As his career has evolved, he has developed a true passion for governance and operations. One of his current focuses is the codification and institutionalization of the key elements that differentiate his family’s enterprise. At its core, this speaks to their desire to remain a purpose driven enterprise focused on the preservation of their servant heart culture for generations to come. This spans the continuum of the impact that they have on their associates, their clients, and the communities that they serve overlayed by a holistic approach which incorporates environmental, social, and governance considerations.

In addition, his passion for governance and operations has evolved beyond that of traditional corporate. For the better part of the last decade, he has led their family’s formalized family governance efforts. As they continue the transition from the 4th to the 5th generation, it was paramount to Anthony, and his generation, that they build the requisite operational and governance structures to ensure success in succession not just for their generation but for generations to come. With the collective support of the 4th and 5th generations, He has allocated a considerable amount of my time establishing their family office and formalized governance structure and framework.

Although he feels blessed to be able to serve his family and family enterprise in a variety of roles, the role he is most proud of is that of a devoted husband and loving father. He is married to his best friend and soulmate, Melissa Contrucci (nee Schrage) and has been blessed with two loving children.

Standout Quotes:

• "I really believe our success as a family kind of exists at the crossroad of this desire to be civically involved" - [Anthony]
• "That formula of putting people before profit is how you build long term sustainable value that transcends generations" - [Anthony]
• "In order to be successful in succession, you have to be intentional and you have to be strategic" - [Anthony]
• "If you think about the destination, you'll never start the journey" - [Anthony]
• "If you're trying to solve a problem that you can solve during your lifetime, you're thinking too small" - [Anthony]
• "Success requires action" - [Anthony]
• "You can't appreciate something if you don't know how hard it was to have or you didn't have to work for it" - [Anthony]
• "During times of dislocation, there's always opportunity" - [Anthony]
• "The most important investment I've ever made is my time in my children" - [Anthony]
• "Never try to replace your net worth for your self-worth" - [Anthony]

Key Takeaways:

• Anthony is a 5th generation member of the Schrage family currently serving in the role of President and Board Director of First Bank Shares, a bank holding company with a primary operating asset "Centier Bank" which was founded in 1895. They are now the largest private family-owned bank in the state of Indiana.
• The Schrage family came over from Germany into the US in the 1800s, and over time the family has always been passionate about the community. This alongside the risk tolerance accounted for the success of the family because being involved with the community helped identify needs and create solutions. The name "Centier" Bank was coined intentionally to represent a century of service, the founding of the bank on Center Street, and that the bank strives to be the premier provider of financial services for the communities. The headquarter is in Merriville Indiana.
• Despite the pandemic, banking is a good business to be in right now. Data from the bank shows that Centier Bank tends to outperform during times of market dislocation or pain. Clients are put even before the shareholders in the business, and this is how long-term sustainable value is built over generations. 2020 has been the best year financially in the history of the bank.
• This success was achieved by consciously and emphatically considering the safety of clients and workers physically while also keeping them confident about their finances. They set out to help communities through different programs, mortgages, credits, and low-interest loans.
• Anthony met his wife and her family at the age of 20 and she was his best friend before becoming his wife. Anthony had no intention of working in the family business but wanted to chart his course in life. He had always been in the financial sector, including commercial banking and investment. Later he started with wealth management in the family business, and then the investment services division. After a while strategic intentional steps were taken to ensure an impact in the community. Currently, Anthony spends time in the financial holding company level, family governance, and the family office.
• Although the family has grown since the first generation, there are 27 family members and 16 shareholders. There is a family assembly every year, and also a family governance structure.
• The goal of the family assembly is both business and to bring the family members closer together. One of the main reasons for starting the family assembly was communication flow. Success and succession in a family business is literally the equivalent of fighting gravity; only about a third of family businesses make it from generation to generation.
• As a broader family, the family meets monthly with specific agendas and occasionally invites subject matter experts. There is also a family business consultant and a family psychologist as well as other subcommittees. There are G5 monthly check-ins with no formal agenda.
• About the Family Portal: While trying to organize family documents that have piled up over many years and made work inefficient, Anthony came up with the idea of the Family Portal. This has been a great tool for increasing efficiency and improving workflow.
• When it comes to starting Family Governance, "you've got to go slow to go fast". Even it is a small start, it's about building the behavior; for Anthony's family, the starting point was about Mission, Vision, and Values. This is where to start to build a foundation with simple things like a code of conduct or attendance policy. It gives some wins and then these goals can be dialed up to more complicated plans.
• The Emergency Transition Planning (ETP): This refers to very detailed planning done such that in the event of the demise of a leader, things can be set in motion to instill confidence in multiple audiences across multiple mediums. It's a succession plan on steroids.
• The family psychologist has been very valuable especially in helping family members communicate effectively. This also includes constructive conflict, which is the most important thing in communication and trust-building. Additionally, having a facilitator around when the family constitution was created was very helpful. However, the values or by-products of this exercise are less important than the journey. Families are encouraged to start this process and take their time.
• After attending a family business conference where he was introduced to the concept of a Family Book, Anthony applied it in documenting the family history to ensure that future generations would understand how hard the journey was. While collating different materials to create the family book, an enormous collection was accumulated and Anthony had the idea to get a corporate historian to manage the collection. This brought the next idea to have a "Centier Museum" for these family artifacts.
• Using the idea of cohesion dynamics which include the family aspect, as well as the business, financial and emotional aspects, Anthony understood that it was paramount to use the family history to keep family members emotionally tethered to the family business. This determines the filter they would use in making decisions regarding the family business because rather than simply thinking like investors, they would think like stewards if they felt emotionally tethered to the family enterprise.
• The 6th generation is currently between the ages of 8-18years. For a long time, the family legacy was the bank, but now there's so much more opportunity for the G6 to get involved with the family enterprise and create an impact.
• Advice for someone looking to lay the foundation for a Family Enterprise: Slow down; "you have to be patient and focus". The other thing is to save; "live below your means and always have reserves because having that additional financial capacity allows you to be opportunistic".
  
