Matt Lesser was given his family’s oil business at just 22 years old and although things didn’t quite go to plan in the beginning, he got some help, turned it around, and sold it to a competitor two decades later. He’s here to talk candidly about this experience.

 

Discover what it takes to turn around a failing family business. Matt is sharing how he worked on his mindset around rebuilding a business that was in deep trouble, and how he works with his clients to help them learn from their experiences, apply lessons, and take ownership of their organizations.

 

Get full show notes and more information here: https://successfulgenerations.com/22

Are you aware of the ripple effect of being stuck in indecision? Whether it’s decisions in your family business or in your personal life, second-guessing one thing creates a chain reaction, meaning one simple decision can actually have profound ramifications. This week, I’m showing you how to stop feeling powerless and frustrated when you or someone else isn’t taking ownership of an important decision so you can decide how you want to show up in the situation from a place of love, caring, and neutrality.

 

Get full show notes and more information here: https://successfulgenerations.com/21

If you’re wearing the badge of busyness, I want you to join me on the podcast this week as I invite you to consider banning the word busy from your vocabulary. I’m sharing how we miss out on so much that life has to offer because we think we should be busy. And I’m giving you my favorite thing to think instead of, “I’m too busy…”

 

Get full show notes and more information here: https://successfulgenerations.com/12

In this episode, Russ Haworth, host of The Family Business Podcast, and I talk about why and how he started his podcast. Russ shares some of his favorite family business stories and resources, and he tells us what he’s learning along the way.

Get the complete show notes and links to resources at https://successfulgenerations.com/episode028/

Mindset, also referred to as buoyancy or resiliency, speaks to our ability to bounce back. This week’s guest, Dr. Nancy Jonker explains it as, “an invisible sense of how the universe is working for us and our ability to take responsibility for our lives.” Yep, settle in friends, the information in this episode has the potential to change your life.

Get the complete show notes, including a list of resources mentioned in the episode at successfulgenerations.com

 

In this episode, Rob Collier, President & CEO of the Council of Michigan Foundations shares nine trends he’s observed in philanthropy over his tenure. He also leaves us with a few recommendations for the future of philanthropy. 

Complete shownotes, guest bio and resources from this episode are available at https://successfulgenerations.com/episode026/.

In this "Power 20" episode, I'm speaking to my friends who are NowGen leaders of family enterprise. As you think about succession planning and preparing the NextGen to fill your shoes, I urge you to be intentional when it comes to their leadership development. Not doing so can result in devastating consequences, not only for them but your family and your enterprise. Why risk it? 

Make a plan, work the plan, guide your NextGen, and help them grow their capacity to be successful in their future role. Interested in learning from others? In this episode, I provide 10 ways to set your NextGen up for success in the family enterprise- many I learned from family business leaders such as yourself.

Today's show notes are available at www.successfulgenerations.com/episode025 

Enjoy! 

 

Blog Post: Pump It Up! Why Strength Training is Essential to the Success of Your Health Plan with Nick Klein

Strength training and leadership development may seem like an unusual combination. But as a leader, all the things—career, family, community events, board service, volunteering, etc.—typically take priority over your health and wellness. Without intention and behavior change, the results can be detrimental.

In place of a full podcast episode on this topic, this week I have a blog post for you with Master Personal Trainer Nick Klein of Body By Choice Training. This is the same great interview format that you get from the podcast but in a blog form. Nick and I dig into time and mindset management, goal setting, and how strength training relates to leadership.  Nick also shares some of his favorite resources near the bottom of the post.

Blog Post: Pump It Up! Why Strength Training is Essential to the Success of Your Health Plan with Nick Klein

Want more on wellness? Check out our previous Successful Generations podcast episodes on this topic:

• Episode 003: Leadership, Wellness, and Concierge Medicine with Dr. Bill Baer
• Episode 009: Stress Management and Holistic Health with Cynthia Damaskos
• Episode 014: More Awareness and Less Stress through Yoga
• Episode 016: Reframing Limiting Beliefs with Ellie Frey Zagel

Click here for show notes Guest Bio

Nick Klein is a Master Personal Trainer and Owner of Body by Choice, a personal training studio based in Grand Rapids, Michigan. Nick and his team specialize in outcome-driven, effective methods of training, exercise, nutrition and supplementation as well as education for clients and personal trainers alike. Learn more about Nick.

In this episode, Greg McCann of McCann & Associates and I dive into the family enterprise model, vertical leadership development, and leadership agility. Greg worked in his family’s business for a number of years before teaching at Stetson University and starting their Family Enterprise Center. In addition to teaching, Greg has worked as a family enterprise consultant for nearly two decades.

In this podcast, Greg gives us a mini-course on the four leadership agilities, which include self-awareness, empathy, framing, and innovation. We discuss the six stages that leaders go through, which run along a continuum from efficient to effective. Greg also shared with us that leaders at the top of the scale (the most effective) tend to do three things daily:

1. They have a reflective or meditative practice
2. They exercise
3. They have a creative practice outside of work. (Cool thing about Greg: His creative practice outside of work is gift giving!)

Topics discussed in this episode:

• Meet Greg (1:14)
• Today’s global pressure on family businesses (5:45)
• Turning challenges to opportunities (10:14)
• Family enterprise mindset model (13:03)
• The who (18:05)
• 4 agilities and leadership stages (20:04)
• How to move through the leadership stages (27:35)
• Why this model for a family? (31:18)
• Two types of innovation (35:38)
• Resources and how to find Greg (39:19)
• Bonus questions (40:35)

Guest Bio:

Greg McCann is the founder, principal and leader of an international family enterprise consulting firm that create workshops, consults, publishes, and innovates on issues of importance to family enterprises.

As a thought leader, author, coach, consultant and speaker, he works with family enterprises in the areas of leadership development, transitions, communication & conflict resolution, and with a special emphasis on helping the next generation succeed in their careers and lives.

Greg has coached leaders for nearly 20 years and is not only a graduate of Coach U, but also certified in Leadership Agility and Myers-Briggs Type Indicator.

Notable & Quotable: Intimacy is being lost. In response, I ask how do people become available to themselves and the other people in their lives? —Greg McCann #successfulgenerations If you are not developing the leadership capacity of your family, you are putting them in unnecessary risk. —Greg McCann #successfulgenerations We’re really good at running our businesses, but not so good at anticipating change. How do we pivot and see the next thing coming? —Greg McCann #successfulgenerations Imagine saying, ‘I want to get in shape, so once a year I go away with my family and hear a fitness expert speak.’  That doesn’t work. —Greg McCann #successfulgenerations In a family business you’re putting your main relationships and the majority of your wealth at risk. Doing that casually is too much of a risk. —Greg McCann #successfulgenerations Resources mentioned in this episode:

McCann and Associates

Family Enterprise Center at Stetson University

When Your Parents Sign the Paychecks: Finding Success Inside or Outside the Family Enterprise by Greg McCann

Who Do You Think You Are? By Greg McCann

Family Firm Institute Goodman Study

John Ward

Bill Joiner’s Leadership Agility

Vertical Leadership Development from Nick Petrie Center for Creative Leadership

Jay Hughes

Myths and Mortals:Family Business Leadership and Succession Planning by Andrew Keyt

Joe Astrachan of Kennesaw State University

Jill Shipley of Abbot Downing

 

Colleen Mitchell is the founder of Venture3Philanthropy, a global philanthropic advisory firm. In her role, Colleen helps clients across generations get started in philanthropy. Her work with families can include developing strategies for giving, identifying purposeful work based on their values, creating legacy plans, coaching, acting as a sounding board, and more.

In this conversation, Colleen and I walk through her three-step process for getting started in philanthropy, which includes asking clients: 1. Why do you give? 2. What’s important to you? 3. What will success look like? We touch on different giving vehicles (i.e private foundation, trust, donor advised fund) and considerations for choosing the one that’s right for a donors situation and goals. We also discuss the different approaches donors of different generations take when it comes to philanthropy. Her experiences with next generation donors align with what we heard from Michael Moody in episode 006 of this podcast—Join the Philanthropic Revolution.

Topics discussed in this episode:

• Meet Colleen (1:57)
• Who does Venture3Philanthropy serve? (5:56)
• Step 1: Why do you give? (13:12)
• Step 2: What’s important to you? (17:20)
• Step 3  What does success look like? (21:45)
• Selecting the appropriate giving vehicle (24:39)
• Corporate philanthropy (28:41)
• Engaging the next generation in philanthropy (33:08)
• Truth: Family philanthropy is not for everyone (38:40)
• Lessons learned (42:53)
• How to find Colleen (44:44)
• Favorite resources (45:05)
• Bonus questions (46:00)

Guest Bio:

Colleen Mitchell created a professional philanthropy advisory practice in 2010 to uniquely apply her broad knowledge and seasoned experience by responding to a call to service.  Colleen has dedicated her professional life to working closely with those who share her passion for advancing philanthropy for the benefit of people in local communities as well as global society.

Colleen’s philanthropy advisory practice provides individual coaching and advice, as well as leadership in the operations and process of organizational effectiveness.  Colleen partners to create innovative giving and investing strategies to support donors and their families, their professional investment and legal advisers, foundation grant makers & membership associations, as well as social entrepreneurs.   As a respected career professional in global philanthropy, Colleen’s work has spanned nearly three decades throughout the public, private and non-profit/NGO sectors, comprised of experience with donor engagement and stewardship, family foundation and corporate grant making, brand marketing and sales leadership as well as fundraising.

Prior to establishing a philanthropy advisory practice, Colleen served as President of NorthShore University HealthSystem Foundation in Evanston, IL.  During the height of the recent global recession, Colleen, her staff team, Board, Physician Philanthropy Champions and volunteers raised more than $45M of private charitable support for clinical programs, research and the medically-underserved.

For nearly a decade at Whirlpool Corporation, Colleen served as President of Whirlpool Foundation.  Colleen transformed the corporate foundation, globally, and grew the fund balance by more than 200 percent while increasing grant making to support global manufacturing communities, aligned to customer values.  Colleen designed and implemented a global education program, Women: The New Providers, reflecting a North American and Western Europe, multi-country social research and public awareness initiative, published in eight countries and five languages.  The global studies generated more than one billion media impressions in their first year, valued at $36M, covered in respected media outlets such as The New York Times, The Wall Street Journal, The Financial Times and CNN, to name a few.

