41: Enabling Next Generation Legacies

Recent Episodes from Let's Talk Family Enterprise

56: The Link Between Family Business Research and Advising

Ambreen Bhaloo, Family Enterprise Advisor, guest hosts this episode and welcomes Francesco Barbera, Associate Professor of Entrepreneurship and Strategy at The Ted Rogers School of Management for an in-depth discussion on the issue of homogeneity (all family firms are the same) vs. heterogeneity (all family firms are unique). In what ways does family governance lead to greater firm performance? Listen to this episode to find out!

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts, and models that best serve Family Enterprise Advisors in supporting their clients.

All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

Guest bio

Dr. Francesco Barbera is an Associate Professor of Entrepreneurship and Strategy at The Ted Rogers School of Management at Ryerson University. His teaching and research interests encompass a wide range of topics related to family business, entrepreneurship, small business management, and family business education. Francesco is an international, award-winning author and educator and regularly presents at renowned conferences and workshops.

You can learn more about Dr. Francesco Barbera on the Toronto Metropolitan University School of Management website and on his LinkedIn.

Key Takeaways

[:26] Ambreen Bhaloo welcomes Dr. Francesco Barbera and invites him to share a little bit about his research interests and how they inform family advising.

[5:22] Dr. Barbera explains the importance of heterogeneity research when it comes to family enterprises and what this means for advisors.

[7:50] A recently published research explores how family structures impact the way governance leads to performance, Dr. Francesco shares some of the findings.

[11:07] Dr. Barbera explains what family functioning is and why it affects firm performance.

[16:11] The future of family business research looks heterogeneous; Dr. Francesco shares the areas of study he sees coming up next.

[20:23] Staying up to date on the latest academic knowledge will require work on the family advisor’s part.

[24:00] About Dr. Barbera’s work with the Family Institute.

[27:18] Dr. Francesco Barbera’s advice for advisors.

[27:48] Ambreen thanks Dr. Francesco Barbera for sharing his knowledge and closes this episode by reminding listeners about the upcoming Family Business Symposium held from May 27th to 29th in Calgary, Alberta.

If you enjoyed today’s episode, you can subscribe to Let’s Talk Family Enterprise on Spotify, Apple Podcasts, and other podcast apps. Please remember to share this episode with family, friends, and colleagues.

Share your thoughts with us at fea@familyenterprise.ca.

Mentioned in this episode

“Family governance and firm performance: exploring the intermediate effects of family functioning and competitive advantage”, Francesco Barbera and Tim Hasso, November 2022, Journal of Family Business Management 13(2)

The Family Business Symposium will take place on May 27‒29, 2024 in Calgary.

More about Family Enterprise Canada

Family Enterprise Canada

enMarch 12, 2024

55: Rising Gen Innovation and Creativity in Family Business

In this episode, Host and Family Enterprise Advisor, Aileen Miziolek, talks with Purpose & Identity Coach Perry Gladstone about how family businesses benefit from NextGen innovation and creativity while sharing solutions that allow all parties involved to find the agency and support they need to make it happen.

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts, and models that best serve Family Enterprise Advisors in supporting their clients.

All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

Key Takeaways

[:26] Aileen Miziolek welcomes Perry Gladstone, purpose and identity coach, and asks him to share a little bit about his varied entrepreneurial background.

[4:58] Upcoming generations bring many new identities to family enterprises. Perry shares how this affects companies and how to integrate them best.

[7:51] Starting with values exercises is something Perry does not do; he explains his primary focus and why this technique can prevent conflict through trust-building.

[10:51] Perry speaks to the fear everyone carries in times of change and how facilitation fosters the safety of all participants.

[13:03] Individual work cannot be underestimated in strengthening the family enterprise structure.

[15:44] Perry shares what the dreaming together tool does that the value exercise doesn’t.

[17:37] New generations inevitably come with innovation; Perry shares where he has seen the most success in fostering innovative ideas.

[19:34] Tension between two factions can be mitigated by slowing down time and allowing for experimentation.

[21:59] Perry recaps how strength is built in a family system.

[23:13] Perry discusses the role of the third entity as it relates to ownership.

[24:40] Business owners vs. enterprising family; Perry shares how this might be the first thing to address.

[28:24] Perry shares his recommended resources.

[29:58] Aileen thanks Perry for sharing his knowledge and closes this episode by reminding listeners about the upcoming Family Business Symposium held from May 27th to 29th in Calgary.

