We all know about the trade-offs between time and money. It’s usually about people spending much of their time trying to make enough money, so that they will be able to have whatever they want, and be able to do whatever they like.

But there are other combinations of time and money in sufficient or insufficient quantity that can also cause problems. We mentioned not enough time due to the feeling of not having enough money, but there is also too much money AND too much time, which creates its own set of problems, and those are not the kind that will have anyone feeling sorry for you.

There are also plenty of cases of people who have lots of time available, but not enough money. The simple solution, and please recall that “simple” and “easy” are two very different things, is for these people to get a job, thereby filling up some of their time with productive work, AND increasing the money they have available for necessities and discretionary purchases.

If only it were that easy. It is easy to sit in judgment of others, but it is not helpful. For every apparent lazy person on welfare, there are several others who have suffered through life with so many things working against them that the privileged few would never understand.

Speaking as a member of those privileged few, I can tell you that my outlook changed quickly when I began volunteering at a food bank a few years ago. I wouldn’t want to trade places with them, and I certainly no longer look down upon them, since I have not walked the proverbial mile in their shoes.

But the title of this blog is “enough money, but not enough time”, so let’s go there now. These situations usually come under the heading of “how much is enough?” There are lots of people who appear to have plenty of money (to us, but obviously not to themselves) but who are always so busy, they never seem to have any time to do anything besides work.

Some of them realize it and make changes in time, others only do so once the stress has taken a huge toll, and their health or family relationships have suffered great harm.

In the same way that these people might look at the person picking up a food basket and wonder why the person doesn’t just get a job, that person on welfare might look at the person working an 80-hour week and wonder why they don’t slow down before it kills them.

Not everyone’s ideal work-life balance is the same, of course, but most people would do well to stop and think about it more often.  When looking at business families there are all kinds of scenarios that come up in the areas of time and money, from the founder/father who won’t let go, to two siblings earning the same pay but with hugely different workloads and responsibilities, to the kid who feels compelled to take over a business in which they have no real interest, but sees it as an obligation or the path of least resistance.

This time of year is often used for reflection, as one year ends and another one begins. Thinking about important core issues like your work-life balance, and talking about them with the important people in your life, are probably the best gift you can give yourself.

And then if you are lucky enough to have a sufficient amount of money, and still have some time on your hands, there are plenty of volunteering opportunities available, and some of them will help change your perspectives on life too.

Steve Legler “gets” business families.
 
He understands the issues that families face, as well as how each family member sees things from their own viewpoint.
 
He specializes in helping business families navigate the difficult areas where the family and the business overlap, by listening to each person’s concerns and ideas.  He then helps the family work together to bridge gaps by building common goals, based on their shared values and vision.
 
His background in family business, his experience running his own family office, along with his education and training in coaching, facilitation, and mediation, make him uniquely suited to the role of advising business families and families of wealth.
 
He is the author of Shift your Family Business (2014), he received his MBA from the Richard  Ivey School of Business (UWO, 1991), is a CFA Charterholder (CFA Institute, 2002), a Family Enterprise Advisor (IFEA 2014), and has received the ACFBA and CFWA accreditations (Family Firm Institute 2014-2015).
 
He prides himself on his ability to help families create the harmony they need to support the legacy they want. To learn how, start by signing up for his monthly newsletter and weekly blogs here.

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At this time of year, we get to see a whole bunch of retrospectives of all the events that happened over the past 12 months. These reports are great filler pieces for news organisations at a time of year that is usually slow anyway, so they are the perfect fit.

Personally, I usually find these things pretty lame, and certainly not something to look forward to. The one exception would be “Top 10” highlight reels on sports channels, or maybe some bloopers.

But just because this season isn’t great for TV, doesn’t mean it isn’t a great time for some personal retrospection. (Yes, that IS a word, I just checked).

When I was younger, the Christmas season didn’t really do much for me, and I even went through a kind of “grinch” phase, during which I didn’t buy gifts for anybody. But alas, parenthood changed that.

When my kids were younger and still in the Santa phase, Christmas was lots of fun, and I can still picture the huge mess in our living room after the gifts were opened, since the gifts came not just from Mr. Claus, but from grandparents, aunts, and uncles too.

With teenagers now, (OK, strictly speaking one is still a 12 and a half-year-old) things have shifted once again. Now I enjoy looking back over the year and noting the progress they have made in so many areas of their lives.

The old saying “they grow up so fast” is so true, it’s almost scary. One year is a long time to you when you are a kid, but when you are pushing 50, it goes by in a flash. I still have trouble figuring out how so much can happen AND time can go by so fast. If so much is happening, shouldn’t it be taking longer?

