Capital Club

What does it take for a family business to successfully transition ownership and leadership across generations while retaining familial bonds? 

In this episode, third-generation business owner Todd Garretson shares his wisdom on intentionally building cultures grounded in shared purpose and values to ensure harmony and growth for the long haul.

As a former executive in a 75M manufacturing family business he co-owned and eventually sold, Todd Garretson brings multi-generational perspectives to his specialty advisory firm serving family enterprises. With over 20 years of leadership experience across strategy, culture, and organizational development, Todd provides invaluable guidance to founder-led and privately held companies approaching ownership/leadership transitions.

[00:00 - 12:32] Embedding Family Values into Business Culture

• Create intentional design for the desired culture
• Define the purpose of uniting families across generations
• Use values to guide behaviors and decisions

[12:33 - 21:07] Building Trust Through Communication Norms

• Establish "being together" principles
• Help family members understand communication styles
• Adapt methods for cross-generational leadership

[21:08 - 31:07] Aligning Strategy and Culture

• Culture and strategy must work in sync
• Leadership signals shape strategic culture
• Values embedded enable strategy execution

[31:08 - 43:39] Leadership Development as Succession Planning

• Involve the next generation in enterprise sooner
• Create internal leadership development programs
• Tailor messages for cross-generational preferences

Key Quote:

"Wherever people gather, whether it be in a team setting, whether it be your family, whether it be an organization or a community group, there's a culture that's forming and we know that culture is either going to be by design or it's going to be by default." - Todd Garretson 

Connect with Todd Garretson!

Website: https://www.circlemakers.co/

LinkedIn: https://www.linkedin.com/in/toddgarretson/

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!

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In this episode, Brian is joined by international tax and immigration experts David and Mel to discuss the complex process of obtaining an alternative citizenship or residence for high-net-worth individuals concerned about global instability. They outline common motivations, provide real client examples, explain key planning considerations around taxation and inheritance, and offer best practices for anyone exploring this route.

[00:00 - 08:20] - Wealthy Americans Seek Second Passports

• How U.S. citizenship-based taxation complicates moving abroad
• Citizenship by investment involves complexities
• Exiting U.S. citizenship triggers serious exit tax and inheritance implications

[08:21 - 22:07] - Holistic Approach to International Living and Tax Planning

• Individual situations vary, requiring tailored plans for optimal tax efficiency
• Balance lifestyle and tax efficiency
• Consider financial, family, and future aspects in holistic reviews

[22:08 - 31:53] - Understanding Inheritance Tax in Expatriation Planning

• Strategy involved the pre-transfer of assets before considering U.S. trust for children
• Covered expatriate classification lasts a lifetime, posing post-expatriation challenges
• American exceptionalism in taxation requires a specialized expatriation approach

[31:54 - 44:06] - Global Living and Citizenship

• Engage experts early for insights on global moves
• Collaborating with specialists ensures comprehensive guidance
• Identifying the deal breakers to alternative citizenship

[44:07 - 53:08] - Global Wealth Strategies for High-Net-Wage Individuals

• Explore alternative citizenship for financial flexibility
• Consider political uncertainties and potential tax changes
• Factors like healthcare access and education influence decisions

Key Quote:

"One of the keys is to have a plan that works for all the family members, especially when you're dealing with multiple generations." - David Lesperance

Connect with David & Mel!

Websites: https://lesperanceassociates.com/ and https://melvinawarshaw.com/

Email: [email protected] and [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.

Challenging the notion that pain is purely negative might empower us to reach our highest, happiest selves.

In this episode, Dr. Julia DiGangi discusses how we can use emotions, even difficult ones like fear and anxiety, to unlock greater confidence, resilience, and meaning in our lives. She provides a neuroscientific perspective on integrating our emotional and behavioral systems to increase personal power.

Dr. Julia DiGangi is a neuropsychologist expert in the connection between the brain, leadership, and emotion. Her fMRI and EEG research examine anxiety, stress, and the brain. She has worked with leaders at the White House Press Office, global companies, international NGOs, and US Special Forces. Her book, Energy Rising, is published by Harvard Business Review Press and was released in September 2023.