Notable & Quotable: When it comes to philanthropy… Keep it simple, keep it enjoyable, make sure it’s truly impactful. —Colleen Mitchell #successfulgenerations $10M is the critical mass of assets in a private foundation where a multi-generational family can have enough resources at the 5 percent payout to engage the interests of everyone around the table. —Colleen Mitchell #successfulgenerations In the eight years I’ve been serving multi-generational families, I’ve seen a considerable shift away from private foundations to donor advised funds. —Colleen Mitchell #successfulgenerations Regarding corporate philanthropy… Look for opportunities when it makes sense to tie the branding, identify, image and culture of the company to how they want to show up publicly in serving and supporting others. It’s also a great opportunity to engage employees. —Colleen Mitchell #successfulgenerations Every couple and family is a fingerprint—they’re all different. —Colleen Mitchell #successfulgenerations Philanthropy is such a personal space. People are talking about things that are private and personal. It touches their heart and spirit.  It’s a living laboratory; on hallowed ground.—Colleen Mitchell #successfulgenerations Families who do multi-gen philanthropy well start with acknowledging the dignity and respect with where each family member is in their life journey. —Colleen Mitchell #successfulgenerations The advice I would give my 20-year-old self is always run things through the test “Is it life-giving to me”? —Colleen Mitchell #successfulgenerations Resources mentioned in this episode:

Venture3Philanthropy

Regional Associations—find yours here

 

Right Click and "Save As" to download this episode to your phone.

PLEASE NOTE: there is adult language in this episode. It's only 1-2 words, but if you are listening with little kids, you may want to use headphones. 

Mitchell Kaneff is the 3rd generation Chairman and CEO of his family’s company, Arkay Packaging. If you’ve ever purchased lipstick, moisturizer, or fragrance in a box, the packaging was likely created by Arkay. They’ve been in business for more than 96 years. Today, they send high-end packaging all over the world from their three locations on the east coast.

Mitchell assumed leadership of Arkay in 1996 when he was 30 years old. He gained notoriety 14 years later following the release of his book, Taking Over: Insider Tips from a Third Generation CEO. The book shares his personal story, including a letter he wrote to his father asking him leave the business, along with stories from other families who struggled through leadership transitions. The media headline at the time was Why I Fired My Father From the Family Business.

In this episode, Mitchell and I talk about what it was like to fire his dad—someone he describes as both a seagull manager and a larger than life living legend in the packaging industry. Spoiler alert: Mitchell and his dad made it through the transition unscathed, in fact, they remain best friends today. We also discuss Mitchell’s leadership style, the keys to his success, and how he is introducing the family business to his teenage sons.

Fun fact about Mitchell: He’s not only a fantastic leader, but also a rockstar! Outside of the office, he’s a bass player and vocalist with The Young Presidents. They are releasing their fourth album soon!

Topics discussed in this episode:

• About Mitchell and Arkay Packaging (2:12)
• About the book (4:27)
• Working up the ranks (9:10)
• Preparing for leadership (12:35)
• Firing dad (and remaining best friends) (19:34)
• Mitch’s leadership style: Engage, empower, share (29:03)
• Monitoring vital signs (35:57)
• Outside specialists and consultants (41:57)
• Starting succession planning (49:46)
• Having hobbies as a leader (1:02:06)
• Health, wellness, and balance for leaders (1:08:36)
• How to find Mitchell (1:11:34)
• Bonus questions (1:13:07)

Guest Bio:

Mitchell Kaneff, author of Taking Over: Insider Tips from a Third- Generation CEO, is the Chairman/CEO of Arkay Packaging, a 96-year old, family–owned and operated leader in the folding carton industry.

Under Mitchell’s direction, Arkay continues to be a market frontrunner in providing companies, such as Revlon/Elizabeth Arden, EsteeLauder, Procter & Gamble, and L’Oréal, with cutting-edge product packaging solutions. Mitchell’s appreciation for customer satisfaction and his understanding of the industry has solidified partnerships with key customers, earning Arkay “Supplier of the Year” awards several years running.

In addition to locations in Hauppauge, New York and New York City, Arkay built a manufacturing facility in Roanoke, Virginia 22 years ago and in 2008 underwent an expansion to twice its size, a testament to leadership and the quality of the Arkay product.

Mitchell lives in New York City with his twin 17-year old sons, Max and Josh, and his wife, Amy.

Notable & Quotable: Succession planning for dummies didn’t exist, so I wrote a book. —Mitchell Kaneff #successfulgenerations Some millennials look at a mountain and just want to go to the top. The expedition from the base to the top is all part of what you deserve when you get there. The journey makes you a strong and inspiring leader. —Mitchell Kaneff #successfulgenerations I was coming into an organization where my dad was a living legend, an iconic figure in the industry and a pillar of confidence and strength. To step into his shoes was a challenge. —Mitchell Kaneff #successfulgenerations  In God we trust, all others bring data. —Mitchell Kaneff #successfulgenerations You can’t start succession planning early enough. —Mitchell Kaneff #successfulgenerations Leadership is bringing out the best in the people around you. —Mitchell Kaneff #successfulgenerations Resources mentioned in this episode:

Arkay Packaging

The Young Presidents

Taking Over by Mitchell Kaneff on Facebook

YPO

HBX CORe

American Management Association: Fundamental of Finance for Accounting for Non-Financials Managers

Books:

Taking Over: Insider Tips from a Third Generation CEO by Mitchell Kaneff

Good to Great by Jim Collins

The Seven Habits of Highly Effective People: Powerful Lessons in Personal Change by Stephen R. Covey

How to Win Friends and Influence People by Dale Carnegie

The House of Mondavi: The Rise and Fall of an American Wine Dynasty by Julia Flynn Siler

 

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www.successfulgenerations.com/itunes www.successfulgenerations.com/stitcher www.successfulgenerations.com/googleplay   Want more of Successful Generations? Check out our other episodes:  Episode 020: Women and Wealth with Adrienne Penta Episode 019: The Allyn Family 2.0, Part 2 Episode 018: The Welch Allyn Family Business Story with Eric Allyn (4th Gen), Part 1 Episode 017: Achieving Your Goals through MasterMind and Peer Groups Episode 016: Reframing Limiting Beliefs with Ellie Frey Zagel Episode 015: Beyond the Piggy Bank with Father, Author, and Entrepreneur Clint Greenleaf Episode 014: More Awareness and Less Stress through Yoga Episode 013: Raising Children to be Amazing Business Owners with Paige Cornetet Episode 012: Generous Genes with Susan Crites Price Episode 011: Digging into the Family Business Landscape with Daniel Van Der Vliet Episode 010: 10 Things My Family Did to Engage us in Family Philanthropy Episode 009: Stress Management and Holistic Health with Cynthia Damaskos Episode 008: Family, Fights and Ferry Tales with Chris Shepler Episode 007: Raising Financially Responsible Kids Through the Holidays (and Beyond) Episode 006: Join the Philanthropic Revolution with Michael Moody Episode 005: Estate Planning 101 aka Estate Planning is Not Optional with Susan Gell Meyers  Episode 004: Ginny Esposito - Engaging your Family in Family Philanthropy Episode 003: Leadership, Wellness, and Concierge Medicine with Dr. Bill Baer Episode 002: Douglas D Box, Texas Patriarch - A Legacy Lost Episode 001: About Your Host Ellie Frey Zagel   Learn more about Successful Generations:

FB: @SuccessfulGenerations
Twitter: @EllieFreyZagel
Email: ellie@successfulgenerations.com
Instagram: SuccessfulGenerations

Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.

 

Happy 20th episode of the Successful Generations podcast! Our listeners are in for a treat this week. We wanted a dynamo guest for this milestone episode and Adrienne Penta did not disappoint.

Adrienne is a Senior Vice President and Executive Director of the Brown Brothers Harriman Center for Women & Wealth (CW&W)—the brainchild that she built from the ground up. Rooted in data regarding women and wealth, and guided by her personal experience (which she shares during our interview), Adrienne and her team at the CW&W support women as they create and manage wealth. They also produce a quarterly magazine called Women & Wealth that explores the intersection of family, wealth, and values.

In this episode Adrienne and I talk about estate planning, inheritance, preparing children for wealth, the importance of clear values, communication, and transparency, and so much more. Adrienne shares a ton of great resources, which are linked below.

Topics discussed in this episode:

• Meet Adrienne (2:45)
• Adrienne’s personal story (3:33)
• Creating the CW&W (6:46)
• About Brown Brothers Harriman (8:51)
• Launching Women & Wealth Magazine (10:02)
• Mission and vision for the CW&W (13:10)
• Stats about women and wealth (15:51)
• Practical advice: “I’m inheriting money. Now what?” (20:52)
• Talking with children about wealth (24:56)
• What if the generation before doesn’t want to talk about money? (28:27)
• Communicating around wealth and planning (32:39)
• Success is based on conversation, conversation, conversation (34:09)
• Value sharing between generations (35:28)
• Final thoughts (38:09)
• Favorite resources (39:45)
• Bonus Questions (42:28)
• Wrap (47:08)

Guest Bio:

Adrienne M. Penta, J.D. is a Senior Vice President and Executive Director of the Brown Brothers Harriman Center for Women & Wealth (CW&W). Adrienne led the creation of the CW&W, which supports women as they create and manage wealth, and seeks to create a dynamic and inclusive environment where women can engage in conversations about wealth, family and values. She provides women with the investment, planning and philanthropic resources they need to navigate transitions, help the next generation thrive and plan for the succession of privately-owned businesses.

Prior to joining BBH in 2008, Adrienne practiced at the law firm of Choate, Hall & Stewart LLP in Boston. She received her JD from the University of Virginia School of Law and her BA from Johns Hopkins University.

Follow Adrienne on Twitter @AdriennePenta

 

Notable & Quotable: Your estate plan is the last thing you ever get to say to the people you leave behind. —Adrienne Penta #successfulgenerations The best advice I’ve ever received: There’s no big idea without a big ask. —Adrienne Penta #successfulgenerations We need everyone at the table when we are making plans for the future. It’s important to tell the people affected by these plans why you made the decisions you did. —Adrienne Penta #successfulgenerations I tell clients that they have the opportunity to sit with family to share what they are planning, why, and what legacy they want to leave. That is a real gift that we can give to the people who come after us. —Adrienne Penta #successfulgenerations Wealth is not something we have for its own sake. Money is a means to an end. —Adrienne Penta #successfulgenerations 51 percent of personal wealth is controlled by women in the United States and this number is going to substantially rise in our lifetimes. —Adrienne Penta #successfulgenerations 51 percent of high net worth women feel their advisors don’t understand them. —Adrienne Penta #successfulgenerations Advisors work for you...make sure that you are being treated like a client. —Adrienne Penta #successfulgenerations Conversations about money with kids should start early and happen often. —Adrienne Penta #successfulgenerations 70 percent of all wealth transfers fail because of a lack of preparation of the heirs. We are missing communication and trust. —Adrienne Penta #successfulgenerations You are the driver of the success of your family--money, wealth, and what it all means. —Adrienne Penta #successfulgenerations Not talking with adult children about wealth sends the message that you don’t have enough confidence in them or your relationship with them to have the conversation. —Adrienne Penta #successfulgenerations 90 percent of families lose wealth within three generations. —Adrienne Penta #successfulgenerations Planning has two main part: the how and the why. The how is easy. Here are some questions to help you with the why:  Why have I chosen to structure my plan this way? What does this money mean to me? How do I think about where it came from? As a family, what does wealth mean to us? —Adrienne Penta #successfulgenerations Success for the family is a communal goal not and individual one. —Adrienne Penta #successfulgenerations 90 percent of our values come from our parents and grandparents. —Adrienne Penta #successfulgenerations We can share values but express them differently. —Adrienne Penta #successfulgenerations It’s not about money, investing, estate planning or taxes. It’s about what do we want to leave behind. —Adrienne Penta #successfulgenerations Resources mentioned in this episode:

• Brown Brothers Harriman
• BBH Center for Women & Wealth
• Women and Wealth Magazine Fall Issue (Love and Money)
• Center for Talent Innovation—Harnessing the Power of the Purse: Female Investors and Global Opportunities for Growth
• Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values by Roy Williams
• A Wealth of Possibilities: Navigating Family, Money, and Legacy by Ellen Miley Perry
• Love and Money: A Life Guide to Financial Success by Jeff D. Opdyke
• 21/64
• New America: Better Life Lab

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www.successfulgenerations.com/itunes www.successfulgenerations.com/stitcher www.successfulgenerations.com/googleplay   Want more of Successful Generations? Check out our other episodes:  Episode 019: The Allyn Family 2.0, Part 2 Episode 018: The Welch Allyn Family Business Story with Eric Allyn (4th Gen), Part 1 Episode 017: Achieving Your Goals through MasterMind and Peer Groups Episode 016: Reframing Limiting Beliefs with Ellie Frey Zagel Episode 015: Beyond the Piggy Bank with Father, Author, and Entrepreneur Clint Greenleaf Episode 014: More Awareness and Less Stress through Yoga Episode 013: Raising Children to be Amazing Business Owners with Paige Cornetet Episode 012: Generous Genes with Susan Crites Price Episode 011: Digging into the Family Business Landscape with Daniel Van Der Vliet Episode 010: 10 Things My Family Did to Engage us in Family Philanthropy Episode 009: Stress Management and Holistic Health with Cynthia Damaskos Episode 008: Family, Fights and Ferry Tales with Chris Shepler Episode 007: Raising Financially Responsible Kids Through the Holidays (and Beyond) Episode 006: Join the Philanthropic Revolution with Michael Moody Episode 005: Estate Planning 101 aka Estate Planning is Not Optional with Susan Gell Meyers  Episode 004: Ginny Esposito - Engaging your Family in Family Philanthropy Episode 003: Leadership, Wellness, and Concierge Medicine with Dr. Bill Baer Episode 002: Douglas D Box, Texas Patriarch - A Legacy Lost Episode 001: About Your Host Ellie Frey Zagel   Learn more about Successful Generations:

FB: @SuccessfulGenerations
Twitter: @EllieFreyZagel
Email: ellie@successfulgenerations.com
Instagram: SuccessfulGenerations

Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.

 

In the previous episode, Eric Allyn shared the history of his family’s business, Welch Allyn. He told us how his generation banded together to change the governance model of the business, effectively removing control from the third generation and eliminating a family member CEO. When we left off, Eric was telling us about the sale of Welch Allyn to Hill-Rom in 2015.

 

In this episode, Eric shares his family’s process of creating ‘Allyn family 2.0, life after the sale.’ We talk about how his family is learning the ins and outs of wealth management and the evolving role of their family office. As Eric said, family members understood ophthalmoscopes and defibrillators. Now they’re learning a new language involving investments, insurance and trusts. They’re also facing the challenges of raising children with tremendous liquidity.

 

Eric shares some lessons learned from his Welch Allyn experience and also does a great job answering my bonus questions. Enjoy!

 

Topics discussed in this episode:

 

• Recap of part 1 (:40)
• The business sold. Now what? (2:17)
• The evolution of the family office (4:00)
• The Allyn Family Foundation (7:23)
• Eric’s lessons learned (11:33)
• Being a good board member in a family business (16:45)
• Being a good family business owner (19:00)
• How to get in touch with Eric (21:43)
• Recommended resources (22:46)
• Bonus questions:
• What words of wisdom would you tell your 20-year-old self? (26:11)
• What are you doing to raise financially responsible kids? (28:56)
• What are you doing to keep health top of mind? (33:26)
• What does successful generations mean to you? (34:58)
• Wrap (37:20)

 

Guest Bio:

Eric Allyn is former Chairman of the Board of Directors of Welch Allyn, Inc, a company owned by the Allyn Family for 100 years.  For four generations, Welch Allyn was a Medical Device manufacturer, employing some 2,800 people world-wide, and selling products into every hospital and physician office in the US.  Welch Allyn was acquired by Hill-Rom, a larger public company, in 2015.

 

Eric Allyn began his Welch Allyn career as an employee in 1982, working in a variety of positions within the company, from sales, to marketing, to business development and country management.  He left his role as employee in 2010 to join Welch Allyn’s Board of Directors, where he served as Chairman of the Board of Directors, and also Chairman of the family’s Voting Trust, through 2015.  

Notable & Quotable:

 

After the sale of the business I had to repurpose myself. —Eric Allyn #successfulgenerations

 

My identity went from being tattooed with a stethoscope to being tattooed with a big dollar sign. —Eric Allyn #successfulgenerations

 

After we changed our governance structure, being a good family business owner meant being a good steward, being responsible, understanding the product line, remaining informed, but also not influencing management decisions. —Eric Allyn #successfulgenerations

 

Since the sale, our family office has shifted from accounting, trust management, estate planning and taxes to focusing more on wealth management and investments. —Eric Allyn #successfulgenerations

 

It’s crass almost the thought of bringing family members together to talk about money. —Eric Allyn #successfulgenerations

 

We’re trying to define what Allyn family 2.0 look like. It took 100 years to develop a certain brand for our family and now we’re starting new.  —Eric Allyn #successfulgenerations

 

[Regarding resources] Understanding the service providers out there and where they are strong and where they are weak is really important. —Eric Allyn #successfulgenerations

 

I would tell my 20-year-old self to have more structure around family members entering the business; policies and an on-boarding process. —Eric Allyn #successfulgenerations

 

[Regarding raising financially responsible kids] One horrible word that you have to prevent: entitlement. —Eric Allyn #successfulgenerations

 

Resources mentioned in this episode:

Welch Allyn

John L. Ward, PH.D.

Family Office Exchange

J.P. Morgan Private Bank

BlackRock

Rockefeller Capital Management

Regional family business centers

 

If you’re encountering difficult and often uncomfortable power dynamics in your family systems, trust me, you are not alone. Power dynamics are at play in all workspaces, but when you’re working so closely with your family, they can get really tricky. If this sounds familiar, you need to listen closely to this episode.

 

Get full show notes and more information here: https://successfulgenerations.com/11

 

Eric Allyn grew up in a family with a legacy of entrepreneurship and innovation. His great-grandfather, William Noah Allyn and Francis A. Welch invented the ophthalmoscope in 1915. Countless other Welch Allyn medical devices have followed since then. Look around your physician’s office on your next visit and without a doubt you will see the Welch Allyn name.  

 

As a member of the fourth generation of his family’s business, Eric dreamt of following in his granddad and dad’s footsteps to lead Welch Allyn. This changed around 2000, when Eric, his siblings and cousins began regularly meeting as a generation to address tensions between their parents that were threatening the business. The result of their work was a radically new governance structure that eliminated family dynamics from the business altogether. It removed power from the third generation and put a new board in charge of hiring a CEO. It was a personal sacrifice for Eric, but ultimately it was the best decision for Welch Allyn.

 

In this episode, Eric shares the history of his family’s business and their journey from being family managed, to professionally managed, to publicly traded.

 

Note: Eric’s story is being offered in two parts. This episode is about the family business up until its sale in 2015. In part two (episode 019) Eric shares how his family is managing their wealth and finding a new identity for themselves beyond the business.  

 

Topics discussed in this episode:

 

• Meet Eric Allyn (2:49)
• About Welch Allyn (7:44)
• The evolution of governance at Welch Allyn (19:30)
• The fourth generation steps in (29:40)
• A radically new governance structure (33:30)
• The sale of the business (38:35)
• What was lost (50:00)
• Preview for part 2, episode 019 (53:14)

 

Guest Bio:

Eric Allyn is former Chairman of the Board of Directors of Welch Allyn, Inc, a company owned by the Allyn Family for 100 years.  For four generations, Welch Allyn was a Medical Device manufacturer, employing some 2,800 people world-wide, and selling products into every hospital and physician office in the US.  Welch Allyn was acquired by Hill-Rom, a larger public company, in 2015.  

 

Eric Allyn began his Welch Allyn career as an employee in 1982, working in a variety of positions within the company, from sales, to marketing, to business development and country management.  He left his role as employee in 2010 to join Welch Allyn’s Board of Directors, where he served as Chairman of the Board of Directors, and also Chairman of the family’s Voting Trust, through 2015.  

 

Notable & Quotable:

 

Our devices literally saved lives during World War II, we’re very proud of that part of our heritage. —Eric Allyn #successfulgenerations

 

My dad always said, “In the early days, we didn’t know that things couldn’t be done, so we went ahead and did them.” —Eric Allyn #successfulgenerations

 

Family business is the whole continuum from capitalism to socialism. You want to treat everyone equally and my grandparents felt that way about their three children. —Eric Allyn #successfulgenerations

 

Employees were getting caught in the crossfire of family dysfunction. We didn’t have a full fiduciary board. It was hard to tell who was the boss. —Eric Allyn #successfulgenerations

 

After meeting two or three times a year for five or six years, my generation came out with a radically new governance structure. We removed the third generation as employees of the company, removed them from board of directors, and took away their voting shares and put them in a voting trust. —Eric Allyn #successfulgenerations

 

We decided to no longer have a family member CEO. For a guy like me who had been running around this building dreaming of being like my dad and granddad, it was a big personal sacrifice. But it was putting what was best for the company in front of what was best for me. It was probably one of the easiest decisions of my life. —Eric Allyn #successfulgenerations

 

The fact that my generation locked arms on a new governance structure was the most important decision we made in our company's history. We set the business up to make the best decisions without any baggage. —Eric Allyn #successfulgenerations

 

Our family lost our identity of owning the business. It was a painful decision, but it was right for the business and our employees. —Eric Allyn #successfulgenerations

 

Resources mentioned in this episode:

Welch Allyn

John L. Ward, PH.D.

 Family Office Exchange (FOX)

 

Check out the website for this episode: https://www.successfulgenerations.com/episode018

 

 

Peer groups, sometimes referred to as mastermind groups, can be incredibly helpful and effective at moving you along the path to achieving goals. Personally, I’ve been involved in peer groups for more than 12 years. In my former role as an executive director of a family business center, I put together 18 different peer groups for NextGen and NowGen business leaders. Today, I run a group on goal setting, and soon I’m launching the first Successful Generations’ peer group focused on wellness and leadership. In summary, this is a tool I know and believe in.

 

I love peer groups because they are like having a trusted sounding board available to support, challenge, advise and cheer you on. And in return, you do the same for the other group members. The group’s success is based on each member’s success, so time and participation are required.

 

In this solo-episode, I do a deep dive into peer groups—giving you some definitions, sharing my experiences, and explaining what they are and what they’re not. I leave you with a checklist and an exercise to help you identify if a peer group is right for you.