Alright, maybe I am getting too existential here, but ‘tis the season, isn’t it? We look back on the year that just was and marvel at how things have changed, and you almost have to shake your head when you try to look ahead a year and think of where you will be next Christmas.

But as scary as it might be, I believe that everyone really should do it, even if it you only do it once a year. If you wanna do something even more fun, project out 5 years and look at how old everyone in your family will be at the end of 2018. Yikes!

If you work in a family business, it is even more important to undertake this kind of exercise, because there are so many moving parts to begin with, that when you throw in the time element, things can really start to get interesting.

If you don’t have an operating business but are lucky enough to be in the HNW (high net worth) category, look ahead and think about how you want things to go in your future, and what your kids’ roles will be as they age, and as YOU age.

This is the time of year that we usually see family members, some of whom we may not see as often as we would like to. It is a great time to work on improving communication with everyone, and even to talk about the future together.

How many of you are up to it? Good luck to those who do, I believe that you will be glad you did.

Steve Legler “gets” business families.
 
He understands the issues that families face, as well as how each family member sees things from their own viewpoint.
 
He specializes in helping business families navigate the difficult areas where the family and the business overlap, by listening to each person’s concerns and ideas.  He then helps the family work together to bridge gaps by building common goals, based on their shared values and vision.
 
His background in family business, his experience running his own family office, along with his education and training in coaching, facilitation, and mediation, make him uniquely suited to the role of advising business families and families of wealth.
 
He is the author of Shift your Family Business (2014), he received his MBA from the Richard  Ivey School of Business (UWO, 1991), is a CFA Charterholder (CFA Institute, 2002), a Family Enterprise Advisor (IFEA 2014), and has received the ACFBA and CFWA accreditations (Family Firm Institute 2014-2015).
 
He prides himself on his ability to help families create the harmony they need to support the legacy they want. To learn how, start by signing up for his monthly newsletter and weekly blogs here.

Nous connaissons tous des gens qui ont commencé leurs projets un peu trop tard dans la vie. J’ose même suggérer que nous avons tous attendu un peu trop longtemps avant de démarrer quelques-uns de nos propres projets personnels.

Que ce soit épargner de l’argent pour sa retraite, arrêter de fumer, décider de se remettre en forme, ou de planifier la succession de son entreprise familiale, c’est presque jamais trop tard pour commencer.

De l’autre côté de la médaille, il y a la question opposée, est-ce qu’on peut commencer trop tôt? Ça, selon moi, c’est encore plus rare.

Prenons l’exemple des gens qui se pensent trop vieux pour apprendre à utiliser un ordinateur. Je connais personnellement deux octagénaires qui illustrent les deux extrêmes possibles. “Marc” est rendu un expert, qui fait des recherches sur sa région natale, communique avec sa parenté de l’autre côté de l’Atlantique, et il est devenu le lien entre sa famille canadienne et ceux qui demeurent encore en Europe. Il a 86 ans et il demeure dans le même bungalow depuis une cinquantaine d’années.

“Robert”, de son côté, a toujours crû qu’il était trop tard pour lui pour apprendre “à jouer avec ça”. Malgré le fait qu’il est plus jeune que Marc, et qu’il aurait eu plus de budget pour s’équiper et de se faire enseigner comment faire, il n’a jamais embarqué. Impossible pour ses enfants et ses petits-enfants de communiquer avec lui par courriel ou par Skype. Il ne sait pas ce qu’il manque, mais avec la technologie d’aujourd’hui, ça serait toujours une possibilité, s’il décidait qu’il voulait le faire.

Allons voir un exemple opposé, chez les jeunes. Sauvez son argent pour l’avenir, ou même pour la retraite, ça ne semble pas être fait par tout le monde. Certaines personnes embarquent parce qu’ils comprennent qu’en débutant tôt, c’est beaucoup plus facile d’avoir les résultats espérés à long terme. D’autres n’ont pas ce réflexe, et ils vont payer le prix plus tard, litérallement.

Le sujet qui me tient le plus à coeur se trouve entre les deux extêmes, dans les entreprises familiales. Le ou les membres de la première génération (G1) ont souvent de la difficulté à intégrer ceux de la génération qui suit (G2), que ce soit du point de vue de la gestion de la compagnie, ou encore plus, quand on parle de devenir actionnaires.

Ceux qui me connaissent vont déjà me voir venir, mais je vais tout de suite monter sur mon cheval de bataille préféré, la communication.

