Which One Is More Appropriate in a FamBiz?

During a recent board meeting for a local charity, the Executive Director asked us for guidance around a situation that was troubling her. The answer I gave her reminded me of advice my Dad shared with me decades ago.

Since Dad was the first Family Business owner I ever knew, and still the one upon whose wisdom I typically rely most, this incident provided a nice opportunity to share it here.

While Dad didn’t have a specific FamBiz application, because he concentrated on his own business, I do think about other people’s businesses, so I will adapt it to that situation.

 

Pandemic Safety or Easy Cash

The non-profit on whose board I serve has a large hall we rent out on occasion. Since our province has been on “essential services only” lockdown, that rental income really dried up.

Our government has allowed TV and Film production to qualify as essential, which, while being a bit of a headscratcher, became and opportunity for us.

We were approached by production crews to rent our hall for their people to take breaks and have their meals.

“Should we accept these rentals?”, was the question from our E.D.  “With so many government regulations because of our food bank, maybe we should ask first.

“How much do these rentals pay?”, came the first question.

 

Some Things Are “No-Brainers”

When I heard the answer, which was a decent sum, I replied that it was better to go ahead and do it, and ask for forgiveness later, if we got into trouble.

It seemed inadvisable to me to wait and ask for permission first. And that brought back memories from my father.

With Dad, it was typically when he wanted to build something that might require a permit.  He would “play dumb” and go ahead and build, figuring that asking for permission would cause undue delay and possible extra costs.

In our charity example, it was a no-brainer.

But what about in a family business, when you’re a rising generation “future leader”, does this advice also work?

 

All About Seizing Opportunities to Lead

There’s a plethora of potential examples that cover a wide swath of situations where this could apply, and the answer will of course vary depending on the context.

The message I want share here is that when there’s a doubt, oftentimes making the leap, and taking action, will be perceived as the better option.

When I work with different generations of a business family, I notice that some rising generation family members will defer to their elders on too many decisions, for far too long.

Yes, I understand the attitude of “But if I screw up, Dad will be mad”; been there, done that.

 

Act as If I Weren’t Here; What Would You Do?

As I wrote those words, I actually had a flashback to the 1980’s, when I once asked for Dad’s direction on a decision.  I don’t recall any details, but I do distinctly remember his words.

                     “What would you do if I wasn’t here?”

Interesting, I thought. And from that point on, for issues and decisions that were not critical, and for which a timely response was important, I began to make more of the decisions in my sphere of influence than previously.

Naturally it was better for both of us that way.

And, importantly, this began an ever-increasing responsibility load that I was able to successfully take on for myself. Another Win-Win.

 

They’re Probably Secretly Waiting for It

There are certainly some exceptions, but for the most part, parents are actually pleased, relieved, and proud when their offspring are able to take on more important roles, responsibilities, and decisions.

They’ll usually forgive you if you make a mistake, too.

Asking for permission on too many minor questions, for too long, is only going to delay the important transitions of knowledge, experience, and decision-making that are key to making a family business succession successful.

 

A Gradual, Iterative Process (Like So Many Others)

These transitions are a long time in the making, and tend to evolve gradually. They’re also iterative, meaning that you do something, learn from it, maybe take a step back, evaluate, and try again.

Over time, you make progress in the desired direction

Eventually, because a family is truly interdependent, especially over the long term, you may get to the point where you resemble a family discussed in Asking for Permission in a Family Business.

Eventually, the shoe gets to be on the other foot!

 

Different Things Drive Different People

It’s fascinating the things one can learn by listening to “real people” talking about their lived experiences.  Too often our learning comes from reading more theoretical ideas that, even though they come from smart people, can lack in true substance.

In some other instances we may spend time with colleagues or other peers, exchanging stories, ideas, and learnings, but those too sometimes lack the “oomph” that we can get when we have the chance to hear from those who are actually in the middle of living through an experience.

So when I recently had the opportunity to listen to a panel of rising generation members of local family enterprises share their stories, I was all ears.


Sharing Viewpoints On What We Heard

Of course I absolutely love opportunities to share with peers too, and when that sharing follows a panel of real-world experience sharing, it’s the best of both worlds.

