39 episodes

Lets Talk Family Enterprise explores global ideas, concepts and models related to family enterprise advising. Brought to you by Family Enterprise Canada, specifically created for FEA designates and members of Family Enterprise Canada.

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    • Business
    • 5.0 • 8 Ratings

Lets Talk Family Enterprise explores global ideas, concepts and models related to family enterprise advising. Brought to you by Family Enterprise Canada, specifically created for FEA designates and members of Family Enterprise Canada.

    Inheritance Styles: A Road Map for the Rising Generation

    Inheritance Styles: A Road Map for the Rising Generation

    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 Ruth Steverlynck sits down with Robin Catlin to discuss her white paper on the topic of different styles of inheritance and how advisors can enhance their understanding of the “experience of being an inheritor”. This can help bring awareness and dialogue to a way of relating to financial wealth that is not traditionally earned.
     
    Guest bio
    Robin Catlin is a Managing Director at the Center for Family Wealth at Merrill Lynch where she helps families navigate the complexities of wealth over multiple generations. She is passionate about helping families thrive in the context of wealth, focusing on human capital and family culture in relation to their financial capital.
     
    You can find out more about Robin on her LinkedIn.
     
    Key Takeaways
    [:26] Ruth Steverlynck is your host for this episode and welcomes Robin Catlin and asks her to share a little bit about her background.
     
    [3:43] When it comes to wealth, there is a lot of negative talk about inheritors. Robin is the author of a whitepaper on inheritance style and she shares the impetus for writing it.
     
    [8:10] Robin shares a high-level overview of her paper before digging into the specifics.
     
    [12:13] The challenges of being an inheritor are largely ignored, Robin shares her thoughts on why that is.
     
    [15:29] Robin’s paper challenges a widely held belief among advisors; she talks about what it means for the rising generation.
     
    [19:16] The title of the paper mentions inheritance style, three of them to be specific: Inheritors, Stewards, and Sojourners. Ruth had heard of the first two, but the last one was a surprise!
     
    [26:41] Ruth brings the conversation to the five stages of wealth integration: Awakening, Confusion, Perspective, Learning, and Adaptive Integration. Robin explains what each of them entails.
     
    [29:55] Robin explains how advisors can practically use the information in the whitepaper as well as a few more key takeaways.
     
    [34:16] Robin shares her reading recommendation and advice for advisors.
     
    [37:35] Ruth thanks Robin for coming on the show and sharing her insights and tips with listeners.
     
    If you enjoyed today’s episode, you can subscribe to Let’s Talk Family Enterprise on Spotify, Apple Podcasts, or other podcast app. Please remember to share this episode with family, friends, and colleagues.

    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.
     
    Robin’s reading recommendations:
    The Cycle of the Gift: Family Wealth and Wisdom, co-authored by James E. Hughes Jr.
    Language and the Pursuit of Leadership Excellence: How Extraordinary Leaders Build Relationships, Shape Culture and Drive Breakthrough Results, co-authored by the Chalmers Brothers
     
    More about Family Enterprise Canada
    Family Enterprise Canada (FEC)
    FEC on Facebook
    FEC on Twitter
    FEC on LinkedIn

    • 38 min
    Making Decisions in an Ever-Changing World

    Making Decisions in an Ever-Changing World

    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
    Governance expert Matt Fullbrook speaks with host Steve Legler about the ways that family enterprises make decisions, whether informally or formally, and how there are so many ways that organizations can improve the ways that they set themselves up for success in an ever-changing world.
     
    Guest bio
    Matt Fullbrook is a board effectiveness researcher and consultant and is the manager of the David & Sharon Johnston Centre for Corporate Governance Innovation at the Rotman School of Management. Under his direction, the Rotman School has evolved into the central hub of governance research in Canada.
     
    As an independent consultant, Matt has advised dozens of boards of directors as an educator, facilitator, and researcher, helping them to maximize their effectiveness through the development and implementation of valuable governance processes, policies, and structures.
     
    You can find out more about Matt Fullbrook on LinkedIn.
     
    Key Takeaways
    [0:26] Steve Legler welcomes today’s guest, Matt Fullbrook — Manager of the David & Sharon Johnston Centre for Corporate Governance Innovation at the Rotman School of Management — and asks him to share a little about how the idea behind his most recent interview came about: “To Make Boards Work Better, Look to Family Enterprises?”
     
    [1:45] Matt offers up his preferred definition of governance and highlights the words he specifically didn’t use in that definition. He touches on the advantages of creative and innovative freedom family enterprises benefit from in that regard.
     
