, ,

Ça finit quand, ça?

Depuis la fin janvier de cette année, je me suis lancé dans le domaine des entreprises familiales, en suivant un cours qui s’appelle le “Family Enterprise Advisor Program”.

Si vous lisez le Globe and Mail, vous avez peut-être vu l’annonce d’une pleine page qui a passé le 18 octobre, avec les noms et les photos des finissants des programmes de Toronto et de Vancouver.

Mais ce qui est drôle dans tout ça, c’est que le programme n’était pas encore terminé, puisque j’étais de retour à Toronto pour notre présentation finale le 1er novembre.

Certains membres de mon équipe de projet ont reçu des commentaires de proches, qui les ont félicité pour avoir fini, mais pendant ce temps, on continuait notre travail.

Mais ça finit quand? Bien, le programme vient de se terminé, et nous sommes enfin gradué. Mais ça ne sera pas encore fini non plus. Oui, nous aurons terminé le programme comme tel. Mais pour avoir la désignation “FEA”, il nous reste encore quelques étapes.

Il nous reste un examen écrit en novembre, et ensuite un examen oral en février (Yes! Un autre voyage à Toronto…en hiver en plus!).

Je ne mentionne pas ça pour me plaindre, mais pour illustrer quelque chose. Les affaires qui valent la peine de faire, valent le temps que ça prend pour les faire. Je ne sais pas si j’ai mal traduit une expression anglaise, mais je crois que vous me comprenez.

Ça me rappelle les commentaires de certains de mes proches concernant mon retour au études pour un Xième fois. “Quand est-ce que tu auras enfin fini tes études?”

Pour moi, ça ne finira peut-être jamais, et j’aime ça comme ça. C’est vrai que dans ma jeunesse, je faisais mes études pour prouver quelque chose à mes parents et à moi-même. Mais en approchant la cinquantaine
ce n’est plus mon cas.

J’ai adoré le programme et je le recommande fortement à toute personne qui travail dans le domaine des entreprises familiales. La plupart de ceux qui ont suivi le cours avec moi sont des comptables, des vendeurs de produits d’assurances et des planificateurs financiers.

Pour moi, je suis un peu comme un intru dans la gang, puisque je parviens du monde d’une entreprise que mon père avait parti, et que nous avons vendu quand j’étais dans la vingtaine. Depuis ce temps, je m’occupe de tout ce qui restait, incluant l’immobilier, la propriété intellectuelle et les investissements.

En réalité, durant les classes, je m’identifiais beaucoup plus avec les profs qui donnaient le cours, qu’avec ceux qui apprenaient avec moi.

Pour ceux qui travaillent dans une compagnie familiale, vous pouvez probablement identifier aussi avec le titre de ce blog. Ça ne finit jamais non plus!

Développer son entreprise et les capacités des membres de la famille à s’en occuper, sont les genres d’affaires avec lesquels on n’en fini jamais.

Aussitôt qu’on se sent confortable d’avoir régler un dossier, deux ou trois autres seront déjà sur le point de demander notre attention.

Je suis parmi ceux qui voient la vie comme une escapade, ou un voyage sans fin. Je n’ai pas hâte que ça finisse non plus.

Ce blogue, par contre, va finir bientôt. Mais n’inquiètez-vous pas, il y en aura un autre la semaine prochaine. Mais celui-ci prend fin ici, maintenant.

Steve Legler “gets” business families.
 
He understands the issues that families face, as well as how each family member sees things from their own viewpoint.
 
He specializes in helping business families navigate the difficult areas where the family and the business overlap, by listening to each person’s concerns and ideas.  He then helps the family work together to bridge gaps by building common goals, based on their shared values and vision.
 
His background in family business, his experience running his own family office, along with his education and training in coaching, facilitation, and mediation, make him uniquely suited to the role of advising business families and families of wealth.
 
He is the author of Shift your Family Business (2014), he received his MBA from the Richard  Ivey School of Business (UWO, 1991), is a CFA Charterholder (CFA Institute, 2002), a Family Enterprise Advisor (IFEA 2014), and has received the ACFBA and CFWA accreditations (Family Firm Institute 2014-2015).
 
He prides himself on his ability to help families create the harmony they need to support the legacy they want. To learn how, start by signing up for his monthly newsletter and weekly blogs here.
/by

Solving Problems with Money

Money makes the world go around, they say. And it truly is a very important element in our lives, although sometimes it takes on a much bigger role than it needs to.

Plenty of people believe that having more money would solve all of their problems. Most of them are likely correct that more money would make some things easier, for a time, but they often over-estimate the ability of the money alone to solve everything, forever. Others are reluctant to spend any money when it could help them greatly.

