Brad is an attorney, entrepreneur, and business strategist who specializes in the transfer of family and closely-held businesses. He is also a former board member of Catalyst Connection.

Brad began his professional career by becoming a CPA and working for the international accounting firm now known as EY. From there, Brad became an entrepreneurial strategic business adviser and a business lawyer representing every aspect of the closely-held business.

Standout Quotes:

• "Writing is the highest form of thinking" - [Brad]
• "It's not that there's a particular process but you pick a process" - [Brad]
• "The longer you wait, the fewer the options you have, with respect to succession planning" - [Brad]
• "You can't do strategic planning unless you understand the company's culture" - [Brad]
• "It is incredible how many times people think they know what they have, and they don't" - [Brad]
• "Conflict is good, it gets things out" - [Brad]
• "All progress begins with honesty" - [Brad]
• "Most people overestimate what they can do in a year, they underestimate what they can do in ten" - [Brad]
• "If you want to improve something, measure it, if you want to improve something exponentially, measure it and have a report on it" - [Brad]
• "Succession planning is a form of strategic planning" - [Brad]
• "For things to stay the same, things must change" - [Brad]
• "I try to tell that next gen, 'your job is to increase the value and to maintain the values' " - [Brad]

Key Takeaways:

• Bradley is the author of the Amazon bestseller "The Succession Solution" and his firm, 'The Succession Coach' works with business owners to create and execute their succession plans. Brad is now an entrepreneurial strategic business adviser and a business lawyer representing closely-held businesses.
• Brad had started as a CPA with the goal to reduce taxes, and later he went on to go to law school. He realized he was helping but not solving the problem so he merged strategic planning with Estate and Succession planning which formed the Succession Solution.
• Initially, his goal was to simply put down the strategy so he could convince himself that it was feasible, however, he realized someone else could also benefit from reading it. This was how he went ahead to write his book, The Succession Solution.
• After starting a business that had made losses for two years, Brad employed strategic planning and the difference was clear; the business bounced back.
• There are 3 types of succession; Succession of Knowledge, Management, and Ownership. It is unlikely to be able to ensure the succession of management and ownership without the transfer of knowledge. However, more often than not. Succession involves the transfer of ownership with closely held business owners.
• The Succession Solution: Brad usually starts by discussing with the significant stakeholders to understand what is on the ground before getting fully involved. He also ensures the family is willing to cooperate and gets commitment upfront.
• The 6 stages of the succession plan: The first stage is the Purpose stage; identifying the basic values, the vision, and the "Why?". Next is the Discovery stage; understanding where they are before starting. The third step is the Challenge; to identify their strengths, opportunities, and most importantly, the obstacles. Most of the time what people want to get from the 6 steps is certainty because uncertainty creates anxiety.
• Brad emphasizes that conflict is good however, how that conflict is managed is critical. Communication and trust are the reason most companies fail.
• The fourth stage of the succession plan is the Mission stage. This is where the group sets milestones and creates strategies to overcome the obstacles previously identified. The Annual stage is next, and here the group decides steps that need to be taken within the next 12 months, to get closer to the milestones already set. The last stage is the Quarterly Review stage where the question is "what do we do in the next 90 days to get closer to the objective for the Annual stage?"
• The conversation of succession planning is a function of the board, hence, while members of the younger generation can have a personal conversation with their parents as the business leaders, it is fundamentally expected that the board is well suited to answer these questions. It is also helpful to talk to the professionals.
• Giving purpose to the outgoing generation of leaders in the family business is highly essential as it is a part of their transition. A good step is to create a family council for them to transition into, allowing them to offer more insight particularly on the culture and values of the business. The family office and council would also need succession planning.
• Succession planning is a form of strategic planning, as such, families should consider commencing strategic planning right after planning for succession.
• "The job of the incoming generation is to increase the value and to maintain the values" it is the job of the senior leadership to educate the upcoming leaders on the values of the business.
• Lack of planning for succession can ultimately lead to a closure of the business or loss of key employees due to uncertainty.
• Listeners who want to know how to get started with succession planning are encouraged to educate themselves first; Brad's book, "The Succession Solution" is a good resource. With adequate knowledge, they can also discuss with professionals.
• Brad's letter to his children: Never stop reading; if you want to improve yourself, read books.