And therein lies the genesis of this week’s post: comments about this panel of young people assuming important roles in businesses owned and run by earlier generations of their families.

One member of our group marvelled at the “thirst for knowledge” that all the panelists shared.  “Hmmm… she’s right”, I thought, as I reflected on what I’d heard.

It was true that each of the three panelists did seem to share that part of their journey involved wanting to always learn more and more and finding a variety of ways to continue that path.

But is a thirst for learning enough, I wondered.

Thirst for Knowledge VS. Hunger for Growth

Just a couple of weeks ago, in Sibling Compatibility Is Not Sufficient, we looked at how important it is that those expecting to take over the reins of any family business be competent, and not simply know how to get along well with each other.

Inherent in that competence, at least in my mind, is a willingness to take risks in order to continue to grow the business.

And another way to express that could be to talk about one’s hunger.

So when my colleague noted the thirst for knowledge that we had witnessed during the panel, my mind went to hunger. (Okay, it was also getting close to lunch time).

One Without the Other Is Asking for Trouble

So when we think about the attributes we’d like to see in rising generation family members who will someday take on key roles in the family enterprise, ideally they will have both a thirst for knowledge and a hunger for growth.

Let’s look at what you’d have if you only had one, without the other.

If you have the thirst for knowledge, you’ll have people who are curious and always wanting to learn more. There’s nothing wrong with that, of course. But, without at least some hunger to drive them to take risks, they could easily succumb to “analysis paralysis” that could certainly lead to stagnation.

On the other hand, if all you have is someone willing to take risks, but without the curiosity and desire to inform themselves in advance, you could have a lot of reckless behaviour that could quickly sink the business too.

A Look in the Mirror for Me

When I do some self-reflection, I realize that one of those situations I just described actually fits me pretty well.

Whenever I do any kind of assessment like Strengthfinder, I always score very high on “learning”.  I’m constantly looking for any opportunity to learn more.

But if I were to assess my willingness to bear risk, I’d score at the other end of the scale.

I’m guessing that deep down inside, when my father decided to sell the operations of our family business, that he had started before I was born, he also realized that handing the reins to me might not work out as well as he might have originally hoped.

No Regrets and Back in the Family Business Game

As his only son, I recall from my earliest days being told that my duty was to eventually take over the business from him.

And for the first four and a half decades of my life, that was the direction I took.

Now that I am back in the family business game, working with other families, my goal is to not have any family members need to take so long to find their rightful place.

There is room for the thirsty and the hungry, and both, in every family.

University of Vermont Case Competition

Every January for the last several years, the college town of Burlington Vermont has become the center of attention for people from around the globe.

Okay, so maybe it isn’t (yet) a worldwide phenomenon, but, for students learning about Family Enterprise, this is the one place that hosts the annual Schlesinger Global Family Enterprise Case Competition (SG-FECC).

The University of Vermont (UVM) has been doing this for a few years (this was the 8th edition) and they have it down to a science.

This year it was held virtually, for reasons that don’t require much explanation, and that could have caused all sorts of challenges (and likely did) but you never would’ve noticed.

 

An Impressive Bunch of Young Leaders

The second part of my title references a movie featuring one of my favourite rock bands of my childhood, The Who, so perhaps I’m dating myself here.

But I really wanted to properly frame the “A-Ha moment” that I had this year, similar to the one I’ve had every time I’ve participated as a judge. If I’m not mistaken, this was my 6th time.

You may think that I’m talking about the competitors, who come from schools all over the world, every year.  And you’d be right, the students who compete in the Case Competition have impressed me every year.

 

It’s really nice to see the social aspect of the competition when it’s done in person, noticing that some of these undergraduate and graduate students are seeing snow for the first time in their lives.

 

A Huge Volunteer Undertaking by UVM Students

But it’s much bigger than just the competitors, it’s the entire organizing committee, which is composed of a few dozen students, who take care of everything from A to Z.

Yes, they are led by a few paid “adults” who work for UVM in various capacities, all of whom fall under the watchful eye of the brainchild and fearless leader of this project since Day 1, Pramodita Sharma.

