs. Andre talks about how he saw emotional patterns of adults at a young age, how he knew he was different, and did not allow the opinions of others impact or influence what he knew he was...... different and unique. We discuss the importance Emotional safety has on the ability to have open and vulnerable conversations. Andre's advice for the senior generation: The way you did things was the way you did them, in the time you did them. Now is a new time.... allow the next generation to do things their way.   Advice for NxtGen: Listen to the wisdom of the senior generation, not to dismiss, but to learn. Tune in for the second part of this show where we are not sure what we will be talking about....... but it will be GREAT! 

What would have prevented this collapse?   In this episode Francesco and Warwick discuss the importance of focusing on emotional intelligence. Had he known what he knew and had access to Veritage at the time, Warwick believes things could have turned out much differently for him and the family. Francesco asked Warwick what advice he would give his 26 year old self if he could. His answer ..... surprising.  Additionally spoke about the importance of surrounding oneself with advisors who are not afraid to hold you accountable and challenge you. 

How to go from $2.225B to zero, the collapse of a 150 year family business. In this interview, Warwick Fairfax, a 5th generation family member of the John Fairfax company based  in Australia candidly shared how he was personally responsible for taking down the family business at age 26. Armed with an MBA from Harvard, Warwick decided to launch a $2.225B takeover which led to the collapse of the family business.  Warwick describes what that fateful day was like, how he felt and most importantly, how he overcame this dreadful day.   A fascinating story of what NOT to do and how emotions trumped intelligence, education and logic.