 

Topics discussed in this episode:

 

• Defining peer groups (1:35)
• What’s the difference between a peer and mastermind group? (3:09)
• How I gained experience and expertise in this area (3:58)
• It’s all about value! (6:38)
• A peer group is not… (12:47)
• Checklist: 5 ways to determine if a peer group is right for you (15:45)
• Costs (19:35)
• Reflection: Why do you want to join a peer group? (20:40)
• Wrap and resources (22:55)

 

Notable & Quotable:

 

The group is for the group. The peer group’s success is based on each individual’s success, commitment, and participation. —Ellie Frey Zagel #successfulgenerations

 

In a peer group you know not your not alone. There are other people grappling with the same issues you are. —Ellie Frey Zagel #successfulgenerations

 

Peer groups require a high level of trust, confidentiality and engagement. —Ellie Frey Zagel #successfulgenerations

 

 

Resources mentioned in this episode:

A definition of peer groups

The Success Alliance and Napoleon Hill

The Law of Success and Think and Grow Rich, both by Napoleon Hill

YPO (Young Presidents Organization)

Vistage Executive Coaching

 

 

For the past couple of years, I’ve been doing a lot of personal work, self-reflection, and goal-setting. As I’ve mentioned previously, I’m a big fan of Michael Hyatt, and one of the most powerful exercises that I’ve done with him is around limiting beliefs and liberating truths.  

I like this definition of limiting beliefs from changingminds.org:

“Limiting beliefs are those which constrain us in some way. Just by believing them, we do not think, do or say the things that they inhibit. And in doing so we impoverish our lives.”

I also like the visual provided by this quote from Rosamund Stone Zander and Benjamin Zander, authors of The Art of Possibility:

“Every story you tell yourself is based on a network of assumptions. Draw a different frame around the same set of circumstances and new pathways come into view.”

From my perspective, identifying and understanding your limiting beliefs is absolutely fundamental to achieving your goals. If you have a goal that seems out of reach—no matter how big or small—maybe now is the time to take a closer look at what is standing in your way. I hope that sharing my experiences and guiding you through an exercise in this podcast episode will help reframe your beliefs and move you forward to achieve what’s in your heart. You’ve got this!

Topics discussed in this episode:

• Intro to limiting beliefs (:45)
• What are limiting beliefs? (1:45)
• My personal experience with limiting beliefs (2:45)
• Limiting beliefs exercise (8:43)
• Step One: Write down your goals (9:00)
• Step Two: List your limiting beliefs (9:42)
• An example from my life (12:02)
• Step 3: Turning limiting beliefs into liberating truths (17:00)
• Step 4: Create affirmations that shut down limiting beliefs (19:35)
• Wrap up and resources (20:09)

Notable & Quotable: A limiting belief is something in your mind that is standing in your way of achieving something else. —Ellie Frey Zagel #successfulgenerations Identifying and understanding your limiting beliefs is fundamental to achieving your goals. —Ellie Frey Zagel #successfulgenerations Resources mentioned in this episode:

Reframing Limiting Beliefs Worksheet

Changing Minds definition of limiting beliefs

The Art of Possibility by Rosamund Zander and Benjamin Zander

Michael Hyatt’s description of limiting beliefs

Michael Hyatt’s Best Year Ever

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www.successfulgenerations.com/itunes www.successfulgenerations.com/stitcher www.successfulgenerations.com/googleplay   Want more of Successful Generations? Check out our other episodes:  Episode 015: Beyong the Piggy Bank with Father, Author, and Entrepreneur Clint Greenleaf Episode 014: More Awareness and Less Stress through Yoga Episode 013: Raising Children to be Amazing Business Owners with Paige Cornetet Episode 012: Generous Genes with Susan Crites Price Episode 011: Digging into the Family Business Landscape with Daniel Van Der Vliet Episode 010: 10 Things My Family Did to Engage us in Family Philanthropy Episode 009: Stress Management and Holistic Health with Cynthia Damaskos Episode 008: Family, Fights and Ferry Tales with Chris Shepler Episode 007: Raising Financially Responsible Kids Through the Holidays (and Beyond) Episode 006: Join the Philanthropic Revolution with Michael Moody Episode 005: Estate Planning 101 aka Estate Planning is Not Optional with Susan Gell Meyers  Episode 004: Ginny Esposito - Engaging your Family in Family Philanthropy Episode 003: Leadership, Wellness, and Concierge Medicine with Dr. Bill Baer Episode 002: Douglas D Box, Texas Patriarch - A Legacy Lost Episode 001: About Your Host Ellie Frey Zagel   Learn more about Successful Generations:

FB: @SuccessfulGenerations
Twitter: @EllieFreyZagel
Email: ellie@successfulgenerations.com
Instagram: SuccessfulGenerations

Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.

 

After selling his publishing company, my guest, Clint Greenleaf recalls being on flight to Hawaii with his wife and two young daughters. They were sitting in first class and Clint peaked behind his seat to check on the girls. That’s when he had a revelation:

 

“I thought, I spent a lot of time in the back of the plane... and if I’m not careful, my kids are going to miss the important lessons it took to get here.”

 

With that, Clint set out to learn all he could about teaching kids financial literacy and the value of money. From his research, Clint developed practical strategies—a set of tools in the toolbag—that he and his wife use with their children. We talk about what they do and more in this episode.    

 

Topics discussed in this episode:

 

• Meet Clint (1:40)
• Build a network of knowledge (5:27)
• Questions about money for you and your spouse (7:02)
• What led to writing the books? (9:37)
• Give, Save, Spend (12:20)
• Using a family business for training (15:58)
• Allowance: Clint’s perspective (21:22)
• Making financial concepts fun and easy to understand (27:27)
• Entrepreneurship and financial literacy (31:35)
• What has worked for Clint’s family? (38:09)
• The proof will be in the pudding (41:50)
• Awareness is key (45:00)
• How to connect with Clint (47:19)
• Bonus questions (48:00)

 

Guest Bio:

Clint Greenleaf began his career as a staff accountant at Deloitte and Touche and earning his CPA.  After writing his own book, Clint started Greenleaf Book Group, which grew into one of the industry’s leading independent book publishers and distributors.  Representing over 30 NY Times and Wall Street Journal best sellers, the company was named one of INC's fastest-growing companies in America (INC 500 in 2006 and INC 5000 from 2007-2012).  Greenleaf Book Group was also certified by WorldBlu as a “Most Democratic Workplace” for transparent policies, employee engagement and leadership.  Clint sold the company in 2011, and stayed on as CEO and Chairman until 2014.  His newest venture is HomePlate Peanut Butter, an all-natural, no-stir peanut butter that is connected with professional baseball and other sports teams.  After completing two rounds of fundraising and generating rapid store growth, the brand is positioned for significant growth in the grocery space.

 

Clint speaks to various audiences throughout the world about the benefits of instilling financial literacy in people of all ages. Clint helps companies bring financial education into their organizations to help grow the bottom line, and his clients walk away with an understanding of how financial education of all employees can help advance a company. He works with families, home offices and financial advisors to create a framework for building financial competency in children so they grow up to be responsible adults, capable of managing their own money. Clint’s audiences learn the value of imparting financial knowledge to others and improving their own understanding about money, and they gain practical tools to be able to put that into action in their own lives and organizations.

 

Clint works with organizations around the globe as an author and speaker on entrepreneurship, financial education and innovation.  He is a regular guest on Fox Business Network, and his articles have appeared in American Express OPEN, Inc.com, CNN Money, and The Huffington Post. He has been featured in the Wall Street Journal, Inc. Magazine, Fox, CNBC, CNN, MSBNC, Forbes, Entrepreneur, and others. Clint and his wife reside in Austin, Texes with their 3 young children.

 

Notable & Quotable:

 

If you want your kids to learn about money, teach them what you care about and what matters to you. —Clint Greenleaf #successfulgenerations

 

We have wonderful opportunities being in the upper part of the economic spectrum and we have a responsibility that goes along with that. —Clint Greenleaf #successfulgenerations

 

The goal is to have the kids learn lessons now while they are at home and safe, before we send them out into the world. —Clint Greenleaf #successfulgenerations

 

If we want teach our kids about life, they need to learn about failure. —Clint Greenleaf #successfulgenerations

 

Every good entrepreneur fails and learns from their mistakes. If parents can allow kids to play in the field of entrepreneurship it allows them to learn what works and what doesn’t work. —Clint Greenleaf #successfulgenerations

 

Let kids borrow money and let them pay an inflated interest rate. They’ll learn pretty fast that borrowing can be dangerous.—Clint Greenleaf #successfulgenerations    

 

Resources mentioned in this episode:

Beyond the Piggy Bank: Parent’s Guide and Roadmap Exercise

What do People do all Day by Richard Scarry

Give Save Spend with the Three Little Pigs by Clint Greenleaf

Beyond the Piggy Bank: A Simple Plan for Raising Financially Capable Children by Clint Greenleaf

The First National Bank of Dad by David Owens

 

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Learn more about Successful Generations:

successfulgenerations.com

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Email: ellie@successfulgenerations.com

 

Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.  

In one way or another, we are all on a health and wellness journey. My guests in this episode are dedicated to helping people on this journey through the practice of yoga. Ashley Yost and Mali Jane are co-owners of AM Yoga. In addition to classes in their studio, which is based in Grand Rapids, Michigan, they also offer virtual and corporate programs to bring yoga to people where they are.  This episode is perfect for you if you are looking to grow awareness, reduce stress, and be more purposeful and present in your daily life. 

As a yoga novice, I ask lots of questions to better understand the practice and how it relates to mind, body and spirit. We also try out through a breathing exercise and end with a guided meditation.

Fair warning: you may find yourself in an amazing state of relaxation upon listening to this episode. Enjoy!

Topics discussed in this episode:

• Meet Ashley and Mali (3:15)
• What does daily practice mean? (3:57)
• Defining stress (4:53)
• How to increase your energy (5:58)
• What’s the relationship between energy and anxiety? (7:31)
• “It’s a shower for your insides.” (7:55)
• Breathing exercise (9:04)
• Mali’s background: from naturopath to yogi (11:39)
• Asana, meditation and breath (15:38)
• Does yoga work for everyone?  (16:23)
• Can yoga help your mind be more positive? (20:43)
• 365 Program for individuals (23:42)
• teAM Program for businesses (28:35)
• Guided meditation exercise (32:02)
• How to find Ashley and Mali (34:04)
• Bonus questions (36:49)

Notable & Quotable:

We define stress as having too much to do and not enough time to do it. —Ashley Yost

Stress and work aren’t going away, but through a yoga practice you can feel better and increase your energy levels to get it all done. —Ashley Yost

A main source of energy is your breath. —Ashley Yost

A yoga practice is like a shower for your insides—washing away stress, helping you let things go and bringing balance back to your day. —Ashley Yost

Connecting back to yourself is the ultimate healing tool. —Mali Jane

If you can breathe you can do yoga. —Ashley Yost

Yoga is a state of being relaxed and highly aware. It’s not about putting your leg behind your head. It gives you tools for everyday life. —Ashley Yost

The physical body and breath are tools to help create presence. —Mali Jane

Presence makes you aware of your mind clinging to the negative. And once you aware, you can choose a different way. —Ashley Yost

Resources mentioned in this episode:

amyoga.com

teAM—AM Corporate

365 Program

AM Yoga on Instagram

 

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Learn more about Successful Generations:

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Email: ellie@successfulgenerations.com

Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.  

