18 episodes

“According to Family Enterprise USA, family businesses in the US account for over 64% of GDP and employ 62% of the work force. In other words, they are the backbone of our economy. But success doesn’t come easy, only 13% are operating in the 3rd generation. The Family Biz Show is here to help. Listen in to hear stories from other family businesses and industry thought-leaders so that you and your family not only survive but thrive.”

Source: Family Enterprise USA. https://familyenterpriseusa.com/polling-and-research/
Disclaimer: The is not intended to be a substitute for professional investing advice. Always seek the advice of your financial adviser or other qualified financial service provider with any questions you may have regarding your investment planning.

Michael Palumbos is a registered representative of Lincoln Financial Advisors Corp. Securities and
investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer
(member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and
other fine companies. Family Wealth & Legacy, LLC is not an affiliate of Lincoln Financial Advisors
Corp.

Lincoln Financial Advisors Corp. and its representatives do not provide legal or tax advice. You
may want to consult a legal or tax advisor regarding any legal or tax information as it relates to your
personal circumstances.

CRN-3132401-061820

The Family Biz Show Michael Palumbos

    • Entrepreneurship
    • 5.0 • 3 Ratings

“According to Family Enterprise USA, family businesses in the US account for over 64% of GDP and employ 62% of the work force. In other words, they are the backbone of our economy. But success doesn’t come easy, only 13% are operating in the 3rd generation. The Family Biz Show is here to help. Listen in to hear stories from other family businesses and industry thought-leaders so that you and your family not only survive but thrive.”

Source: Family Enterprise USA. https://familyenterpriseusa.com/polling-and-research/
Disclaimer: The is not intended to be a substitute for professional investing advice. Always seek the advice of your financial adviser or other qualified financial service provider with any questions you may have regarding your investment planning.

Michael Palumbos is a registered representative of Lincoln Financial Advisors Corp. Securities and
investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer
(member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and
other fine companies. Family Wealth & Legacy, LLC is not an affiliate of Lincoln Financial Advisors
Corp.

Lincoln Financial Advisors Corp. and its representatives do not provide legal or tax advice. You
may want to consult a legal or tax advisor regarding any legal or tax information as it relates to your
personal circumstances.

CRN-3132401-061820

    19. Tours of Duty in the Family Business

    19. Tours of Duty in the Family Business

    What you will learn: 

     How a family business forum can help you navigate the family business.  How the family business can shape you.  Why it takes a village to run a family business.  What it’s like when dad sells the business and you’re still working there.  Understanding, Into and through the family business This week’s guests: 

    Kimberly Miller Wilborn 

    CEO, Solution Partners, Inc.* 

    Kimberly Miller Wilborn is President/CEO of Solution Partners Inc., a company providing business C-Suite solutions and strategic planning.  

    Kim holds a Master of Science degree in counseling from the University of Rochester and a bachelor’s degree in psychology from Colgate University.  

    She began her career working for a business consulting firm entity. In 1995, the addition of a brokerage business to their portfolio led her to complete NASD (now FINRA) and SEC-backed licensing as a Financial & Operations Principal. Kim’s journey has included manufacturing C-Suite roles with an injection molding business and a steel heat treating plant.  

    With a proven track record of establishing and implementing business operations systems, Kim has facilitated strategic conversations at the highest level, producing successfully delivered outcomes across departments and focus areas.  

    Once a regular columnist with the Democrat and Chronicle, Kim writes on a variety of business topics including leadership, strategic planning, and operational mandates. She serves on multiple boards of directors for organizations serving seniors, senior housing, women’s health and economic empowerment. She enjoys working with business leaders and boards of directors to talk through challenges and produce solutions. 

     

    Raj Shah
    President, the Convergent Telecom System, Inc. * 

    Raj Shah is President of Convergent Telecom, Inc. Convergent provides telecom services to businesses, local, state, and federal agencies as well as Higher Education.   

    Raj has a bachelor’s degree in marketing from Western Michigan University as well as a number of industry certifications.  