• There has had to be a shift from being a family that operates a business to a family that has an enterprise. "We had the belief for so long that the legacy was the bank but now I believe that the legacy is the culture that fuels the enterprise" Thinking about it this way gives the motivation to lean into Family Governance and Family Office. It also shifts the mindset from being competitive to being more collaborative. All of this takes curiosity, communication, working through conflict, and never being afraid to fail, knowing that growth comes from failure.
• Anthony's letter to his kids: Happiness comes from the important things in life; love, health, the time spent, and experiences created with loved ones. True fulfillment comes from finding something you're extremely passionate about, that is meaningful but extremely hard; if you don't grind, demonstrate grit, fail, and pick yourself up, you will never find fulfillment and self-actualize. If you always lean into what's important in life and push yourself, you'll find that fulfillment.

Episode Timeline:

• [00:50] Introducing today's guest, Anthony R Contrucci.
• [02:05] The history of Anthony's family business.
• [08:20] How is the banking industry right now?
• [12:16] Anthony's entrance into the family and the family business.
• [17:40] The structure of the family enterprise.
• [29:28] How has your governance structure taken shape since its implementation?
• [37:55] Where did you start in terms of Family Governance?
• [41:34] The Emergency Transition Planning (ETP).
• [45:00] Discussing the role of the family psychologist.
• [48:30] How did the family constitution come to be?
• [51:14] About the Family structures put in place to guard the family history.
• [57:54] With regards to the 6th generation, how do you look to the future of the family enterprise?
• [01:00:21] What advice would you give to someone looking to lay the early foundation of a Family Enterprise?
• [01:05:08] Is there a new habit you've adopted that was meaningful to your journey?
• [01:09:16] Anthony's letter to his kids.

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Special Guest: Anthony R Contrucci.

Sponsored By:

• The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations.

Links:

• Centier Bank - A Family-Owned Indiana Bank Since 1895. — Michael E. Schrage, CEO and Chairman of Centier Bank
• How Centier Bank celebrated its 125th anniversary

In addition, he has written numerous articles on family governance and wealth preservation and a series of Reflections which can be found on his website jamesehughes.com.

He was the founder of a law partnership in New York City specializing in the representation of private clients throughout the world and is now retired from the active practice of law. Mr. Hughes was a partner of the law firms of Coudert Brothers and Jones Day.

