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.

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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)

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