Mentioned in this episode

You can contact Perry on his website PerryGladstone.com.

FAST & HOT: How to Open Hearts, Win Minds and Create a Better Life in Business, by Perry Gladstone

Deconstructing conflict: Understanding Family Business Shared Wealth and Power, by Doug Baumoel and Blaire Trippe

The Family Business Symposium will take place on May 27‒29, 2024 in Calgary.

More about Family Enterprise Canada

Family Enterprise Canada

The Purposeful Planning Institute

enFebruary 13, 2024

54: 2023 Retrospective

In their traditional annual “retrospective” episode, hosts Steve Legler and Ruth Steverlynck discuss highlights from some of the episodes that debuted in 2023, hoping to stimulate listeners to re-listen for great content they may have missed the first time.

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts, and models that best serve Family Enterprise Advisors in supporting their clients.

All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

Key Takeaways

[:26] Ruth Steverlynck guest-hosts this 2023 retrospective with host Steve Legler to discuss highlights from some of this year’s best episodes.

[1:23] Episode 50 featured video and guests Jim Grubman, Dennis Jaffe, and Kristin Keffeler, and makes Steve’s must-watch list, Ruth touches on the positive discovery process.

[6:50] Episode 46 was one where Ruth had the absolute pleasure of hosting Jay Hughes, discussing a wide range of topics, the Foundation named in his honor, and the wonderful things that it will be producing.

[11:36] Episode 44 set the stage for a discussion with Coventry Edwards-Pitt on the often-overlooked significance of the prenup. Steve shares his thoughts on what the episode revealed.

[15:40] Episode 47 dove into the work of Dr. Paul Hokemeyer on the unique type of isolation wealth brings along. Ruth shares some of the enlightening thoughts on growth she garnered from this episode.

[21:14] Episode 51 highlighted one of this year’s new guest hosts: Ambreen Bhaloo and her guest Mike Sergeant. Steve and Ruth send some flowers their way.

[24:23] Episode 52 was Aileen Miziolek’s turn to host her first guest Marita Fridjhon, Steve shares how he and Aileen met and why she was chosen as a female voice for the Let's Talk Family Enterprise podcast.

[26:40] Episode 49 was one of Ruth’s favorites; she shares which takeaways and nuggets she still thinks about from David York’s interview.

[30:35] Ruth and Steve share their current favorite resources for 2024.

[33:39] Steve takes a moment to thank Ruth for launching this podcast project, now that she is stepping into different roles, and signs off until 2024.

Mentioned in this episode

The Wealth of Wisdom Podcast

The Wealth of Wisdom book

Episode 50: Wealth 3.0

Episode 46: In Conversation With Jay Hughes

Episode 44: Prenuptials: Engaged Healthy, Wealthy and Wise

Episode 47: Fragile Power: Why Having Everything Is Never Enough

Episode 51: Communication Dynamics in Business Families

Episode 52: Working With Systemic Change in Family Business

Episode 49: Stewardship for Enterprising Families

More about Family Enterprise Canada

Family Enterprise Canada

enJanuary 09, 2024

53: Working With Systemic Change in Family Business

Introduction

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts, and models that best serve Family Enterprise Advisors in supporting their clients.

All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

Description

In this episode, Aileen Miziolek talks with Marita Fridjhon, co-author of System Inspired Leadership: How to Tap Collective Wisdom to Navigate Change, Enhance Agility and Foster Collaboration, and co-founder of CRR Global. Together, they discuss the complexity of systemic change in family business; the importance of meeting people where they are, instead of where we expect them to be; the benefits of teams when working with family business systems; as well as ideas on modeling positivity to help families gain confidence in their ability to work better together.

Guest bio

Marita Fridjhon is co-owner and CEO of CRR Global and a mentor to an ever-growing community of practitioners in the field of Relationship Systems work. She excels in supporting client systems to uncover systems-inspired solutions from the collective wisdom within the larger whole. Marita is an accredited coach and trained therapist with degrees in Social Work and Medical Social Work. She completed her training in Psychiatric Social Work before acquiring qualifications in Process Work, Alternative Dispute Resolution, coaching, and team coaching.

You can learn more about Marita Fridjhon on her website and LinkedIn.

Key Takeaways

[0:32] Aileen Miziolek guest hosts this month’s episode and welcomes Marita Fridjhon. They discuss how to apply team coaching to families.

[4:44] Marita touches on the application of the four-circle model to nested family systems in order to better serve as advisors.