Standout Quotes:

• "The first asset a family owns is its spiritual capital; if it doesn't have it, it better develop it" - [Jay Hughes]
• "If we're learning together and we're sharing what we learn, guess what? we're likely to make better joint decisions" - [Jay Hughes]
• "A family that's nothing but quantitative capital is toast" - [Jay Hughes]
• "You don't have entitled children and you will know how much is enough if you're concentrating on growing your qualitative capitals" - [Jay Hughes]
• "The two great obstacles to adjustment for a human being are sex and money; money is the worst of all because no nice person will speak of it" - [Jay Hughes]
• "Every family has ghosts" - [Jay Hughes]
• "Almost always, the plan that they have for transition...is a liability" - [Jay Hughes]
• "Way too much time I think is spent on saying we need to be resilient, that's good but the real question is we need to be enduring" - [Jay Hughes]
• "There's no such thing as financial resources, there are only things that are the representation of someone else's dream; anybody who doesn't get that right just misses the problem of the recipient" - [Jay Hughes]
• "It astonishes me, Mike, that many families with huge resources have never studied the fact that human beings don't learn the same way" - [Jay Hughes]
• "You don't just start; you start by building up those cells are going to make up the team on the journey" - [Jay Hughes]
• "Storytelling is incredibly important to discover our history" - [Jay Hughes]

Key Takeaways:

• Jay's book "Family Wealth" was a huge inspiration over a decade ago for Mike's interest in the concept of Family Business.
• After a major midlife crisis, Jay realized that his work in the law had a major flaw being that he was the only person who could use the structures he was creating for clients. He understood that the responsibility of a professional is to make clients more capable and liberate them but he had made them less capable. He started focusing more on ideas to make families more independent and also shared these ideas. Jay started to shift away from legal structures which were focused more on the 'How?' questions, and move towards the 'Why?' questions which had more impact on families. He also spoke publicly on different platforms about it and the message was well-received, encouraging him to start his book.
• With the clients however this approach was challenging, but Jay understood that if he simply did what clients asked, it would not help them achieve their goals. He learned to wait for clients to gradually open up to the approach. It had also become needful for Jay to have a beginner's mind with this new approach, not assuming he had all the answers as usual but showing concern and the desire to help families.
• Wealth comes from the Anglo-Saxon term "Weol" which means "well-being"; Financial capital is a form of wealth but it is not wealth. In trying to figure out the assets of a family to understand them better, a Balance Sheet has proved to be a humane tool.
• Using this tool, there are 4 qualitative forms of capital; the first is Spiritual Capital. This refers to a common purpose where every member of the family by affinity seeks to enhance the other's journey of happiness. The next is Social Capital; can you make really good joint decisions together over a long period of time? To make good joint decisions, there has to be Intellectual Capital, meaning the family has to be a learning system where what is learned is shared. Another form of capital is Thriving Human Capital which is followed by the only quantitative capital; Financial Capital. Financial capital is the engine that grows the others and does not simply function as accumulated wealth. It is critical to understand that the qualitative forms of capital must always be kept in focus above the financial capital that is meant to support them; a family that simply focuses on putting financial capital into consideration is not likely to succeed together.
• There are now assessment organisms for a family that is thoughtful to annually assess the states of its capital. Sigmond Freud in his work realized that the most adjusted or happiest people were those who learned to love and work as a vocation, not labor. The vocation is often a dream which takes a while to manifest and forms the stories about how the aspiration of that dream inspires people to perspire towards achieving it. When parents ask their children more about their aspiration rather than debunking it, the kids realize how inspiring it is to them and if they can perspire towards it.
• The Ghost Liability on a Family's Balance Sheet: As much as the balance sheet shows the assets, it also shows the liabilities, and one of the liability questions is "What's our big obstacle?". When looking at the internal obstacles, there is a high tendency to assume that the people in the room are the obstacle but it is pivotal to note that these aren't the only people in the room. Every family has ghosts which may be good ones brought up in stories or the "Hungry Ghosts" whose goals were unfulfilled and have lingering problems. Other kinds of ghosts are stories that are untrue but are told as if they are true. Surprisingly, another form of ghost is the plan for the transition itself and preexisting family structures which are often a liability. This is particularly because the transition plan would not have been able to consider people in the future who would later be constrained by it; in other words, usually, the plan is too small. To fix the problem, the old constraining plan must be shed, creating room for fragility and risk to form a new larger plan which will be used until it becomes too small for another generation. The qualitative capitals are groomed and grown in this process such that the new larger plan can accommodate growing those capitals. All the ghosts must be noticed and addressed accordingly so they don't cause problems in family transition.
• Inevitably, beneficiaries will at some point realize that they're playing a role they didn't sign up for, and this will be a huge reveal that will hit them like a meteor. When this happens, parents need to be extremely caring and deeply understanding. The question now becomes "is the meteor a gift or a transfer?"; because a transfer is easy but gifts come with love and are very hard to make. The parents and other professionals have to work hard to ensure this comes across as a gift rather than a meteor of obligations.
• Despite this, the burden that comes with it cannot be ignored and must still be recognized with love. The key is for the kids to understand even from childhood that the purpose is to grow themselves; preparing early for this revelation increases the odds of a successful outcome. It should be noted that it can be very disastrous to justify this burden by saying "By the way, you never have to work" as if it is handled poorly this meteor could lead to some form of post-traumatic shock. Hence the people who do well are those who take time to explore it and grow because what is being received is not just money but the consequences of someone else's dream, and the goal is to use it to aspire to achieve the dreams of the recipient. Again, it is emphasized that this gift should be a consequence of magnanimity given with love to the recipient and the hope that it helps them find their happiness, anything else is a transfer that comes with ambition and expectations which may have a poor outcome.
• A starting point in this approach of a successful family enterprise journey is for families to understand the different ways by which members learn, knowing that a thriving human capital defines Intellectual Capital. This also applies to trustees. Working on this helps the family identify whose skill is needed at different points in time. It also helps to disseminate information for joint decision-making in ways that are best absorbed by individual family members. Another very useful tool is Enneagrams; they help understand how different personality types determine how individual family members view situations or react. The aim of this phase is to properly prepare by equipping the family before starting the journey.
• Storytelling for families isn't simply for the joy of the story; it helps understand time. A good way to foster storytelling is to have reunions where each person is asked "who is the oldest person you knew and what did they tell you about somebody older?". This also applies to those married into the family and helps them weave into the family.
• Jay's letter to his kids; that they are loved and he would ask for their forgiveness.