But what impresses me every year is just how mature, competent, professional and diligent these young people are, and what they’re able to pull off, with only minimal supervision.

What they do have is structure and people who have done the job in previous years.

Come to think of it, this is a lot like many family businesses, and that’s where we’ll turn now.

 

Motivated and Aligned Young People

The young people of today, who many label as Generation Z, are so impressive to me, in so many ways.

I know that many business families can be hesitant to incorporate these youngsters into important roles, but from my vantage point, many of them are way more ready than the young 20-somethings of decades past.

They also benefit from having grown up with the latest technology, and with school systems that do a much better job of giving them practice at working together on projects from a young age.

Many also seem to be much better than their elders at harnessing the collective wisdom of the groups to which they belong.

They typically have plenty of motivation, so if you already have some structure and some vision, they can often handle way more than you might expect. 

 

Great Examples Abound

The recent Presidential Inauguration gave us another great display, as Amanda Gorman, a 22-year-old Poet Laureate knocked my socks off with her poem.

My own kids are 19 and 21, and I see so much promise in them and their friends too.  I see it in my clients’ rising generations and at SG-FECC every year too.

With the recent passing of Hank Aaron, I happened to hear his Baseball Hall of Fame speech, in which he said “A man’s ability is limited only by his lack of opportunity”

Amen.

 

Many Winners, Especially Wilfrid-Laurier and ESADE

There were many winners at SG-FECC this year, especially those from Wilfrid-Laurier University (Canada), who won the undergraduate competition, and ESADE (Spain) who took top spot in the graduate category.

I look forward to being back in Burlington for the next “in person” version, whenever that is possible.

Meantime, like so many other areas of life these past few months, we’re all adapting and realizing how much we can all still accomplish even in these sub-optimal conditions.

And with these promising young people taking on bigger roles all the time, the future is bright.

 

 

 

Family Harmony Is Very Important, But…

One subject that I harp on a lot is family harmony and making sure that everyone gets along together.  

This is important for families who want to ensure that the business they built, or the wealth they’ve accumulated, will be able to continue after the next intergenerational transition.

And while harmony really is something that families need to work on if they don’t already have it, in many cases it will not be sufficient.

I came across something recently that made me think about this and how I may not have been doing justice to some other key considerations in this space.

This week, I want to address a couple of them here.

 

If You Aren’t Growing, You’re Shrinking

The first thing many families ignore at their peril is the importance of competence.  

Of course this can take many forms, but bottom line, if no family members are competent in managing the business or the wealth, dissipation will often be the result.

I’ve noticed a lot more being written in this field about the importance of having an entrepreneurial spirit in families, so that with each generation, there is some renewal of activity to maintain and hopefully grow the family wealth.

In cases where there isn’t anyone with the inspiration and ability to at the very least maintain the family wealth level, some choices around how to manage things and what the next generation family members can expect to pass on to their offspring will need to be made.

If you just take a look at how many households are being supported by a business in the first generation, and then extend that down even two generations further, the geometric expansion in that number will be difficult to match without an equally rapid progression of the family’s wealth.

So if all you have is “one big happy family”, but nobody willing and able to drive the amount of wealth forward, it becomes a matter of time before dissipation will kick in.

 

Complementary Roles for Family Members

Besides competence, another area that becomes important in many families is the existence of complementary skills in the sibling or cousin group who will be taking on leadership roles after the next generational transition.

If everyone is good at the same thing, and there are areas where nobody has any skill or desire to take on leadership, there could problems.

Having too many cooks can cause unneeded conflicts, and having skill gaps can lead to being blindsided in certain areas.

Of course when a family attains a certain wealth level there are some benefits that are easy to see, such as having an ability to find roles for just about any interested and motivated family member.

And when they have skill gaps, a family with enough resources can typically hire outsiders to fill such roles.

 

Competent + Compatible = Complementary

As I was writing this I got to thinking that maybe complementarity is the intersection of competence and compatibility. Let’s work through this and see if it holds up.

If you have people who are competent, i.e. good at something, and then you get to the point where the group of people get along, i.e. are compatible, can you not then ascertain that they are complementary?

It feels almost like this fits with one of my favourite ways of pointing out synergy, which is to say that “One Plus One Equals Three”.