    Raj began his career as a voice technician at ICS Telecom, a family owned business that his father started in 1976. Raj quickly moved through several sales and operational leadership roles and ultimately was the CEO until the business was sold in 2013. Shortly thereafter, Raj formed Convergent. Key customers for Convergent include the Department of Justice, University of Virginia and the University of Missouri. Raj has held numerous non-profit board positions and is currently the co-chair of the Family Business Forum.  

    *Not affiliated with Lincoln Financial Advisors Corp.  

    CRN 

     The content presented is for informational and educational purposes.  The information covered and posted are views and opinions of the guests and not necessarily those of Lincoln Financial Advisors Corp.   

    Michael Palumbos is a registered representative of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Family Wealth & Legacy, LLC is not an affiliate of Lincoln Financial Advisors Corp. Lincoln Financial Advisors Corp. and its representatives do not provide legal or tax advice. You may want to consult a legal or tax advisor regarding any legal or tax information as it relates to your personal circumstances. 

    • 57 min
    18. How to Avoid the Three Things Holding Most Family Businesses Back

    18. How to Avoid the Three Things Holding Most Family Businesses Back

    What you’ll learn: 

    How fear and ego stop family businesses from evolving 
    Opportunity can actually keep you from building value in your company  

    How to evolve a brand and culture without abandoning the past 
    The transforming power of internal alignment 
    Clarity and consistency can lead to exponential growth 
     

    This week’s guests: 

     


    Meghan Lynch Bio 

    CEO, Six-Point Creative* 

     

    For over 15 years, Meghan has served as expert advisor to global and national brands, from fast-casual restaurant chains to industrial manufacturers. Honors include induction into the Women Business Leaders Hall of Fame at Bay Path University, and the 2019 Enterprising Women of the Year Award. Meghan is also currently an adjunct professor in the Center for Entrepreneurial Leadership at Elms College. 

     

    Ruth Lund 

    President, the LEGACY Center* 

    Ruth Lund is the President of The LEGACY Center, a firm that considers themselves practitioners as well as consultants in the area of values-based cultural and executive development.  Ruth was part of the founding team that developed a body of work designed to assist the Legacy companies improve, grow, and protect their values-based culture as they grew and evolved over her 7-year engagement as Vice President of Organizational Development.  During her tenure, the organization successfully navigated multiple acquisitions, with each one retaining talent, clients, and productivity as they focused heavily on the cultural integration first. 

    The LEGACY Center was born in order to take the learnings and processes created in the internal organization to other businesses, non-profits, and the public sector. The response to this offering has been strong. Ruth now leads the initiative to partner with executive leaders who desire to foster sustainable, values-based organizations. 

    Ruth has over 25 years of experience in leadership, team, and cultural development in both the private and non-profit sectors and brings a passion to help executives lead with authenticity and intention.  She is a certified practitioner with the Barrett Values Centre, Giving Voice to Values (GVV), and Marshall Goldsmiths Stakeholder Centered Coaching.  A graduate from the University of Maine with a degree in Education, Ruth has channeled her background in teaching, presenting, facilitating, and coaching into powerful experiences that support the process of developing strong values-based leadership and intentional cultural development focused on Impacting Lives and Developing Leaders. 

    *Not affiliated with Lincoln Financial Advisors Corp.  

     

    CRN 

     

    The content presented is for informational and educational purposes.  The information covered and posted are views and opinions of the guests and not necessarily those of Lincoln Financial Advisors Corp.   

    Michael Palumbos is a registered representative of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Family Wealth & Legacy, LLC is not an affiliate of Lincoln Financial Advisors Corp. Lincoln Financial Advisors Corp. and its representatives do not provide legal or tax advice. You may want to consult a legal or tax advisor regarding any legal or tax information as it relates to your personal circumstances. 

    • 1 hr 3 min
    17. Family “Business” Unscripted – The Palumbos Family and Courtney Pullen

    17. Family “Business” Unscripted – The Palumbos Family and Courtney Pullen

    Listen in as industry thought leader Courtney Pullen, works with MY family live to discuss their estate plan and the planning process thus far. 