Paige Cornetet is a fourth generation family business owner and she’s involved in her family’s council. She’s also an entrepreneur who runs her own business, Millennial Guru. In this episode, Paige shares what it was like growing up in the Cornetet household with parents who were very purposeful in raising business-minded children. We cover everything from family values, to allowance, athletics, education and social graces.

Paige shares so many examples of activities her parents used to share their financial, human and intellectual capital with their children. If you are raising children in a family business and you want to groom them to be amazing business owners, this episode is for you!     

A handout to accompany this episode is available in the resources below.

Topics discussed in this episode:

• Meet Paige (2:11)
• About the 90+ year old Cornetet family business (3:25)
• Learning Cornetet family sayings, laws and values (4:32)
• Earn, save, spend and the Cornetet National Bank (10:28)
• Saturdays with Dad (15:21)
• Education for the Cornetet children (22:05)
• “Don’t you dare disappoint your mother” (22:54)
• Family traditions—daily, weekly, monthly and GUTS (26:11)
• Choosing to be an entrepreneur over the family business (30:29)
• Bonus questions (33:00)

Notable & Quotable:

If you’re intentional or not, you are always going to instill your values in your children. —Paige Cornetet #successfulgenerations #nextgen #familybusiness

The concept of compound interest applies to learning—it’s compound education. —Paige Cornetet #successfulgenerations #nextgen #familybusiness

Resources mentioned in this episode:

Millennial Guru

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Learn more about Successful Generations:

successfulgenerations.com

FB: @SuccessfulGenerations

Twitter: @EllieFreyZagel

Email: ellie@successfulgenerations.com

Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.  

Susan Crites Price is a Washington, DC-based author and speaker. Her most recent book, which she co-wrote with her daughter, Julianna Price, is titled Generous Genes: Raising Caring Children in a Digital Age.

 

Susan worked as a freelance writer when her daughter was young. That’s when she was hired by the Council of Foundations to write a book about raising generous children. The book, The Giving Family, has been a perennial best seller for the Council. Following its publication, Susan joined the Council and served as the head of its Family Foundations Department and later moved to the National Center for Family Philanthropy.  

 

In this episode, Susan and I discuss when to start engaging little ones in giving, family volunteering, role modeling, helping children find their philanthropic voice and much more!   

 

Topics discussed in this episode:

 

• Meet Susan (1:30)
• Why Generous Genes: Raising Caring Children in a Digital Age? (4:48)
• When do you start this work with your kids? (7:26)
• What is a generosity coach? (9:07)
• How to help kids find their philanthropic voice (10:48)
• Teaching kids when to say no (16:10)
• The value of volunteer experiences (17:45)
• Allowance, money personalities and matching gifts (22:16)
• Who in your family was the generosity coach? (26:48)
• What would you have done differently? (28:00)
• Favorite resources (31:34)
• Bonus questions (33:54)

 

Notable & Quotable:

 

We always talked about time, talent and treasure. Now we’ve added a fourth “T” for ties.

With the internet, kids have ties to people all over the world for their philanthropic efforts. —Susan Crites Price #successfulgenerations #giving #familyphilanthropy #nextgendonors  

 

Kids are online all the time and philanthropy is now an interesting part of it. —Susan Crites Price #successfulgenerations #giving #familyphilanthropy #nextgendonors  

 

A generosity coach is like a soccer coach. You teach the kids the fundamentals and put them on the field to execute. You provide support and guidance, but let them take the lead. —Susan Crites Price #successfulgenerations #giving #familyphilanthropy #nextgendonors  

 

We need to raise our kids to believe that in our family it is an expectation that we give and serve. —Susan Crites Price #successfulgenerations #giving #familyphilanthropy #nextgendonors  

 

Kids won’t be engaged if we don’t make giving fun. It’s okay to find things that kids will enjoy—that is why we call it the joy of giving. —Susan Crites Price #successfulgenerations #giving #familyphilanthropy #nextgendonors

 

Kids are born with a natural instinct to be generous. It is up to us to nurture it. —Susan Crites Price #successfulgenerations #giving #familyphilanthropy #nextgendonors  

 

Resources mentioned in this episode:

generousgenes.com

dosomething.org

doinggoodtogether.org

 

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Learn more about Successful Generations:

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Email: ellie@successfulgenerations.com

 

Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.  

In this episode, my guest Daniel Van Der Vliet and I dig into family business from the family business center/academic perspective. Dan is currently The John and Dyan Smith Executive Director of Family Business, part of the Smith Family Business Initiative, at Cornell University. Dan tells us about his role and the family business initiative at Cornell, which is fairly unique. There are less than 100 programs in North America focused on family business—especially staggering considering there are close to 4,000 programs on entrepreneurship.

 

Together, we discuss family business centers and their role as a resource for family businesses; Dan gives us his version of OMFG (ownership, management, governance and family); and we go deep on the link between family business and entrepreneurship.

 

Topics discussed in this episode:

 

• Meet Dan  (1:52)
• What is a family business center? (3:10)
• The importance of peer-to-peer learning (4:48)
• Dann’s version of OMFG (7:38)
• Tools for good governance (13:20)
• Family business and wealth in the spotlight (20:00)
• Next Gen impact and family business (24:32)
• Family business and entrepreneurism (30:15)
• Using entrepreneurism as a teaching ground (35:07)
• Leveraging networks (38:49)
• How to find Dann (43:28)
• Bonus questions! (47:00)

 

Check out this episode's webpage at www.successfulgenerations.com/episode011

 

Notable & Quotable:

 

As society moves ever faster, there’s a feeling that we’re becoming less connected. Family businesses fly in the face of that. They are a constant in our communities. They have the corner market on trust and familiarity. —Daniel Van Der Vliet #successfulgenerations #familybusiness

 

When the next generation of a family business initiates or leads the conversation, they demonstrate leadership, show curiosity, and break down barriers. —Daniel Van Der Vliet #successfulgenerations #familybusiness

 

The issues from family business to family wealth are the same; your still dealing with family members, planning for the future, change from one generation to the next, and what the expectations are in an ever-changing world.—Daniel Van Der Vliet #successfulgenerations #familybusiness

 

Family businesses create wealth, and often because of their family values, they create a philanthropic vehicle —Ellie Frey Zagel #successfulgenerations #familybusiness #philanthropy

 

To be a leader you have to earn credibility and respect first and not just from the family, but also from the other people in the enterprise that make it work. —Daniel Van Der Vliet #successfulgenerations #familybusiness

 

Sometimes a simple conversation can save a family (and the family business). —Ellie Frey Zagel

 

There is a strong connection between family business and entrepreneurship. —Daniel Van Der Vliet #successfulgenerations #familybusiness

 

Family businesses are not just corner stores in your neighborhood. They drive innovation globally and tend to be a great place for creating new ideas and nurturing the next generation. —Daniel Van Der Vliet #successfulgenerations #familybusiness

 

There’s a strong connection between family business and entrepreneurism. Family often has the resources and the network, be they social intellectual or financial, to help drive and spur innovation.—Daniel Van Der Vliet #successfulgenerations #familybusiness

 

Rather than think about what would happen if you fail, think about what does it look like when you succeed. —Daniel Van Der Vliet #successfulgenerations #familybusiness

 

Resources mentioned in this episode:

 

Smith Family Business Initiative at Cornell

Smith Family Business Initiative Upcoming events

Family Business Blog

@FamBizSuccess

Right-click and "Save As" to download this episode to your computer.

 

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Learn more about Successful Generations:

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Twitter: @EllieFreyZagel

Email: ellie@successfulgenerations.com

 

Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.  

As a third generation board member of my family’s foundation, philanthropy plays a big role in my life. I was first introduced to our foundation when I was 15. Today, nearly all of my siblings and cousins remain involved in the family foundation—pretty good, especially considering we are spread out geographically and raising our own families. It’s not always easy, but I think we agree that it’s an honor to carry on my grandparents legacy and work together to do good in the communities we serve.

 

People always ask how our family got us involved in philanthropy. So, this episode is dedicated to answering that question. I provide 10 things my family did well (because who doesn’t love a top 10 list) and I also share some of our lessons learned.  From my family to yours, enjoy!  

 

What Topics discussed in this episode:

 

• Background, how we became involved and why it can be a challenge? (1:49)
• #1 They asked (4:04)
• #2 They met us where we were (5:57)
• #3 They created a junior board (7:16)
• #4 They took us on site visits (my favorite!) (9:00)
• #5 They gave us tools (11:38)
• #6 They provided hands-on education (17:25)
• #7 We watched them in action (20:26)
• #8 The Foundation made it easy (23:03)
• #9 We talked shop as a family (24:59)
• #10 They’re good role models (26:14)
• Things we could have done differently (27:34)

 

Notable & Quotable:

 

I think family philanthropy is pretty much the best legacy my grandparents could have left us. —Ellie Frey Zagel #successfulgenerations

 

9 of 10 of the 3rd generation are actively engaged in our family’s foundation. There are definitely some things our 2nd generation did well to get us here. —Ellie Frey Zagel #successfulgenerations

For me, being involved in the family foundation is rewarding because we are doing great work together and getting to know each other on a different level. —Ellie Frey Zagel #successfulgenerations

 

Site visits were the #1 thing that solidified family philanthropy for me.  —Ellie Frey Zagel #successfulgenerations

 

With a twenty-plus year leadership runway, it felt like we were at the kids table for an incredibly long time. —Ellie Frey Zagel #successfulgenerations

 

With family around the board room table, everything can seem personal at times. —Ellie Frey Zagel #successfulgenerations

 

Resources mentioned in this episode:

 

Frey Foundation

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Email: ellie@successfulgenerations.com

Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.  

After losing her father and discovering that the causes of his death could have been prevented, Cynthia Damaskos made dramatic changes to her own life. She said goodbye to an unhealthy lifestyle and her job working in high-pressure tech sales. She threw herself into learning about health and wellness and became a Certified Holistic Health Coach. “I realized I needed to put my oxygen mask on first and then go out to help other people,” said Cynthia. In this episode, she shares her story and provides value bomb after value bomb to help listeners begin their own health journey.  