I have dealt with people from all over the wealth spectrum, and I find it interesting how those on the higher end sometimes seem as if they have more money problems than those on the lower end. Could it be that it is not the amount of money you have, but how you use it, and how you think about it?

I came across a video on Twitter last week, where a guy was going around giving $100 to homeless people, and it was incredible to watch their reactions. The guy got plenty of hugs, thanks, and “God bless you’s”, but I could not help thinking that those people were likely not much better off a few days later. I only hope that one or two of them managed to find a way to use their windfall in positive way to improve their long-term situation.

When dealing with families in business, money is often at the root of their issues, and it is not always the lack of money that stands out. Very often, problems arise around the use of money, and perceived fairness surrounding money, rather than not having enough of it.

I recently had one of my occasional brain malfunctions, when I locked the keys inside the cab of a truck that I had just rented, as I parked it in front of my office. The plan was to load up some furniture, go home and load some more stuff, and then head off on the first half of a 10-hour drive to the cottage. The extra hour or so that it would have cost me, to get a lift back to the rental company to get another key, was not in my time budget.

I called my wife and once again she had the solution: she called a cab and sent it to my office, and the cab driver used a tool that he had in his trunk to “break in” to the truck, while my partner Tom and I brought the furniture down using the elevator.

It cost me $25 and I gave him a good tip too, since he saved me from an extra hassle when I could not afford it. That’s when I said to Tom, “When money can solve a problem, then it’s not really a problem. Provided you have the money”.

I wrote down that quote, knowing it would come in handy some day, at least for a blog post.

How many problems do you think you have, that you could afford to pay someone to take care of for you, but you don’t? Instead, you continue to live with the problems, because you don’t want to spend the money?

Some people go through their lives being so frugal that they are miserable, even though they could well afford to spend some money that would actually make some of their problems go away. I have trouble understanding those people. You can’t take it with you when you die.

I do not suggest you spend every last cent, so that you become homeless, and need to depend on the kindness of strangers giving away money, but to spend a reasonable amount, to improve your quality of life, can make a huge difference in your happiness level. Can you think of some areas in your life where this might apply?

Steve Legler “gets” business families.
 
He understands the issues that families face, as well as how each family member sees things from their own viewpoint.
 
He specializes in helping business families navigate the difficult areas where the family and the business overlap, by listening to each person’s concerns and ideas.  He then helps the family work together to bridge gaps by building common goals, based on their shared values and vision.
 
His background in family business, his experience running his own family office, along with his education and training in coaching, facilitation, and mediation, make him uniquely suited to the role of advising business families and families of wealth.
 
He is the author of Shift your Family Business (2014), he received his MBA from the Richard  Ivey School of Business (UWO, 1991), is a CFA Charterholder (CFA Institute, 2002), a Family Enterprise Advisor (IFEA 2014), and has received the ACFBA and CFWA accreditations (Family Firm Institute 2014-2015).
 
He prides himself on his ability to help families create the harmony they need to support the legacy they want. To learn how, start by signing up for his monthly newsletter and weekly blogs here.
/by
,

Say Goodbye to Succession Planning

So many advisors spend so much time talking to their family business clients about the importance of succession planning. Many of us are guilty of over-using the term to the point of rendering it nearly meaningless.

I hereby implore everyone to just STOP. I am not saying that we should not talk about how to get the business, the family, and the ownership from where they are today, to where they will need to be some time in the future, because those are are still very relevant and important. But can we please stop using the term “succession planning”?

My feeling is that when clients hear anyone talk about the importance of succession planning, what goes on in their minds is some sort of replay of their mother telling them to eat their vegetables. Yes, Mom, I know I should eat my vegetables, thanks for the reminder. But I’m an adult now with kids of my own, so please back off. There is only so much you can take.

Then there are the advisors who use the term succession planning in their own way, turning it into something that they will help their clients get through painlessly, with very clear benefits. Just put together this little tax-minimizing strategy now, and then you can go on doing what you were doing before, knowing that your succession plan has been taken care of.

These advisors have hijacked the fact that clients realize that they must do something that can be called succession planning so that they can check that box off and tell everyone, “don’t bother me with that, I already did it”, as if “it” is a one-shot deal.

But it feels good to do that, because not only have your advisors shown you exactly how much you will save in taxes with their plan (down to the penny!) but you can get on with your life knowing that you have taken care of this important issue. This is like your Aunt Bea, who shows you how to drown your broccoli in a thick cheese sauce so that eating your vegetables is somehow palatable, despite the fact that the overall benefit is questionable at best.
I think that the main reason people hesitate to open themselves to discussing succession is that it focuses on change, and it is the kind of change that has them moving from a good position now, to a worse position later. Most people will try to delay dealing with questions about when THEY will retire, and when THEY will die. And if Grandpa hated to talk about it, and Dad hated to talk about it, why should I enjoy talking about it?