     

    What you will learn: 

     

    This week’s episode is one you won’t want to miss. I have asked Courtney Pullen to join us and work with me and my parents, Marty and Maureen Palumbos – they hesitantly agreed.  My parents and I have massaged and updated their estate plan for several years.  At a high level the plan is for a portion of their estate to be divided among their four kids, a portion to fund a family foundation and then there is a life insurance trust designed to cover the expenses for Palumbos Family Vacation (PFV) for many years after my parents pass.  They have personally funded PFV for over 20 years as a way for the family to be all together for at least one week a year. 

     

    During this year’s family meeting, it became evident that potentially not everyone wanted to continue PFV when my parents are gone – there were over 25 family members in attendance this year.  My parents are curious as to how to figure out what they should do and how do they have the conversation with the family.  They know that without a conversation PFV won’t last.  So, what’s next? 

     

    The idea here is to pull back the curtain and give you a glimpse at what good family coaching looks like.  I am removing myself from the advisory role and Courtney will be facilitating the entire conversation…we will see what happens. 

     

    Since I just learned in our 30-minute preshow call that my mother isn’t totally happy with their current estate plan, I’m a bit nervous and excited to see where this goes.  Now you know why we are calling this Family “Business” Unscripted.   

     

     

    This week’s guests: 

     

    Courtney Pullen, M.A. 

    President, Pullen Consulting Group* 

     

    Courtney Pullen M.A. is the President of the Pullen Consulting Group.  He has more than 25 years of experience in individual and family coaching, business and management consulting, leadership development, communication and team building. 

    Courtney received his graduate degree in Psychology from the University of Northern Colorado in 1983.  He was a Clinical Associate at the School of Professional Psychology at the University of Denver and an Adjunct Professor at the University of Colorado at Denver.  Courtney also spent 17 years as a Senior Consultant with Conversant Solutions a Communication and Collaboration Consulting firm to Fortune 100 Companies.  

    Courtney has lectured frequently, conducted numerous workshops and been published in the areas of individual and organizational change, behavioral finance, communication and family wealth dynamics.  He is a former contributing editor to the Journal of Financial Planning and the Journal of Practical Estate Planning and is a faculty member of the Sudden Money Institute.  He also holds Fellow status in the Purposeful Planning Institute and is a graduate of the Newfield coaching program.  

    He has spoken at regional and national conference of the Financial Planning Association (FPA), National Association of Personal Financial Advisors (NAPFA), Investment Management Consultants Association, (IMCA), and Young Presidents’ Organization (YPO), as well as estate planning symposiums and family foundation conferences. 

    His primary focus is as a consultant to financial services firms and affluent families.  He recently published, Intentional Wealth: How Families Build Legacies of Stewardship and Financial Health.  He is also on CPWA faculty at the University of Chicago Booth School of Business. 

     

    *Not affiliated with Lincoln Financial Advisors Corp.  

     

    CRN-3346680-112520 

     

    The content presented i

    • 1 hr 3 min
    16. Communication in the Family Business

    16. Communication in the Family Business

    What you will learn: 

    Why discussing the business or the wealth can be tougher than having the “Birds and Bees” talk and what happens if you don’t.  The good, the bad, and the ugly of family conflict 

    How equal and equitable can be a challenge within families and the secrets to navigating them.  Who would benefit from a facilitated family meeting and why? 
     

    This week’s guests:
    Susan Schoenfeld* 


    Susan R. Schoenfeld, JD, LL.M. (Taxation), CPA, MBA, is CEO and founder of Wealth Legacy Advisors LLC. She is an award-winning Thought Leader to families of wealth, and Public Speaker to the financial services industry who serve them — or want to! — on the human issues that keep families of wealth up at night: legacy, governance, stewardship, succession, philanthropy, and managing fiduciary risk. 

    Based in New York City, Susan is a self-described “recovering” Attorney and CPA with deep experience as an advisor to families and family offices on the human issues of wealth, including generational legacy and wealth transfer. After leaving Trusts & Estates law, she ran the trust administration department for 14 years at a white-shoe ultra-high net worth trust company, and then was Family Ambassador for a $600 million single family office. Susan’s passion is helping families — and their provider organizations — with the tools to take them to their full potential. 

