The Family Business Leader Podcast

This week's episode is the final in the three part series with Richard N. Seaman, 2nd Gen Chairman of Seaman Corporation.

In the first podcast episode, we learn about the Seaman Corporation's family business story. The second episode was a BONUS on family philanthropy, and today, we are diving into the Richard's latest book, A Vibrant Vision: The Entrepreneurship of Multigenerational Family Business.

"Addressing your personal, physical, and mental health is one of the greatest gifts you give not only yourself, but to the people who depend on you." Richard N. Seaman

Richard has many lessons learned and wisdom he shares in his new book, A Vibrant Vision. He has lived it all and shares what works and what doesn't.

If you are running, or planning to run, a multigenerational family business, this is the episode (and book!) to check out.

We discuss four of the book's 7 Lessons Learned, including the importance of innovation, human and resource management, and strategic and business planning. We end with why "Nourishing Your Spirit" is the best chapter in the book.

Show notes:

https://successfulgenerations.com/episode083/

"I'm too busy to think about retirement!"

In today's episode, Kathy and I talk about retiring as the leader of a family business. Many family business leaders consciously or unconsciously decide they are going to retire "feet first."

We discuss the many problems this creates AND several solutions.

Solutions include:

• Development a succession and estate plan
• Answer this question: "What could I do next?"
• Set the Rising Generation up for Success
• Communication and Conversation
• Role of a Professional
• Many more…..

Show notes can be found: https://successfulgenerations.com/episode082/

Full show notes can be found at: https://successfulgenerations.com/bonusrichardseaman/

Question we started with:

How does family philanthropy play a role in your family business?

We talk about how family philanthropy:

• Helps us give back
• Creates multigenerational sustainability
• Allows the next generation to explore different passions
• Provides a teaching role about the community, family business, wealth…
• Creates stewardship
• Founder Intent
• Can bind the family together

We also talk about:

• Donor intent
• Mission creep
• How trustees can influence the reputation of the foundation and the business

Enjoy!

Do you like to learn about family businesses like I do?

Here is Part 1 of 2 (and a bonus episode) with Chairman and 2nd Generation of Seaman Corporation.

Seaman is a global industrial fabrics manufacturer based in Ohio.

In this episode, Richard talks about how the family business got started, why he lost 10% of the business his first year working there full time, the important role of an outside board of directors, and many, many words of wisdom and lessons learned.

Please enjoy this casual conversation with Richard Seaman.

Full show notes can be found at: https://successfulgenerations.com/episode081/

In this episode, I interview Kris Putnam-Walkerly on her newest book, Delusional Altruism. Hint: "Delusional" doesn't mean what you think it means. This the perfect episode for the philanthropists and foundations who want to be more impactful and effective.

Full show notes can be found HERE.

QUESTIONS ASKED

1. You claim, "We are all philanthropists" (something I have said before in an interview with Council of Michigan Foundations Rob Collier.) What do you mean by this?

1. Tell us about the philanthropy boom? (stats)

1. What is Delusional Altruism? What does it look like? How Does it show up? (What are the 7 ways it shows up)

1. What is destructive frugality?

1. How are the mistakes philanthropists are making right now by their delusional altruism? What can they do about it?

1. In your book, you highlight 7 strategies for transformational giving. "Together the philosophy behind these strategies constitute a mind-set that will make you unstoppable." Share more about these beliefs. What is the most transformational strategy?

BIO

The Source: Kris Putnam-Walkerly is a trusted advisor to the world's leading philanthropists, including families, private donors, foundations, Fortune 500 companies, and celebrity activists. She's helped over 100 philanthropists strategically allocate over half a billion dollars in grants and gifts, and works closely with estate planning attorneys, financial and wealth advisors, and family offices to help their clients deepen their philanthropic commitments. She was named one of America's Top 25 Philanthropy Speakers, and is the author of the new book, Delusional Altruism: Why Philanthropists Fail To Achieve Change and What They Can Do To Transform Giving (Wiley, March 24, 2020). Learn more at PutnamConsulting.com

FIND KRIS:

SpeakwithKris.com

https://putnam-consulting.com

[email protected]

RESOURCES:

We are all Philanthropists. Episode with Rob Collier

6 Mistakes Philanthropists Make in a Crisis

Delusional Altruism

"Everything just works better when we are on the same page."