So if I am suggesting that you say goodbye to talking about succession planning, what I am I offering instead? Welcome to the world of Continuity Planning. Now I understand that you may be sceptical about the benefits of changing one single word, but let’s look at some of the ways that continuity is a better label.

Rather than focussing on change, like succession does, continuity focusses instead on what remains the same. I want my business to continue, I want my family to continue, and I need to figure out the best way for the ownership to allow the other two to continue.

In essence, the continuity plan is the long-range plan, the overarching plan, the big picture plan. Within the continuity plan, there are indeed a number of succession issues that need to be dealt with,

But when we start by stepping back, and concentrate on all of the things that we want to have continue, long after we are out of the picture, the succession issues become a lot smaller in that context.

When people can better grasp WHY they are doing something, as part of a larger whole, better results are almost assured.

Steve Legler “gets” business families.
 
He understands the issues that families face, as well as how each family member sees things from their own viewpoint.
 
He specializes in helping business families navigate the difficult areas where the family and the business overlap, by listening to each person’s concerns and ideas.  He then helps the family work together to bridge gaps by building common goals, based on their shared values and vision.
 
His background in family business, his experience running his own family office, along with his education and training in coaching, facilitation, and mediation, make him uniquely suited to the role of advising business families and families of wealth.
 
He is the author of Shift your Family Business (2014), he received his MBA from the Richard  Ivey School of Business (UWO, 1991), is a CFA Charterholder (CFA Institute, 2002), a Family Enterprise Advisor (IFEA 2014), and has received the ACFBA and CFWA accreditations (Family Firm Institute 2014-2015).
 
He prides himself on his ability to help families create the harmony they need to support the legacy they want. To learn how, start by signing up for his monthly newsletter and weekly blogs here.
/by

Philanthropy for All Ages in Business Families

Last week the TV series “Breaking Bad” wrapped up with its final episode, which featured one brief scene that most people probably did not really notice, but that struck me, as a family business advisor.

The show revolves around former high school chemistry teacher Walter White, who ends up becoming one of the biggest suppliers of illegal drugs in the southwestern US, thanks to his ability to “cook” very potent batches of crystal meth.

There are plenty of interesting twists in the plot over the 5 seasons of the show. The finale culminates in predictable fashion, with Walt becoming the subject of an international manhunt, set against his need to take care of some unfinished business before getting caught, succumbing to his cancer, or getting killed.

The show flew under the radar for its first few seasons, since it ran on AMC, a US cable network that could be considered HBO’s poor cousin. I learned about the show as its third season was winding down, thanks to my twitter timeline.

I follow a diverse crowd of people on my personal twitter account, covering sports, business, politics, and entertainment. On Sundays, I started to see tweets from a huge variety of people saying that they could not wait for tonight’s episode of Breaking Bad, or that they were closing down their computers so as not to be distracted during that evening’s show.

From those comments alone, I immediately ordered the DVDs of seasons 1,2, and 3.

I started watching the first season at the cottage, since I am the early bird in the family, and I could watch by myself before the others woke up. I should note that watching a violent show about illegal drugs is not something most people want to do as a family.

The show is addictive, kind of like crystal meth. Just kidding. Although one can assume that meth is also addictive, I am happy to say that I cannot speak from experience on this.

Sometimes my son would wake up early too, and join me in the living room, but I could not stop watching, so I kind of just hoped that he would not really catch on to what was happening on screen. That lasted about 5 minutes. Thankfully there was not a lot of foul language or nudity.

My parenting style is very open, in that just about anything that can be shared, is shared. The important part is that when it is shared, it is also explained. There are plenty of teaching moments in Breaking Bad, but you need to pause pretty often.

The Family Business angle that I mentioned earlier came when Walt went to see his wife one last time, and he started to repeat his old line about why he did everything he did. She interrupts him and says she can’t stand to hear him say it was for the kids.

Then Walt does something that too few famiy entrepreneurs ever do. He admitted that he did it for HIMSELF. He surprised me (pleasantly) by saying that he loved the power that he had, and that it made him feel good.

How many business people do you know that SAY they are doing it for their kids? How many of their kids would say, “What? He never asked me what I wanted”?

Walt brought his wife into the business, in order to launder all of the money he made, thanks to the success of his meth cooking. But Walter Junior did not learn of his real business until the end, and he was not exactly proud of his Dad.

My advice is to keep any family business on the right side of the law, but also to acknowledge for whom you are doing it. If it really IS for the kids, maybe you could ask for their input!

Steve Legler “gets” business families.
 
He understands the issues that families face, as well as how each family member sees things from their own viewpoint.
 
He specializes in helping business families navigate the difficult areas where the family and the business overlap, by listening to each person’s concerns and ideas.  He then helps the family work together to bridge gaps by building common goals, based on their shared values and vision.
 
