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48: Preparing the Next Generation

Let's Talk Family Enterprise

Release Date: 06/15/2023

61: Meet the New Boss - An Interview with Steve Beauchesne show art 61: Meet the New Boss - An Interview with Steve Beauchesne

Let's Talk Family Enterprise

Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts, and models that best serve Family Enterprise Advisors in supporting their clients. All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of . In our latest episode, Host Steve Legler speaks with recently arrived CEO of Family Enterprise Canada, Steve Beauchesne, to discuss the organization's evolution through the merger, COVID and what's ahead for our community. Guest bio Steve Beauchesne Steve is no stranger to...

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In their traditional annual “retrospective” episode, hosts Steve Legler and Ruth Steverlynck discuss highlights from some of the episodes that debuted in 2023, hoping to stimulate listeners to re-listen for great content they may have missed the first time.   Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts, and models that best serve Family Enterprise Advisors in supporting their clients.   All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of...

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Let's Talk Family Enterprise

Introduction Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts, and models that best serve Family Enterprise Advisors in supporting their clients. All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.   Description In this episode, Aileen Miziolek talks with Marita Fridjhon, co-author of System Inspired Leadership: How to Tap Collective Wisdom to Navigate Change, Enhance Agility and Foster Collaboration, and co-founder of CRR...

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Let's Talk Family Enterprise

Introduction Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts, and models that best serve Family Enterprise Advisors in supporting their clients.   All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.   Description: Host Steve Legler welcomes Aileen Miziolek as his guest for a discussion about the intricacies of working with families, and how thinking about them as a "relationship system" can be useful. They discuss...

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In this special episode, guest host Lianne Ulin speaks with Richa Arora, Executive Director of KPMG Family Office about the latest continuity research report by Family Enterprise Foundation, Preparing the Next Generation: A Family Business Roadmap, made available in English and French.

 

Host bio

Lianne Ulin joined M Bacal Group in 1998 as she wanted to learn the family business. Over the past 21 years she has learned how to marry the client’s needs with the best in class innovative insurance solutions available. As the VP Finance and Administration, Lianne manages the office and our clients have come to rely on her as the go to person for all their customer service needs. She is a certified living benefits specialist (CHS) and FEA (Family Enterprise Advisor).

You can learn more about Lianne Ulin on the M Bacal website and on LinkedIn.

 

Guest bio

Richa Arora leads the Dynamics and Governance Practice in the Greater Toronto Area (GTA) and serves as a Lead Relationship Manager for Multi Family Office clients. She has been with KPMG for over a decade and brings over 19 years of diverse global experience to the Family Office team. Richa works with family enterprises, and large private and public corporations in a variety of industries. Richa’s deep experience in management consulting, human resources, and leadership development allows her to work with multi-generational families in developing custom roadmaps to suit their unique circumstances. As a Senior Family Advisor, she serves as a primary relationship link between Family Office clients, internal and external subject matter experts, and financial institutions.

You can learn more about Richa Arora on the KPMG website and on LinkedIn.

 

Key Takeaways

[0:29] Lianne Ulin is your host for this special episode, she welcomes Richa Arora of KPMG to discuss the results of the latest research released by Family Enterprise Canada.

[1:30] Richa explains what families can do to introduce children to and prepare them for the family business.

[3:56] The functional differences between formal education, mentorship, similarly-minded peers and external advisors as it relates to guiding children within the family business. Richa also offers which might provide more value.

[6:59] Planning “with” versus planning “for”: Richa shares a canoe metaphor to illustrate the importance of working together. She talks about how to better engage and integrate the next generation family members into long term planning.

[9:22] The latest report indicates that families aren’t quite ready for AI. Richa explains the position largely held by family business leaders when it comes to the role of nextgens and emerging tech.

[11:51] With the report results in hand, Richa shares her advice for current family leaders on communicating effectively with the next generation to leave them feeling prepared, as well as tips for the upcoming gen to respectfully find their path.

[14:10] Richa speaks of her own experience on the importance of creating a feeling of safety when it comes to succession planning, as well as the pivotal role of storytelling in effective communication.

[17:11] Lianne thanks Richa for coming on to the podcast and sharing the results of this report.

If you enjoyed today’s episode, you can subscribe to Let’s Talk Family Enterprise on Spotify, Apple Podcasts and other podcast apps. Please remember to share this episode with family, friends and colleagues.

Share your thoughts with us at [email protected].

 

Mentioned in this episode

The Let’s Talk Family Enterprise podcast is brought to you by Family Enterprise Canada.

Family Enterprise Foundation

KPMG Family Office

Ready, Willing and Interested — Or Not?

Who are the Guardians of Family Legacy?

 

More about Family Enterprise Canada

Family Enterprise Canada (FEC)

FEC on Facebook

FEC on Twitter

FEC on LinkedIn