Si j’ai un secret à partager avec vous, c’est que ce n’est jamais trop tôt pour commencer à bien communiquer avec l’autre génération, et en même temps, ce n’est jamais trop tard non plus!

Je connais une famille où la communication n’a jamais été leur point fort. Le père est maintenant moins stable mentalement qu’il l’était, et les enfants agissent souvent comme si c’était trop tard pour communiquer sur les sujets importants. J’essaye de les convaincre qu’ils ont tort.

De mon côté, mes enfants sont des ados, et il n’y a presque pas de sujet interdit chez nous. Nous écoutons souvent des émissions de télé qui sont destinées aux adultes, mais nous le faisons ensemble, et leurs questions sont toujours les bienvenues. Et c’est souvent moi qui leur pose des questions pour être certain qu’ils ont bien compris. Et je parle évidemment pas seulement du fait d’avoir compris les jokes ou les histoires, mais aussi les questions de moralité (“Right” vs. “Wrong”).

Au bout de la ligne, si ça vaut la peine de le faire, ce n’est jamais trop tôt, ni trop tard.

Et je crois que la communication est parmie les sujets qui sont les plus importants, et donc ce n’est jamais trop tôt, ni trop tard, de commencer à bien communiquer.

Steve Legler “gets” business families.
 
He understands the issues that families face, as well as how each family member sees things from their own viewpoint.
 
He specializes in helping business families navigate the difficult areas where the family and the business overlap, by listening to each person’s concerns and ideas.  He then helps the family work together to bridge gaps by building common goals, based on their shared values and vision.
 
His background in family business, his experience running his own family office, along with his education and training in coaching, facilitation, and mediation, make him uniquely suited to the role of advising business families and families of wealth.
 
He is the author of Shift your Family Business (2014), he received his MBA from the Richard  Ivey School of Business (UWO, 1991), is a CFA Charterholder (CFA Institute, 2002), a Family Enterprise Advisor (IFEA 2014), and has received the ACFBA and CFWA accreditations (Family Firm Institute 2014-2015).
 
He prides himself on his ability to help families create the harmony they need to support the legacy they want. To learn how, start by signing up for his monthly newsletter and weekly blogs here.

They are all around us, almost everywhere we look. We see them at breakfast, lunch, supper, and in the evening. I am talking about snobs here, what kind(s) are you, or are you agnostic?

You know whom I am referring to, so let’s start at breakfast. “Oh, you have a Keurig? I have a Nespresso, it brews much better coffee”.

At lunch you offer someone a San Pellegrino with their lunch. “Oh, you don’t have Perrier?” At supper you offer someone some Tabasco with their meal. “Oh, do you have Sriracha?”

In the evening you offer them a beer. “Stella?” “Oh, I prefer Heineken”.

The coffee snob, the carbonated water snob, the hot sauce snob, the beer snob. Ughh. They drive me crazy. Does it really make a f#?&*%@+#ing difference? I could have also added the cola snob, the phone snob, the car snob, and of course everyone’s favourite, the wine snob.

I am usually pretty indifferent to most of these issues, so sometimes I wonder if I am the one missing something. Deep down, I often secretly wish I could conduct a blind taste test with some people, and I feel pretty sure that half the people could not even tell the difference if the labels were missing.

So why did I feel the need to share these thoughts? I find that you can tell a lot about someone by the way they behave. Duh! No kidding. But sometimes these snob issues just jump out at me.

I read the book “The Millionaiire Next Door” almost 20 years ago, but I still remember the story about the guy who only drank two kinds of beer: “Free, and Budweiser”.

What he meant was that if you offered to buy him a beer, he did not care what kind it was, he would drink anything. If, however, he were buying, then he would insist on buying his favourite kind, a Bud.

I thought that was so cool, I must have repeated this story dozens of times over the years. And it remains my best “anti-snob” story.

Thanksgiving is now behind us in both Canada and the US, and the holidays are around the corner. Do we practice too much gratitude or not enough? For most people, it is the latter.

I volunteer at a food bank, and most of the people we serve are gratefully for most of the food we provide them with. But even there, exceptions exist. Some people are always thankful and smiling, others are bitter and complain every time. Guess which ones sometimes get a little extra?

As hard as some snobs are for me to listen too, the worst are the ones who try to convince you that they are right, and that whatever they eat/drink/drive/use is the best, and if you do not agree with them, there MUST be something wrong with you.

I inherited many traits from my father, and I am happy to say that this was one that missed me.

He would cook up some kinds of foods that he grew up with, involving part of animals that North Americans would not dream of eating, and then he would offer to share.

