Let's Talk Family Enterprise

By: Family Enterprise Canada
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  • Summary

  • Lets Talk Family Enterprise explores global ideas, concepts and models related to family enterprise advising. Brought to you by Family Enterprise Canada, specifically created for FEA designates and members of Family Enterprise Canada.
    © 2022
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Episodes
  • 60: Embracing Polarities to Harmonize Opposites in Enterprising Families

    60: Embracing Polarities to Harmonize Opposites in Enterprising Families
    Sep 13 2024
    Host Steve Legler speaks with Cathy Carroll, author of Hug of War: How to Lead a Family Business with Both Love and Logic. Together, they take a deep look at using the lens of Polarity Thinking to help family businesses work through many of the challenges they face, as well as how FEAs can use this tool to become better resources to their client 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. Guest Bio Cathy Carroll Cathy Carroll grew up in a family business and enjoyed a 20-year corporate career before leading her father’s manufacturing business. Before founding Legacy Onward, Inc., Cathy led Pro Equine Group as President and COO. She held executive positions at United Airlines and Sabre and has an MBA from the University of Chicago and a BA from Boston College. Legacy Onward is dedicated to helping leaders in family businesses thrive. You can learn more about Cathy Carroll on her LinkedIn and the Legacy Onward website. Key Takeaways [:26] Steve Legler welcomes Cathy Carroll to the podcast and asks her to share what led her to work as an executive coach to enterprising families. [4:30] Cathy explains the basics of polarity thinking, using an inhale/exhale analogy. [5:56] From “should” to “how,” polarity thinking can reframe any leadership positioning. [7:30] Turning advisors into superheroes, Cathy shares how the 4-quadrant mapping system can reduce conflict during decision-making. [9:50] How to get people in agreement to reframe questions without compromise. [11:26] Emphasizing the possibility of change is a great way to get people aligned. [11:59] Tackling the reveal/conceal tension of estate plans. [14:16] Task conflict versus relationship conflict and the tools to manage both, Cathy shares a quick mnemonic device (A.L.I.G.N.) to manage task conflict. [18:50] Relationship conflicts can be very destructive and must be addressed. Cathy shares her 5-step Play Fair (P.F.A.I.R.) process. [22:37] Whether you’re a coach, a facilitator, or an advisor, practice makes perfect! [25:31] Building tension to lead to the juicy morcels delivered in the very last chapters of Cathy’s book. [28:08] Helping families see the bigger picture. [30:35] Cathy’s reading recommendations and advice for advisors. [32:42] Steve Legler thanks Cathy Carroll for sharing so much of her knowledge and closes this episode by reminding listeners to rate and subscribe. 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 Hug of War: How to Lead a Family Business with Both Love and Logic, by Cathy Carroll Think Again: The Power of Knowing What You Don’t Know, by Adam Grant Family Business as Paradox, by Amy Schuman, Stacy Stutz, and John L. Ward Polarity Intelligence: The Missing Logic in Leadership, by Dr. Tracy Christopherson and Michelle Troseth More about Family Enterprise Canada Family Enterprise Canada FEC on Facebook FEC on Twitter FEC on LinkedIn
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    33 mins
  • 59: Mental Health Impacting Intergenerational Wealth Transfers

    59: Mental Health Impacting Intergenerational Wealth Transfers
    Jun 11 2024

    In this episode, Aileen Miziolek talks with bestselling author and award-winning speaker, Dr. Thomas Deans, about the impact of mental health on intergenerational wealth transfers and how it led him to write his new book, The Happy Inheritor: How Successful Families Prepare Heirs and Transfer Wealth.

    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

    Tom Deans
    Dr. Thomas William Deans is the author of the all-time best-selling family business book, Every Family’s Business, listed by The New York Times as One of the Top Ten Books Business Owners Should Read. He followed that book with another international best-seller, Willing Wisdom, and his third book, The Happy Inheritor. He speaks full-time on the international lecture circuit.

    Having delivered more than 2000 keynotes in 28 countries on four continents, Dr. Deans has built an international reputation as a thought leader on transitioning family wealth.

    You can learn more about Tom Deans on his website and LinkedIn.

