The Whitnell Way
Insights For Business Owners, Executives And Affluent Families
Viewing Blogs by Lisa Olson
Whitnell Podcast: Insights With Lisa Olson
Now Is The Best Time For Family Business Succession Planning
In this podcast, originally aired on Chicago’s premier talk-radio station, WGN, Lisa Olson discusses family business opportunities being created through the COVID-19 pandemic. In the U.S., there are roughly 5.5 million family businesses . They contribute more than 50% to GDP and employ about 60% of U.S. workers (78 million people in 2019). Yet, only about 12% of family businesses successfully transfer from the first to the third generations. This is an ongoing challenge in the best of times. But does it make sense to focus on succession planning in the middle of a pandemic?
The Art Of Becoming An Advisor To Your Adult Children
How To Transition From Umpire To Coach
When our children are young, living at home and within our care, we often serve as umpire. We call balls and strikes, fair or foul, out or safe. It’s an important job to be keeper of the morals, definer of right and wrong and the voice of conscience. Children need this guidance to become healthy and well-balanced adults. But what happens after they leave home and seem to forget about what we taught them or face challenging situations where they could actually use advice but don’t seek it from us?
After talking to many mature clients facing these situations, I hear a common theme. They know their adult children could benefit from their counsel. But they don’t want to meddle, to be seen as controlling or to cause friction. I have come to believe that offering advice to adult children is more art than science, more coach than umpire. If you’d like to become an advisor your adult children will actually listen to, here are some ideas to transition from umpire to coach.
How To Protect Your Family After You’re Gone
Five Lessons Learned From My Dad And Aretha Franklin
My dad and Aretha Franklin have something in common. No, he wasn’t a world-famous Rock and Roll Hall of Fame singer and songwriter. I can’t say that I have ever actually heard him sing. He was a quiet and private man who lived a relatively simple life. What they did have in common is that they both died intestate, which means they died without having a will in place.
The way he passed from this life left his children with a heavy burden to bear. I’ve been reflecting these past few weeks on how the choices we make while we’re still alive have such a powerful impact on the people we love after we’re gone. If you want to protect your loved ones from these burdens, here are five lessons that I know, from personal experience, will really help your family.
How A Family Office Reduces Complexity
Affluent Families Need An Integrated Approach To Managing Wealth
Affluent families who face complexity in their financial lives will find that an integrated family office delivers real peace of mind. Simply put, a family office approach reduces complexity by coordinating key family advisors, integrating disparate financial interests and aligning stakeholders to support critical family decisions. The result is that affluent families can focus on being a family instead of worrying about how their wealth is managed.
But what exactly is a family office? The phrase “office” can have more than one meaning. Office can mean a set of rooms or a building where business is conducted. By this definition, a family office is simply the building where the business of your family is conducted.