Episode Timeline:

• [00:51] Meet today's guest, Jay Hughes Jnr.
• [03:10] How Jay's book 'Family Wealth' came about.
• [06:49] How did the families receive your approach of asking the "why?" questions?
• [15:20] Defining Wealth and the different forms of capital.
  
• [23:21] Is there a measuring stick for success in qualitative capital?
• [32:15] The Ghost Liability on a Family's Balance Sheet.
• [43:41] What is the most appropriate way to prepare beneficiaries and include them in the plan?
• [58:10] How does a family start this journey?
• [01:08:20] Jay's View on Generational Story-telling.
• [01:16:44] Jay's letter to his kids

For more episodes go to
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Special Guest: Jay Hughes.

Sponsored By:

• The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations.

Links:

• Wise Counsel Research Inc — Mr. Hughes is a current active Fellow of Wise Counsel Research Foundation a Boston based think tank providing qualitative advice to families who seek to avoid the shirt sleeves proverb and to help their families flourish.
• Families Of Affinity — James (Jay) E. Hughes, Jr. is the author of the acclaimed classic Family Wealth and Family: The Compact Among Generations, and the co-author of The Cycle of the Gift: Family Wealth and Wisdom.
• Family: The Compact Among Generations: James E. Hughes Jr.: 9781576600245: Amazon.com: Books — The successor volume—and intellectual prequel—to Family Wealth Why do some families thrive for generations? What accounts for the sad deterioration that other families experience? This book builds on the now widely accepted practices offered in Hughes's signature work Family Wealth and offers families the professionals who serve them a view of his panoramic insights into what makes families flourish and fail. It lays out the basis for the vision of family governance the author has developed through his work and research. His advice addressed not only what to do but how to think about the complex issues of family governance, growth and stability, and the ongoing challenge of nurturing the happiness of each family member.
• Family Wealth: Keeping It in the Family - How Family Members and Their Advisers Preserve Human, Intellectual, and Financial Assets for Generations: Hughes, James E. — The landmark book that changed the way exceptional families think about their heritage, their wealth, and their legacy to future generations--now revised and expanded.