 

Topics discussed in this episode:

 

• Meet Cynthia (2:20)
• My health journey (5:13)
• Does health improvement start with a crisis? (6:05)
• What is a certified health coach? (7:30)
• Fat vs. sugar (10:34)
• Who needs a health coach? (13:47)
• Current trends (14:50)
• Stress is okay (16:05)
• Breathing techniques to combat stress (17:56)
• Feel off? Try this (21:54)
• When to involve a professional and how to find the right person for you (24:48)
• When to start (31:42)
• How to find Cynthia (35:22)
• Bonus questions (39:10)

 

Notable & Quotable:

 

There is good fat and bad fat. You definitely want the good fat. —Cynthia Damaskos #successfulgenerations #health #wellness #holistichealth #functionalmedicine

 

My clients are tired of being tired, tired of not sleeping well, tired of not being able to lose weight. They are young and they know this wrong.—Cynthia Damaskos #successfulgenerations #health #wellness #holistichealth #functionalmedicine

 

The disease profiles in my clients are based on stress. —Cynthia Damaskos #successfulgenerations #health #wellness #holistichealth #functionalmedicine #stress

 

Stress can be a good thing—it can propel you to be the best person you can be. The key is how you handle it. —Cynthia Damaskos #successfulgenerations #health #wellness #holistichealth #functionalmedicine #stress

 

A lot of our health issues are based on what we are putting in our mouths and what we are breathing in. —Cynthia Damaskos #successfulgenerations #health #wellness #holistichealth #functionalmedicine

 

Health is 85% what you put in your mouth and 15% exercise. —Cynthia Damaskos #successfulgenerations #health #wellness #holistichealth #functionalmedicine

 

My rule of thumb: If you can’t recreate it in your own kitchen, you shouldn’t be buying it or eating it. —Cynthia Damaskos #successfulgenerations #health #wellness #holistichealth #functionalmedicine #cleaneating

 

You should have a health team and know that you are the CEO of your team. —Cynthia Damaskos #successfulgenerations #health #wellness #holistichealth #functionalmedicine

 

Think of your health as a cruise ship. It’s been going along and it takes time to change the direction. It’s a slow turn. —Cynthia Damaskos #successfulgenerations #health #wellness #holistichealth #functionalmedicine

 

Resources mentioned in this episode:

 

Cynthia’s website

Institute for Integrative Nutrition

Functional Medicine Health Coach Program

Nutrigenomics

Environmental Work Group

The Institute for Functional Medicine

Dr. Daniel Kalish

Dr. Mark Hyman

Dr. Axe

 

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Learn more about Successful Generations:

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Follow us on Facebook: @SuccessfulGenerations

Twitter: @EllieFreyZagel

Email: ellie@successfulgenerations.com

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Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.  

Making assumptions about what other people are thinking and feeling is something we all do, whether consciously or subconsciously. And this is especially the case when it comes to their feelings and thoughts specifically about us. But this line of thinking is not serving you or anyone else, so we’re taking a look at what you can do to get out of other people’s brains and fully into your own so you can get back to doing an amazing job!

 

Get full show notes and more information here: https://successfulgenerations.com/10

In this episode, we hear the story of a seventy year old family business in Northern Michigan. My guest, Chris Shepler, is part of the third generation of Shepler’s Mackinac Island Ferry Service and today serves at the helm as President.

 

Chris shares what it was like growing on the docks, his coming of age adventure leaving the business to pursue his dreams as a professional sailor, and how his family came together to fight for their business when it mattered most. Through it all, Chris has worked to establish his own identity in a small town and carry on his family’s tradition.

 

Topics discussed in this episode:

 

• About Chris Shepler (2:10)
• From ferry boat to America’s Cup (3:46)
• The magic of Mackinac Island (10:15)
• The book and the legal battle (13:33)
• “We’re finished” (27:43)
• The turnaround point (30:39)
• About the previous generations (33:20)
• Guest experience trumps all (38:25)
• Grandfather’s passing, “Flowers on the Water” (40:10)
• Creating your own identity (44:33)
• The makeup of good family business owner (51:35)
• Shark tank pitch family edition (1:03:08)
• How to get in touch with Chris (1:07:58)
• Bonus questions (1:09:04)

 

Notable & Quotable:

 

Once we decided to put up our dukes and fight for our business, it was the biggest bonding experience for our family. Nothing else mattered. —Chris Shepler #successfulgenerations

 

Competition is good in sport and in business. Competition keeps everyone honest. —Chris Shepler #successfulgenerations

 

My grandfather had the idea to run a ferry boat service that offered red carpet service and my dad built it... But my mom is the glue that held our family and our business together. —Chris Shepler #successfulgenerations

 

How you navigate through following your dreams provides you a foundation for being a good leader. It develops your entrepreneurial spirit and makes you a visionary. —Chris Shepler #successfulgenerations

 

When I leave this company I want to know it is set up well to carry on for the next 75 years without me. —Chris Shepler #successfulgenerations

 

We have one rule: Don’t come into a meeting halfway through and bring us back to the start.—Chris Shepler #successfulgenerations

 

Resources mentioned in this episode:

 

Mackinac Island

Shepler’s Mackinac Island Ferry

Undefeated: The True Story of How the Family-Owned Shepler’s Mackinac Island Ferry Service Survived and Advanced through Three Generations

 

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Learn more about Successful Generations:

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Twitter: @EllieFreyZagel

Email: ellie@successfulgenerations.com

Instagram: SuccessfulGenerations

 

Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.  

The holidays— full of magic, wonder, traditions, and more. For many families, especially those with young children, the holidays also involve presents, presents and more presents. (Seriously, so many presents).

 

My husband and I, like many of our friends with kiddos, are working to raise our little one to be mindful about money, spending, giving and investing. Through all the hustle and bustle, we find this time of year is packed with opportunities to create teachable moments with our son.

 

In this episode I’m sharing 10 of my favorite things you can do this season as a family to help raise financially responsible kids.

 

Topics discussed in this episode:

 

• Discuss wants vs. needs (3:10)
• Practice one in, one out (5:35)
• Set gifts aside for later (7:29)
• Give an experience (8:52)
• Make gifts (10:25)
• Give together (12:48)
• Pick a charity to support together (13:48)
• Invest together (17:47)
• Watch The Ultimate Gift (22:51)
• Start a tradition of gratitude (24:28)
• Write thank you notes (25:25)

 

Resources mentioned in this episode:

 

The Ultimate Gift

FREE PDF: Holiday edition: 10 fun and easy ways to raise financially responsible kids 

 

Right click and ‘save as’ to download this episode to your phone or computer.

 

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Learn more about Successful Generations:

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Twitter: @EllieFreyZagel

Email: ellie@successfulgenerations.com

 

Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.  

Research says that the rising generation of family philanthropy will take a different approach to giving. For us, impact drives our giving decisions and we want to see, touch and feel the difference our gifts are making in the world. That said, while some things change, others stay the same. Our core values, commitment to legacy and giving close to home connect us to our previous generation. I’ve personally experienced this around the boardroom of my family’s foundation, so I was thrilled to dive into the topic deeper with Michael Moody, Frey Foundation Chair for Family Philanthropy at the Johnson Center for Philanthropy at Grand Valley State University. Michael is also co-author of Generation Impact How Next Gen Donors Are Revolutionizing Giving.

 

Topics discussed in this episode:

 

• Meet Michael Moody (2:10)
• Why ‘generation impact’ and why now? (4:20)
• Welcome to the ‘golden age of giving’ (6:15)
• What is the impact revolution? (10:56)
• Define impact (12:05)
• Honoring family legacy (15:41)
• Multigenerational board = a team sport (20:51)
• Managing power dynamics with grantees (24:53)
• Building relationships requires mutual respect (29:36)
• A multi-generational values exercise (37:53)
• Values persist (38:57)
• Understanding identity dynamics (41:28)
• Fail forward (43:45)
• Developing skills outside of the family (44:50)
• Where to find Michael Moody (47:08)
• Bonus Questions (48:07)

 

Notable and Quotable:

 

“There’s an incredibly important group entering the field of giving who are going to be the biggest, most significant philanthropists in history.” —Michael Moody #successfulgenerations

 

“Gen X and Millennials want to give in new, innovative, different and revolutionary ways.” —Michael Moody #successfulgenerations

 

“This is the golden age of giving because there are significant resources available and it is also a time of dramatic change.” —Michael Moody #successfulgenerations

 

“The next generation will have more to give than any other previous generation.” —Michael Moody #successfulgenerations

 

“We are in the middle of the greatest transfer of wealth in history.” —Michael Moody #successfulgenerations

 

“Next generation donors are obsessed with impact. They want impact to be their generational signature.” —Michael Moody #successfulgenerations

 

“The next generation defines impact as results that can be seen—real changes in the world that prove the effectiveness of their giving.”—Michael Moody #successfulgenerations

 

“The next gen remains interested in the perennial problems that philanthropy has been working to address for decades, but they want to change the strategy to move the needle.” —Michael Moody #successfulgenerations

 

“They (next gen donors) want more tools in their giving toolbelt.” —Michael Moody #successfulgenerations

 

“Respect does not mean sitting at the kids table.” —Michael Moody #successfulgenerations

 

“For the next gen, the best way to be effective is to be part of a team.” —Michael Moody #successfulgenerations

 

“Strategic approaches to giving might differ, but values are more in common than you might think.” —Michael Moody #successfulgenerations

 

“Families need to allow the next generation to experience things and fail forward.” —Michael Moody #successfulgenerations  

 

Resources mentioned in this episode:

 

Johnson Center for Philanthropy

Generation Impact (book and other resources)

 

 

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Right click and ‘save as’ to download this episode to your phone or computer.  

 

Learn more about Successful Generations:

successfulgenerations.com

FB: @SuccessfulGenerations

Twitter: @EllieFreyZagel

Email: ellie@successfulgenerations.com

 

Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.  

The estate planning process can seem a little daunting. Having gone through the process, I remember walking into my lawyer’s office and not having a clue what was going to happen— much less how much it would cost. In this episode, with my younger pre-estate planning self in mind, I interview Susie Meyers who is an estate planning attorney with Warner Norcross & Judd LLP. Susie gives real, practical and actionable advice on why you should have an estate plan, and what you can do to prepare to save yourself a few dollars in the process.

 

Topics discussed in this episode:

 

• About Susie Meyers (2:11)
• What is estate planning? (4:15)
• Why do I need an estate plan? (??)
• What does the first meeting look like? How can I prepare? (14:00)
• How do I find an attorney? (19:00)
• Do I bring my spouse? (21:30)
• The process (~25:00)
• Role of the advisor (31:30)
• Resources (~35:55)
• At the very least: Have a Durable Power of Attorney (36:15)
• Bonus Questions (38:00)

 

At a Glance—The Estate Planning Process:

1. Meet with your estate planning attorney. The initial meeting will take around 1½ hours.
2. The attorney drafts your documents.
3. You review your documents and request any final changes.
4. You sign (all documents must be witnessed and some must be notarized).
5. Done!

 

An Estate Planner’s Tips for Preparing for Your First Meeting:

1. Ask your attorney what they need in advance of the meeting to make your time together efficient. In many cases, your attorney will send you a form in advance.
2. Compile your financial information.
3. Prepare a list of your assets and know how they are titled.
4. If you are a business owner, collect your business agreements and plans.
5. Collect your life insurance information (payout, type, etc)
6. Think over who you would choose to make decisions on your behalf. Who should care for your children? Who should receive your assets? Who should make medical decisions in the event that you are unable?