Episode Timeline:

• [00:49] Introducing today's guest, Bradley J Franc.
• [01:53] Brad shares his backstory.
• [04:25] What inspired you to write your book, "The Succession Story"?
• [05:52] Discussing the importance and role of Strategic Planning.
• [09:10] At what point do you typically get involved in the business?
• [10:50] The Succession Solution (6 stages of the succession plan)
• [26:10] How can the upcoming generation approach the conversation of succession planning with the leader in the business?
  
• [32:13] Do you also create succession plans for the family council?
• [36:04] Consequences of poor succession planning.
• [40:21] What do you suggest as a first step in succession planning?
• [42:00] Brad's letter to his children.

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Special Guest: Bradley J Franc .

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:

• The Succession Solution — Bradly J. Franc (“Brad”), is the creator and author of the Amazon best-selling book entitled The Succession Solution: The Strategic Guide to Business Transition.

This story covers not only leadership succession within a family business but also ownership succession and how the family have stayed together and united around a family office in the absence of an operating company.

Standout Quotes:

• "What's gotten us here, isn't going to necessarily get us there" - [Sean]
• "As a family, we realized that we would have to make a pretty major change in the journey... And we made the choice to start that journey from family-owned and family-run, to family-owned and professionally-run" - [Sean]
• "I think in any family business, there's a certain level of distraction or disruption that comes from the family, and if you can move that into the family council and outside of the board room, it seems to be better for everybody" - [Jeff]
• "The family office is being driven by a stewardship theme; Leave it better than you found it" - [Sean]

Key Takeaways:

• Sean Lang and the Lang family represent a 5th generation business family who owned Ainsworth Pet Nutrition, while Jeff Watters is the first outside professional CEO recruited by the family to lead the business till it was finally sold.
• The business started small, with deliveries made to "mom and pop" stores, expanded over the years, and all interested family members worked in the factory. After school, Sean started as a sales manager and worked his way up to be president.
• The family realized that there was a need to make a major change to move with the competition and this would require great talent, moving from family-owned and family-run, to family-owned and professionally-run
• Although Jeff was in a place where he wanted more in his life personally and professionally, his relationship with Sean was initially not a professional one. Following further interaction, Jeff realized the family was committed to the business, and they were authentic and intentional about their growth.
• The average tenure of a Public Company CEO is about 4 years, and a Family Business CEO is about 6years, even if you think you're going to be there longer than that, you have to plan according to the statistics.
• The introduction of professional leadership after 5 generations took some time, however, this had been tried previously and even though it failed, the family had started to get used to the idea. The goal had become to keep the family culture but adopt the benefit of big company thinking and growth capabilities.
• The notion of an organic, natural but very transparent onboarding process is extremely helpful for professionals outside looking to join a family business.
• Jeff also encourages professionals considering entry into a family business. You just have to bet on yourself to a certain extent. Once you're satisfied that the other party has high integrity and will deliver on their promises, have the conviction that you're going to deliver on yours, and if it doesn't work out, it doesn't work out. There will be other opportunities.
• While Jeff's transition into the business had its hiccups, there was a lot of intentional effort from all sides to communicate effectively and create ways to tackle arising issues. This was made easier by the family culture of transitioning where the older generation completely let go of the business which allowed Sean to give Jeff the space needed.
• Working with a Private Equity Company was pivotal in driving the rapid growth of the company moving from a 200 million-dollar company to a 2 billion-dollar company in 4 years.
• Jeff describes that the main factor that drove growth while working with the PE Company, was a deep cultural alignment
• Between the family and the company. It was all about a long strategic view of the business.
• The family council was started by Sean's father, and one of the policies laid down was that incoming family members needed to work somewhere else for 2 years or until their first promotion whichever came later, before joining the business.
• In the absence of an operating company, Jeff wanted to still have a family enterprise that could act as glue for the family, and help be a driver for education for the rising generation. This would also foster the creation of mechanisms to share the family history and culture with coming generations.
• It's not always easy to leave it better than you found it, given the mathematical fact that families almost grow faster than businesses and assets, that means each family member needs to be self-sustaining and look at any help from the family later in life as icing on the cake, not the cake itself.
• Sean shares he now has more time for family and personal relaxation, while also finding businesses to invest in. Jeff also tries to have fun, works with his wife on philanthropic projects, and serves on a number of boards.
• Jeff's letter to his kids: Jeff tells them to be bold in the pursuit of what they love, hopefully, it will be something that allows them to leave this place a better place. He encourages them to take a leap of faith, the financial fortune is an opportunity for them to invest in their future in a way that can be fulfilling for them and differentiating for their community.
  