[00:00 - 07:15] Emotions Direct Behavior

• Emotions are neuroelectrical impulses communicating behavioral directives
• Integrating emotion and behavior increases personal power
• Severing emotion from behavior causes depletion

[07:16 - 21:45] Emotional Contagion

• Emotions spread unconsciously between people
• Struggling team members affect the leader's emotions
• By matching low emotions, leaders lose their leadership role

[21:46 - 27:03] Emotions Create Meaning

• External rewards often leave emotional emptiness
• Problems feel problematic because of associated negative emotions
• Emotions mediate questions of success, meaning, and purpose

[27:04 - 36:02] The Harm of Avoidance

• External rewards often leave emotional emptiness
• Negative emotions define problems, shift emotions to shift problems
• Avoidance requires self-betrayal and accrues distrust

[36:03 - 50:32] Releasing Trapped Emotion

• Exposure therapy releases emotion trapped from trauma
• Neural patterns compel harmful avoidance behaviors
• Social support provides space to heal emotional injuries

Key Quote:

“One of the most powerful things we can do in this lifetime is integrate our emotional system with our behavioral system." - Dr. Julia DiGangi

Connect with Dr. Julia DiGangi!

Website: https://drjuliadigangi.com/

LinkedIn: https://www.linkedin.com/in/juliadigangi/

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.

In this episode, Brian C. Adams is joined by Emily Bouchard, head of PNC Private Bank Hawthorn's Institute for Family Success. They discuss topics involving blended families, multi-generational dynamics, family meetings, next-generation engagement, and resilience-building. Emily draws on over 20 years of experience coaching affluent families to provide insights and best practices around the intersection of wealth and communication.

[00:00 - 08:50] - Emily's Background

• Emily has a Master's in social work and specializes in family systems
• Got into the field by working at a therapeutic camp and children's hospitals
• Recruited by a family office services firm 20 years ago

[08:51 - 15:52] - Working with Blended Families

• Blended families face complex step-family dynamics
• Creating a "family code of arms" can help define values when together
• Bringing people together and supporting each other through shared experience and challenges
• Regular, open conversations about finances is key

[15:53 - 28:09] - Holding Productive Multi-Generational Meetings

• Mix strategic talks with enjoyable activities
• Need an agenda but also a "cooler" for parking issues to address later
• Address unexpected topics using a "yes and" approach.
• A professional facilitator aids effective communication

[28:10 - 42:52] - Building Resilience and Engaging Next Gens

• Rising generations tend to have higher emotional intelligence
• Use curiosity, not judgment, when they share vulnerable perspectives
• Give them responsibility matched with empathy and support

Key Quote:

"When you have an agenda, you want to have an agenda ahead of time, and you want to look for input from everybody who's attending and give everybody a chance to put their input in." - Emily Bouchard

Connect with Emily Bouchard!

Website: https://www.pnc.com/en/personal-banking/private-bank/hawthorn.html

LinkedIn: https://www.linkedin.com/in/emily-bouchard-5a9a049/

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.

Small daily improvements create an edge in managing money. In today’s episode, Jeremy Kokemor joins the show to discuss long-term investing in high-conviction public stock portfolios. We explore how Jeremy's childhood experiences shaped his investing philosophy, the benefits of thinking like a business owner, and how continuous learning and self-improvement pay dividends in long-term investing.

Jeremy Kokemor founded Right Tail Capital: a concentrated, fundamental equity investment firm based in Richmond, Virginia. Jeremy loves helping people with their investments through owning high-quality, under-valued companies for the long term. Jeremy grew up in New Orleans, Louisiana prior to attending the University of Virginia and Harvard Business School. He then worked with several fantastic investors at global mutual fund company T. Rowe Price before managing concentrated portfolios at Private Advisors and Thompson, Siegel & Walmsley

[00:00 - 09:49] - Early Life Lessons in Investing

• Parents' divorce and family financial struggles showed the value of education and hard work
• Worked jobs throughout childhood and adolescence to pay for school
• Jeremy’s grandfather introduced concepts of investing through his stock portfolio
• Joined respected investment management company T. Rowe Price out of business school

[09:50 - 21:19] - Jeremy on Launching His Own Fund

• The critical factor was the support of his wife and three kids at home
• Having the right mix of investing experience and energy in his career
• Named fund "Right Tail Capital" to represent excellent returns and focus on high quality
• Focuses on higher quality businesses, strong management, durable compounders

[21:20 - 29:49] - Thoughts on Current Investment Strategy

• Always be aware of the status of the macro environment
• Keep an eye out for great investment opportunities - they are always there
• Creating the environment to produce great investment results

[29:50 - 35:41] - Questions to Ask Yourself for Better Investing

• What type of investing feels comfortable to you?
• How do you and your investment manager align?

Key Quote:

"I'm always trying to get a little bit better. And that could pertain to a lot of different things." - Jeremy Kokemor

Connect with Jeremy Kokemor!