     

     

    Jane Beddall* 

    After working as a mediator and attorney for a number of years, Jane Beddall founded Dovetail Resolutions, LLC in 2006 to provide mediation services to help parties in conflict reach resolutions tailored to their interests. Her specific focus now is work as a family business mediator and family wealth mediator. 

    In 2014, Ms. Beddall was honored as a recipient of The Honorable Robert C. Zampano Award for Excellence in Mediation. Community Mediation, Inc. created the award in 1993 in honor of U.S. District Court Judge Robert C. Zampano, a pioneer in mediation and alternative dispute resolution. The award recognizes and celebrates leadership, initiative, and creativity in mediation in Connecticut. 

    Ms. Beddall served as Co-Chair of the Connecticut Bar Association Alternative Dispute Resolution Section for the 2013-2014 bar year. 

    In April 2012, she was elected President of the New England Chapter of the Association for Conflict Resolution and served a one-year term. She was elected to the Board in 2010; in 2011 and 2013, she was elected Secretary of the organization. 

     

    *Not affiliated with Lincoln Financial Advisors Corp.  

    CRN-3346677-112520 

    The content presented is for informational and educational purposes.  The information covered and posted are views and opinions of the guests and not necessarily those of Lincoln Financial Advisors Corp.   

    Michael Palumbos is a registered representative of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer (member SIPC) and registered investment advisor. Insurance offered through Lincoln affiliates and other fine companies. Family Wealth & Legacy, LLC is not an affiliate of Lincoln Financial Advisors Corp. Lincoln Financial Advisors Corp. and its representatives do not provide legal or tax advice. You may want to consult a legal or tax advisor regarding any legal or tax information as it relates to your personal circumstances. 

    • 1 hr 12 min
    15. The “Hot and Cold” of two Family Businesses with Ray Isaac and Anthony Daniele

    15. The “Hot and Cold” of two Family Businesses with Ray Isaac and Anthony Daniele

    What you’ll learn: 

    How Isaac Heating and Air Conditioning has successfully transitioned into the third generation.  How the Daniele Family manages businesses in two very different states.  What their vision for success is when it comes to family and their employees.  What advice a third generation company would give to a second generation (G2) company with hopes of successfully transferring the family business to generation three (G3) 

     
     

    This week’s guests: 


    Ray Isaac - 3rd Generation President, Isaac Heating & Air Conditioning, Inc.* 

    Ray Isaac is President and Co-Owner of Isaac Heating & Air Conditioning Inc., a third-generation full service Mechanical Contractor headquartered in Rochester, NY. Ray and his three brothers are partners in the business started by their grandfather, George T. Isaac in 1945, and have grown the organization to one of the premier employers in New York State.   

    Isaac Heating & Air Conditioning has been selected as a Rochester Top 100 Company seven times in the past 10 years, is a two-time recipient of the Better Business Bureau Torch Award, is a Rochester Business Ethics honoree, and was selected as the Residential Contractor of The Year by Contracting Business Magazine.  

    Ray and his father Jim are 2019 selections to the Rochester Business Hall of Fame. 

    Isaac Heating & Air Conditioning is the facilitator of Isaac Tec, a 4-year accredited training and education program, the only such program held by a Contractor. Through Isaac Tec, conducted at the wholly owned Isaac Technical and Education Center, Isaac is transforming the future of education in the skilled trades. 

    On a personal side, Ray’s charitable work has included service as President of the Small Business Council of Greater Rochester, Chairman of The Heritage Christian Services Foundation Board, Vice President of Rochester Rotary, and a member of the St. John Fisher College Deans Advisory Council, among others. 

    Ray was the National Chairman of the Air Conditioning Contractors of America (ACCA) in 2008, NATE National Chairman of the Board from 2008 – 2011 and is currently on the board of IE3. 

    Ray has been married to his wife Erica for 25 years and has two sons, Cameron 22 and Zachary 15. 

     

    Anthony Daniele - 2nd Generation President, Daniele Family Companies* 

    Anthony Daniele is Co-President of Daniele Family Companies, a second-generation full service management and development company headquartered in Rochester, NY. Anthony and his brother are partners in the business started by their parents, Mario and Flora in 1969.  Today the company has grown from a single restaurant to a conglomerate of operating businesses and real estate development projects, ranging from Upstate, New York to DelRay Beach, Florida.  Some of the family business holdings include Mario’s Italian Restaurant, Bazil and Crab Shack Restaurant, the Royal Car Wash and Southpoint Marina. With the help of his father and brother, Anthony manages a staff of over 180 employees and has cultivated a very successful business. 