    [6:11] Counterprogramming is a tool Matt uses to give permission. He explains what this means as well as why sometimes exaggeration can work in your favor.
     
    [9:16] Matt touches on some of the challenges executives face when it comes to how decisions are made in their enterprises and it’s got more to do with our workspaces and habits than we might think.
     
    [10:41] Either new generations are more flexible or they’re being better prepared for leadership, Matt shares his thoughts on the new workforce when it comes to governance.
     
    [13:52] Matt speaks about the inclusion aspects of decision-making and the need to try many different configurations in order to optimize the inclusion of many different perspectives.
     
    [17:44] Matt’s thoughts on the Chair and their role in inclusivity as well as the natural tendencies of people pushing their agenda or needing to have information pulled from them.
     
    [20:21] Setting up boards differently presents challenges because of the natural tendency of people to look for answers and conventions. Matt shares some of the ways he circumvents those in his own advisory practice.
     
    [25:27] In cases where the client is looking for a technical “right” answer and there isn’t one, Matt offers that reframing the question might be the only solution.
     
    [27:54] Generic tools make Matt nervous!
     
    [29:40] Matt shares his advice for advisors and a book recommendation.
     
    [34:30] Steve thanks Matt for joining us and sharing his knowledge and perspective on governance.
     
    If you enjoyed today’s episode, you can subscribe to Let’s Talk Family Enterprise on Spotify, Apple Podcasts, or other podcast apps. Please remember to share this episode with family, friends and colleagues.

    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.
     
    To Make Boards Work Better, Look to Family Enterprises?
     
    Matt’s reading recommendation: Thing Exp

    • 34 min
    Portraits of Pioneering Women Leading Wealthy Families

    Portraits of Pioneering Women Leading Wealthy Families

    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 Ruth Steverlynck sits down with Amy Hart Clyne, co-author of Finding Her Voice And Creating A Legacy, to learn more about the genesis of this research and delve into the stories of these amazing women. Amongst what is shared are some key takeaways for advisors working with or seeking to work with women in family enterprises and women leading wealthy families.
     
    Guest bio
    Amy Hart Clyne, CFP® is Chief Knowledge & Learning Officer at Pitcairn. She has dedicated more than 30 years of her financial services career to helping prosperous families fulfill the promise and potential of their legacies and achieve wealth momentum. As an expert in private wealth management, Amy has spent her career translating the needs and desires of ultra-wealthy families and their advisors into practical insights and solutions-based experiences that educate, excite, and engage.
     
    Amy has an MBA in Marketing from Columbia Business School, Columbia University, and a BA in International Relations from Colgate University. She has earned the Certified Financial Planner™ (CFP®) designation as well as the Family Business Advisor certification from the Family Firm Institute.
     
    You can find out more about Amy Hart Clyne on her LinkedIn.
     
    Key Takeaways
    [0:26] Ruth Steverlynck welcomes today’s guest, Amy Hart Clyne — Chief Knowledge and Learning Officer with Pitcairn in New York — and asks her to share a little bit about the genesis of her latest book: Finding Her Voice And Creating A Legacy.
     
    [4:59] Amy shares the methodology she and David Jaffe used to select the women to be interviewed in the context of the book. She also talks about some surprising findings they made along the way.
     
    [6:36] Amy talks about how the title is reflective of the two most important themes distilled from the interviews with these women of wealth both in the inherited and new wealth categories.
     
    [9:47] Roles and outdated stereotypes are beginning to fade in society at large, but Amy shares how this phenomenon is strangely slower to reach families of wealth.
     
    [12:08] Widowhood is rarely talked about, but Amy’s book dedicates an entire chapter to the subject and its ramifications. She shares some specifics as well as a story that she heard from women of wealth on this quasi-taboo subject.
     
    [17:38] Amy shares two distinct stories from the book that illustrate the importance of relationship building. One woman called herself the force multiplier in a blended family and the other became the driving force in fostering unity in her family.
     
    [24:17] An entire chapter is dedicated to the role of advisors, Amy shares her perspective on how advisors can better serve women of wealth as well as some pitfalls to avoid. She also touches on what she means by legacy mindset when it comes to widowhood.
     
    [29:19] Amy shares her advice for advisors as well as her reading recommendations.
     
    [34:30] Ruth thanks Amy for joining us and sharing these nuggets from her research!
     
    If you enjoyed today’s episode, you can subscribe to Let’s Talk Family Enterprise on Spotify, Apple Podcasts or any other podcast app. Please remember to share this episode with family, friends and colleagues.

    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.
     