His background in family business, his experience running his own family office, along with his education and training in coaching, facilitation, and mediation, make him uniquely suited to the role of advising business families and families of wealth.
 
He is the author of Shift your Family Business (2014), he received his MBA from the Richard  Ivey School of Business (UWO, 1991), is a CFA Charterholder (CFA Institute, 2002), a Family Enterprise Advisor (IFEA 2014), and has received the ACFBA and CFWA accreditations (Family Firm Institute 2014-2015).
 
He prides himself on his ability to help families create the harmony they need to support the legacy they want. To learn how, start by signing up for his monthly newsletter and weekly blogs here.
/by

Cooking Meth is NOT a Good Family Business

Last week the TV series “Breaking Bad” wrapped up with its final episode, which featured one brief scene that most people probably did not really notice, but that struck me, as a family business advisor.

The show revolves around former high school chemistry teacher Walter White, who ends up becoming one of the biggest suppliers of illegal drugs in the southwestern US, thanks to his ability to “cook” very potent batches of crystal meth.

There are plenty of interesting twists in the plot over the 5 seasons of the show. The finale culminates in predictable fashion, with Walt becoming the subject of an international manhunt, set against his need to take care of some unfinished business before getting caught, succumbing to his cancer, or getting killed.

The show flew under the radar for its first few seasons, since it ran on AMC, a US cable network that could be considered HBO’s poor cousin. I learned about the show as its third season was winding down, thanks to my twitter timeline.

I follow a diverse crowd of people on my personal twitter account, covering sports, business, politics, and entertainment. On Sundays, I started to see tweets from a huge variety of people saying that they could not wait for tonight’s episode of Breaking Bad, or that they were closing down their computers so as not to be distracted during that evening’s show.

From those comments alone, I immediately ordered the DVDs of seasons 1,2, and 3.

I started watching the first season at the cottage, since I am the early bird in the family, and I could watch by myself before the others woke up. I should note that watching a violent show about illegal drugs is not something most people want to do as a family.

The show is addictive, kind of like crystal meth. Just kidding. Although one can assume that meth is also addictive, I am happy to say that I cannot speak from experience on this.

Sometimes my son would wake up early too, and join me in the living room, but I could not stop watching, so I kind of just hoped that he would not really catch on to what was happening on screen. That lasted about 5 minutes. Thankfully there was not a lot of foul language or nudity.

My parenting style is very open, in that just about anything that can be shared, is shared. The important part is that when it is shared, it is also explained. There are plenty of teaching moments in Breaking Bad, but you need to pause pretty often.

The Family Business angle that I mentioned earlier came when Walt went to see his wife one last time, and he started to repeat his old line about why he did everything he did. She interrupts him and says she can’t stand to hear him say it was for the kids.

Then Walt does something that too few famiy entrepreneurs ever do. He admitted that he did it for HIMSELF. He surprised me (pleasantly) by saying that he loved the power that he had, and that it made him feel good.

How many business people do you know that SAY they are doing it for their kids? How many of their kids would say, “What? He never asked me what I wanted”?

Walt brought his wife into the business, in order to launder all of the money he made, thanks to the success of his meth cooking. But Walter Junior did not learn of his real business until the end, and he was not exactly proud of his Dad.

My advice is to keep any family business on the right side of the law, but also to acknowledge for whom you are doing it. If it really IS for the kids, maybe you could ask for their input!

Steve Legler “gets” business families.
 
He understands the issues that families face, as well as how each family member sees things from their own viewpoint.
 
He specializes in helping business families navigate the difficult areas where the family and the business overlap, by listening to each person’s concerns and ideas.  He then helps the family work together to bridge gaps by building common goals, based on their shared values and vision.
 
His background in family business, his experience running his own family office, along with his education and training in coaching, facilitation, and mediation, make him uniquely suited to the role of advising business families and families of wealth.
 
He is the author of Shift your Family Business (2014), he received his MBA from the Richard  Ivey School of Business (UWO, 1991), is a CFA Charterholder (CFA Institute, 2002), a Family Enterprise Advisor (IFEA 2014), and has received the ACFBA and CFWA accreditations (Family Firm Institute 2014-2015).
 
He prides himself on his ability to help families create the harmony they need to support the legacy they want. To learn how, start by signing up for his monthly newsletter and weekly blogs here.
/by
,

La communication a bien meilleur goût

Mon choix de thème cette semaine a été très facile, puisque des lacunes dans la communication apparaissent assez souvent dans ma vie quotidienne. Je remarque aussi des changements dans les habitudes des gens dernièrement, quant à leur façon de communiquer, et ce n’est pas toujours pour le meilleur.