Earlier I mentioned the geometric growth of the family and now I just opined on synergy, I guess this is a good place to link to The Exponential Magic of Family Collaboration.

 

So Strive for a Complementary Team

This may be a stretch, but perhaps either competence or compatibility are scalar, while putting them together gives you complementarity, which is a vector quantity.

I just flashed back to my High School Physics class there, and since that was over 40 years ago, I admit that I needed to Google this to get the terms right.

As Mr. Henry used to say, “velocity is speed with a direction”.

So if you strive for a complementary team in your sibling or cousin group, you’ll be able to combine everyone’s ability to get along with a direction and a purpose.

This isn’t to be confused with complimentary, although if they also develop the habit of saying nice things to each other, that’s OK too!

It’s More Than Just About Family and Business

There are some subjects I cover pretty often in these blogs, because much of the work I do revolves around areas where families have predictable challenges that I try to help them work through.

Regular readers know that I’ll often return to such staples as communication, governance, family meetings, harmony and working together.

Well lately I’ve been seeing and hearing much more about the subject of ownership, so that’s where we’ll turn now.

 

The Forgotten Circle?

I can’t believe it’s been over three years since I wrote Ownership: The Forgotten Circle of Family Business. I guess that at that time I was noting an absence of discussion on this topic, so it seems that may no longer be the case.

A few months before that, I penned Pruning the FamBiz Ownership Tree, in which we looked at the issues that arise over generations where ownership of a business ends up coming down to family branches with different involvement in the business, and how those issues need to be dealt with somehow.

But today I want to look at a specific area around ownership, and that is the way that the feeling of ownership is so important for families to recognize, if they are expecting their following generations to maintain their family legacy.

 

The Ownership – Legacy Connection

I typically make one similar assumption when I begin working with any family, which I normally end up validating early on. That assumption is that the leading generation of the family, the ones I sometimes label the “NowGen”, have at least some interest in creating a lasting legacy.

Those words mean different things to different people, so let’s look at this more. For me, a lasting legacy is one where even after the NowGen has left this earth, there is some continuity of what that generation built, grew, and/or stewarded, by the “NextGen”.

Let’s look at the opposite of that, which sometimes occurs, and which is also fine if that’s what makes the most sense for that family.

If the family wealth is to be split among the descendants and then they will all each go their own way, then there will be little or no legacy left.

In most families in what some call the 99%, this is standard practice.

 

That Feeling of Ownership

When a family attains a certain level of wealth, the idea of maintaining some sort of legacy will often come up.

Such families will then typically consult a number of professionals who are experts in the area of protecting that wealth so that it may then be preserved for future generations of the family.

One of the details that gets dealt with at that time is the ownership of the assets that make up the financial wealth, and this is where some important considerations sometimes get lost along the way.

“Family specialists” like me who work with the family members on how they will govern the family wealth often walk into situations after most or all of the ownership details have been cast in concrete.

And in situations like that, we typically note that there were some opportunities to make the future owners actually feel like owners.

 

Just Trust Me On This, Kids

Of course when the offspring are still children, it is normal for their parents to make important decisions for them. The problem comes up when those children become adults, and yet their parents continue to treat them as children.

I always encourage parents to work on having adult-to-adult relationships with their offspring, because a “one-up, one-down” framing can be crippling to the development of the rising generation.

Growing up in my family, I had legal papers put in front of me and was told to just “trust me, sign this”, and many others went through the same thing too.

 

Feeling Like You Actually Own It

Getting back to those experts who prepared legal documents about the wealth, they understand the differences between legal ownership and beneficial ownership for assets in a trust, and my point here is that at some point those beneficiaries need to have this explained to them as well.

Who will share ownership of what, and when those changes are expected to happen are also key.

To preserve a family’s legacy, feeling like you own it cannot be overlooked.

If the debate is to share this information now or later, my advice is that sooner is always better.

 

This week we’re going to go over some old ground, and cover some things that are brand new to this space.

There’s an “A-Ha Moment” involved, as well as a new way to attack an old problem.  

One thing most regular readers will recognize is that we’re once again visiting the wonderful world of “family governance”.


