Avsnitt
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What does the word legacy mean to you? Everyone leaves a legacy, either a default one or an intentional one and Lance Welch's new book, The Legacy Navigator, is a blueprint to create your best legacy possible. Join us for an engaging conversation with Lance Welch, a Certified Business Development Coach with the John Maxwell organization, Certified Behavioral Consultant for DISC Personality Profiles, and author of The Legacy Navigator.
Order your copy of The Legacy Navigator
Connect with Lance
Connect with Brian
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
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What are the unseen emotional investments and risks accompanying family wealth management, and how can families navigate these to ensure generational success?
In this episode, our guest is Thomasina Williams, a pioneering family dynamics consultant who specializes in guiding ultra-high-net-worth families through the complexities of generational wealth transition. Thomasina sheds light on the often-overlooked human elements of family wealth, emphasizing the critical need for investment in family relationships and effective communication to safeguard and perpetuate wealth across generations.
[00:01 - 07:55] The Overlooked Risks in Family Wealth
The internal family dynamics and external economic factorsThe significance of nurturing family relations to maintain wealth across generationsThe role of effective communication in mitigating risks associated with wealth transition[07:56 - 14:34] Communication as a Cornerstone
Communication breakdowns can be the biggest threats to family unity and wealthThe necessity of developing communication skills within family structuresTechniques to improve dialogue among family members to foster a healthier family enterprise[14:35 - 21:29] Conflict Management and Change Navigation
Strategies to manage conflicts effectively to prevent long-term damage to familial relationshipsImportance of addressing and navigating generational changes sensitivelyUnderstanding the psychological impacts of unresolved conflicts within family businesses[21:30 - 28:16] Implementing Effective Family Governance
The role of governance structures in stabilizing family businessesHow leadership from the top influences family dynamics and business successTechniques for fostering leadership skills among family members[28:17 - 34:14] Tools for Future Success
Introduction to practical tools and frameworks to manage family dynamicsThe impact of external consultants in facilitating difficult conversationsFuture directions in family enterprise consulting focusing on women's roles in family businessesKey Quotes:
"One of our biggest challenges I think as human beings is just to love people for who they are." - Thomasina Williams
"The real investment needs to be in our families, who are the actual bearers of the legacy we wish to preserve." — Thomasina Williams
Connect with Thomasina!
Website: https://www.developfamilyleaders.com/
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
Hosted on Acast. See acast.com/privacy for more information.
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Saknas det avsnitt?
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How does the trauma embedded in our DNA influence our personal and professional lives, and what can we do to overcome it?
In this episode, Monica Clare, a global consultant specializing in conflict management and strategic leadership, shares her profound insights into the impact of individual, intergenerational, and collective trauma on business and personal relationships. With a rich background that blends finance, mediation, and psychological safety, she provides actionable strategies for fostering healthier, more creative, and resilient organizations. The conversation delves into the science behind trauma, the importance of self-awareness, and the transformative power of addressing inherited conflicts.
[00:01 - 06:26] Unpacking Conflict: Roots and Recognition
Understanding the layers of conflict: personal, familial, and systemicThe role of self-awareness in recognizing and addressing inherited conflictsImportance of acknowledging historical and cultural impacts on personal behavior[06:27 - 12:40] Navigating Through Awareness and Acceptance
The first steps in conflict resolution are awareness and acceptance of underlying issuesSelf-regulation techniques to manage personal triggersThe significance of personal responsibility in healing and transformation[12:41 - 18:23] Implementing Change: Theory and Practice
Practical applications of theories like polyvagal and epigenetics in everyday interactionsThe benefits of creating a supportive environment for open dialogue and self-reflectionHow structured communication practices can alleviate longstanding familial conflicts[18:24 - 24:01] Cultivating Compassion and Establishing Boundaries
Differentiating between empathy and compassion in conflict resolutionThe role of boundaries in maintaining healthy personal and professional relationshipsStrategies for effective negotiation and maintaining boundaries within family businesses[24:02 - 29:54] Legacy and Leadership: Preparing for Transition
Preparing family businesses for generational transitions through effective leadership and legacy planningThe importance of acknowledging and integrating the wisdom of elder generationsTechniques for ensuring smooth transitions and the continued success of family businessesKey Notes:
"Responsibility is the ability to respond. If I'm responsible for myself, I'm able to respond to my own reactions, my own issues." - Monica Clare
"If you're in a position of leadership, acknowledging that we're all shareholders in humanity's legacy is crucial for transformative leadership." - Monica Clare
Connect with Monica!
Website: https://www.monicaclare.ca/
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
Hosted on Acast. See acast.com/privacy for more information.
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How is the shifting financial landscape affecting estate planning and wealth transfer between generations?