Le premier sujet, c’est le choix de communiquer ou de rester muet. Quand je reçois un morceau d’information qui pourrait avoir un impact sur quelqu’un d’autre, mon instinct me dit que j’ai le devoir de communiquer cet information à l’autre personne, et normalement ça devrait se faire assez vite. Malheureusement, je me sens dans la minorité à cet égard. Combien de fois est-ce que ça vous arrive de penser “ah bien, ayant su d’avance que… j’aurais agi autrement”.

Ça revient peut-être à une question de “style” personnel, mais je trouve que c’est important de partager mes idées avec mes proches et d’être transparent avec mes intentions. Si je garde tout dans ma tête, ça ne m’aidera pas.

Quant à la fréquence de communiquer, je crois que plus souvent est meilleur que moins souvent. Cela mène parfois à la répétition, mais je préfère ce scénario, surtout quand on regarde le contraste, qui se résume par “Ah, je ne savais pas” ou “Ah, j’ai oublié”.

Comment communiquer? La technologie qui existe nous laisse des choix qui n’existaient pas il y a quelques années. Ça fait longtemps que j’ai posté une lettre (à part une mise-en-demeure récente), ou envoyé une télécopie (un “fax”).

Mais dernièrement j’ai participé à des appels conférences, j’ai envoyé et reçu des textos, j’ai parlé au téléphone, j’ai assisté à plusieurs webinars, j’ai jasé sur Skype, j’ai envoyé des tweets et bien des courriels, j’ai fais des mises-à-jour sur mon profil LinkedIn, et j’ai écrit des blogues. J’ai même eu un souper tête-à-tête hier soir avec ma femme, pour célébrer ses 4_? ans.

Il y a plusieurs mois, j’ai écrit un blogue (en anglais) où je discutais d’avoir des conversations, versus simplement communiquer. Prendre le temps de s’asseoir ensemble pour discuter de choses importantes, c’est toujours aussi bénéfiques qu’avant, même si c’est moins à la mode.

Les vraies conversations sont la façon idéale pour enseigner ses enfants ou ses employés (sans oubliés les enfants-employés!). Quand on prend le temps de discuter, de se faire entendre et d’écouter l’autre personne, on peut découvrir des points de vues révélateurs. On peut confirmer si notre message a été bien reçu et bien compris, et sinon, on peut la clarifier.

Dans le monde émergent de “coaching” personnel et executif, tout est centré sur les conversations entre le coach et le sujet. Le coach sert presque seulement de poseur des questions, et le résultat est de faire réfléchir le sujet sur différentes points de vue, auquel il n’aurait pas eu l’esprit de réfléchir autrement.

Mais ça prend un effort. Ce n’est pas toujours facile à commencer. Mais la bonne nouvelle, c’est que, une fois débuté, c’est plus facile de continuer.

Finalement mon blogue sur la communication ne pourra pas se terminer sans parle de la langue choisie. Quand vous avez le luxe de pouvoir communiquer dans plus qu’une langue, je crois que ça vaut la peine de se pratiquer non seulement dans sa langue plus naturelle, mais parfois aussi dans l’autre(s). Même si cela nécéssite une correction (merci ma fille, avec ses bonnes notes en français du secondaire I).

Mon titre faisait allusion aux annonces sur les spiritueux de la SAQ, mais je vais terminer sur un autre breuvage, le lait. Quand je parle de communication, faire un effort c’est bon, mais deux, c’est mieux!

Steve Legler “gets” business families.
 
He understands the issues that families face, as well as how each family member sees things from their own viewpoint.
 
He specializes in helping business families navigate the difficult areas where the family and the business overlap, by listening to each person’s concerns and ideas.  He then helps the family work together to bridge gaps by building common goals, based on their shared values and vision.
 
His background in family business, his experience running his own family office, along with his education and training in coaching, facilitation, and mediation, make him uniquely suited to the role of advising business families and families of wealth.
 
He is the author of Shift your Family Business (2014), he received his MBA from the Richard  Ivey School of Business (UWO, 1991), is a CFA Charterholder (CFA Institute, 2002), a Family Enterprise Advisor (IFEA 2014), and has received the ACFBA and CFWA accreditations (Family Firm Institute 2014-2015).
 
He prides himself on his ability to help families create the harmony they need to support the legacy they want. To learn how, start by signing up for his monthly newsletter and weekly blogs here.
/by

Help is NOT “On the Way”

Kramer: “I got a lot of things in the hopper, buddy”.

Jerry: “I didn’t know you had a hopper”.

Kramer: “Oh I got a hopper. A big hopper”.

Even if they do not remember this specific scene from Seinfeld, most people will recognize the character names from the TV show. Kramer always had something interesting on the go, backed up by a hopper full of other ideas for future episodes.

For me, the hopper is full of potential blog subjects, and the hopper fills up faster than I can empty it. Today I tackle one that has been in the hopper for a while, but I saw a great TV commercial this week that moved the idea to the top of the list.