[7:56] Although the relationship with oneself is the starting point, Marita explains how the system itself also develops a unique and evolving personality.

[10:00] Marita unpacks the strange permeability of boundaries within family systems.

[12:07] The iterative phases of systemic evolution: meet, reveal, align, and act.

[14:00] Marita reminds us there are multitudes within the self: be aware of which facet of the individual you are addressing.

[16:17] Identity and expression of self are in constant flux.

[18:45] Emotional literacy is on the decline, Marita explains how COVID-19 and a post-traumatic world are generating widespread fatigue.

[20:10] There is no easy fix.

[22:00] Empathy fatigue will inevitably generate larger conflicts that bleed from personal areas to business.

[24:04] Marita offers that advisors may support their families more on the personal side, or the business side, but rarely both.

[27:05] Marita offers a bit of history on the shifting boundaries between therapy and coaching and why some personal and professional advisory role-playing might best serve families.

[32:11] Rather than finding positivity, Marita proposes to model it. She shares a practice she discovered and implemented at work.

[37:00] Marita’s book recommendation as well as her advice for advisors.

[38:20] Aileen thanks Marita Fridjhon for joining the podcast and sharing so much of her expertise, and signs off until next month.

Mentioned in this episode

The Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.

Systems Inspired Leadership: How to Tap Collective Wisdom to Navigate Change, Enhance Agility, and Foster Collaboration, by Frank Uit de Weerd, Marita Fridjhon

More about Family Enterprise Canada

CRR Global ORSC Coaching program

enDecember 12, 2023

52: Working With Family Relationship Systems

Introduction

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts, and models that best serve Family Enterprise Advisors in supporting their clients.

All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

Description:

Host Steve Legler welcomes Aileen Miziolek as his guest for a discussion about the intricacies of working with families, and how thinking about them as a "relationship system" can be useful. They discuss ideas around facilitation as an outsider invited to work with a family system, as well as using some basic family systems concepts that can help FEAs better understand the family relationships they encounter when working with clients.

Guest bio

Aileen Miziolek brings a multi-disciplined and integrated approach to her work, including 20 years of experience in complex financial and estate planning for business-owning families. She holds the CFP®, FEA, ACC, and ORSC designations. Aileen is co-author of Inspired Wealth, Financial Leadership for the 21st Century, a book that serves as a guide for making critical life choices about money to create a fulfilling life. Her guidance has helped hundreds of families through the unique opportunities and challenges they face in the areas of inter-generational wealth transfer, business succession planning, estate planning, and philanthropy.

You can learn more about Aileen Miziolek on her website and LinkedIn.

Key Takeaways

[:26] Steve Legler welcomes Aileen Miziolek and invites her to share a little bit about how she ended up in family systems coaching.

[3:20] Coaching individuals outside of their systems leads to functional limitations and even conflict. Aileen explains how combined individual and system coaching offers results.

[6:35] Outsiders to the system need to remain outside and impartial, advisors are well-placed to identify patterns.

[8:28] Aileen’s “Pong” analogy.

[9:51] What should be the very first meeting’s very first question? Aileen explains how she builds a safe container.

[12:36] Aileen explains the ghosts in the system and how they can impact a business family.

[15:06] The system’s mirror may be its greatest function. How advisors can build system awareness.

[16:10] Aileen points out a potential pitfall: are you making the family up? Striking the right balance between structure and flexibility.

[18:16] Aileen offers a sibling example of conflict with positive outcomes and the attitude the advisor should have in the presence of conflict.

[21:47] The learning family culture is how Aileen reframes conflict for families. She shares how she manages system pressure.

[24:39] Nurturing a system’s belief in its ability to overcome is an important part of how Aileen works.

[26:40] Aileen touches on the increase of systems work being done with siblings.

[29:10] Aileen shares her reading recommendation as well as her advice for advisors.

[31:24] Steve thanks Aileen for joining the podcast and sharing so much of her expertise, and signs off until next month.

Mentioned in this episode

The Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.

Systems Inspired Leadership: How to Tap Collective Wisdom to Navigate Change, Enhance Agility, and Foster Collaboration, by Frank Uit de Weerd, Marita Fridjhon

More about Family Enterprise Canada

enNovember 14, 2023

51: Communication Dynamics in Business Families

Introduction

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts, and models that best serve Family Enterprise Advisors in supporting their clients.