In this captivating episode of the Capital Club podcast, host Brian engages with Anthony Venette, Director of Business Valuation & Advisory at DeJoy & Co. Anthony brings to the table his expertise in estate planning and business valuation, particularly focusing on optimizing gift and estate tax strategies for business owners. As the financial world grapples with demographic shifts and changing tax laws, Anthony sheds light on the critical intersection of income tax, estate tax, and business valuation, offering valuable insights into strategic wealth transfer across generations.
[00:01 - 08:33] Introducing Anthony Venette
Anthony's role in business valuation and estate planningThe demographic shift impacting business and wealth transferThe importance of understanding the nexus between generations in estate planning[08:34 - 16:01] Navigating the Estate Tax Landscape
Upcoming changes in tax exemption and their impactStrategies for optimizing gift and estate tax planningThe importance of proactive planning in estate management[16:02 - 24:20] Advanced Estate Planning Techniques
The use of carried interest in estate planningDifferences between European and American waterfall structures in fundsThe strategic benefits of early planning in estate tax optimization[24:21 - 32:12] The Role of Family Offices in Estate Planning
How family offices can enhance wealth transfer strategiesThe significance of closely held business discounts and appreciation in estate planningThe impact of legal structures on wealth management[32:13 - 38:07] Carried Interest and Derivative Sales
In-depth exploration of carried interest and its role in estate planningUnderstanding the vertical slice rule and carried interest derivative salesThe need for expert guidance in complex estate planning scenariosKey Notes:
"We sit at the nexus point between generations, facilitating that handshake from baby boomers to Gen X and millennials." - Anthony Venette
"Estate planning isn't just about the numbers; it's about establishing and preserving legacy." -Anthony Venette
Connect with Anthony!
Website: https://www.teamdejoy.com/contact-us
LinkedIn: https://www.linkedin.com/in/anthonyvenettecpaabv/
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
Hosted on Acast. See acast.com/privacy for more information.
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Could understanding the dynamics of succession planning in family businesses offer clues to navigating personal and professional transitions more effectively?
In this episode, Brian engages with guest Shelley Forsythe in a deep dive into the intricacies of succession planning in family businesses. Shelley, an expert in family governance and legacy planning with BMO Family Office, shares her insights on the importance of early planning, the role of professional advisors, and the emotional complexities involved in handing over the reins to the next generation. The conversation uncovers common pitfalls in succession planning, the significance of communication and external support, and how these elements contribute to the successful transition of leadership and legacy within family enterprises.
[00:01 - 07:21] The Art of Succession Planning
Succession planning in family businesses and its challengesThe importance of starting early and integrating technical and qualitative aspectsThe role of professional advisors in facilitating the process[07:22 - 14:24] Next-Gen Leadership and Legacy
Preparing the next generation for leadership rolesBalancing personal passions with family business obligationsThe significance of independent board members in the transition process[14:25 - 22:06] The Family Meeting Framework
Strategies for effective family meetingsThe importance of neutral venues and inclusive agendasIntegrating fun and meaningful activities to strengthen family bonds[22:07 - 29:14] Navigating Family Dynamics
Addressing the emotional aspects of succession planningThe role of family councils in larger family enterprisesAdapting to generational changes within the family business context[29:15 - 37:16] Cultivating a Sustainable Family Legacy
The significance of aligning family values with business goalsUtilizing family councils for generational representation and decision-makingThe role of philanthropy and social responsibility in the family legacyKey Notes:
"Succession planning is not just about business transition; it’s about preparing the family for a future that sustains their values, legacy, and relationships." - Shelley Forsythe
"The best time to start planning your succession is yesterday; the next best time is today." – Shelley Forsythe
Connect with Shelley!
Website:https://privatewealth-insights.bmo.com/en/experts/shelley-forsythe/
LinkedIn: https://www.linkedin.com/in/shelley-forsythe-fea-cfp-tep-mfa-p-cepa-2171b220/
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
Hosted on Acast. See acast.com/privacy for more information.
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Can the right estate planning approach preserve wealth and prevent family discord, or is the dissipation of wealth an inevitable outcome of generational transitions?
In this episode, Brian sits down with Syd Walker, an estate planning consultant specializing in serving ultra-high-net-worth families. Their conversation delves into the nuanced world of estate planning, asset distribution, and the evolving concept of generational wealth management. Syd shares his journey from a campus minister and foreign missionary to a trusted advisor in the family office space, offering unique insights into creating actionable plans that resonate with family values and long-term objectives.