Here is a link to the video, along with the caption:
http://www.howrealtorshelp.ca/#video-look-it-up
Web searches, How To Videos, blogs and the rest of the internet have us believing we can do anything by ourselves. But when it comes to something important like buying or selling a home, we’re better off trusting an expert.

The initial blog idea came from a quote I read from novelist Margaret Atwood that I saw many years ago. It seems she was at a cocktail party and came across a doctor who mentioned that after he retired, he was planning on writing a book. She then apparently replied with “When I retire from writing, I plan to become a doctor”.

Now that is a pretty derisive comment no matter how you look at it, but her point is that you don’t just “write a book” any more than you just “become a doctor”.

Other examples of people who can do something versus people who do something for a living are all around us. I can write a blog, therefore I can write a book. You can take a picture, therefore you are as good as a professional photographer. I can drive a car, so I am Dale Earnhart or Sebastian Vettel. You just made dinner, so you are Gordon Ramsay or Rachel Ray.

There is a difference between being able to do something and being a professional at it. Now I am not saying that you need to have Jacques Villeneuve chauffeur you to work, have your photos taken by Ansel Adams and have Ricardo prepare dinner for you.

Most of the time, doing it yourself is more than sufficient. But sometimes, when things are truly important, it is worth getting someone who knows what they are doing to help you.

Notice that I used the word help there, and not advise.

Last week I tried to make the distinction between getting advice and getting help. The best helpers will combine a number of key elements:

– Listening to what you want to do
– Drawing up a long term plan
– Understanding all the pieces of the puzzle
– Help in keeping you on track
– Guidance at all key stages
– Explanations of pros and cons of alternatives
– Leaving the decision to you
– Getting out of the way after their work is done

My blog title mentioned that help was NOT on the way. Unlike Kramer, who was always just across the hall and whose impending arrival could always be counted upon, the right helpers do not just “show up” when needed.

You have to find them. Which means that sometimes you need to ask for help in finding the right person. Explain what you need help with to those you trust. Do not assume that they are the right person, because they probably are not. But ask them if they know someone else who might be the right person. And don’t stop until you find the right one.

Important transitions and successions should not be left up to what your accountant suggested to save taxes, or something your lawyer had drawn up for someone else last month. Take the time to do it right, you won’t regret it.

Steve Legler “gets” business families.
 
He understands the issues that families face, as well as how each family member sees things from their own viewpoint.
 
He specializes in helping business families navigate the difficult areas where the family and the business overlap, by listening to each person’s concerns and ideas.  He then helps the family work together to bridge gaps by building common goals, based on their shared values and vision.
 
His background in family business, his experience running his own family office, along with his education and training in coaching, facilitation, and mediation, make him uniquely suited to the role of advising business families and families of wealth.
 
He is the author of Shift your Family Business (2014), he received his MBA from the Richard  Ivey School of Business (UWO, 1991), is a CFA Charterholder (CFA Institute, 2002), a Family Enterprise Advisor (IFEA 2014), and has received the ACFBA and CFWA accreditations (Family Firm Institute 2014-2015).
 
He prides himself on his ability to help families create the harmony they need to support the legacy they want. To learn how, start by signing up for his monthly newsletter and weekly blogs here.
/by
,

Take My Advice: Don’t Take My Advice

I recently read the following quote from an article by Vinod Khosla, tweeted by Vala Afshar: “For entrepreneurs, the toughest thing is knowing whose advice to take and whose not to”. Agreed.

In the family business realm, the head of the company may not consider themselves an entrepreneur anymore, but the question of whose advice to follow is just as difficult.

On my website [fbo7624.com], I recently added a section called “Articles”, where I have begun to post links to some of the more interesting things that I come across. I added a link to the audio of an interview with Tom Deans, author of the best-seller Every Family’s Business, discussing his new book, Willing Wisdom.

Deans mentioned something that I found interesting about the differences between Canadians and our American counterparts, when it comes to whom they consider their “Most Trusted Advisor”.

For Americans, it is most often their lawyer, yet for Canadians it is their accountant. When you think about it, it is not that surprising, what with the relative number of lawyers in each country.

Because family businesses are more complex than others, the advice required often emanates from areas of overlap between “family” matters and “business” matters. Many advisors, both accountants and lawyers, feel more comfortable when they concentrate on their area of specialty, and it isn’t usually the family part.

So what do you do when your lawyer tells you one thing, and your accountant tells you something else? Thankfully, there is a growing field of multi-disciplinary advisors, coming through various programs, like IFEA in Canada, and FFI in the USA.
It is not difficult to understand that when the advisors understand each other and their respective roles, AND they learn how to work together to help their clients, better solutions are almost always developed, compared to each working individually.