This is the perfect episode for those who work with their significant other. Whether you are stepping into a leadership and ownership transition or you are the founder of your business, if you work with your spouse, this is the episode for you.

Here are a list of questions I asked Maggie:

Maggie, tell us a little about yourself: How did you come to be "The Best Marriage Coach" in the world?

I have clients who work with their spouses-- the assumption is always, "things are so much better when we are on the same page". This is something I am calling "Same Page Leadership." Would you agree with this assumption? Why/why not? Do you see this in your work?

Team v. Alliance

When couples aren't on the same page-- what does that look like? Why aren't they on the same page?

• • The role of arguments: productive v. destructive
  • Maggie's Understanding = Love Myth

What are a few ways/techniques/exercises spouses who work with each other can stay on the same page?

• • Two Tools to Get and Stay on the Same Page

You have a new book out-- tell us why you wrote this book?

Who is it for?

How can we find you?

Resources Mentioned:

"Defense is the First Act of War" by Byron Katie

Complaint Free World

Eckhart Tolle

www.MaggieReyes.com

Better Marriage Club

Marriage LIfe Coach Podcast

https://maggiereyes.com/podcast/4/ Emotional Weightloss

https://maggiereyes.com/podcast/5/ Request vs. Demands

Full show notes: https://successfulgenerations.com/episode079/

Full show notes can be found at: successfulgenerations.com/episode078

In this episode we finish (for now) the conversation about getting started in family councils with expert Chris Eckrich.

According to Chris, "a Family Council is a group that serves as an executive team or representative body of a broader enterprising family."

In Part 1 of this two part series, we talked about Getting Started. In this episode, Chris highlights 10+ best practices he gathered from his decades of experience working with multi-generational family enterprises.

Chris's bio can also be found in the show notes.

In this episode, Chris highlights:

• Best practices
• Advice to those tasked with launching the family council
• Role of legal council
• Who needs to attend
• Ideal family council leader (according to Chris)

Enjoy!

Part 1 of a 2 Part Series

Full show notes can be found: https://successfulgenerations.com/episode077/

Questions asked during my interview with Chris Eckrich:

What is a family council?

Who should/shouldn't have a family council?

What is the prework families need to do? -what are a few of the objections to overcome?

Your handbook has everything you need to start a family council-- give us an overview on what we would need to do to get started.

How can we find you? [email protected] 260-436-0045 phone

Resources:

The Family Business Consulting Group The Family Council Handbook How Family Business Champions Lead to Success with Joshua Nacht

Chris Eckrich's BIO A senior advisor of The Family Business Consulting Group, Chris Eckrich specializes in building leadership excellence and maintaining family unity in enterprising families. He assists family owned firms in preparing future owners and leaders, forging alignment on goals, and establishing orderly continuity plans that maximize effective leadership transition and prevent conflict during the transition. He also provides family members with skills and strategies to successfully manage working relationships and reduce the inherent conflict that is present when family members work together. In his work, Chris assists family owners in developing family agreements and, when needed, family constitutions. Chris's family history of entrepreneurship in meat processing and other industries provided the impetus for his commitment to the family business field. His clients include family businesses from a wide variety of business sectors and other asset-owning families. He has presented at national conferences and regularly gives seminars and workshops on family organization and governance, succession planning, building leadership, managing relationships, and preventing conflict in business and asset owning families. Chris has served on several review committees for the Family Firm Institute. He has published in academic and business publications, and co-authored The Family Council Handbook: How to Create, Run, and Maintain a Successful Family Business Council, a comprehensive resource for enterprising families seeking to organize themselves to achieve long-term family and business goals. As an adjunct faculty member at The University of Notre Dame, Chris taught Family Enterprise Strategy to both MBA and undergraduate students, and has been involved in alumni education activities related to the topic. He also served as a founding advisor to a university-based education center for family business owners and their families, where he led the Next Generation Leaders group. Chris and his wife, Carol Ann, live in Ft. Wayne, Indiana with their three children. They are actively involved in their community and their church in a variety of leadership activities. Specialties Next Generation Education & Leadership Development Succession & Continuity Conflict & Communication Management Family Council Development Alignment Around Policies/Family Constitutions Honors Outstanding Doctoral Dissertation Award from the Family Firm Institute Education Chris received a B.B.A. in organizational behavior from Notre Dame and earned both a master's degree and Ph.D. from Purdue University.