Standout Quotes:

• "Something that's happening industry-wide or at least in the US is the concept that being a corporate trustee is a different business than the asset management side of wealth management" - [Frazer]
• "Most of the trust planning is articulating a move at the minimum from Gen 1 to Gen 2" - [Frazer]
• "I view the Trust and the planning around the Trust to be an outgrowth, when done correctly, of a solid communication structure that has been developed within the family" - [Frazer]
• "What the family bank approach is offering to families is a way for them to pass on their intellectual capital...to their human capital, the next generation by having them apply for the financial capital" - [Mike]
• "If the kids see what's important to the other kids early, and attach a dollar manifestation around that, I think that you're building the context so you have fewer blow-ups later on" - [Frazer]
• "I think the most important thing anyone can have in their lifestyle is the ability to be comfortable in their own skin" - [Frazer]

Key Takeaways:

• Frazer shares his background and experiences so far, from college to working in politics, after which he decided to study law and gained exposure while working in different firms. His career started down the path of wealth management when he worked with a Trust company.
• He is also the author of the book "Wealth Actually" and the host of a podcast that discusses topics related to finance and wealth management even though that was not the initial plan for the podcast.
• Pendleton Square Trust is an administrative Trust company that fulfills the function in a Trustee role aimed at helping families get access to good Tennessee jurisdiction.
• 3 main Functions of a Trustee: First is the administrative function which includes safeguarding and reporting on assets, paying the taxes. The Second is the distribution of the asset to beneficiaries. The third function is the investment management of the asset which is excluded at Pendleton, Frazer believes most places don't do everything well.
• A trustee does not have to be a corporation, it can be an individual acting as a trustee with the ability to perform all 3 key functions, however, it may be difficult to find one person who is great at all functions.
• A lot of families would prefer to have more control, and a private trust company allows them to control the aspects they're comfortable with and outsource the rest.
• There is a possible conflict where corporate trustees who also provide asset management services invariably provide their asset management services.
• The most common customer for the company is a US family that is either actively transferring wealth from the first generation to the second generation or generally has a multi-generational approach.
• For those families that have taken their hands off the wheel in terms of managing the wealth, the Trust company operates more like a family office but for those still actively engaged in the continuation of the business, that business becomes the real center of the family office.
• One of the real destroyers of wealth is bad communication amongst the family, this leads to conflict, which leads to litigation and litigation is expensive
• There's a lot of good work that needs to be done ahead of building the structures so that you're not only setting something up that takes care of the money for the family, you're also getting the family ready for the money.
• Family or Shared Philanthropy is one of the tools that helps to work with families as it gets the family members to express their interests and helps them work together while considering the needs of each other.
• The Vacation Fund Concept: This is another tool, and the idea is to have the kids make a joint decision around the investment of money by getting them to plan the vacation based on a particular amount available. It helps identify which kids have aptitude and interest, the aggressive or conservative ones, and other responses exhibited by the kids towards the task. Summarily the kids get involved in financial planning and learn critical points related to it.
• The idea of a Family Bank is putting structure around the request of money for projects so that it forces preparedness in front of real people who have to make a decision. Learning that persuasion is important helps the next generation to deal with the real world.
• It also provides an opportunity to combat the situation of assets growing linearly being overtaken by liabilities growing geometrically, as more opportunities explored can increase the growth of assets.
• There's a big difference between Operational succession and Ownership Succession of a family business, the difference in roles may mean some people get paid more but this needs to be discussed earlier on before the transition period.
• From Frazer to his kids: I think the most important thing anyone can have in their lifestyle is the ability to be comfortable in their skin. The concept of trying to please other people's sense of success is a difficult road because you're never going to please everyone all the time, more so you will be running from things that could be your path to success. o
• Run your own race, be comfortable in your own skin.