    Key Takeaways

    [:26] Aileen Miziolek welcomes Tom Deans to the podcast and asks him to share what led him to write his latest book, The Happy Inheritor.

    [5:12] Dr. Deans shares his frustration around inaction when it comes to succession planning and what personality disorders might have to do with it.

    [7:15] The one personality disorder that may spell business success might also cause serious family trouble.

    [9:40] Personality disorders are a spectrum, and everyone exhibits some disordered traits.

    [12:27] Dr. Deans shares how families can address succession head-on to avoid surprises and some warning signs to watch.

    [16:48] What a facilitator can do to help families and why family advisors might want to get them involved early.

    [21:00] Family meetings and advisors aren’t only for the centi-millionaires anymore.

    [23:08] What cognitive dissonance is and how it paralyzes people’s decision-making process.

    [28:00] Succession stress goes both ways and the next generation has a price to pay.

    [31:47] Dr. Dean’s advice for advisors.

    [36:34] Aileen Miziolek thanks Dr. Tom Deans for sharing so much of his knowledge and closes this episode by reminding listeners to rate and subscribe.

    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 Happy Inheritor: How Successful Families Prepare Heirs and Transition Wealth, by Dr. Thomas William Deans

    More about Family Enterprise Canada

    Family Enterprise Canada

    FEC on Facebook

    FEC on Twitter

    FEC on LinkedIn
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    38 mins
  • 58: Sustainability and ESG in Family Enterprises

    58: Sustainability and ESG in Family Enterprises
    May 14 2024
    Host Steve Legler speaks with Professor Pramodita Sharma about sustainability and how family enterprises are uniquely placed to take advantage of business trends in this area. Pramodita shares inspiring stories based on her research, and points family businesses and their advisors into some promising directions. 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 Pramodita Sharma is the Schlesinger-Grossman Chair of Family Business at the Grossman School of Business, University of Vermont. She is a Research Fellow at the Thomas Schmidheiny Center for Family Enterprise at the Indian School of Business, and an advisory board member of the Jönköping International Business School (JIBS), Sweden. Among the highest-cited scholars in family business studies, her research on succession, governance, innovation, next-generation commitment, entrepreneurial leadership, and sustainability in/by family enterprises has appeared in journals like the Academy of Management Learning & Education, Entrepreneurship Theory and Practice, Family Business Review, Journal of Business Ethics, and Journal of Business Venturing, among others. Experiences and close interactions with her own family’s enterprises help keep her professional work grounded in the realities and complex dynamics of these fascinating enterprises that dominate the economic and societal landscape around the world. You can learn more about Pramodita Sharma on the Grossman School of Business at the University of Vermont’s website and LinkedIn. Key Takeaways [:26] Steve Legler welcomes Pramodita Sharma and asks her to share an overview of her upcoming lecture at the Family Business Symposium focusing on the meaning of sustainability and the paths we can take to action. [4:11] Sustainability is a journey that begins with awareness; Pramodita shares what phases come after. [6:10] Family enterprises have a unique advantage regarding sustainability; the key is in the upcoming generations. [9:09] Pramodita talks about the pioneering companies already taking advantage of their unique position. [12:43] Sustainability as an antidote to the pressures of succession. [15:04] The journey to a purpose-driven life through sustainability business practices. [16:45] Case studies have proven to be a formidable multi-tool; Pramodita explains how she uses them and where the experience has been richest. [19:35] Pramodita shares her hope for case studies in Canada and takes a moment to share a personal story. [23:21] Is there an age or gender to the sustainability charge? [27:39] The case competitions Pramodita organizes. [32:20] Pramodita’s reading recommendation and advice for advisors. [34:33] Steve thanks Pramodita Sharma for sharing her research and knowledge and closes this episode by reminding listeners to rate and subscribe. 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 Circular Economy Handbook: Realizing the Circular Advantage, by Peter Lacy, Jessica Long, and Wesley Spindler Ellen MacArthur Foundation Museum of Science + Industry Chicago: Extreme Ice Exhibit The Family Business Symposium will take place on May 27‒29, 2024 in Calgary. More about Family Enterprise Canada Family Enterprise Canada FEC on Facebook FEC on Twitter FEC on LinkedIn
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    35 mins
Economics
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