Never Start with a Constitution

Let’s set up the family governance part off the top.  Back in 2018, in Behind the Flawed Family Constitution we talked about the fact that for some reason, having a “Family Constitution” had become a really cool thing that families thought they needed.

Or at least, there seemed to be renewed interest in such a deliverable, likely caused by some professionals who discovered the idea of possibly selling this idea to their family clients.

I’ve also since met with families who’ve come to believe that a family constitution could be an appropriate thing for their family, and I usually try to get them to back away from the idea, once I realize that they’re still very early in their family governance’s evolution.

 

Start Small, Let It Evolve

I’ve tried making this point in various ways over the years, with families as well as with other advisors who are a bit newer to the area of getting families they work with on a proper path to governance.

Then recently, form an unexpected place, I got the killer line I think I’ve been looking for to seal the deal.

I was watching a WBECS coaching webinar recently, where David Burkus was talking about working with teams in businesses and other organizations in work situations.

A big part of such teams’ success stems from getting to the point where they understand the value of teamwork. Then he said the magic words.

“I want them to make a Declaration of Interdependence”. 

It hit me right between the eyes.

Why Didn’t I Think of That?

You see, back in 2015, I wrote a blog titled Independently Wealthy VS INTERdependently Wealthy, in which I first shared this notion about families being interdependent.

And, as most of you hopefully already know, in 2019, I published my second book, which happens to bear the title Interdependent Wealth.

But I had never thought about using it in an expression like “Declaration of Interdependence”.  But of course that ends now.  

And a little bit of knowledge of U.S. history also leads to a way to use it in the context of families, especially when they think they might want a family constitution.

 

A Time Lag of Measured in Years

Even though I’ve lived my whole life in Canada, it’s all been spent within an hour’s drive of the U.S. border, and there’s been a constant American cultural barrage, first over the TV airwaves and more recently over the internet, that most Canadians have become quite used to.

So I know that the U.S. Declaration of Independence was signed on July 4, 1776.  

I also hear about the U.S. Constitution on a regular basis, especially since I’m kind of a politics junkie.

I admit I had to Google the date of the Constitution, because it’s less well known. It was signed in 1787 and then had to be ratified by the 13 states, which took another few years.

 

The Family Governance Version

So now, whenever anyone talks about a family adopting a constitution, I’ll ask when they signed their declaration of interdependence.

Now, I need to clarify how I look at this, but it’s certainly not far fetched.

You see, while the U.S. was declaring itself independent from Great Britain in 1776, whether they admitted it to themselves at the time or not, they were simultaneously declaring themselves interdependent with each other.

And that’s the most important part for any family to realize.

 

Families and Wealth – Intention and Commitment

When I work with a family it’s usually understood that they have twin goals of keeping both their wealth and their family together through the generations.

That work takes some intention and commitment, because, as I love to remind them, that stuff doesn’t just happen all by itself.

This is where all the governance stuff comes in, along with working on engagement, alignment, and clarity.

And while some families will end up with a Family Constitution, eventually, there are more important things to take care of first.

Understanding and accepting that all family members, from all generations, are truly interdependent, is the first key step.

Surprising Word Choice Proves Revealing

Regular readers know about my penchant for word play and finding lessons in unexpected places thanks to vocabulary, grammar, and translation issues.

If that kind of blog is up your alley, you should enjoy this one since there’s some of each of those on tap this week…

A few months back in Social Capital in the FamBiz World we looked at the human need for connection

Since then I’ve realized the importance that social interaction plays in my life, and I’ve also developed a new level of gratitude for the social capital that I enjoy.

 

Joining Yet Another Group

I’m a member of a number of groups, mostly with peers, that get together over Zoom from time to time for various forms of discussion and interaction.

Most of them actually pre-date this pandemic, so I feel like I had a head start on many people in learning to get the most out of this way of meeting.

I recently joined a new group, and one of the first meetings we had was the source of inspiration for this week’s post.

Unlike all my other groups, this one conducts its business in French, which is my second language, but being a lifelong Montrealer, I’m sufficiently fluent, and I speak it both professionally and socially on a daily basis.