Episode Timeline:

• [00:46] Introducing today's guest, Frazer Rice, Regional Director for Pendleton Square Trust Company.
• [07:26] About Pendleton Square Trust Company and Wealth Management.
• [08:46] The 3 main functions of a Trustee.
• [11:21] In the US, do families have to appoint a company to act as Trustee in an administrative capacity.
• [12:16] The concept of a Private Trust Company.
• [18:54] Who would you say is your most common customer?
• [28:02] Frazer shares tools used when working with families.
• [32:51] The Vacation Fund Concept.
• [38:40] Frazer's insight on a Family Bank.
• [47:57] Frazer's letter to his kids

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Frazer Rice.

Sponsored By:

• The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations.

Links:

• FrazerRice — Frazer Rice is a leading private wealth manager, with fifteen years' experience advising millionaire and billionaire families on finances, including fiduciary and estate matters.
• Wealth, Actually — Frazer Rice is the author and podcast host of "Wealth, Actually" The book centers on decision-making for wealthy families
• Pendleton Square | Trust Company — Frazer Rice is a Regional Director for Pendleton Square Trust Company.

One of the family's last remaining businesses, Eu Yan Sang, a network of Traditional Chinese Medicine dispensaries, was founded by Richard Eu's great-grandfather Eu Kong and the family's fifth generation are still in the business today. This is a gripping story of family politics, loss of control, re-consolidation, an IPO, and ultimately privatisation of the family firm once again.

Standout Quotes:

• “My father told me when I was still studying that I would not expect to be able to work in any of the family businesses after graduation because of the family politics” – Richard Eu
• “If you want to institutionalize the business, it cannot be in family hands forever” – Richard Eu
• “When an institution buys into a business like ours, to a large extent they also buy into the culture that's been set up there by the family and they should be crazy just to lose it” – Richard Eu

Key Takeaways:

• If you want to institutionalize the business, it cannot be in family hands forever
• One of the problems that we had from the 3rd generation was that nobody called the shots, yet because they were individuals they didn't think like as institutions, they just thought about their situations
• When an institution buys into a business, what they should do is preserve the culture and manage it in a modern and efficient way without trying to kill the original culture
• It's not just about financial ratios or balance sheet, you have to bring in the heart
• Good communication helps build trust in the family business
• From Richard to his kids: when I’m dead and gone, they should look at themselves and see if they are on the path that we set off to follow as a family

Episode Timeline:

• [00:48] A brief introduction to Richard Eu, who shares a detailed history of the multi-generational family business
• [08:15] Richard joined the business at 42, although his father did not expect he would be able to work with any of the businesses because of the family politics involving his uncles
• [16:56] About the TCM family business "Eu Yan Sang", with more emphasis on the challenges posed by politics affecting the family business.
• [34:20] Despite all the challenges, the family business experienced consistent growth almost every year.
• [38:20] Richard describes one of the problems that began from the 3rd generation
• [42:01] How two members of the 5th generation joined the family business
• [47:00] Do you have any favorite failure that set you up for success in the family business?
• [50:42] A major learning point for Richard; Communication
• [52:26] From Richard to his kids

*For more episodes go to *
BusinessOfFamily.net

Sign up for The Business of Family Newsletter at https://www.businessoffamily.net/newsletter

Follow Mike on Twitter @MikeBoyd

If you feel it's appropriate, I'd so appreciate you taking 30 seconds to Leave a Review on iTunes, I receive a notification of each review. Thank you!

Special Guest: Richard Eu.

Sponsored By:

• The Business of Family Newsletter: The newsletter compliments the podcast with subscriber-only articles, bonus content and a great list of book recommendations.

Links:

• Richard Eu Profile | Endeavor Malaysia Mentors — Richard Eu was appointed to the board as Chairman of the EYSI board on 1st of October 2017.
• Eu Yan Sang International - Official Online Store — A network of Traditional Chinese Medicine dispensaries, was founded by Richard Eu's great-grandfather Eu Kong
• Eu Yan Sang: Healing a Family and Business | INSEAD Case Study — This case and teaching note explore one of Singapore's early entrepreneurs and the family business empire he created.