 

Notable and Quotable:

 

“Everyone has an estate plan whether you draft it or not,” —Susie Meyers #estateplanning101 #successfulgenerations

 

“Estate planning is not just for the elderly or wealthy. It’s important for everyone,” —Susie Meyers #estateplanning101 #successfulgenerations

 

“Once a child turns 18, a parent no longer has the ability to make medical decisions for them or access their finances,” —Susie Meyers #estateplanning101 #successfulgenerations

 

“At the very least everyone should have a Durable Power of Attorney and a Patient Advocate Designation, also known as a Medical Power of Attorney,” —Susie Meyers #estateplanning101 #successfulgenerations

 

“A prenup covers property rights of a spouse in the event of divorce or death. You still need an estate plan to execute what you agree to in the prenup,”—Susie Meyers #estateplanning101 #successfulgenerations

 

“Estate planning is like building a house—lots change orders will add to the price,” —Susie Meyers #estateplanning101 #successfulgenerations

 

Resources mentioned in this episode:

 

Find Susie at Warner Norcross & Judd LLP

The Book of Joy

Silver Spoon Kids

 

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Don’t risk missing out on any of the fun that is to come.

 

Right click and ‘save as’ to download this episode to your phone or computer.  

 

Learn more about Successful Generations:

successfulgenerations.com

FB: @SuccessfulGenerations

Twitter: @EllieFreyZagel

Email: ellie@successfulgenerations.com

 

Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.  

 

Engaging Family in Family Philanthropy

 

The question I get asked the most, is “Ellie, how can I engage my family in philanthropy?” In this episode, Virginia “Ginny” Esposito, Founder and President of the National Center of Family Philanthropy, highlights what family philanthropy is and common trends in the work she has been in for over 30 years. She has lots of wisdom for parents and great resources, whether you are just getting started or if you’ve been giving for decades.

 

Topics discussed in this episode:

 

• About Ginny Esposito (1:43)
• What is family philanthropy? (3:56)
• Trends in family philanthropy (11:51)
• Issue-based vs. place-based giving (14:45)
• Engaging family in family philanthropy (28:30)
• Resources (38:20)
• Why are you engaging your family? (something to consider) (45:00)
• Bonus Questions (46:12)

Notable and Quotable:

 

“Family philanthropy has been around as long as there have been families.”—Ginny Esposito #familyphilanthropy #successfulgenerations

 

“Many times the tradition of giving precedes wealth in the family. Giving is part of a family’s culture.”—Ginny Esposito #familyphilanthropy #successfulgenerations

 

“Philanthropy often starts at the kitchen table...with family talking about what’s important to them.”—Ginny Esposito #familyphilanthropy #successfulgenerations

 

“The cause—whether it is an alma mater, a house of worship, or an issue like cancer that has personally touched a family member — can become the glue that focuses a family.”—Ginny Esposito #familyphilanthropy #successfulgenerations

 

What goals do you want to accomplish on behalf of a place or a cause? #familyphilanthropy #successfulgenerations

 

“Philanthropy in a family starts with what any parent wants for their children—character building, a sense of empathy, a sense of generosity, a sense of community, and our obligations to the community, especially if we’ve been given great gifts.”—Ginny Esposito #familyphilanthropy #successfulgenerations   

 

“I introduce children to philanthropy based on what they care about.”—Ginny Esposito #familyphilanthropy #successfulgenerations

 

“When wealth is involved, a few things become very important for children: teaching about financial literacy, respectful relationships rather than power-based relationships, and wealth apart from the family’s name are examples.” —Ginny Esposito #familyphilanthropy #successfulgenerations

 

Resources mentioned:

 

Find Ginny at National Center for Family Philanthropy

1667 K Street, NW, Suite 550

Washington, DC 20006

P: (202) 293-3424

F: (202) 293-3395

ncfp@ncfp.org

 

The Giving Code- Commissioned by Packard Foundation

National Center for Family Philanthropy

Giving Compass

The Power to Produce Wonders- white paper

 

What more of Successful Generations? 

Check out a few more of our other awesome episodes:    Episode 003: http://successfulgenerations.com/dr-baer/ Episode 002: http://successfulgenerations.com/doug-box/ Episode 001: http://successfulgenerations.com/about-host-ellie-frey-zagel/

 

Subscribe Now!

Don’t risk missing out on any of the fun that is to come.

 

Right click and ‘save as’ to download this episode to your phone or computer.  

 

Learn more about Successful Generations:

successfulgenerations.com

FB: @SuccessfulGenerations

Twitter: @EllieFreyZagel

Email: ellie@successfulgenerations.com

 

Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.  

 

Leadership, Wellness, and Concierge Medicine

 

Are you struggling with your health and wellness? Are you feeling stretched thin, in a mental fog, constantly fatigued, and left with no time for yourself?

 

As a fellow young leader balancing all of life’s demands, I GET IT.  

 

In this episode, I talk about my own health journey.

 

In May of this year, I took a health and wellness sabbatical from my full-time job. I was burnt out—unhappy with my lack of productivity, attention to detail, and the fact I had zero energy for my husband and toddler (or for much of anything, really). It was time to do something about it.

 

My journey towards health and wellness finally gained traction when I found the right physician. For me, it is Dr. Bill Baer, who you will hear from in this podcast. He introduced me to concierge medicine—something that many of my peers have also adopted with success.

 

Since that time, I’ve developed a strong team approach to my health. My team and I are in constant contact—we bounce ideas off each other and explore new solutions. And I can honestly say, I am feeling better than I have in years.

 

I hope that sharing my story will help other hyper-involved people suffering from overwhelm and burnout find their own path to success.  

 

Topics discussed in this episode:

 

• Meet Dr. Baer (3:02)
• What is concierge medicine? (4:00)
• How is concierge medicine different from traditional medicine? (7:20)
• What’s the difference between concierge medicine, executive physicals, functional medicine and integrated medicine? (10:00)
• Health trends Dr. Baer is seeing now (14:05)
• “Systemic inflammation drives a lot of health issues down the line” (17:00)
• Importance of a health team (18:00)
• “One size fits all doesn’t work” (20:35)
• Wellness Groups (21:00)
• Bonus Questions (25:06)

 

Notable and Quotable:

 

With concierge medicine, the physician can be a better partner on the patient’s healthcare journey. #conciergemedicine #successfulgenerations

 

“We ask the questions that you may not know to ask” —Dr. Bill Baer #conciergemedicine #successfulgenerations

 

Imagine having a physician caring for 400 patients vs. 2,100. #conciergemedicine #successfulgenerations

 

Functional medicine tends to include more holistic approaches including nutrition, acupuncture, mindfulness, etc. A concierge physician looks to integrate these things with traditional medicine. #conciergemedicine #successfulgenerations

 

A concierge physician is your medical quarterback. #conciergemedicine #successfulgenerations

 

“Regarding health trends, we’re seeing a lot related to cardiovascular, malignancies and mental health issues, primarily related to increased stressors and depression.” —Dr. Bill Baer #conciergemedicine #successfulgenerations

 

“All the weight on your shoulders, the 24/7 access, full weekends...You just can’t hide. Life becomes a burden, quick. We have to find the best ways to partner and alleviate these stressors.” —Dr. Bill Baer #conciergemedicine #successfulgenerations

 

“A one size fits all approach to medicine doesn’t work.” —Dr. Bill Baer  #conciergemedicine #successfulgenerations

 

“Experts working in different fields (i.e. internal medicine, pharmacology, exercise physiology, nutrition, infectious disease) who work in a collectively is critical.” —Dr. Bill Baer #conciergemedicine #successfulgenerations

 

Changing behavior is the hardest thing we can do. #conciergemedicine #successfulgenerations

 

Resources mentioned:

 

You can find Dr. Baer at:

Concierge Medicine

Mercy Health

616-685-3100

https://vimeo.com/157615015 (Mercy Health’s video on Dr. Baer’s practice)

 

Julie Lythcott-Haims Ted Talk on “Love and Chores”

 

Direct link to this episode: http://traffic.libsyn.com/successfulgenerations/Wellness_and_Concierge_Medicine_w__Dr_Baer_-003.mp3

 

Ready to get started?

Check out the Successful Generations Wellness Peer Group.  We would love to have you! 

Want more of Successful Generations?   Check out a few of our other awesome episodes:  Episode 004: http://successfulgenerations.com/family-philanthropy/ Episode 002: http://successfulgenerations.com/doug-box/ Episode 001: http://successfulgenerations.com/about-host-ellie-frey-zagel/

Subscribe Now!

Don’t risk missing out on any of the fun that is to come.

 

Learn more about Successful Generations:

successfulgenerations.com

FB: @SuccessfulGenerations

Twitter: @EllieFreyZagel

Email: ellie@successfulgenerations.com

 

Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.  

 

This is not a happy ending.

 

Do you have a strong matriarch or patriarch? Do you have more drama in your family business than is healthy? Do you know someone who has sued a family member?

 

If you answered “yes” to any of these questions, this episode is definitely for you.   

 

Doug Box, 2nd generation of Box Energy Corp, experienced all of these things and more. In fact, Doug’s life pretty much reads like a Hollywood movie. He shared many of the details in his recent book, Texas Patriarch: A Legacy Lost and I was thrilled for the chance to interview him and talk about his experience specifically through the family business lense.   

 

I usually want to keep our interviews to 30-45 minutes, but I couldn’t help but ask Doug additional questions.

 

Topics discussed in this episode:

 

• The rags to riches story of Cloyce Box—from a child of the Depression, to a Marine, professional football player, and prolific businessman  
• A look at life in the shadow of strong, charismatic Patriarch
• How a rift between brothers tore a company apart
• Straight talk about advance planning, advisors and recognizing conflicts of interest
• What Doug Box says he wishes he could have done differently
• Lessons learned and ideas for raising today’s next generation of family business

Notable and Quotable:

 

These are lessons learned from a family business tragedy. @DouglasDBox #successfulgenerations

 

When you combine your family enterprise with wealth, money, identity and occupation you are touching a lot of nerves.These are treacherous, combustible waters. We didn’t handle it carefully and it blew up in us. @DouglasDBox #successfulgenerations

 

My passion is helping other families avoid the mistakes we made. @DouglasDBox #successfulgenerations

 

They don’t make rogaine for the family tree. @DouglasDBox #successfulgenerations

 

One thing that a strong patriarch does, is they are very, very good at getting their way. @DouglasDBox #successfulgenerations

 

A family owned business is a very good laboratory experimenting, making mistakes and learning things. @DouglasDBox #successfulgenerations

 

Accountability is the key to staving off entitlement. @DouglasDBox #successfulgenerations

 

Without accountability, you will grow your entitlement limbs. @DouglasDBox #successfulgenerations

 

My dad was a leader, not a teacher. A lot of his values died with him. @DouglasDBox #successfulgenerations

 

Do not resolve family conflict through litigation in a family owned business. @DouglasDBox #successfulgenerations

 

Direct Link to this episode: http://traffic.libsyn.com/successfulgenerations/Douglas_D_Box__Texas_Patriarch-_A_Legacy_Lost_-002.mp3

  Want more of Successful Generations?   Check out a few of our other awesome episodes:  Episode 004: http://successfulgenerations.com/family-philanthropy/ Episode 003: http://successfulgenerations.com/dr-baer/   Episode 001: http://successfulgenerations.com/about-host-ellie-frey-zagel/

Subscribe Now!