 

Colleagues Learning from Colleagues

Our facilitator, Jessica, was setting up a discussion and at one point I thought I knew what she was about to say but then she went in a different direction and it threw me off a bit.

We were talking about choosing the kinds of things advisors might decide to specialize their practices in, and as she was listing ways to make such choices she began to mention “Dans quoi on est…” which translates literally to “In which one is…”

My mind jumped ahead and filled in “bon”, which is French for “good”.

Of course, we want to choose to do things that we are good at, right?

But then, instead of saying “bon”, she said “bien”, which means “well”.

 

There’s a Lesson (or Two) in There

Jessica was making the point that we should concentrate on doing things that we’re “well” at, or, as a better translator might say, things that make us feel well.

Could she be on to something, suggesting that things we can feel good about doing and that make us feel well and good is even more important than concentrating on things that we are good at, i.e that we execute well?

And although we were sharing ideas amongst advisors to family enterprises, what are the implications of such a “discovery” for the members of the families we work with?

Couple relaxing on bed

Doing Versus Being

This is all about the difference between “doing” and “being”, which are two really different yet related ways of looking at oneself. 

And, interestingly, the way they interrelate evolves over time. The more you practice doing something, the more it becomes part of who you are.

Of course this also brought back memories of a piece I wrote last year, Ikigai: a Four Circle Model of Human Capital

That was about finding the true sweet spot of things we do well, things we like to do, things the world needs, and things we can get paid to do.

 

Examples for Legacy Families

While reflecting on these questions is important for professionals who work with families, they can take on even more significance for members of those families.

And, they give rise to another aspect of belonging to such a family, as I noted earlier this year in Where Do You FIT in your Business Family?

I think it’s interesting that I noted at the beginning of this piece the importance of social interaction in my life, as I continue to figure out where I fit in this wonderful world of working with enterprising families.

 

Feeling Well and Doing Good

Being part of this evolving field and making whatever contributions I can makes me feel good and I think that I’m doing a decent job.

Members of legacy families can often minimize the importance of finding activities for which they get paid, by virtue of the fact that they may have other assets off which they can live.

When I work with families, part of what I’m hoping I can help them achieve is that each person can do some good for the family while also feeling good about their place within the group.

That’s often way more important than money.

Wordplay Rears Its Head Once More

Regular readers will recognize my penchant for engaging in interesting wordplay in this space whenever the opportunity presents itself.

Thanks for indulging me once again.

There’ll even be a “sidebar” bonus, because last week I didn’t have space to include another tidbit that fits into this category, and I hate to let a juicy bit of trivia slip by. 

 

A Client’s Defiant Daughter

This one begins with a coaching client of mine who was sharing a personal story with me (as clients typically do) about his daughter.

The young woman was being defiant, and they each stood their ground.  I’ll spare you the details of what happened for privacy reasons and since it’s still a work in progress (what isn’t?).

Let’s just say that her defiance became a focus of our discussion together.

It was funny because during our previous call, before a bit of a summer break, he was pleased with some of the progress he’d been making in his relationship with her.

I’d even given him some ideas around allowing her to choose the ways that she participated in certain family projects, rather than having Dad point her in the directions he preferred.

 

Playing the Translation Game

Neither of us actually used the word “defiant”, but it was certainly an adjective that could have applied to what he was relaying to me.

A few days later, when the word defiant came up, during a meditation recording of all places, a bell rang in my head (I mean a proverbial bell here, not the one that ended the meditation).

I thought of the noun, “defy” and a close and related French word, “défi”.

The English translation of the word “défi”, is challenge.

Ding, ding, ding.

 

If the Defiant One Challenges You….

So how should you react when a defiant one challenges you?

Inspired by “fighting fire with fire”, my conclusion is to challenge them back.

It isn’t even that far off from where I had him exploring with her a while back, letting her choose her own way to be involved.

Maybe all we need to add is a bit of a challenge to it, to encourage her to not only make it her own, but to really make the most of it and outdo herself.

 

Translation Sidebar

Last week, in Stuck in the Mud? Don’t Wait for “MayDay”, it pained me to not have space to include some more “bilingual trivia”.

Did you know that “MayDay” actually comes from the French “M’aider” (roughly “help me”)?

