Galliard Family Business Advisor Institute
The need for future planning, creating solid exit strategies, transition plans and succession processes is just as important as ever, maybe even more so. However, many advisors are concerned that they are building their business practices as quickly as they want or need to do.
…I am writing this message with a profound sense of optimism for the future. We appear to be emerging from a time of great uncertainty, sadness and frustration and are finally able to observe, firsthand, the impact of the past year on our families and communities.
…Businesses are beginning to re-group – figuring out which aspects of the past year are worth hanging on to and which tactics need to be discarded as we grapple with the myriad of changes in the world of work. Families are once again considering their succession strategies and wondering if now might be a good time to solidify their plans, or make changes to the vision that has been forever changed due to Covid.
…Jason picks up the report sent to him from his company’s Family Business Advisor, Mike. The report has a lot of writing, with an executive summary, examples, some graphs, financial info and metrics. Jason, the soon to be company president, scans the first few lines, and then tosses the report on his desk, where in a day or so, it will be covered by junk mail, insurance notices and other rubbish.
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Four little porcupines crawled into their lair, to escape the cold and blowing snow, each moving to his or her separate corner in the dark. After a few minutes, they began to inch closer together for warmth and comfort from the chilly air. But as soon as they got too close, OUCH, their prickly quills collided and they quickly moved apart, back to their separate corners. Such is the parable of Schopenhauer’s Porcupines.
…Jake poured over his financial statements, looking for any glimmer of hope that might spell a reprieve in his daily, weekly, monthly grind. Every year told the same story… “This year I’ll be able to set more aside for myself. I’ll get that line of credit paid for and finally put money in my retirement savings account.”
…The guard barked at Sophie, as she clutched her two young, terrified children. “Which one?!” “Which one!!?” Confused, not understanding, she asked what he meant. “Which one do you choose to live?”
…Have you ever had a client who filled you with dread each time you met because they used their temper to manipulate the conversation?
…Jake was so excited—an offer had come across his desk, by way of his attorney, that fulfilled most of his wishlist! The investor company said all the right things: they believed in the mission and vision, wanted to keep the employees in place and would keep the business operating from the small town where Jake was born and raised. His Dad had given his life to this business and while Jake wasn’t as willing to devote his every waking moment to Sandstone Industries, at least he wanted to see his father’s legacy live on.
…Ted leaned across the table and with a pleasant and eager smile, explained to his would-be client that he had a lot of experience and that he was passionate about this work. He talked about all the things that can go wrong in a family business and assured the client that he was there to help. He also showed the client a list of potential references and provided details about the types of projects he had worked on and the results he had been able to achieve.
The client, polite and thoughtful, listened patiently. He asked a few questions and talked sparingly about his business. He never mentioned his family. He never told his story or shared more than the most cursory aspects of life. An opportunity just passed us by…
…The drum is beating…a persistent sound that is getting louder and more urgent by the day. Now, more than ever, hundreds of thousands of Americans are facing an unknowable, unpredictable and frightening future.
…After living almost 18 years in New Zealand, I left with many fond memories and a trove of rich experiences.
One of the customs that has left a lasting imprint is the concept of Boxing Day – the day after Christmas when many of the kind citizens of the country “box” up some of the gifts that they have received and donate to those whose holiday gift experience was meagre at best.
…I was sitting alone, in a quiet hotel restaurant, iPad in one hand, fork in the other. A woman at the bar got up, holding a gin that was unlikely to have been her first or even her second, and sidled over to my table. “Whoa, I always feel so sorry for people who have to sit all by themselves in a restaurant. What’s the matter honey, don’t you got a boyfriend?”
…The call came from out of the blue. The young man’s voice, on the other end of the phone, was tentative and quiet. “Can you help me?” he said.
…Tom shook his head and looked down in complete defeat. “The guy was great in the interview. He knew his stuff and he has a perfect background for this kind of work. I never figured he’d be such a jerk.”
How many times have we heard about bad hires?
…At some point, all family business owners have to transition out of being the leader of the business if their company is going to succeed into the next generation. But how do you start to make that change, to shift into a mentoring role?
…Have you ever worked with a family business owner who said all the right things, had a clear goal, but never took action to make the key changes that he or she identified as important?
…How to prepare for and have THAT tough conversation
Larry and I glanced at each other, both with puzzled looks of concern. Our client, Mike, was rambling.
…This is an in-depth results page for the Advisor Style Quiz.
…I met with Carl three times in less than times weeks. He really wanted me to “experience” his business, show me how great they were doing and what an exciting client company this was going to be.
…In over 30 years of doing this work, I am amazed at how often I can be surprised by what I bump into in my role as an advisor and coach.
…So, your client has just made the big shift… the successor has moved into the leadership seat. What now?! This is a question that we hear a lot:
…How advisors can help make environments safe so difficult conversations can be held and how to manage emotional issues in a business as they develop future leaders.
…The art and skill of reframing is designed to shift the mood to focus on where we agree rather than where we disagree.
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