Estate Planning for Fund Principals

Family Relationships Are a Missing Piece of the Family Office Risk Profile

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 factors
• The significance of nurturing family relations to maintain wealth across generations
• The 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 wealth
• The necessity of developing communication skills within family structures
• Techniques 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 relationships
• Importance of addressing and navigating generational changes sensitively
• Understanding 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 businesses
• How leadership from the top influences family dynamics and business success
• Techniques for fostering leadership skills among family members

[28:17 - 34:14] Tools for Future Success

• Introduction to practical tools and frameworks to manage family dynamics
• The impact of external consultants in facilitating difficult conversations
• Future directions in family enterprise consulting focusing on women's roles in family businesses

Key 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.

Trauma Informed Leadership Coaching

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 systemic
• The role of self-awareness in recognizing and addressing inherited conflicts
• Importance 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 issues
• Self-regulation techniques to manage personal triggers
• The 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 interactions
• The benefits of creating a supportive environment for open dialogue and self-reflection
• How structured communication practices can alleviate longstanding familial conflicts

[18:24 - 24:01] Cultivating Compassion and Establishing Boundaries

• Differentiating between empathy and compassion in conflict resolution
• The role of boundaries in maintaining healthy personal and professional relationships
• Strategies 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 planning
• The importance of acknowledging and integrating the wisdom of elder generations
• Techniques for ensuring smooth transitions and the continued success of family businesses

Key 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.

Estate Planning for Fund Principals

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 planning
• The demographic shift impacting business and wealth transfer
• The 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 impact
• Strategies for optimizing gift and estate tax planning
• The importance of proactive planning in estate management

[16:02 - 24:20] Advanced Estate Planning Techniques

• The use of carried interest in estate planning
• Differences between European and American waterfall structures in funds
• The 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 strategies
• The significance of closely held business discounts and appreciation in estate planning
• The 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 planning
• Understanding the vertical slice rule and carried interest derivative sales
• The need for expert guidance in complex estate planning scenarios

Key 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.

Planning Purposeful Life, Wealth, Legacy & Succession Conversations

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 challenges
• The importance of starting early and integrating technical and qualitative aspects
• The role of professional advisors in facilitating the process

[07:22 - 14:24] Next-Gen Leadership and Legacy

• Preparing the next generation for leadership roles
• Balancing personal passions with family business obligations
• The significance of independent board members in the transition process

[14:25 - 22:06] The Family Meeting Framework

• Strategies for effective family meetings
• The importance of neutral venues and inclusive agendas
• Integrating fun and meaningful activities to strengthen family bonds

[22:07 - 29:14] Navigating Family Dynamics

• Addressing the emotional aspects of succession planning
• The role of family councils in larger family enterprises
• Adapting 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 goals
• Utilizing family councils for generational representation and decision-making
• The role of philanthropy and social responsibility in the family legacy

Key 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.

How to Protect Your Family and Wealth During Your Lifetime and Future Generations

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 planning
• The impact of family office conferences on industry practices
• The 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 families
• The role of empathy and understanding in financial advisory
• Challenges of aligning family dynamics with wealth preservation

[13:09 - 20:14] Personal Stories and Professional Insights

• Syd's personal experience with family and wealth
• Case studies illustrating the scope of his estate planning work
• The process and importance of comprehensive family assessment

[20:15 - 27:42] Entrepreneurial Journey and Client Engagement

• Syd’s experiences and realizations as an entrepreneur
• The significance of problem-solving and education in wealth management
• The process of engaging with families and creating tailored action plans

[27:43 - 34:11] Legacy Beyond Wealth

• Strategies for defining and preserving a family legacy
• The role of governance and practical legacy in estate planning
• Closing thoughts on achieving wealth success and maintaining family unity

Key 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.