He was a hard person to say “no” to, but my sisters and I usually resisted. But he wouldn’t just be satisfied with “Oh, you don’t know what you are missing”, or “OK, then there will be more for me”.

He always tried to make us feel wrong, and I remember it like it was yesterday.

Oh well, more chicken feet for him!

Steve Legler “gets” business families.
 
He understands the issues that families face, as well as how each family member sees things from their own viewpoint.
 
He specializes in helping business families navigate the difficult areas where the family and the business overlap, by listening to each person’s concerns and ideas.  He then helps the family work together to bridge gaps by building common goals, based on their shared values and vision.
 
His background in family business, his experience running his own family office, along with his education and training in coaching, facilitation, and mediation, make him uniquely suited to the role of advising business families and families of wealth.
 
He is the author of Shift your Family Business (2014), he received his MBA from the Richard  Ivey School of Business (UWO, 1991), is a CFA Charterholder (CFA Institute, 2002), a Family Enterprise Advisor (IFEA 2014), and has received the ACFBA and CFWA accreditations (Family Firm Institute 2014-2015).
 
He prides himself on his ability to help families create the harmony they need to support the legacy they want. To learn how, start by signing up for his monthly newsletter and weekly blogs here.

Most people spend so much time looking at the short term, they end up ignoring the long term. I usually have the opposite problem.

That is often a good thing, though, if only because focussing on the future usually helps guide your shorter term decisions. Let’s look at some examples of this issue.

I am relatively new to the field of family business consulting, and anxious to learn as much as I can from those who have been at it for years. I recently came across the Purposeful Planning Institute, which is a group of like-minded people who help others with their planning (in a purposeful way!).

For the past couple of months I have been listening in on their weekly calls and I have realized that the majority of the speakers seem to be far ahead of where I am, which is not that surprising. But not only that, they also seem to be looking so much further into the future on behalf of their clients.

Maybe I notice this because my typical preferred client is just starting to look more at their family, rather than simply their business. I identify most easily with my own family and that of my in-laws, both of which were lead by founders who focussed a great deal on their businesses, possibly at the expense of their families, despite the best of intentions.

Looking at the long term has many advantages, but can you look too far ahead? Maybe yes, but I find that it is better to look ahead too often, and too far, than the reverse. So many people are so busy putting out day-to-day fires in their business, making the long-term view suffer.

A great example of the long versus short question came from an unexpected source recently. I was considering having laser eye surgery to correct a problem with my vision. I wear glasses for driving and going to sports events, as they help me see clearly at longer distances. I don’t need glasses for reading, although my arms seem to be getting a bit too short when dealing with very fine print.

The woman who tested my eyes suggested I delay any surgery for a few years. I was not too surprised, because my eyesight is generally better than most people’s my age, and I have been told in the past that I was not an ideal candidate for laser surgery.

But then she really explained it to me in a way that I could understand, which I really appreciated, because I pride myself in being able to clarify confusing things for others.

She told me that everyone has a certain range of vision over which they have the ability to focus clearly without glasses or contacts. For some it is on the far end, for others, it is up close. Here is where it got really interesting. If you have surgery to alter the range, in my case to improve my distance viewing, then you will also affect the other end, adversely.

The surgery just moves the range in one direction or the other, it doesn’t make the range any longer. You cannot extend the range, you can just move it closer or farther.

Getting back to my family business analogy, let me attempt to put it in the proverbial nutshell.

If you want to start looking at the long term, you actually MUST stop spending time on the short term. You CANNOT do it all.

You have to make a conscious shift in you thinking. And that is the long and the short of it.

 

Steve Legler “gets” business families.
 
He understands the issues that families face, as well as how each family member sees things from their own viewpoint.
 
He specializes in helping business families navigate the difficult areas where the family and the business overlap, by listening to each person’s concerns and ideas.  He then helps the family work together to bridge gaps by building common goals, based on their shared values and vision.
 
His background in family business, his experience running his own family office, along with his education and training in coaching, facilitation, and mediation, make him uniquely suited to the role of advising business families and families of wealth.
 
He is the author of Shift your Family Business (2014), he received his MBA from the Richard  Ivey School of Business (UWO, 1991), is a CFA Charterholder (CFA Institute, 2002), a Family Enterprise Advisor (IFEA 2014), and has received the ACFBA and CFWA accreditations (Family Firm Institute 2014-2015).
 
He prides himself on his ability to help families create the harmony they need to support the legacy they want. To learn how, start by signing up for his monthly newsletter and weekly blogs here.