But it is not always easy, because there are so many variables in a family business. I believe that most professional advisors are well-meaning and honestly want to provide quality advice to all their clients. I do not, however, believe that they are all successful in achieving that goal.

Too often things are done in a hurry, before everyone has taken the time to understand the situation and ensure that a coherent plan is developed. This could be because the client has serious “fee aversion” and expects to get quality work done at a low price. Or it could be the busy professional making assumptions about the client’s situation and proposing a “cookie-cutter” solution that had worked for others before.

So what is my advice? I wish you wouldn’t ask me that, because I don’t like to think of myself as an “advisor”. In the end, the client must make up his own mind about what advice to follow. You shouldn’t decide until you are confident that you understand your options, having examined the pros and cons of all your alternatives.

Sometimes people need help understanding all the options and all the advice their have received. What I believe they could use at times like those, is not another “advisor”, but more of a “confidant”.

Multi-disciplinary advisors are well positioned to take on the “most trusted advisor” role, because they have the ability to relate to and understand the other key professionals too. If the advisors can’t properly explain their advice in laymen’s terms, they may not be the right ones to use.

Like so many other things, it is not really the advice you get, but what you do with it, that counts. I prefer to offer my help in understanding all the advice, rather than offering more advice, because that would just make things more confusing.

Steve Legler “gets” business families.
 
He understands the issues that families face, as well as how each family member sees things from their own viewpoint.
 
He specializes in helping business families navigate the difficult areas where the family and the business overlap, by listening to each person’s concerns and ideas.  He then helps the family work together to bridge gaps by building common goals, based on their shared values and vision.
 
His background in family business, his experience running his own family office, along with his education and training in coaching, facilitation, and mediation, make him uniquely suited to the role of advising business families and families of wealth.
 
He is the author of Shift your Family Business (2014), he received his MBA from the Richard  Ivey School of Business (UWO, 1991), is a CFA Charterholder (CFA Institute, 2002), a Family Enterprise Advisor (IFEA 2014), and has received the ACFBA and CFWA accreditations (Family Firm Institute 2014-2015).
 
He prides himself on his ability to help families create the harmony they need to support the legacy they want. To learn how, start by signing up for his monthly newsletter and weekly blogs here.
/by

Can You See the REAL Me?

When I started this blog about a year and a half ago, I explained my reasons in the following way: a family will only hire me to help them with their business-family issues once they KNOW me. If they have just met me, or come across something of mine on the web, it would likely take quite a long time before they could feel like they knew me well enough to trust me.

So I started to share my thoughts on a weekly basis on this blog. This way, if anyone was interested in learning more about me, and wanted to get to know me and how I think, how I live, how I express myself, what is important to me, they could just read a few of my blog posts and they would understand a great deal more about me. The goal was to shorten the trust-building cycle.

You see, anyone can bullsh*t their way through a one-time article, or construct a website full of carefully crafted prose. But when you are posting a weekly piece, of about 600 words a crack, there are not that many places to hide, at least not if you write it from your heart.

I headlined this post with a song title, which I have done on more than one occasion. It is from a song by the Who, from their Quadrophenia rock opera album, about a schizophrenic boy with four personalities. I knew the song, and love Roger Daltrey’s lead vocal, but had no idea what it was really about until I Googled it and found the Wikipedia page.

But there is no Wikipedia page about me, at least not yet. Maybe some day there will be, but hopefully not, and probably not. Long ago my wife once said, “I wanna be rich and famous”. I replied that for me, you could hold off on the famous part, and maybe double up on the rich part.

But since I have moved out of the quiet and anonymous family office space, and into the advising and facilitating space, with other families, I had to come out of hiding. I don’t mind it, and my Monday-to-Friday existence is much less lonely than it was when I was spending most of my time alone in my office with my computers, managing stock and option portfolios.

On my @TSI_Heritage twitter feed, I follow lots people who consider themselves social media experts, and I must admit, plenty of them are really knowledgeable. Many of them talk about how important it is to be authentic when you “brand” yourself. I keep seeing it over and over, and I certainly believe in it. I feel like I already knew that, but the reinforcement is very positive.

An article I came across, (http://www.kpmg.com/global/en/issuesandinsights/articlespublications/social-banker/pages/default.aspx?utm_medium=social‐media&utm_campaign=2013-fs-social-banker&utm_source=twitter&utm_content=gbl+2013+aug+23+the+social+executive) spoke of using social media to “amplify your executive voice”. Nicely put, I think.

To me, being authentic is just being myself. Nobody is perfect, and everybody knows that. And when people seem too polished, I always wonder what they may be hiding. I am comfortable enough with my own shortcomings to recognize many of them, and freely acknowledge them. I know that when I come across other people who don’t try to hide their flaws, I feel much more receptive, and am more inclined to trust them.