    Pitcairn
    Finding Her Voice and Creating a Legacy: Portraits of Pioneering Women Leading Wealthy Families, by Amy Hart Clyne and Dennis T. Jaffe
     
    Amy’s reading recommendation: Think Agai

    • 34 min
    Succession Stories: Lessons Learned From Former Family Office CEOs

    Succession Stories: Lessons Learned From Former Family Office CEOs

    Introduction
    Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients.
     
    All views, information and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.
     
    Description
    Ruth Steverlynck sits down with Jane Flanagan, author of a recent white paper capturing interviews with over 30 former CEOs of family offices to distil key lessons learned that are applicable across all domains of a family enterprise.
     
    Guest bio
    Jane Flanagan is a Senior Vice President and serves as Director of Family Office Consulting in the Global Family and Private Investment Offices Practice at Northern Trust Corporation in the U.S. She and her team serve some of the world’s most prominent families to educate them about their options and support them in finding their best way forward.

    Jane has been working with and learning from family leaders and family office executives for her entire career. She has interviewed hundreds of families to document best practices in areas such as family communication, strategies to engage rising generations, family office service delivery, compensation, and more.
     
    Before joining Northern Trust, Jane was a Managing Director with Family Office Exchange in Chicago for 26 years.
     
    You can find out more about Jane Flanagan on Northern Trust Corporation and her LinkedIn.
     
    Key Takeaways
    [0:26] Ruth Steverlynck, the host, introduces and welcomes Jane Flanagan. The subject for this episode is a Northern Trust whitepaper Jane has released, “Succession Stories: Lessons learned from former family office CEOs.”
     
    [2:11] Ruth has shared the whitepaper with a couple of family office CEOs. One said it was one of the best papers they had ever read in the family office space! Today’s episode is important for the family office community.
     
    [3:30] Jane learned from Northern Trusts’ 2020 Family Office Benchmarking Survey that nearly two-thirds of the participants said they would soon experience a succession in the family, family office, operating business, or within the trustees. Jane searched for resources to help these leaders to prepare but didn’t find anything written.
     
    [4:20] Jane reached out to former family office CEOs to see if they would share their succession stories. Everyone said, Yes! The paper is a result of the generosity of 32 former family office CEOs whom she interviewed. Most of the former CEOs Jane interviewed were non-family member professionals; a few were family member family office CEOs.
     
    [5:17] The intention of the whitepaper is to share lessons learned and advice from CEOs who had lived through a succession. Succession is a normal part of every family’s experience but it’s scary to think of life without that trusted person. Many people put off the succession conversation; this paper provides a way to start that conversation.
     
    [6:22] Ruth is struck by the usability of the whitepaper. It’s easy to read!
     
    [6:59] As Jane interviewed the former CEOs she learned that succession changes the way you see things, especially those of the next generation. One CEO may be replaced by multiple people. It’s more than talent.
     
    [9:44] How does a family manage the emotional aspect of a family office CEO succession? “Letting go” is the big challenge. A CEO needs to let go of the office and help the family let go of the CEO. The CEO must take the time to plan for what’s next for themselves, for the board, the staff, and the family.
     
    [12:54] The thing CEOs said that made the biggest difference in succession planning was being aware that the departing leader sets the tone for the entire process. CEOs need to show confidence in the team, in the family’s readiness to navigate the transition, and in the future, combined with transparent communication abou

    • 31 min
    Family Champions and Champion Families

    Family Champions and Champion Families

    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. Joshua Nacht, author of Family Champions and Champion Families, about how FEAs can identify and support the champions who are part of many of their client families. These champions often have less obvious roles in the business circle but provide important leadership in the family and ownership circles, and as advisors we can become important resources to them.
    Guest bio
    Joshua Nacht, Ph.D., is a senior consultant with The Family Business Consulting Group and works with business families to help them become more intentional and organized to achieve their goals. He’s adept at working with multigenerational families to integrate their diverse perspectives and create structured plans for continuity.
    Joshua is the author of the book Family Champions and Champion Families: Developing Family Leaders to Sustain the Family Enterprise. The book is a follow-up to his Ph.D. dissertation on the subject, which he did under Dennis Jaffe, who was our guest on Episode 11!
    You can find out more about Joshua Nacht on The Family Business Consulting Group and his LinkedIn.
     