[00:01 - 06:22] The Evolution of Estate Planning
Syd's transition from ministry to estate planningThe impact of family office conferences on industry practicesThe importance of authentic engagement in wealth management[06:23 - 13:08] Servant Leadership in Wealth Management
The concept of a 'servant's heart' in serving wealthy familiesThe role of empathy and understanding in financial advisoryChallenges of aligning family dynamics with wealth preservation[13:09 - 20:14] Personal Stories and Professional Insights
Syd's personal experience with family and wealthCase studies illustrating the scope of his estate planning workThe process and importance of comprehensive family assessment[20:15 - 27:42] Entrepreneurial Journey and Client Engagement
Syd’s experiences and realizations as an entrepreneurThe significance of problem-solving and education in wealth managementThe process of engaging with families and creating tailored action plans[27:43 - 34:11] Legacy Beyond Wealth
Strategies for defining and preserving a family legacyThe role of governance and practical legacy in estate planningClosing thoughts on achieving wealth success and maintaining family unityKey Notes:
"When you put yourself in the position of a servant, that's exactly how a lot of people will treat you." - Syd Walker
“One of the commonly held thoughts on why most families fail is a lack of trust.” - Syd Walker
Connect with Syd!
Website:https://www.prosperispartners.com/
LinkedIn:https://www.linkedin.com/in/sydwalker/
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
Hosted on Acast. See acast.com/privacy for more information.
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How can high-net-worth individuals protect their digital lives from increasingly sophisticated cyber threats?
In this episode, Chris Pierson, a renowned cybersecurity expert, discusses the dynamic and fast-evolving nature of cyber threats, especially against high-net-worth individuals and family offices. They delve into the complexities of digital executive protection, the nuances of cyber risks for corporations versus individuals, and practical steps for enhancing cybersecurity. The conversation illuminates the multi-faceted approach required to safeguard digital assets, highlighting the importance of active defense and the necessity of adapting to the ever-changing cyber landscape.
[00:01 - 07:10] The Ever-Changing Cyber Threat Landscape
The rapid evolution of cyber threats and their impact on families and corporationsThe sophistication of cybercriminals and nation-state actorsThe personal experience of cyber threats by high-profile individuals[07:11 - 14:35] Cybersecurity Dichotomy: Professional vs. Personal
The disparity between cybersecurity measures in family offices and personal livesThe concept of being a constant target regardless of one's role or positionThe importance of a holistic approach to cybersecurity across all facets of life[14:36 - 21:33] Practical Cyber Defense Strategies
Emphasis on active defense and practical steps to improve cybersecurityThe critical role of education in combating cyber threatsRecommendations for implementing robust cybersecurity measures in daily life[21:34 - 26:32] Balancing Convenience and Security
The challenge of reducing friction while maintaining high-security standardsPersonal anecdotes and examples of effective cybersecurity practicesThe relationship between user experience and cybersecurity effectiveness[26:33 - 33:37] Emerging Cybersecurity Trends and Personal Insights
Discussion on new and not widely reported cybersecurity threatsPersonal routines and practices that contribute to peace of mind in a digital worldThe significance of staying ahead of cyber threats through proactive measuresKey Notes:
"Once something is stolen digitally, it's gone forever. That's why protection is so important." - Chris Pierson
"The goal is to try to get the individual to move as far as they can into a better place from a cybersecurity and privacy perspective." - Chris Pierson
Connect with Chris!
Website:https://blackcloak.io/
LinkedIn:https://www.linkedin.com/in/drchristopherpierson/
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
Hosted on Acast. See acast.com/privacy for more information.
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How can understanding your family history empower you to make better decisions and create a lasting legacy?
Today, our guest is John Seaman, an accomplished author, historian, and entrepreneur who has dedicated his career to helping families and organizations leverage their histories to shape their futures. John shares his unique perspective on the power of family narratives and how understanding the past can drive meaningful and sustainable decisions for future generations. He discusses the importance of going beyond mere genealogy and delving into the rich, complex stories that define a family's values, experiences, and identity.
[00:01 - 05:29] The Circuitous Route to Family History
John's background in academic history and biographyTransitioning from historical consulting to focusing on family enterprisesThe personal anecdote that validated John's path in family history[05:30 - 10:43] The Power of Family Narratives
How family history binds families together beyond just moneyThe role of family history in decision-makingThe importance of understanding the "why" behind family decisions[10:44 - 16:39] Best Practices for Capturing Family Histories
Going beyond genealogy and legacy films to uncover rich, complex storiesThe value of professional research and historical methodologyThe role of family representatives in initiating family history projects[16:40 - 22:18] Navigating Difficult Pasts and Generational Divides
The importance of confronting and learning from difficult family historiesHow younger generations can reimagine family values and find their place in the storyThe potential for difficult pasts to serve as narrative drivers for positive change[22:19 - 31:52] Engaging with Family Histories in the Modern Age
Common pitfalls and the importance of emotional commitment and trustThe various formats for presenting family historiesThe value of making family histories accessible among family membersKey Notes:
"Understanding our past helps us make meaningful and sustainable decisions for our family's future." – John Seaman
"A legacy is not just transmitted, but it's also received, and it has to be received for it to carry forward from one generation to the next." - John Seaman
Connect with John!
Website:https://www.saybrookpartners.com/
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
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Have you ever wondered how inheriting wealth can shape one's life beyond the financial aspects?