Likewise, the term “Pan Pan” that was also featured last week, also comes from the French “panne”, which is roughly a “breakdown” for example regarding one’s car (“mon auto est en panne”).

Hats off to any creatives who thought the “pan” in Pan Pan was about being in the pan just before going into the fire of “MayDay”. 

End sidebar.

What Do the Defiant Want?

Let’s get back to the matter at hand, i.e. finding appropriate ways to handle family members who are defiant.

First off, it may be worth taking a moment to think back to how we might have handled situations when we were their age.

This spring when many people had young adults return home unexpectedly, many of us got to live a situation that had both positives and negatives.

When my wife was less than thrilled with the reactions of our two homebound college students, I quickly reminded her that if I had been forced back home at their age, I might be a bit churlish too.

 

I’m Impressed. Please Continue.

I’ve shared with anyone who will listen how impressed I am with today’s young people. I’m hopeful for the future of our world, largely because I have faith in our young people to do a better job than those who are running things now.

For those of you who agree, and who are lucky enough to have young adults in your family, I think you should share that feeling with them.

“I’m Impressed” is something most people enjoy hearing.

“Please continue” to impress me, might just be the kind of challenge that will keep them moving forward.

It seems like something worth trying, and is clearly a Win-Win.

And it sure beats trying to deal with constant defiance.

There’s energy in defiance, and if you can harness it like a martial artist, maybe you can even make it work for you.

New Perspectives on a Flashback Memory 

In the summer I love being at my cottage, and when here, one of my preferred spots is on my kayak, hoping to spot some bald eagles while paddling around the Chockpish River. 

See: From Upstream to Downstream in the FamBiz

This week I ventured to a part of the river near the first cottage we stayed in here, years ago, and it created a flashback to a memory that part of me prefers to forget.

As I casually related that story to my coach, Melissa, this week, we ended up in some new territory that makes me want to share it here now. 

 


Just a Trip to the Beach

It was a nice day for a trip to the beach, which, depending on the mode of transport, is either a five-minute drive by car, or a twenty-minute paddle by kayak.

So Mom and our daughter were going to drive and my son and I were going to take the scenic route via the water.

I had one “Walkie-Talkie” and my wife had the other, just in case.

“OK, bye, see you there in a few minutes”.  Not so fast…

 

Boat Safety Training Comes in Handy

My wife grew up on a river with power boats, and we’ve taken our share of boating courses, many years ago. One part of the training included using a VHF radio to communicate and to signal distress

(The protocols on the water and for aircraft are similar if not identical.)

The Chockpish river is not deep, and in places you can run aground, even in a kayak, but there was another danger lurking beneath the surface.

My preteen son (at the time) got into the small kayak and I pushed mine into deep enough water to get going, and was then going to board (mine is a “sit-on-top” model).

Off we go, except…

 

Did I Tell You About the Moose?

Our neighbour, Doris, had recently recounted a sad story about a moose who “got stuck in the mud, and died” in the river, because she (the moose) couldn’t get out.

That story came to the forefront of my mind, as I too, began to sink into the mud as I tried to board my kayak.

With my son waiting, “patiently”, for us to depart, Dad kept getting in deeper and deeper. This was NOT going as planned.

Did Doris mention that the moose had a heart attack trying to get out? I wasn’t sure anymore.

I was slowly but surely reaching panic mode.

 

Asking for Help, Before It Gets Critical

I remembered the Walkie-Talkie, and I remembered my radio training. We’re all familiar with “MayDay” as a distress call, when it’s a matter of life and death.

Fewer people know that there’s another signal to call out, before things get that far, but I knew it was time to use it.

I turned on the Walkie-Talkie and said “Pan Pan”.

           “Pan Pan, I’m stuck in the mud, and I think I need help”

My wife knew that this was not a joke and that I needed help, and she turned around and came back to help.

The rest of the story is thankfully uneventful, because after seeing her, I calmed down, which helped me stop sinking deeper, and I eventually extricated myself, on my own.

 

Lessons Learned when Stuck in Real Mud

I hope you never get to the point where you’re literally hip deep in the mud, even in shallow water.