    Key Takeaways
    [0:26] Steve Legler welcomes Joshua Nacht. The subject for this episode is family champions. Joshua took his Ph.D. dissertation and wrote it into a book.
    [2:05] The concept of the family champion came out of research Joshua did for Dennis Jaffe. Many people Joshua interviewed played notable leadership roles in their family enterprises without working in them. They were involved in governance and engaged in helping their family informally.
    [3:47] When Joshua dug deeper, he came up with the idea of a book on family champions. He created his dissertation research planning to share it as a book for a wide audience. Joshua found tangible energy around the discussion about family champions. He would like the term family champion to become part of the family enterprise vocabulary.
    [6:33] People leading a business don’t have the bandwidth to organize and lead the family. Joshua has met many family champions who informally organize and lead the family ownership group. Their leadership comes from their engagement and actions. The family champion role changes with the growth of the enterprise.
    [11:09] The family champion is not an authoritative leader. A family champion emerges as somebody steps up to fill a need. Joshua shares four catalysts of family champions.
    [14:02] The family champion is not always an individual. Sometimes a shared role works better. It could be a spouse pair, siblings or cousins.
    [15:43] The more the family champion is supported by the business leadership, the more successful they can be. Effective leadership in the family ownership group is as important as effective leadership in the business. Most family businesses run into problems because of the family, not the business.
    [19:25] Joshua discusses the governance forum; how the ownership council, the family and the board of directors of the business work together. The family champion supports effective governance by helping the ownership council and family to stay within their boundaries.
    [23:28] Governance structure may evolve as conditions change. Family champions can help create the governance structure to meet the needs of the family and the ownership council.
    [24:41] Joshua worked to build a family champion definition, characteristics, vocabulary and framework that can be adapted for each unique family.
    [26:51] Dennis Jaffe suggested that Joshua should not begin research with preconceived notions, but do research into what people are doing well in common. The things

    • 34 min
    Harnessing Conflict

    Harnessing Conflict

    Introduction
    Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients.
    All views, information and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.
     
    Description
    Steve Legler speaks with Nicole Garton, FEA, about her recent book, Harnessing Conflict: How Family Businesses Can Survive and Thrive. They talk about the well-publicized Stronach and Rogers cases, and how and why FEAs can help their family clients get out in front of conflict while it is still manageable and use it to make their families even stronger as a result.
     
    Guest bio
    Nicole Garton, B.A., LL.B, LL.M., C.Med, FEA, TEP, is a lawyer, mediator and parenting coordinator of family law, wills and estates matters.
    In her dispute resolution practice, Nicole focuses on the restructuring of families resulting from separation and divorce and wills and estate challenges. In her solicitor’s practice, Nicole advises on all aspects of estate planning and administration, including the preparation of wills, powers of attorney, representation agreements and trusts, as well as applications for probate and letters of administration.
    You can find out more about Nicole Garton on the BC Heritage Law website and her LinkedIn.
     
    Key Takeaways
    [0:26] Steve welcomes Nicole Gartner and asks her to share a little bit about her current research interest and the family that has been making the news rounds.
    [4:10] The Goldilocks spot of conflict management is real and can yield great benefits, Nicole shares how FEAs are an integral part of walking the line between destructive and productive conflict.
    [6:14] Nicole shares some constructive tips to help FEAs better help navigate the stages of conflict with the families they serve.
    [8:56] Getting family members to keep talking is key to making sure conflicts don’t fester. Nicole talks about integrative and distributive conflict and shares some governance best practices.
    [12:28] Getting back to basics, Nicole shares one of the more important aspects of conflict negotiation as well as how to integrate game theory into your family advisory practice to reframe the idea of failure.
    [16:16] The three-circle model points us in the right direction; serving the whole family system is key.
    [17:02] Nicole shares her experience reading through the affidavits from the Stronach family trials.
    [21:26] Finding resolution often passes through the idea of finding a win for everyone, Nicole shares how this relates to the Rogers dispute.
    [25:27] Nicole shares an entertaining piece of the Rogers litigation.
    [27:44] Avoiding airing your laundry in public is about doing work upfront. FEAs need to learn to recognise when conflict is brewing and what experts to call in when they do.
    [30:31] Rogers mediation dispute fun fact!
    [31:47] Nicole shares her book recommendation as well as a piece of advice from an advisor to other advisors.
    [34:00] Steve thanks listeners for taking time to tune in, and invites them to subscribe!
     
    Share your thoughts with us at fea@familyenterprise.ca
     
    Mentioned in this episode
    The Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.
    Harnessing Conflict: How Family Businesses Can Survive and Thrive by Nicole Garton
    Getting to Yes: Negotiating Agreement Without Giving In by Roger Fisher, William L. Ury and Bruce Patton
    The Infinite Game by Simon Sinek
    Four Thousand Weeks: Time Management for Mortals by Oliver Burkeman
     
    More about Family Enterprise Canada
    Family Enterprise Canada (FEC)
    FEC on Facebook
    FEC on Twitter
    FEC on LinkedIn

    • 34 min

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