In this episode, our guest is Chip Fisher, the founder of Ursus Advisory, a consultancy practice dedicated to advising ultra-high-net-worth individuals and their next generations on the nuances of managing inherited wealth. Chip, drawing from his rich background and personal experiences, sheds light on the idiosyncratic yet emblematic stories of families navigating the complexities of wealth. Through candid discussions, the episode explores the transformative journey of understanding wealth's impact on identity, relationships, and societal contributions.
[00:01 - 07:56] Exploring Wealth's Waters
Chip Fisher's journey into the world of wealth consultancyThe significance of understanding one's origins and the impact of wealth on identityThe empathetic approach towards advising ultra-high-net-worth individuals[07:57 - 14:01] Finding Purpose Beyond Money
The entrepreneurial mindset as a pathway to meaningful engagement with wealthThe importance of finding purpose and passion beyond financial securityInsights into Chip's approach to offering value and empathy in his consultancy practice[14:02 - 21:57] Navigating Personal Connections
The complexities of relationships within the context of inherited wealthStrategies for fostering authentic connections and avoiding the pitfalls of wealth in social dynamicsChip's reflections on friendship, partnership, and familial bonds in the shadow of affluence[21:58 - 28:46] How to Embrace Simplicity and Fulfillment
Chip Fisher's philosophy on living a meaningful life amidst wealthThe role of hobbies, interests, and community in enriching one's lifeThe importance of self-care and doing things that bring joy and personal growth[28:47 - 37:11] The Road Ahead for Wealth Stewards
The future of wealth management and the evolving role of advisorsChip's insights into the onboarding process and the journey with his clientsThe significance of self-care and daily practices in maintaining balance and peaceKey Notes:
"The greatest thing you could do for yourself is to be well-read and informed." - Chip Fisher
"You have to live your life as if the money is not a subject you need to deal with all the time." - Chip Fisher
Connect with Chip!
LinkedIn: https://www.linkedin.com/in/chipfisher
Website: https://www.fisherwallace.com/
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
Hosted on Acast. See acast.com/privacy for more information.
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What if wealth was more than just financial capital? How do different forms of capital influence wealth transfer and personal growth within family businesses?
In this episode, Brian engages with Ambreen Bhaloo, a seasoned family enterprise advisor and coach, in a profound discussion on redefining wealth beyond financial measures. Ambreen brings her unique perspective on wealth, emphasizing the significance of human, emotional, social, and spiritual capital. They delve into the nuances of nurturing next-generation leaders, the complexities of wealth transfer, and the transformative power of self-awareness and mindset in personal and professional growth.
[00:01 - 06:02] Wealth Redefined
Wealth encompasses more than financial capital; it includes human, emotional, social, and spiritual aspectsThe importance of recognizing and leveraging all forms of capital in wealth transferStories as powerful tools for understanding and conveying the holistic nature of wealth[06:03 - 12:37] Personal Growth and Mindset
The critical role of self-awareness in navigating personal and financial growthHow mindset shifts can dramatically change one's relationship with money and successThe benefits of coaching and mentorship in personal development[12:37 - 18:10] The Power of Vulnerability and Coaching
Overcoming the stigma associated with seeking help and the importance of coachingEgo and fear as barriers to growth, and the value of vulnerabilityThe coach's role in facilitating self-discovery and empowerment[18:10 - 24:46] Next-Gen Education and Wealth Transfer
Preparing the next generation for stewardship of wealth through education and self-knowledgeThe dynamics of family business and intergenerational wealth transferEmpowering women and the younger generation in financial and business matters[24:46 - 30:16] Creating a Legacy of Empowered Wealth
The significance of aligning investments with personal valuesThe importance of open communication and creating a safe space for dialogue within familiesEncouraging curiosity and non-judgment in family discussions about wealth and valuesKey Quotes:
"Fear is often excitement without breath." - Ambreen Bhaloo
“If you have fear, get rid of that fear. Empower yourself. Look at what's underneath the fear and then build the strength.” - Ambreen Bhaloo
Connect with Ambreen!
Website: https://www.ambreenbhaloo.com/
LinkedIn: https://ca.linkedin.com/in/ambreenbhaloo
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
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Can technology redefine how ultra-high-net-worth individuals manage their estates?
In this episode, Brian engages with Jonathan B. Fishbeck, the visionary behind EstateSpace, a pioneering platform transforming asset management for the high-net-worth sector. Jonathan shares his journey from a computer science background through to becoming a serial entrepreneur, leading to the inception of EstateSpace. The conversation delves into the unique challenges faced by family offices and the ultra-wealthy in managing their extensive portfolios of properties and assets. Jonathan explains how EstateSpace not only addresses these challenges through innovative technology but also positions itself as a crucial player in risk management and strategic planning for its clientele.