• Sean's letter to his kids: The family business cocktail of money, love, and power is trouble. It can rip families apart easily and needs to be proactively managed within the family with the help of professionals.

Episode Timeline:

• [00:52] Introducing today's guests, Sean Lang and Jeff Watters.
• [02:30] Sean shares the history of the family business.
• [08:00] What was the reason for bringing in outside leadership?
• [10:00] How Jeff got involved with the business.
• [15:18] Were there any surprises while bringing in the idea of getting professional leadership after 5 generations?
• [20:21] Jeff describes his transition into the role of CEO.
• [29:30] Discussing the growth of the business, involvement of a Private Equity, and the decision to exit rather than transition to a 6th generation.
• [42:02] When did the Family Council begin?
• [52:25] What was the transition like after the final decision to sell the company?
• [01:00:22] Before the company was sold, there were plans to continue the Family Council?
• [01:03:51] What Next?
• [01:06:00] In a letter to your children, what is one lesson or idea you don't think many parents would mention but you consider important to understand?

For more episodes go to
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Sign up for The Business of Family Newsletter

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Special Guests: Jeff Watters and Sean Lang.

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:

• L Catterton and the Lang Family to Sell Ainsworth Pet Nutrition to The J.M. Smucker Company
• The J. M. Smucker Company to Acquire Ainsworth Pet Nutrition, LLC, Maker of Rachael Ray™ Nutrish® Pet Food; Company to Explore Strategic Options for U.S. Baking Business

Her maternal grandfather, veterinarian Dr. William Ballard, was one of North America’s greatest dynamic wealth creators. Her father, Frank A. Griffiths, FCA, built a highly successful sports and media empire. Emily herself, along with her brother Arthur and their partners, has been the co-owner of a National Hockey League (NHL) team, the Vancouver Canucks; a National Basketball Association (NBA) franchise, the Vancouver Grizzlies; and a state-of-the-art-arena.

Emily’s professional training, expertise and unique first-hand experience have given her a deep understanding of the benefits of clear, considered wealth and family-business transition planning.

Today, she is passionate about providing guidance to individuals and families for the effective multigenerational management of family wealth and family businesses.

Emily is the author of two excellent books, Build Your Family Bank and Your Business, Your Family, Their Future, which look closely at the core causes of wealth erosion and failed transition plans and offers a set of strategies for building successful wealth transition plans that will benefit many generations.

Standout Quotes:

• "A legacy lifestyle to me is really anything where anyone is enjoying an affluent life based on someone else's earnings"
• "Earning a voice at the table is critically important as the families get larger because not everybody is necessarily around the table making decisions for the family bank but the family council may be elected members to represent different parts of the families"
• "Life is the reflection of the Choices that you make between your Birth and your Death (life is the C between the B and the D)"
• "The choices that you make are going to be a reflection of the decisions that you make, and if you really want to make the best decisions, think about swapping judgment for curiosity"
• “Curiosity can open your eyes to a world of unlimited imagination and infinite possibilities”

Key Takeaways:

• The process of creating the family wealth was infused into the family DNA added in each generation.
• The issue in a legacy lifestyle is enjoying a lifestyle that someone else is earning the funds to afford you, the cautionary note is to watch for the creep of entitlement issues.
• The traditional approach to wealth transition planning including tax deferment and trust funds fail 70% of the time.
• As long as your human and intellectual components are still strong, the Family bank will keep standing.
• Reasons why 70% of families at each generation fail at wealth transition include a breakdown of communication and trust (60%), the unpreparedness of heirs (25%), lack of shared vision (12%), and failure of professionals (3%).
• Earning a voice at the table is critically important as the families get larger.
• Family bank is not a legal term, it's a philosophical term; it's whatever the family defines it to be.
• 5 reasons to put a Trust in place in Canada: Control, Creditor Protection, Privacy, Probate and Tax.
• Research shows that within 7 years lottery winnings are usually gone which is the same with inheritances.
• If you want to make the best decisions, swap judgment for curiosity

Episode Timeline:

• [00:49] An overview of some of Emily's work.
• [02:20] How the initial family wealth was created and sustained through the different generations as part of the family DNA.
• [05:20] Emily explains the clear distinction between Ownership and Management.
• [05:31] Her contribution to the Family DNA of wealth creation is the Role of Stewardship.
• [08:26] The event leading up to the ownership of the Hockey team reflected a sense of commitment to the community.
• [10:30] Emily narrates the experiences that inspired her career choice of a Family Enterprise Adviser.
• [15:35] The legacy lifestyle defined, with examples from Emily's childhood.
• [19:26] The value of work and its role in Family wealth creation.
• [21:11] The concept of a Family Bank is most appropriate for anyone doing succession or wealth transition planning.
• [22:05] The Foundation and Components of the Family bank approach.
• [27:04] Reasons why 70% of families at each generation fail at wealth transitions.
• [39:00] The value and role of tools like trust structures and tax mitigation strategies in the managing multi-generational wealth.
• [45:07] The similarities between inheritances and lottery wins.
• [53:52] Re-Formatting is a change of investment choice and a Redistribution of wealth to philanthropy are not considered a failure of to transition.
• [55:29] A few surprises from her sons influencing the family bank.
• [01:01:14] Emily's letter to her children.

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: Emily Griffiths-Hamilton.

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:

• Build Your Family Bank | A Winning Vision for Multigenerational Wealth — Fresh & Accessible Guides to Successful Wealth Transition
• Volunteer Role | The Nature Trust of British Columbia — The Nature Trust of British Columbia took on the daunting task of protecting the natural riches of the province by building a treasury of wild natural areas to conserve iconic and important species at risk.
• Book: Your Business, Your Family, Their Future: How to Ensure Your Family Enterprise Thrives for Generations eBook: Griffiths-Hamilton, Emily — Through extensive research and personal and professional experience as a member of and advisor to family enterprises, Griffiths-Hamilton has developed an unconventional approach that looks beyond narrow business considerations to focus on the critical aspect of every family enterprise—the “family factor.”
• Book: Build Your Family Bank: A Winning Vision for Multigenerational Wealth eBook: Griffiths-Hamilton, Emily — Why do 70 percent of wealth transition plans fail? This is the question that Emily Griffiths-Hamilton sets out to answer in Build Your Family Bank, a book that looks closely at the core causes of wealth erosion and failed transition plans and offers a set of strategies for building successful wealth transition plans that will benefit many generations.

Join Mike Boyd on The Business of Family Podcast as he interviews members of some of the world's most interesting families about how they pass knowledge, resources, values and wealth to the next generation.

• Family Constitutions and annual letters
• Family meetings and retreats
• Succession planning
• Stewardship
• Family Office investing
• Multi-generational wealth creation and preservation
• Enduring companies and familes
• Family enterprise
• Human, Intellectual and Financial Capital

I’ve been fortunate enough to meet some extremely successful families in my travels and gleaned insights from how each are shaping their legacy.

Many will tell you that it’s the human, intellectual and spiritual capital that makes them successful for generations & that financial capital is simply a function of their success in these areas.

If multigenerational families and businesses fascinate you too, subscribe now to The Business of Family Podcast.

I hope you enjoy sharing this learning journey with me and would greatly appreciate any feedback, resources or referrals you have to offer.

https://twitter.com/MikeBoyd/status/1277889154601201664

For more episodes go to
BusinessOfFamily.net

Sign up for The Business of Family Newsletter at newsletter.mikeboyd.com.au

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!

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.