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Shift Your Family Business                               Monthly Insights                                                  September 2016

Tip of the month:


Governance, Ugh. I recognize that the word "governance" is as far from "sexy" as possible, and Chapter 8 of my book Shift your Family Business is even called "Governance, Ugh!"
 
What it boils down to is establishing some Rules of Engagement. How will you make decisions together, communicate, and solve problems as a group.
 
Companies usually have some form of these in place, and when you are planning on transitioning a business and/or assets to a next generation, you better have some rules for family stuff too!
 
And as usual, it is MUCH better to have some guidelines in place well BEFORE you end up in a situation where you will ever really need them.
 
 
 


What's new:

 
- I really believe in the principle of "permission-based emails".  I value my subscribers and never want to be seen as someone who abuses this privilege.  I have therefore now set up subscription options.
 
The choices are: Weekly Blogs only; Monthly Newsletter only, and Both Weekly Blogs and Monthly Newsletter. 

If you are OK with things as they are (getting both) you do not need to do anything. 

 
- FFI Miami
 
I will be heading to another annual conference in a couple of weeks, this time in Miami. 

The Family Firm Institute will be having their 30th annual gathering: 
https://ffi.site-ym.com/?page=globalconference
 
It is always a great place to interact with others in this space from around the world, and to learn how the field of family business, wealth, and legacy continues to evolve.


Blog of the Month:
 

My Baby, My Heir

 


Outside link of the month:

From Family Business United (UK):

Keep It In The Family With Succession Planning


 

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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