    Anthony is a life-long Pittsford resident and is a graduate from Pittsford Sutherland High School. He attended Auburn University where he earned his bachelor’s degree in International Business. Professionally, he is also very active within his community having served as a two-term County Legislator, a member of the Friends of the Pittsford Library, a board member of his church and he is a director of the Anthony Funeral Homes Board of Advisors.  

    Anthony and his wife Erin have three children, Lauren, Michael, and Bridget. The Daniele’s attend St. Louis Church, in Pittsford. 

    CRN-3346673-112520 

    *Not affiliated with Lincoln Financial Advisors Corp.  

    The content presented is for informatio

    • 59 min
    13. Is Your Buy Sell Agreement Any Good?

    13. Is Your Buy Sell Agreement Any Good?

    During this episode we will be focused on the following topics: 

    Horror stories of buy sell agreements that failed the family and the business.  Why using valuation formulas is a fool’s errand.  4 of the most significant issues with buy sell agreements, which ones are in yours?  The critical steps you must follow before signing a buy sell agreement.  

    Why fundamental fairness is so important in a buy sell agreement? 
     

    This week’s guests: 

    Don Parkhill, JD** 


    Bluestone Wealth Partners 

    After graduating from law school in 1983, Don started working and advising business owners when he worked for the “Big Eight” accounting firm, Price Waterhouse. He later joined a law firm in Columbus, Ohio that specialized in working with closely held business owners. 

    Don was instrumental in helping clients protect and plan for their families, the future of their business interests and the transition of the business and the family wealth. Much of the success of the planning was a result of collaborating with clients’ other advisors, often the financial planner and CPA. This included developing and implementing transition strategies and working with the IRS to obtain private letter rulings. 

    Don inherited his father’s entrepreneurial spirit and left the practice of law to acquire his own business. He purchased several insurance agencies and later merged those with a larger firm, while continuing to do comprehensive financial planning for business owners. 

    He joined Lincoln Financial Advisors in 2000 and continues to help successful business owners plan for their future, their family and their legacy. With 35 years of experience and an excellent team, he helps his clients create a financial roadmap distinctive to their vision, by listening and learning what is important to them and who they care about. 

    Don has been active in numerous civic, philanthropic and professional organizations over his professional career. He has attended many national conferences, including The Institute for Preparing Heirs and the Notre Dame Tax and Estate Planning Institute, all of which discuss ideas to help the successful business owner protect, grow and transition family wealth. 

    Don and his wife, Sheila, live in Westerville. They have a daughter, Annie, and a son, David. When not working, you may find Don traveling with his family or driving the back roads of Ohio with Sheila. 

    A 1980 graduate of The Ohio State University, Don received his Bachelor of Science degree in Business Administration. 

    Don Parkhill is a registered representative of Lincoln Financial Advisors.  Bluestone Wealth Partners is not an affiliate of Lincoln Financial Advisors Corp.   

    *Licensed, not practicing.  

     

    Paul Hood, Jr., JD, LL.M, CFRE, FCEP 

    Paul Hood Services* 

    A native of Louisiana (and a double LSU Tiger), Paul Hood obtained his undergraduate and law degrees from Louisiana State University and an LL.M. in taxation from Georgetown University Law Center before settling down to practice tax and estate planning law in the New Orleans area. Paul has taught at the University of New Orleans, Northeastern University, The University of Toledo College of Law and Ohio Northern University Pettit College of Law. Paul has authored or co-authored seven books and over 500 professional articles on estate, charitable and tax planning and business valuation. A frequent contributor to Leimberg Information Services since its inception, Paul is a highly sought after speaker and consultant because of his innate ability to see through the complexity and explain difficult and even boring subjects in understandable and entertaining language and mince no words in doing so. Along the way, Paul’s been a father, husband, lawyer, trustee, director, president, partner, trust p

    • 1 hr 2 min

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