[00:01 - 06:33] The Genesis of Estate Space
Transition from construction to tech entrepreneurIdentifying the gap in asset management for the ultra-wealthyThe foundation and mission of EstateSpace[06:34 - 12:26] Solving Complex Problems
Tailoring solutions for family officesEstateSpace's impact on asset and property managementThe evolution of the platform to meet client needs[12:27 - 18:47] Understanding the Market's Needs
Addressing the ultra-high-net-worth market's challengesThe strategic decision to focus on a niche segmentFeedback and adaptation to client requirements[18:48 - 24:13] Innovations and Forward-Looking Strategies
Advanced task management and insurance optimizationsEstateSpace's approach to risk management and insurance partnershipsExpanding the platform with AI and financial management tools[24:14 - 31:28] Entrepreneurial Insights and Future Outlook
The importance of understanding market needs and client feedbackEstate Space's growth strategy and upcoming AI initiativeJonathan's advice to aspiring entrepreneursKey Quotes:
"At the end of the day, Estate Space is always meant to be easy, secure, and solve the problems of those that they serve." - Jonathan B. Fishbeck
"Listening to our clients and partnering with them has been our greatest strength." - Jonathan B. Fishbeck
Connect with Jonathan!
Website: https://estatespace.com/
LinkedIn: https://www.linkedin.com/in/fishbeck
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
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Why do very few of today's wealthiest families trace their fortune back to the magnates of 1900, despite the high investment returns since then?
In this episode, Brian delves into wealth sustainability and financial decision-making with Victor Haghani, founder and CIO of Elm Wealth and co-author of "The Missing Billionaires: A Guide to Better Financial Decisions." He shares insights into why many fortunes don't survive across generations, highlighting the importance of smart investment strategies, risk management, and adaptable spending policies. Through an engaging conversation, listeners gain a deeper understanding of the empirical facts and strategic decisions crucial for long-term wealth preservation.
[00:01 - 06:34] The Genesis of "The Missing Billionaires"
How Victor identified a gap in the financial decision-making literatureThe surprising historical fade of wealth across generationsThe book's impact and relevance[06:35 - 12:16] Deciphering Wealth Dissipation
The phenomenon of wealth not persisting across generationsRigid spending policies exacerbate financial vulnerability over timeThe role of risk management and spending policies in preserving wealth[12:17 - 17:59] Risk, Return, and Spending: The Critical Triad
How to diversify investments and avoid overly concentrated portfoliosThe danger of rigid spending policies and the need for adaptabilityA utility function to make informed risk-taking decisions[18:00 - 24:14] The Cultural Aspect of Financial Decisions
Generational differences in approach to wealth can lead to its dissipationThe importance of entrepreneurial spirit in sustaining family wealthBalancing between growing and preserving wealth across generations[24:15 - 29:06] Future-Proofing Wealth: Strategies and Reflections
The importance of aligning investment strategies with personal and familial goalsPractical advice for those facing a liquidity event or starting a family officeThe societal implications of wealth accumulation and preservationKey Quotes:
"Every author finds the motivation in feeling that there's a gap that's crying out to be filled." - Victor Haghani
"The more risk that you take, the more that you're eating into your compound returns." - Victor Haghani
Connect with Victor!
Website: www.elmwealth.com
LinkedIn: https://www.linkedin.com/in/victorhaghani
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
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How can family businesses navigate the complexities of succession planning to ensure a legacy of success?
In this episode of the Capital Club Podcast, Brian sits down with Dan Beenken, Director of the University of Northern Iowa Family Business Center. With over 15 years of experience in succession consulting, Dan delves into the unique challenges and opportunities that come with family business succession planning. From "Jerry Springer moments" to strategic success stories, this conversation sheds light on the importance of communication, preparation, and the delicate balance of family dynamics in business. Listeners will gain invaluable insights into creating a sustainable legacy for generations to come.
[00:01 - 08:17] The Genesis of Succession Planning
The proliferation of family business centers addressing succession planningThe role of external training and networking in enhancing family business consultingIdentifying common succession challenges, such as generational tug-of-war and sibling rivalry[08:18 - 16:10] Navigating Generational Transitions
Importance of trust and letting go for the founding generationAddressing sibling dynamics and power struggles in successionThe critical role of clear communication and planning in avoiding "self-inflicted wounds."[16:11 - 24:08] Building a Framework for Success
Utilizing peer-to-peer learning for sharing experiences and strategiesImportance of external experiences and roles for successorsThe value of third-party consultants in facilitating difficult conversations[24:09 - 31:44] Case Studies and Success Stories
Detailed case study of a manufacturing firm's succession planningThe impact of in-law dynamics on succession processesStructured approaches to transition planning and role assignment[31:45 - 36:06] Lessons Learned and Best Practices
Early communication and involvement of next-gen in the businessThe necessity of external work experience for successorsClarity and openness as essential elements for successful transitionsKey Quotes:
"For everybody, it's so much easier to hold others accountable than it is to hold yourself accountable." - Dan Beenken
"Clear is kind, and unclear is unkind." - Dan Beenken
Connect with Dan!