All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

This month, we welcome Family Business Member, FEA and Family Enterprise Foundation Board Member, Ambreen Bhaloo, as guest host of our podcast. Ambreen welcomes Mike Sargeant, former BBC Correspondent, Speaker and Coach to talk about the lessons of high impact communication and listening, drawing on his experiences working in dozens of countries over 25 years, from war zones to Westminster to corporate boardrooms. Enjoy this engaging conversation!

Guest bio

Mike Sergeant is a former BBC TV correspondent who helps people become better communicators, giving them clarity and confidence. Mike’s speeches, workshops, and coaching sessions distill the lessons of high-impact communication, drawing on his experiences in dozens of countries over 25 years from war zones to Westminster to corporate boardrooms.

You can learn more about Mike Sergeant on his website and LinkedIn.

Guest host bio

Ambreen Bhaloo is 2nd generation of an enterprising family and understands first-hand the complex and competing demands of family, business/management, and ownership. She lives in Toronto with her three children. Ambreen holds an honors degree from Western University and a Master’s in Education from the University of Pennsylvania. She is a Certified Co-Active Professional Coach (CPCC) and a Family Enterprise Advisor (FEA).

You can learn more about Ambreen Bhaloo on her website and LinkedIn.

Key Takeaways

[:26] Guest host Ambreen Bhaloo introduces herself and welcomes Mike Sergeant to the podcast for a discussion on communication in business families.

[1:58] Mike shares his story into journalism, some of his most spectacular pieces, and how acting gave him a solid foundation to better communicate.

[4:11] Fear or excitement, Mike offers his perspective on an often vilified emotion, even in the midst of a war zone.

[6:06] From journalist to organisation, governmental, and business family coach, Mike shares the skills that he found useful in this transition.

[7:47] Mike’s tips for building trust and confidence in new client families and how trust leads to better working relationships.

[10:40] What the generational wealth transfer coming in the next few years heralds as opportunities and challenges.

[12:33] Mike explains how family narrative can help build better communication and purpose.

[15:30] Step by step, what does it take to build a proper narrative? Mike shares critical aspects of storytelling.

[18:45] Taking the time to analyze family stories can build a broader understanding of the overarching family story.

[20:33] Each family is different and each family business is run differently; this means that storytelling will have varying degrees of intimacy.

[22:11] House of Gucci.

[24:38] The generational wealth transfer is also a value transfer. Mike offers that the upcoming gen needs to evaluate what they want to keep and change.

[26:56] After travelling the world, Mike offers the similarities and differences he has found within business families.

[28:56] Mike shares his reading recommendation as well as his advice for advisors.

[31:25] Ambreen thanks Mike for joining the podcast and sharing so much of his knowledge and experience, and signs off until next month.

Mentioned in this episode

The Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.

Fear Less: Face Not-Good-Enough to Replace Your Doubts, Achieve Your Goals, and Unlock Your Success, by Dr. Pippa Grange

More about Family Enterprise Canada

enOctober 10, 2023

50: Wealth 3.0

Special Video Episode: Watch the video here

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors in supporting their clients.

All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

Description
In this special 50th video episode, host Steve Legler speaks with all three authors of the recently released book, Wealth 3.0: The Future of Family Wealth Advising, Jim Grubman, Dennis Jaffe and Kristin Keffeler. Together, they discuss both the past and future of the field of advising families about wealth issues and cover some of the differences between working with family businesses, family enterprises and families of wealth. To mark the 50th episode, this podcast is presented in video format, a first for Let’s Talk Family Enterprise!

More about Family Enterprise Canada
Family Enterprise Canada (FEC)
FEC on Facebook
FEC on Twitter
FEC on LinkedIn

family enterprise advisors

enSeptember 12, 2023

family business

family enterprise

advising

family wealth advising

49: Stewardship for Enterprising Families

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts, and models that best serve Family Enterprise Advisors in supporting their clients.

All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.

Description

Host Steve Legler speaks with David York, author of The Gift of Lift and Entrusted, about the concept of stewardship and how it applies to enterprising families. York also shares his three questions that every rising generation family member needs to have answered, along with his views on the continuum that runs from entitlement to enslavement.