  1. Don’t wait until it’s “life and death” before asking for help.
  2. Know how to ask for the right help, and from whom.
  3. Remaining calm will almost always be helpful.
  4. The presence of a helper is beneficial, even if they aren’t the ones who pull you out.

 

Lessons that Families Can Use

  1. Don’t wait until it’s “life and death” before asking for help.
  2. Know how to ask for the right help, and from whom.
  3. Remaining calm will almost always be helpful.
  4. The presence of a helper is beneficial, even if they aren’t the ones who pull you out.

 

Did You See What I Did There?

I probably could have made this point without the repetition, but I wanted it to be “in your face”.

Families get “stuck”, and they know things won’t magically solve themselves.

It’s OK to ask for help, you’ll be glad you did.

 

Invitation:

Send me an email with “Pan Pan” in the subject line, and I’ll offer you two complimentary one-hour coaching sessions.

Preparing for an Important Family Voyage

Regular readers know that I have a certain penchant for metaphors, so this week’s blog post won’t be too much of a surprise.

Having previously shared my frustrations with what people who do my kind of work should call ourselves, (eg. “No Dad, Coaching Is NOT ‘Helping Losers’”) we’re back here once again, if only to demonstrate that we’re no closer to a resolution.

But let’s just say that the word “guidance” has always had a nice ring to it for me, so this week we’ll be talking about the value of a good tour guide.

And since families who own assets together have embarked on a long voyage together, I hope you’ll agree that my metaphor is apt.

 


 

“Coaching” Continues to Grow, Including On Me

It has taken me a few years, but the idea of referring to myself as a “coach”, first and foremost, is growing on me all the time. 

It probably has to do with the maturity of the industry and the fact that I recently completed my long delayed coaching certification process.

That process included many interactions with lots of different coaches who ply their talents and expertise is a vast array of fields.

Very few of them specialize in working with families who are either in business together or who own significant assets together.

This really is a niche inside a niche.

 

A Good Coach Can Help Anyone

It is true that a good coach can help anyone, assuming that person is up for it, and not afraid of doing the work.

There are plenty of examples of coaches who know little about any particular domain who have been able to help their clients make great strides despite the coach’s own lack of experience in their client’s particular field.

Going back to the idea of the coach as a guide, I think you’ll agree that someone who’s familiar with the terrain that the client is coming from, the ability of the coach to “get” the client, and truly understand what they are experiencing, is much greater.

A drawing of a tour guide leading a group

That NYC Tour Guide Knew Her Stuff

Imagine visiting New York for the first time and going for a tour. You get lucky and end up with the most personable and knowledgeable tour guide you could ever have hoped for.

So next year, when you decide to go on an African safari for your vacation, would you try to find that tour guide and ask her to lead that “tour” too?

I wouldn’t think so.

When I shared this metaphor with a colleague recently, she noted that she would never go see a male OB/GYN for the same basic reason.

 

“OMG! You Understood in Five Minutes”

I’m flashing back to a phone call I got last year from someone who had heard me as a guest on a podcast and who then felt compelled to contact me (that’s ALWAYS nice!).

As she related her situation, where she had recently been promoted over her brother, I noted some of the challenges that I guessed she was now dealing with, and she said “Oh my God, you understood in five minutes what nobody else seems to understand!”

Family members who work together have interdependent relationships that are unlike those of family members who do not, it really is as simple as that.

But as I always say, simple is not the same as easy, in fact, in cases like this, it is anything but easy.

 

Coaching Is Not Just a Skill

Learning to become a coach is something that just about anyone can do, but as with most such pursuits, there is a lot of “self-selection” bias, meaning that a group of coaches can often feel a bit too homogeneous. 

And while the type of people who are good at coaching can use their skills to be a great resource to just about anyone, there’s something about the “lived experience” that no amount of training can buy.

Some skills translate to any situation, but others are just part of who you are, based on what you’ve lived through.

 

Context Is Key

The “FamBiz Context” might be one name for it. Yes, every family is unique, and every family member lives it a bit differently.

But in the end, there are plenty of similarities when you look at the relationships in one family and contrast them with those in another.

Always go with the guide who knows the terrain, and the context.