Website: https://unifamilybusinesscenter.com/
LinkedIn: https://www.linkedin.com/in/danbeenken
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
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How can the intertwining of personal heritage and business innovation forge a legacy that transcends generations and borders? In this episode, we explore Adam Taki's fascinating family story. With a rich heritage that spans continents and industries, Adam shares his unique perspective on building a bridge between traditional family values and contemporary entrepreneurial ventures. From the origins of his family’s business in Japan to the evolution of his investment strategies in the United States, this conversation unveils the layers of challenges and triumphs that come with carrying forward a legacy. Through stories of resilience, strategic innovation, and personal discovery, Adam provides insight into what it means to maintain relevance in an ever-changing business landscape while staying true to one's roots.
[00:01 - 06:07] Legacy of Innovation
The significance of family history in shaping business acumenThe transition from traditional Japanese business to Western marketsThe role of personal challenges in driving innovation[06:08 - 14:03] Crafting a Global Brand
Strategies for global expansion and brand developmentOvercoming cultural and market barriersThe importance of vision in leadership[14:04 - 23:21] Navigating Personal and Professional Growth
The interplay between personal identity and business decisionsThe impact of academic pursuits on professional pathsBalancing family legacy with individual aspirations[23:22 - 30:09] Innovative Investment Strategies
The evolution of investment strategies in a changing economyUtilizing tax lien receivables as an investment vehicleThe importance of adaptability in investment[30:10 - 36:08] Building a Legacy for the Next Generation
The challenges of living up to a family legacyThe role of mentorship and legacy in entrepreneurshipStrategies for impact investing and creating sustainable valueKey Quotes:
"Never stop asking questions, because through them, you find paths to improvement." - Adam Taki
"Thinking about your exit when starting a business is not counterintuitive; it's strategic." - Adam Taki
Connect with Adam!
Website:https://actlien.com/
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
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Have you ever considered how the complexities of the insurance market can impact your personal and business decisions?
In this episode, Brian is joined by Kama Moseley from Lockton Private Risk Solutions. With her unique blend of legal expertise and insurance knowledge, Kama delves into the unprecedented challenges of the current insurance market. They explore how severe weather events, interest rates, and inflation are reshaping insurance strategies, especially for ultra-high-net-worth individuals. Kama shares insightful tips on navigating this turbulent market, emphasizing the importance of comprehensive risk management and the role of insurance in legacy preservation.
[00:01 - 08:08] Introduction to Kama Moseley and Lockton
Kama's background in law and insuranceLockton's status as a privately owned company influences its operationsLockton's unique position in the insurance market[08:09 - 15:17] Discussing the Hard Market in Insurance
Understanding of what a hard market in insurance meansHow clients are affected by rising premiums and policy changesThe importance of having a knowledgeable broker in tough markets[15:18 - 22:08] Private Risk and Liability Concerns
The evolving nature of private risk insuranceThe significance of liability coverage in protecting assetsStrategies for managing personal risk[22:09 - 30:00] Breaking Down Insurance Terms
Clarity on fundamental insurance termsInsight into the reasons behind rising premiumsThe potential future trajectory of insurance costs[30:01 - 38:30] Liability and Risk Management Strategies
The need for comprehensive risk managementThe role of insurance in legacy preservationEffective strategies for ultra-high-net-worth individualsKey Quotes:
"In an unprecedented hard market, it's about finding new avenues to manage risks effectively." - Kama Moseley
"Insurance is not just about premiums; it's about understanding and covering your true risks." - Kama Moseley
Connect with Kama!
Website:https://global.lockton.com/co/es
LinkedIn: https://www.linkedin.com/in/kamamoseley
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
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How can reframing the purpose of wealth and family offices lead to a more meaningful and impactful legacy?
In this episode, Brian delves into a conversation with Jill Barber, President of CYMI Holdings, and Greg McCann, Co-Founder of Generation 6 Family Enterprise Advisors. They explore the evolving landscape of family offices, emphasizing the shift from traditional wealth management to a more holistic approach centered around family well-being and purpose-driven wealth. The dialogue uncovers the challenges and potential of family offices in nurturing both financial success and family harmony, highlighting the importance of leadership, culture, and reframing wealth. Let's dive in!
