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Shift Your Family Business                               Monthly Insights                                                  September 2016

Tip of the month:

 
People usually spend lots of time thinking and talking about WHAT they are doing or planning, which is great. 

That will often lead to questions about WHY they are thinking about those "WHATs".  The WHAT and WHY are really important, but please don't stop there.

When you look at everything that's involved in transitioning a family's wealth and assets (both financial AND non-financial), the key question, HOW, can be forgotten.  Next time you are having such a discussion (and kudos if you are having these key conversations), try pushing a bit harder into the details.

"Okay, so you want us to own and run the business, just how is that supposed to work?"

The HOW questions force you to get into some of the details, especially in the areas that get tricky, and where problems will likely arise.  How are the NextGen family members going to make decisions, solve problems together, and communicate?

The devil truly is in the details, and it is always better to think about, and talk about all this stuff early on. You don't need to hammer out a complete written legal agreement just yet, but getting general consensus is a great beginning.
 


What's new:

 
September can be a big time of year as summer comes to an end, kids go back to school, and we get more into a routine again.  I will be doing a lot of the back-to-school part myself, delaying my back-to-routine:

This week, I began my post-graduate training in Bowen Family Systems Theory at the Bowen Center at Georgetown, in Washington DC. http://www.thebowencenter.org/training/postgraduate-program/

At the end of the month I will be back in Ottawa for my third of four modules of the Third Party Neutral program at the CICR in Ottawa. http://www.cicr-icrc.ca/en/services/training/48-third-party-neutral-program.html

And finally at the end of the month I will be back at Western (UWO) for homecoming with the MBA Class of '91 in London, Ontario. Yes, time flies.
 


Blog of the Month:
 

I can see clearly now...



 


Outside link of the month:



Great stuff from the legendary Dennis Jaffe:

Lessons Learned From 100-Year Family Businesses


 

Until next month's newsletter. I hope you enjoy my weekly blogs in between.



Steve Legler
MBA, CFA, FEA
Family Business Advisor
450-923-9393
http://shiftyourfamilybusiness.com/
 
 
If you received this from someone else and are not already signed up, please:
Sign up for my Newsletter 

* Also, PLEASE forward this to anyone and everyone who may be
interested in the subject of family business and business families *
Thanks!

Tip of the month:

 
I was recently struck by something that I read in a coaching newsletter from John Engels.  Here it is:

"
I’ve noticed that the anxiety of a person about their problem is often a bigger problem than the problem itself."

Wow, and now the more I think about it, the more I seem to see it around me.

Stop and think about this for yourself, and others around you.  If you notice it in yourself, you can start to do something about it, if you notice it in others, by pointing it out to them, they may be able to see things in a new light, and let some of that anxiety go.

So often, we are our own worst enemies. Realizing this is the first step in changing things for the better.
 


What's new:

 
Having a son who is a "rising senior" in High School brings with it a new chapter for a family. I have designated myself as the parent responsible for my son's college campus tours, and it is quite the experience.

We have been to info sessions an tours at colleges and universities in Illinois, Maryland, Pennsylvania, New Jersey, New York and New Hampshire, and I am probably forgetting some.  While many of them started to sound the same near the end, there are certainly differences too.

What a cool experience to go through with your child, as you discover which school has a vibe that you both feel as a good fit.  The next few months should prove to be very interesting as applications will go out, replies will come in, and important decisions will need to be made.

 


Blog of the Month:
 

It’s NOT about the Money


Outside link of the month:

Family Enterprise Diversified

From KPMG - Strategic Nepotism

An interesting way to look at intergenerational family wealth continuity - I like it.



Extra: for those interested in Bowen Family Systems Theory:

Online Introduction to Bowen Theory ‏Course

(Application deadline is August 15)

This course is put together by the Bowen Center at Georgetown, taught by people who worked with Murray Bowen.  There is no higher source for this stuff!


 
Until next month's newsletter. I hope you enjoy my weekly blogs in between.



Steve Legler
MBA, CFA, FEA
Family Business Advisor
450-923-9393
http://shiftyourfamilybusiness.com/
 
 
If you received this from someone else and are not already signed up, please:
Sign up for my Newsletter 

* Also, PLEASE forward this to anyone and everyone who may be
interested in the subject of family business and business families *
Thanks!


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Steve Legler · 495 Viger Ouest · Suite 2707 · Montreal, QC H2Z 0B1 · Canada

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