Guest bio

David R. York David R. York is an Attorney, Certified Public Accountant, and Managing Partner with the Salt Lake City law firm of York Howell. David practices law in the areas of estate planning, tax, business planning, and non-profit entities. He is a Fellow with the American College of Trust and Estate Counsel (ACTEC) and is the Dean of Legacy with the Purposeful Planning Institute. David has extensive experience in designing and implementing advanced wealth planning strategies for high-net-worth clients. He is the co-author of three books, Entrusted: Building a Legacy That Lasts, Riveted: 44 Values that Change the World, which after its release was the #1 Business Ethics book on Amazon, and The Gift of Lift.

You can learn more about David R. York on his website and LinkedIn.

Key Takeaways

[:26] Steve Legler welcomes David R. York to the podcast and asks him to talk a little bit about the subtitle of his latest book: Harnessing the Power of Stewardship to Elevate the World.

[4:21] David played “slug bug” as a kid, he makes a parallel with looking for and finding examples of stewardship in the world.

[5:50] Though we use and hear the word a lot, stewardship is rarely defined. David offers the working definition he came up with in his book as well as the opposite of stewardship: consumerism.

[8:36] Transcendence and investment characterize stewards, David talks about the ill-perceived trait of entitlement and shares his experience in a five-generation vineyard in Verona.

[11:49] Stewards have a unique perspective on the relationship with the past, present, and future. David shares the four key building blocks of stewards.

[13:55] David dives into the notions of equality of opportunity and cost versus value. He also touches on the four Ps: purpose, preparation, perspective, and participation.

[18:35] The insidious problem of snowplow parenting and the problem of perceived entitlement.

[20:11] The three critical questions David poses to help families surmount the biggest issues surrounding wealth transfer.

[25:16] Entrusted is right in the middle between entitlement and enslavement; Steve and David break down how to keep the balance through rights and responsibilities.

[29:04] David’s reading recommendations and his advice for advisors.

[32:12] Steve thanks David R. York for joining the podcast and sharing so much of his learnings, and signs off until next month.

Mentioned in this episode

The Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.

The Gift of Lift: Harnessing the Power of Stewardship to Elevate the World, by David R. York

Think Again: The Power of Knowing What You Don't Know, by Adam Grant

More about Family Enterprise Canada

Fondation des familles entrepreneuriales

enJuly 11, 2023

48: Préparer la prochaine génération

Dans cet épisode spécial, l'animatrice invitée Lianne Ulin s'entretient avec Olivier de Richoufftz, secrétaire général de la Fondation des familles entrepreneuriales, du dernier rapport de recherche sur la continuité par Fondation des familles entrepreneuriales, Préparer la prochaine génération : feuille de route pour les entreprises familiales, disponible en anglais et en français.

Hôte

Lianne Ulin a rejoint le groupe M Bacal en 1998 car elle voulait apprendre l'entreprise familiale. Lianne possède les connaissances et l'expérience qui assureront la continuité des principales valeurs de M Bacal à l'avenir. En tant que vice-présidente des finances et de l'administration, Lianne gère le bureau et nos clients en sont venus à la considérer comme la personne à contacter pour tous leurs besoins en matière de service à la clientèle. Elle est spécialiste certifiée des prestations du vivant (CHS) et FEA (Family Enterprise Advisor).

Pour plus d’informations au sujet de Lianne Ulin visitez le site web de M Bacal et LinkedIn.

Invité

Olivier de Richoufftz compte plus d'une décennie d’expérience auprès d’organisations soutenant les familles d’affaires ainsi que dans la croissance et la consolidation de leurs réseaux. Sa connaissance des enjeux importants auxquels les familles d’affaires sont confrontées de génération en génération se combine à un MBA d’HEC Paris et à sa vaste expérience en marketing, vente et développement. Il a travaillé pour des organisations telles qu’Euro Disney Resort et France Tourisme, et ainsi apporte une perspective stratégique et innovante à la Fondation des Familles Entrepreneuriales.

Pour plus d’informations au sujet d’Olivier de Richoufftz, visitez le site web de la Fondation des Familles Entrepreneuriales et LinkedIn.

Notes

[0:29] Lianne Ulin est vôtre hôte pour cet épisode spécial, elle reçoit Olivier de Richoufftz pour discuter des résultats de la plus récente étude menée par Family Enterprise Canada.

[1:59] Olivier explique quelles différences existent entre l’éducation formelle, les groupes de pairs et le mentorat pour préarer la relève à intégrer une entreprise familiale ainsi qu’à quel moment cette éducation devrait débuter.

[5:21] Planifier ‘avec’ ou planifier ‘pour’, Olivier met en lumière l’importance de mitiger nos biais et d’éviter la transactionalité dans l’intégration de la prochaine génération à l’entreprise familiale.