[00:01 - 00:10:24] Rethinking Family Office Fundamentals
Challenges in the traditional family office modelThe importance of shifting focus from wealth to individual family membersExploring new models for family offices centered on individual and family well-being[10:25 - 20:42] Leadership and Culture in Family Offices
The role of leadership in shaping family office cultureBuilding a culture that values both individual and collective growthThe impact of internal culture on family dynamics[20:43 - 30:26] Wealth, Well-being, and Family Harmony
Balancing wealth management with family member well-beingStrategies for addressing family dynamics and conflictsThe importance of understanding the family’s purpose and values[30:27 - 40:10] Innovation and Reframing in Family Offices
Innovative approaches to managing family officesThe concept of reframing wealth and its purposeEncouraging entrepreneurial spirit within the family structure[40:11 - 45:10] Practical Applications and Future Outlook
Practical tips for implementing change in family officesThe importance of ongoing adaptation and learningFuture trends and potential shifts in the family office landscapeKey Quotes:
"When you change one person in the system or one part of the system and the whole system changes." - Jill Barber
"Owning your strengths, weaknesses, and blind spots is just part of being a great person and leader." - Greg McCann
Book: Reshaping Reality: Unlocking the Potential of the Single Family Office
Connect with Jill!
LinkedIn: https://www.linkedin.com/in/jill-barber-22b6404
Connect with Greg!
LinkedIn: https://www.linkedin.com/in/greg-mccann-039a3a7
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
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How can understanding and evolving the family business owner roles and responsibilities support long-term success and sustainability? In this episode, Nick Di Loreto, a Partner at BanyanGlobal Family Business Advisors, talks about the complexities and challenges of generational transition in family businesses. With his extensive experience in advising private family businesses, he delves into the nuances of ownership, the importance of defining roles, and the development of effective strategies for both current and future generations.
[00:01 - 06:23] - The Journey into Family Business Advisory
Nick's personal background and entry into family business advisoryThe unique nature of family businesses compared to other corporate structuresInsights into the transition from unawareness to becoming a key advisor in the field[06:24 - 13:57] - Defining Effective Ownership in Family Businesses
The importance of understanding the concept of ownership and its impact on business successThe ten core competencies required for effective ownershipHow ownership roles and expectations influence family business dynamics[13:58 - 18:40] - The Dynamics of Roles and Responsibilities
The various types of owners within a family business and their rolesHow defining owner roles can prevent conflict and foster better decision-makingThe significance of clear communication and role expectations in a family business setting[18:41 - 26:10] - Building Competencies and Overcoming Inertia
Strategies for developing competencies among family business ownersThe challenge of overcoming inertia and generational gaps in family businessesThe role of external education and resources in enhancing owner skills[26:11 - 32:06] - The Future of Family Business: Adaptation and Growth
The need for family businesses to adapt to changing roles and market conditionsThe importance of structured governance and decision-making processesThe evolution of family businesses and the impact of external influencesKey Quotes:
“What no one really tells you is that you can hire managers and board members, but you can’t hire owners and family members. So focus on developing as owners and family members, because those roles are irreplaceable.” - Nick Di Loreto
“The process is as, if not more, important as the outcome.” - Nick Di Loreto
Connect with Nick!
Website: https://banyan.global/
LinkedIn: https://www.linkedin.com/in/nicholasadiloreto
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
Download our FREE Strategizing for Inflation Guide here: https://www.excelsiorgp.com/download/
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
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Money is often a taboo topic that causes stress and anxiety. In this episode, Maggie Klokkenga, a financial coach who helps people improve their relationship with money, explains that our habits around money often stem from childhood and the messages we internalize from our parents. These "money scripts" continue to influence how we think and act with finances unconsciously. She discusses techniques to rewrite those money scripts and make more conscious, values-aligned choices about spending and saving.
Maggie Klokkenga is a CERTIFIED FINANCIAL PLANNER™, CPA, AFC®, and the founder of Make a Money Mindshift, a financial coaching firm in central Illinois. Maggie has been in the financial services industry for over 25 years, and she teaches that once you discover your WHY, you can adjust your mindset and change your HOWs to achieve your WHATs.
[00:01 - 09:19] Why Money Remains a Taboo Topic
Societal attitudes that discourage open conversations about money often root back to childhoodThe familiar discomfort when discussing income and finances even with family membersMoney scripts learned from parents continue influencing our financial behaviors unconsciously[09:20 - 21:44] Techniques for Rewriting Money Mindsets
Maggie uses "Money Script Thought Ladders" to help shift limiting mindsets graduallyThis model triggers awareness of emotional charges and physical reactions related to money talkPractice pauses and breathing, grounding skills to reduce anxiety in money contexts[21:45 - 29:58] Current Pain Points Around Personal Finance
High-interest debt from credit cards charging 25-30% is distressingly commonThe re-emergence of federal student loan repayments after the pandemic pause is a rude awakeningLack of basic financial literacy education feeds confusion and erodes confidence[29:59 - 39:23] Coaching Women in Financial Transition
Listening without judgment, letting them process emotions and "word vomit" initiallyTackling logistical money issues first before examining feelings more deeplyAvoiding analysis paralysis by celebrating tiny money victories consistentlyKey Quote:
"It's so uncomfortable for our brains to make change. Our brains want us to stay safe... Until something almost thrusts us into a new experience." - Maggie Klokkenga
Connect with Maggie Klokkenga!