Website: https://www.righttailcapital.com/ 

LinkedIn: https://www.linkedin.com/in/jeremy-kokemor-righttailcapital/ 

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.

After years of leading companies that made headlines but took a toll on his personal life, Reed realized developing employees was most rewarding. Now an executive coach, he helps leaders maximize productivity by supporting staff’s whole selves. Reed has spent the last 15 years in startups and turnaround across various industries, and his passion always came back to one thing: developing the people, personally and professionally, within his companies.

[00:00 - 11:33] - From Profits to People: Shifting Business Priorities

• Reed focuses on improving the 3P’s - people, processes, and products
• Caring about people drives better business outcomes
• Getting people to open up about personal struggles has value

[11:34 - 20:46] - Coaching Leaders to Be Their Best Selves

• Developing people can unlock huge latent productivity
• Helps leaders enhance strengths versus radical change
• What it means to provide space for vulnerability and reflection

[20:47 - 33:36] - Cultivating Fulfillment in Work and Life

• Comparison between men and women in openness and vulnerability
• Men's retreats show peers have similar struggles
• Differentiate between transactional and relational connections
• Celebrate focused productivity over constant "busyness"

[33:37 - 45:41] - Comfortable Space for Vulnerability and Growth

• The importance of reciprocated opening up to your friends
• Societal roles and economic pressure can cause neglect in other areas
• Sustainability is key to cultivating better habits; do not be stagnant

Key Quotes:

"If you truly care about the people that you're working with, it's amazing what you can get done there." - Reed Koehler

"How we operate outside of work is also how we operate inside of work." - Reed Koehler

Connect with Reed Koehler!

Website: https://www.thekoehlergroup.co/ 

LinkedIn: https://www.linkedin.com/in/reed-koehler-31113818 

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.

How do we thoughtfully structure family philanthropy to maximize impact? In this episode of the Capital Club podcast, host Brian Adams interviews Dr. Sharilyn Hale, an expert on generational wealth, philanthropy, and governance. Sharilyn explains the landscape of philanthropy options today, best practices she sees amongst successfully generous families, common pitfalls to avoid, and how to partner with the right advisors.

Dr. Sharilyn Hale helps those who give, give well, engage their families, and channel their wealth and influence for good.  Leading philanthropists, multi-generational families, and social purpose organizations across North America and the Caribbean look to Sharilyn’s expertise in philanthropy, corporate and family governance, and community development to become more thoughtful and confident givers at a time when their generosity is needed more than ever.

[00:01 - 06:00] The Changing Face of Philanthropy

• There are more options than ever to "do good" - from traditional charity to impact investing
• Younger generations want alignment across investments, business practices, and philanthropy
• For families, philanthropy builds capacity and brings them together

[06:01 - 14:43] Best Practices for High-Impact Giving and Good Governance

• Communicate clear purpose in the family wealth space
• Children are never too young for parents to talk about giving
• Philanthropy conversations tie into broader family governance

[14:44 - 26:28] The Secrets of Successfully Generous Families

• Craft an intentional dual mission for community and family and establish clear roles and responsibilities
• Planting the seeds to the younger generation of how giving is a joyful act
• Be thoughtful in your approach - there is no one-size-fits-all

[26:29 - 41:41] Taking Current Giving to the Next Level

• Understand motivations, hesitations, and past experiences first then co-design a structure suited to family complexity
• Lack of coordination across advisors risks missing key considerations
• Advisors should be honest and families should be candid with their current status

Key Quote:

“Philanthropy has an important role to play in building bridges and to remind us all how we need each other. And society only works when we're all able to be there together and to be successful together.” - Dr. Sharilyn Hale

Connect with Dr. Sharilyn Hale!

Website: www.watermarkpc.com  

LinkedIn: https://www.linkedin.com/in/sharilynhale/ 

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.

In today's episode, we welcome Louis O' Connor, our distinguished guest appearing for the third time. As the Managing Director of Truffle Farms Invest, Louis invites private investors to join him in a unique truffle farm venture in Ireland, promising passive income for 30 to 40 years. With notable features in publications like The New York Times, Louis has previously discussed rare earth and strategic metals. Now, he introduces us to the fascinating truffle farming—an exotic investment that has caught our attention.