The blog format has the beauty of being informal enough for me to express myself as openly as possible, while still hopefully providing some useful insights from time to time, and hopefully being the opposite of boring. So, can you see the real me? I hope so.

Steve Legler “gets” business families.
 
He understands the issues that families face, as well as how each family member sees things from their own viewpoint.
 
He specializes in helping business families navigate the difficult areas where the family and the business overlap, by listening to each person’s concerns and ideas.  He then helps the family work together to bridge gaps by building common goals, based on their shared values and vision.
 
His background in family business, his experience running his own family office, along with his education and training in coaching, facilitation, and mediation, make him uniquely suited to the role of advising business families and families of wealth.
 
He is the author of Shift your Family Business (2014), he received his MBA from the Richard  Ivey School of Business (UWO, 1991), is a CFA Charterholder (CFA Institute, 2002), a Family Enterprise Advisor (IFEA 2014), and has received the ACFBA and CFWA accreditations (Family Firm Institute 2014-2015).
 
He prides himself on his ability to help families create the harmony they need to support the legacy they want. To learn how, start by signing up for his monthly newsletter and weekly blogs here.
/by
,

Teach Your Children Well

Today, I want to try to tie together a couple of themes that occurred to me this week. I began the week in London Ontario, where I attended the Ivey Case Teaching Workshop at my alma mater.

Then after I got back to my office I came across an interesting report about how and when wealthy families handle information about their wealth. I found it alarming and really difficult to comprehend.

Back in the spring, I shared in this space that I had been bitten by the teaching bug. As part of being a student in the Family Enterprise Advisor Program, the return to the classroom had me feeling that I had more in common with the people at the front of the room than the people who were there to learn.

Having done my MBA in a “case school”, where business cases form the vast majority of the learning, I resolved that when I did get into teaching, my preferred instruction method would to use cases for most of the learning.

For the final day of the workshop they asked for a volunteer and I am so glad that I stepped up and lived the experience. It is interactive learning at its finest, where the teacher is more of a discussion facilitator than anything else. It is a really cool feeling to have a bunch of bright students all wanting to contribute, and just trying to coordinate it all in some meaningful way.

I loved it and I want to do more of it. And I will.

Now, on to the wealthy families report I came across. Here is a link:

http://familyofficenews.wordpress.com/2013/08/29/wealthy-parents-fear-kids-cant-handle-family-fortune/

Let me pull out the two most alarming stats from this survey. Only 42% of the over 700 respondents believe that their children are well prepared to handle their inheritance. About 20% believe their children should wait until they are 40 before the family fortune is disclosed.

Yes, you read that right, DISCLOSED. Not that they should wait until they are 40 to handle the “family fortune”, which would be interesting in its own right. But these people think it is normal and appropriate to keep their children in the dark for 40 years.

Okay, so just how does that work. You live a low-key lifestyle and pretend that you are just another upper-middle class family, I guess. And then one day, once your kids are finally “old enough”, you will let them in on the family secret. “Surprise! You are going to inherit tons of money some day!”

And they wonder why their children are not well prepared to handle the inheritance.

I get the “aversion to discuss wealth”, and I get the “not wanting to negatively impact their work ethic”, believe me I do. But there are other ways to take care of those issues.

It all comes down to open and honest communications. They are your children. You are their parents. You are a family. The parents are supposed to teach their children all the stuff that they don’t learn at school. This includes work ethic and how to handle money.

Back to the teaching workshop, I said it was interactive learning, with the teacher acting as a facilitator. I guess I didn’t realize it until I sat down to write this blog, but that is almost a description of my parenting style.

Thankfully I have a co-teacher called Mom, and the class size is only 2. But if our kids are not prepared to handle information about our family wealth until they are 40, then somebody will have screwed up somewhere, it in won’t be the kids.

 

Steve Legler “gets” business families.
 
He understands the issues that families face, as well as how each family member sees things from their own viewpoint.
 
He specializes in helping business families navigate the difficult areas where the family and the business overlap, by listening to each person’s concerns and ideas.  He then helps the family work together to bridge gaps by building common goals, based on their shared values and vision.
 
His background in family business, his experience running his own family office, along with his education and training in coaching, facilitation, and mediation, make him uniquely suited to the role of advising business families and families of wealth.
 
He is the author of Shift your Family Business (2014), he received his MBA from the Richard  Ivey School of Business (UWO, 1991), is a CFA Charterholder (CFA Institute, 2002), a Family Enterprise Advisor (IFEA 2014), and has received the ACFBA and CFWA accreditations (Family Firm Institute 2014-2015).
 
He prides himself on his ability to help families create the harmony they need to support the legacy they want. To learn how, start by signing up for his monthly newsletter and weekly blogs here.
/by