Website: https://makeamoneymindshift.com/
LinkedIn: https://www.linkedin.com/in/maggie-klokkenga-cpa-cfp/
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
Download our FREE Strategizing for Inflation Guide here: https://www.excelsiorgp.com/download/
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
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Buckle up for an inside look at the complex world of private jets. Host Brian Adams talks with FlyExclusive President Tommy Sowers about his unusual path to leading one of the nation’s top charter companies. They turbulence-proof your understanding of this fragmented industry, from dodging shady operators to knowing when to pull the trigger on buying your own plane. Along the way, Tommy shares what powers flyExclusive's journey from startup to industry rocketship. But it's not all clear skies—they also unpack hair-raising risks like safety gaps and crippling cash burn.
The Honorable Tommy Sowers, Ph.D., serves as President of flyExclusive expanding on a career in entrepreneurship, academia, the military and public service. He is a graduate of Duke University and received his Masters and Ph.D. from the London School of Economics. A U.S. Army Green Beret combat veteran, Sowers previously served as an Assistant Secretary of the U.S. Department of Veterans Affairs. He co-founded and was Chief Executive Officer of Durham and San Francisco-based GoldenKey and was a management consultant at McKinsey & Company. Tommy most recently served as the Southeast region lead for innovation for the U.S. Department of Defense and taught innovation and entrepreneurship at Duke University.
[00:01 - 06:23] Growth and Fragmentation of the Private Aviation Industry
Tommy's unconventional path to becoming President of flyExclusive after an exitThe founding and bold vision of flyExclusive to build a large operation in a small NC townFlyExclusive has grown from 1,838 to 2nd largest by flight hoursThe industry remains fragmented with high barriers to M&ACapital intensity contributes to fragmentation[06:24 - 17:59] Projecting the Future and Evaluating Providers
Boom during pandemic but expects cyclical normalizationKey criteria: safety ratings, mission match, maintenance reliabilityAssess strategy/longevity, get on a plane to inspect qualityComplicated business prone to cash burn - warning signs[18:00 - 21:38] Plane Ownership Considerations
Safety issues are an obvious non-starterAround $10M+ net worth is the typical thresholdTime savings and flexibility main benefits of outright ownershipKey Quote:
"Our founder likes to say, once you try private, it's hard to go back." - Tommy Sowers
Connect with Tommy Sowers!
Website: https://www.flyexclusive.com/
Email: [email protected]
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
Download our FREE Strategizing for Inflation Guide here: https://www.excelsiorgp.com/download/
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
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Running a successful multi-generational family business is no easy feat. The statistics are daunting—only about 30% survive into the second generation and a mere 12% operate into the third. So what sets the thriving minority apart? In this episode, third-generation business owner Rodrigo Himiob draws upon his personal experience navigating the familial complexities of business to provide some keen insights. Discover what Rodrigo has identified as the core component for harmoniously carrying on an enduring family legacy.
Rodrigo Himiob is a family business advisor who embraces a collaborative, process-improvement approach to solving complex business problems. Venezuelan-born, Rodrigo is a third-generation business owner whose expertise encompasses executive leadership, operations, project management, and strategic planning. His academic training as an engineer and experiential knowledge as a family business advisor differentiate him as a service provider, and his ability to move people as harmonic units toward a common goal augments his value as a board member.
[00:01 - 06:08] Rodrigo's Background and Journey into Family Business Consulting
3rd generation family business owner in VenezuelaStudied engineering but always had a passion for family businessesProvides perspective as an owner who wants to carry on the legacy[06:09 - 20:04] Bringing in Advisors to Prevent Bigger Issues
The trigger is often an acute moment of anxiety - death, retirement, turmoilAdvisors are usually brought in to put out fires instead of proactivelyBest to bring in advisors early to prevent bigger issues down the lineRules and meeting agreements facilitate better communication[20:05 - 25:20] Non-Family Dynamics and Red Flags
Important to give spouses and trusted advisors a voiceBuilding shared base knowledge enables productive discussionsRed flags - legal disputes and overly pushy family member[25:21 - 33:22] Professionalizing the Family Enterprise
Thoughtful process for bringing in outside executivesHave buy-in from family for major decisionsFrequently reassess board competencies as the company evolvesNeed to move from a "country club" to a proper institutionalized boardKey Quote:
“Focus on what your points of unity are. Work toward those because that's ultimately what we're trying to build.” - Rodrigo Himiob
Connect with Rodrigo Himiob!
Website: https://generation6.com/
Email: [email protected]
This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.
Download our FREE Strategizing for Inflation Guide here: https://www.excelsiorgp.com/download/
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON!
Hosted on Acast. See acast.com/privacy for more information.
- Visa fler