[00:00 - 08:16] - The Roots of Truffle Farming and Market Dynamics

• Louis began truffle farming in 2005 
• A striking stat hints a possible 78-100% decline in truffle harvests in the next 50 years
• Ireland's nearness to Shannon Airport and the rising global demand for truffles position it as a key player in the global truffle supply chain

[08:17-15:20] - Truffle Cultivation Unveiled

• Applying horticultural advancements to cultivate truffles in a farm setting while preserving the natural symbiosis between the fungus and the tree's roots
• Ensuring proper biosecurity to prevent mismanagement and maintain optimal conditions for truffle growth
• Irish truffles uniquely meet the rising demand in high-end global restaurants through sustainable cultivation practices

[15:21 - 26:28] - Investing in Truffle Farms in Ireland 

• Investment of $30,000 for 400 truffle trees and a guaranteed return upon harvest
• With a 70-30 split, investors enjoy 70% of gross profits, translating to an average annual return of 25-29% over 35-40 years
• Ideal Retirement Spot: Emphasizing safety, European charm, and expansive landscapes

Key Quote:

“The market dynamics involve a combination of high demand, decreasing supply, and the unique advantage of our Irish truffle production, making it a noteworthy investment opportunity." - Louis O' Connor

Connect with Louis O Connor!

Website:https://trufflefarminvest.com/

Email: [email protected]

LinkedIn: https://www.linkedin.com/in/louis-o-connor

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.

Today, we have Elizabeth Bagger as our guest. She is the founder of Avanti Family Business Advisory and a board member of her family business. Given her diverse international background and expertise in various subjects, our discussion explores Elizabeth's perspectives on handling family dynamics, promoting family connections, engaging family members, and embracing a comprehensive approach to business and personal well-being.

[00:00 - 13:56] - Navigating Family Dynamics: Insights from a Family Business Expert

• How Elizabeth combines her global experiences with family business expertise 
• Learn the difficulties of being a family business advisor and its complex dynamics
• Discover why good communication is crucial for family businesses

[13:57 - 24:50] - Fostering Family Bonds and Engagement

• Engage in open conversations with the next generation’s aspirations and dreams
• Cultivate an atmosphere of patience and genuine dialogue for transparent discussions
• Let the family regroup and find common ground prior to reviewing the succession plan

[24:51 - 35:10]  A Holistic Approach to Business and Personal Health

• Focus on family values by defining its purpose and mission 
• Create a plan for how the family owns, communicates, and conducts meetings
• Resolve communication issues with guided conversations between different generations

Key Quote:

"Clear communication is vital within families. It's essential to establish a specific time and place for discussions. When and where should these conversations take place?" - Elizabeth Bagger

Connect with Elizabeth Bagger!

Website: https://avanti-fba.com/

LinkedIn: linkedin.com/in/elizabeth-bagger-3b91453

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.

Ever wondered about the true potential of AI, its impact on our lives, and the fine line between innovation and regulation? 

In this episode, dive into a conversation with Daniel Jeffries, Managing Director of the AI Infrastructure Alliance. From debunking AI myths to navigating the delicate balance of open-source innovation and risk aversion, we explore the dynamic landscape of technology. Join us as Dan shares insights on the global narrative surrounding AI, the importance of open societies, and why embracing new tech is the key to societal prosperity. 

[00:00 - 11:49] - A Balanced Perspective on AI

• AI, like any technology, spans from good to evil in its applications
• Concerns about AI harm are viewed as attempts to hinder competition
• Societal benefits of AI: material science advancements and improved healthcare diagnostics

[11:50 - 25:50] - Open Source AI Development and Regulation

• Open-source AI development is crucial for innovation and progress
• Misuse of AI should not hinder open development but be addressed through laws
• The GDPR and EU AI Act may stifle open source and smaller firms

[25:51 - 32:19] - AI Agents and Singularity

• AI agents are smart applications designed for real-world tasks
• Agents enhance efficiency for individuals and small businesses
• Skepticism surrounds the feasibility and timing of the singularity concept

[32:20 - 40:51] - Personal Growth and Self-Improvement 

• Change requires addressing real problems, not just relying on positive thinking
• Overcoming depression involves ending toxic relationships and self-reflection
• Clarity in thinking is crucial to distinguishing real from imaginary issues

Resource Mentioned

The Turning Point for Truly Open AI is Now

Key Quote:

"Every technology in history can be used for good, bad, and everything in between. Everything exists on a continuum of good to evil, and it's a spectrum." - Daniel Jeffries

Connect with Daniel Jeffries!

Substack: https://danieljeffries.substack.com/

Website: https://ai-infrastructure.org/

Twitter: https://twitter.com/dan_jeffries1?lang=en

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.

Hosted on Acast. See acast.com/privacy for more information.