Full show notes can be found at: www.successfulgenerations.com/episode076

Interview Questions:

• Tell us a little about the 2020 Trends Study.
• One of the trends from the study is a continued shift from place-based to issue-based philanthropy. What do you make of this; what does it mean? I'm especially interested in the distinction the data shows in terms of the age and size of the foundation.
• Grant priority areas also differed by the age of the foundation. First, what are the top issue areas for family foundations? How do they differ by the age of the foundation?
• Considering our audience for this podcast, any particular insights from the study related to engaging the next generation?
• We've talked about impact investing on this podcast previously. What did the trends study tell us about mission/impact investing?
• What can you tell us about family foundation effectiveness? Are families working well together and do they feel they're effective? What are some characteristics of "very effective" family foundations?
• Diversity, equity, and inclusion was another big topic. What did you find there?
• What action do you want people to take right now?

Resources:

Want to learn more about Nick? Check out his podcast introduction here.

Nick Tedsco can be found at [email protected]

Trends Survey 2020

www.successfulgenerations.com

NCFP DEI Collection

NCFP Values Exercise

Bio:

Nicholas (Nick) Tedesco is the President and Chief Executive Officer of the National Center for Family Philanthropy (NCFP). NCFP provides the resources, community, and encouragement families need to transform their values into effective giving that makes a lasting impact on the communities they serve.

Prior to joining NCFP, Nick served as a Senior Advisor in the J.P. Morgan Philanthropy Centre where he provided clients with insights and services to help meet their philanthropic goals through innovative advice, thought leadership and opportunities for learning and collaboration.

Previously, Nick served as a Relationship Manager and Program Officer at the Bill & Melinda Gates Foundation, where he helped launch the Giving Pledge—an effort led by Bill and Melinda Gates and Warren Buffett to encourage the world's wealthiest individuals and families to commit the majority of their wealth to philanthropy. In this role, Nick managed relationships with current and prospective members of the pledge, as well as their staff and advisors. He helped to connect global philanthropists with one another in effort to exchange knowledge and encourage collaboration.

Nick began his career in the social sector as the Deputy Director of the Children's Health Forum—a national nonprofit focused on the prevention and eradication of childhood diseases that disproportionately impact underserved communities.

Nick was named to the inaugural Chronicle of Philanthropy 40 Under 40 ranking in 2016. He has been quoted in the New York Times, Wall Street Journal MarketWatch, San Francisco Business Times and other notable publications. He serves on the Regional Board for UNICEF USA and as a panelist for the Echoing Green Fellowship and MacArthur Foundation 100&Change Initiative.

Nick received a B.A. from Villanova University.

NCFP's New President/CEO, A Founder Transition to A Next Generation Leader

NOTE: In full disclosure, as of this recording, I am on the board of the National Center for Family Philanthropy. I also led the search committee that hired Nick Tedesco as the 2nd President and CEO.

Interview Questions:

• You are the new President and CEO of the NCFP, succeeding Ginny Esposito. Tell us a little about yourself and how you got to this role?
• Why NCFP? What are a few things that excite you about family philanthropy?
• You are succeeding the godmother of family philanthropy-- what are you experiencing right now?
• Lessons learned? Surprises?
• How can we find you?

Bonus Questions:

1. What words of wisdom would you tell your 20 year old self
2. As a Busy leader, how do you maintain your health?
3. What does Successful Generations mean to you?

Resources:

The Giving Pledge

Dr. Weil's Breathing Exercise

National Center for Family Philanthropy

Episode 004 with Ginny Esposito

Find Nick at: [email protected]