[7:38] Le futur appartient aux prochaines générations, et les technologies qui en sont issues aussi. Olivier partage l’importance des questionnements éthiques dans l’éducation de la relève en ce qui à trait aux technologies.

[11:40] Sans vouloir conseiller des généralités, Olivier offre qu’il existe des constantes pour communiquer plus efficacement avec les générations à venir.

[13:28] Olivier explique ce qu’il entend par ‘le futur se rétrécit’ pour la génération montante, il offre aussi ce que la génération actuelle aime entendre d’eux.

[16:00] Lianne remercie Olivier d’avoir accordé son temps et ses connaissances pour cette discussion.

Si vous avez apprécié cet épisode, abonnez-vous à Let’s Talk Family Enterprise sur Spotify, Apple Podcasts ou tout autre application qui diffuse des balados. N’oubliez-pas de partager avec votre famille, vos amis et vos collègues.

Partagez vos idées avec nous au fea@familyenterprise.ca

Mentionné durant l’épisode

Le balado Let’s Talk Family Enterprise est présenté par Family Enterprise Canada.

KPMG Bureau de gestion familiale

Ready, Willing and Interested — Or Not?

Who are the Guardians of Family Legacy?

Family Enterprise Canada

FEC Facebook

FEC Twitter

FEC LinkedIn

Family Enterprise Foundation

enJune 15, 2023

48: Preparing the Next Generation

In this special episode, guest host Lianne Ulin speaks with Richa Arora, Executive Director of KPMG Family Office about the latest continuity research report by Family Enterprise Foundation, Preparing the Next Generation: A Family Business Roadmap, made available in English and French.

Host bio

Lianne Ulin joined M Bacal Group in 1998 as she wanted to learn the family business. Over the past 21 years she has learned how to marry the client’s needs with the best in class innovative insurance solutions available. As the VP Finance and Administration, Lianne manages the office and our clients have come to rely on her as the go to person for all their customer service needs. She is a certified living benefits specialist (CHS) and FEA (Family Enterprise Advisor).

You can learn more about Lianne Ulin on the M Bacal website and on LinkedIn.

Guest bio

Richa Arora leads the Dynamics and Governance Practice in the Greater Toronto Area (GTA) and serves as a Lead Relationship Manager for Multi Family Office clients. She has been with KPMG for over a decade and brings over 19 years of diverse global experience to the Family Office team. Richa works with family enterprises, and large private and public corporations in a variety of industries. Richa’s deep experience in management consulting, human resources, and leadership development allows her to work with multi-generational families in developing custom roadmaps to suit their unique circumstances. As a Senior Family Advisor, she serves as a primary relationship link between Family Office clients, internal and external subject matter experts, and financial institutions.

You can learn more about Richa Arora on the KPMG website and on LinkedIn.

Key Takeaways

[0:29] Lianne Ulin is your host for this special episode, she welcomes Richa Arora of KPMG to discuss the results of the latest research released by Family Enterprise Canada.

[1:30] Richa explains what families can do to introduce children to and prepare them for the family business.

[3:56] The functional differences between formal education, mentorship, similarly-minded peers and external advisors as it relates to guiding children within the family business. Richa also offers which might provide more value.

[6:59] Planning “with” versus planning “for”: Richa shares a canoe metaphor to illustrate the importance of working together. She talks about how to better engage and integrate the next generation family members into long term planning.

[9:22] The latest report indicates that families aren’t quite ready for AI. Richa explains the position largely held by family business leaders when it comes to the role of nextgens and emerging tech.

[11:51] With the report results in hand, Richa shares her advice for current family leaders on communicating effectively with the next generation to leave them feeling prepared, as well as tips for the upcoming gen to respectfully find their path.

[14:10] Richa speaks of her own experience on the importance of creating a feeling of safety when it comes to succession planning, as well as the pivotal role of storytelling in effective communication.

[17:11] Lianne thanks Richa for coming on to the podcast and sharing the results of this report.

If you enjoyed today’s episode, you can subscribe to Let’s Talk Family Enterprise on Spotify, Apple Podcasts and other podcast apps. Please remember to share this episode with family, friends and colleagues.

Share your thoughts with us at fea@familyenterprise.ca.

Mentioned in this episode

The Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.

KPMG Family Office

Ready, Willing and Interested — Or Not?

Who are the Guardians of Family Legacy?

More about Family Enterprise Canada