Don’t risk missing out on any of the fun that is to come.

 

Learn more about Successful Generations:

successfulgenerations.com

FB: @SuccessfulGenerations

Twitter: @EllieFreyZagel

Email: ellie@successfulgenerations.com

 

Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.  

 

Welcome to the first episode of Successful Generations, a podcast for the next generation of family business, family philanthropy, and family wealth!

Together, and with the help of some great guests, we'll tackle the taboo topics our parents and grandparents always told us not to discuss: money, succession, inheritance, and more.

 

Welcome to the first episode of Successful Generations, a podcast for the next generation of family business, family philanthropy, and family wealth!

 

Together, and with the help of some great guests, we'll tackle the taboo topics our parents and grandparents always told us not to discuss: money, succession, inheritance, and more.

 

The goal for this podcast is to have real, authentic conversations that help us work towards being the very best leaders we want to be in work and in life. Let’s do this!

 

Topics discussed in this episode:

 

• My upbringing on a farm in rural northern Michigan.
• How my life changed at an early age.
• A look at my experience trying to make sense of it all.
• My journey to start Successful Generations.
• My vision for this new venture and why I know it’s important right now.

 

Episode 1 Notable and Quotable:  

 

I was told at an early age that we do not talk about wealth and family philanthropy. It made me have a very confusing relationship with money. #successfulgenerations

 

As I learned about our family philanthropy, I was sworn to secrecy. I didn’t have anyone that I could talk to about it. This is one of the reasons why I am starting Successful Generations. #successfulgenerations

 

We are in the middle of a $60 trillion wealth transfer. Our Boomer parents and grandparents have been killing it. There is now a major need for mentorship, leadership development and financial literacy training. #successfulgenerations

 

The next generation needs to know about their relationship with money, how to raise good kids in wealth, and how to talk with a spouse about money. #successfulgenerations

 

Direct Link to Download this Episode: http://traffic.libsyn.com/successfulgenerations/About_Your_Host_Ellie_Frey_Zagel-001.mp3

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Episode 004: http://successfulgenerations.com/family-philanthropy/ Episode 003: http://successfulgenerations.com/dr-baer/ Episode 002: http://successfulgenerations.com/doug-box/  

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Email: ellie@successfulgenerations.com

 

Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at SuccessGen@successfulgenerations.com.  

Tune in this week to discover the secrets to working closely with the people you share every other area of your life with. We’re discussing where Whit and Jake have run into differing approaches, disagreements, and how they have overcome them to build an incredible business.

Get full show notes and more information here: https://successfulgenerations.com/9

Tune in this week to discover what so many people get wrong about creating confidence, and the exercises I use with my clients that you can start using right now to build more confidence. I’m sharing where confidence really comes from, and by the end of the episode, you’ll understand where you can look to for a confidence boost whenever you need it.

Get full show notes and more information here: https://successfulgenerations.com/8

We’re talking today about one of my favorite topics: emotions. Specifically, I’m discussing processing emotions while you’re at work, which comes up for so many of my clients. So, if you regularly feel a sense of overwhelm, anger, or anxiety around your day-to-day at work, or you know somebody who is currently in this headspace, this episode is for you.

Get full show notes and more information here: https://successfulgenerations.com/7

Kim is on the show this week to discuss an area of knowledge and passion for her: entitlement. This is a huge issue within the family business sphere. As a family business grows, the number of people around it will follow. And Kim is here to discuss how we can be discerning about who we involve, and how we should be allocating our resources.

Get full show notes and more information here: https://successfulgenerations.com/6

Have you ever taken what you believed would be a rejuvenating break from reality, but instead of relaxing and recharging, you returned tired and frustrated, either because work got in the way, or just the stressors of trying to keep everyone entertained?

This week, I’m inviting you to try purposefully planning your vacation with the same level of precision that you plan every other aspect of your life, whether that’s work, workouts, or personal care appointments.

Get full show notes and more information here: https://successfulgenerations.com/5

Discover why it’s so important to track and celebrate your wins on a regular basis. I’m sharing how I do this work with my clients, how you can start doing this work for yourself, and the incredible benefits and transformations that I have seen as a direct result of making this practice a part of every single week.

Get full show notes and more information here: https://successfulgenerations.com/4

Last week, I spoke about the concept of Same-Page Leadership. This week, I want to share some examples in practice. When you get into alignment and understanding with your significant other, it means fewer arguments and issues at home; it means a healthier relationship between you and them and a healthier relationship with your business. If you are ready for all of that, this will be a great episode for you.

Get full show notes and more information here: https://successfulgenerations.com/3

I’m back with another conversation around engaging the next generation of adults in family philanthropy, this time with Molly Stiffler, the director of the Stifler Family Foundation. Molly is sharing the story of how she was first introduced to family philanthropy as a five-year-old, the importance of mentors, how being on non-profit boards benefited her when she was formally engaged, and how you can involve the next generation even before they’re ready to be formally engaged in your family foundation.

 

Get full show notes and more information here: https://successfulgenerations.com/20

Discover the perfect tool to implement when it feels like you and your partner or family member are on different pages when it comes to your business. I’m sharing the most common complaints I hear from my clients who are in this situation, and you’ll learn what’s going on in your head. And once you understand this, you can get aligned and start reaching an agreement that serves everyone involved.

Get full show notes and more information here:https://successfulgenerations.com/2

Tune in this week to discover the direction I’ll be taking this podcast moving forward and the changes you can expect to hear. I work with clients every day who are grappling with real issues, real overwhelm, and real confusion, and if you are leading a family enterprise, this is the podcast for you.

Get full show notes and more information here: https://successfulgenerations.com/1

This podcast for those who are weighed down by all the things that come along with running a family business.

If you’re ready to learn the exact tools, strategies, and mindset shifts you need to become the leader you want to be - and have a bit of fun while doing it - subscribe or follow the podcast on your favorite podcast app and visit successfulgenerations.com for more information. 

Tune in for an episode of Successful Generations with a difference. Neill Williams is sharing the transformation she’s experienced over the past two years of working with me on her mindset in so many areas. If you’ve ever wondered what goes into the work we do as coaches, this episode is exactly what you need to hear.

Get full show notes and more information here: https://successfulgenerations.com/mindset-transformation

Tune in this week for a discussion with Bob Reid on common misconceptions around family philanthropy, and what it means for the next generation. Bob is sharing how his own research has brought up so much that flies in the face of the critical literature in this field, and we’re directly addressing criticisms of family philanthropy when it comes to impact, regulation, and so much more.

Get full show notes and more information here: https://successfulgenerations.com/089

This week, Logan Angel shares her experiences as a second-generation family philanthropist. We discuss her experiences of realizing her family was different than those around them, and her journey through that adjustment. We are also looking at the immersion program she attended with KORE Venture, and how that has impacted her and her family foundation’s future for the better.

Get full show notes and more information here: https://successfulgenerations.com/088

Tune in this week as Andrew and I discuss his role in helping the rising generation within families of wealth see the fortune in their hands as a tool and not a burden. Andrew believes that with great contribution comes great fulfillment, and is a big proponent of intergenerational curiosity, helping children and their parents understand the unique positions they are in, and how they can best move forward.

Get full show notes and more information here: https://successfulgenerations.com/087

We all die. The goal isn’t to live forever, the goal is to create something that will. –Chuck Palahniuk

Full show notes can be found: www.successfulgenerations.com/epsiode086

QUESTIONS:

1. What do you need to be successful in transferring the business? Why is a business succession plan important? 
2. What are the components of a good plan? 
3. Why is a valuation important for a family business? 
4. Selling to a third party-- why is this thinking advisable even if you plan to sell it to your kids? 
5. What are pros and cons of having minority shareholders? 
6. In your book, you talk about preparing and protecting heirs-- what do you mean by that? 
7. One of the ways to protect heirs from each other is to have a buy-sell agreement, if you agree, what does a buy-sell agreement look like? What are the considerations?  (summary on page 78)
8. What is a Charitable Bailout and Charitable Remainder Unitrust (CRUT) “the same basic features: a transfer of a business interest, a charitable contribution, deferral of capital gains taxes, a substantial income tax deduction, and removal of the business interest from the owner’s estate.”
9. Let's say you sell the business, what’s next? 

 

BIO

For more than 20 years, Steven Goodman has provided insightful solutions to the challenges of business succession, wealth preservation and charitable planning, focusing on the needs of owners of closely-held businesses and high net worth individuals. He currently serves over 200 clients. Steven Goodman has authored numerous trade articles for leading trade journals, and has paired with some of the most respected names in banking and finance-among them JP Morgan Chase - to sponsor some 150 seminars about business succession and wealth preservation. His accomplishments have brought the attention of such publications as the New York Times. Steven Goodman is a CPA who was vice president of the Trust and

Investment Division of JP Morgan Chase and a supervisor for KPMG Peat Marwick. He holds an MBA from Fordham University.

Welcome! 

Full show notes can be found at www.successfulgenerations.com/episode085

Questions:  

• What is a family office?
• Who should create a family office? Who Shouldn't?
• How do you get started? Do you have to have billions of dollars to start a family office? 
• Who should lead a family office? 
• What are a few best practices and lessons learned? 
• What are a few resources newbies should check out when thinking about starting a family office? 
• What is FOX's role? 
• How can we connect with you? 

 

BIO

Glen Johnson is Chief Operating Officer at Family Office Exchange (FOX). In this role, he is responsible for all aspects of the member experience, ensuring that each family member, family office executive, and trusted advisor has an unsurpassed experience partnering with FOX by providing unique industry knowledge and insights coupled with a safe and confidential environment where members can share best practices. In addition, Glen oversees the operations of FOX and is charged with establishing and executing systems to execute FOX’s strategic plan, promoting it’s vision and service-centric culture, and enabling the FOX team to work together to exceed our member’s expectations.

 

Glen has over 30 years of experience working with family offices, business owners, and executives, first as an attorney and then as a wealth advisor, eventually founding Mirador Family Wealth Advisors – the multi-family office for Fifth Third Bank. He has worked with business owners and executives across all stages of their business life cycle including business succession.  Glen writes and speaks nationally focusing on family and business governance and the unique challenges faced during the sale and transition of closely held businesses. 

 

Glen earned a Bachelor of Sciences degree in Education from the University of Michigan in Ann Arbor, MI and a Juris Doctorate degree from Wayne State University Law School in Detroit, MI.

 

Resources

The Family Office Exchange

Family Champion with Joshua Nacht 

Rising Generation Education with Mindy Earley