The Family Meeting - how to make difficult conversations fun!

04/14/22 • 46 min

We are on the verge of a huge transition of wealth in Canada - transition due to death, and also transition due to retirement, or third party sale. We often see business owners having meetings on an annual or quarterly basis to review the "numbers" - things like profits, expenses, projections... but have you ever considered having a meeting to discuss non-financial issues?

My special guest, Laily Pirbhai, provides some guidance today on how to create a "family blueprint" - a way to communicate with family and key stakeholders about values, dreams and goals for the future. We start by describing the "family meeting" - who participates, and reasons to call a meeting (11:10). We then move into a discussion of "core values" - how this impacts discussions of philanthropy and governance (27:06). Laily finishes off by giving her top five tips for a successful family meeting (36:48)!

Who should listen to this episode? Well, I think it is applicable to anyone - in particular, if you are the primary trusted advisor for a family, a business founder, or hold a key position within a family business! Although the focus of the episode is to encourage business owners to have these conversations, a family meeting is a great idea for any family (regardless of whether they own a business!) It is a great opportunity to discuss goals for the future, address concerns, and communicate wishes!

ADDITIONAL RESOURCES

Family Enterprise Foundation 2021 report: “Ready, Willing and Interested - or not? Canadian Family Business Transition Intentions”. https://bit.ly/3qrJNa6
Family Enterprise Foundation 2021 report: “Who Are The Guardians of Family Legacy?” https://bit.ly/37WX97T
Conference Board of Canada 2019 report – “The Economic Impact of Family-Owned Enterprises in Canada”. https://bit.ly/3wya0r9
Canadian Financial Executives Research Foundation 2013 research paper, “Private Company Succession Planning – Where Do You Stand?” http://bit.ly/3aWhtCq
FamilyBusiness.org 2015 article “The Family Way: How Entrepreneurial Values Help Businesses Thrive Over Generations.” https://bit.ly/3uh2IFG
Book “Complete Family Wealth” by James Hughes, Susan Massenzio, and Keith Whitaker. ISBN 9781119453215.
Book “Family Meetings: Creating fun, meaningful conversations . . . beyond the money by Vic Preisser.” ISBN 9780692020241.
Video “The Ultimate Legacy”, based on book by Jim Stovall. https://www.imdb.com/title/tt4738238/
“Every Family’s Business: 12 Common Sense Questions to Protect Your Wealth by Thomas W. Deans”
ISBN 9780980891010.

Previous Episode

Three common tax audit flags... and how you can be prepared! (with special guest, Dean Blachford)

One of the pieces of my tax practice that I do not often highlight on this platform is my work in "tax controversy" or "tax litigation". A huge part of my practice is helping taxpayers navigate through audits, and appeals to the Tax Court of Canada. Sometimes, the world of audits and appeals can seem a bit "mysterious". There is also a huge fear associated with receiving communication from Canada Revenue Agency. The best way to combat fear is with knowledge. So in today's episode, I am chatting with my guest about three key areas that typically attract a lot of audit activity - and what you can do to prevent an audit in these areas (or at least prepare yourself should one arise). First, we tackle "shareholder loan accounts" (8:04), then we move on to the dreaded "net worth audit" (17:38), finishing off with a lively discussion on "input tax credits" and what you need to know about your GST filings (27:17).

RESOURCES DISCUSSED IN THIS EPISODE

Stories Podcast: https://podcasts.apple.com/us/podcast/stories-podcast-a-bedtime-show-for-kids-of-all-ages/id948976028
GST/HST Registry Search: https://www.businessregistration-inscriptionentreprise.gc.ca/ebci/brom/registry/pub/reg_01_Ld.action

Next Episode

Three gifts that only bookkeeping can give you! (with Jami Monte)

Quickbooks. Credits and Debits. Profit and Loss statements. Receipts. Cash Flow.

Did any of those words make the hair on the back of your neck stand up? In today's episode of the podcast, we are going to tackle these words head on - take back the power!

Bookkeeping and document organization come up so often with my clients. It seems like this is the universal stressor for most business owners. So, it felt appropriate to have another episode on the topic! Don't fear - this is not a technical episode. Instead, I am chatting with my fabulous guest about all of other things that you can use your bookkeeping for... it is not just to be prepared for the dreaded audit! My guest, Jami Monte, describes herself as "not your parent's accountant"... she is fun, she is high energy and she believes that everyone can learn about their numbers!

We are tackling the following topics: (1) the "big eyeball moment" when someone truly sees their numbers for the first time (9:20); (2) how bookkeeping is the foundation for being ready for an audit (19:29); and (3) the client experience - how keeping your bookkeeping in order can actually improve the experience for the end user (29:51).... and we finish off with some fun "hot topics" where we chat about automation and the pros and cons of outsourcing your books versus doing it yourself (35:22).

P.S. My very first podcast episode EVER was with Tasha Baier - my bookkeeper! I have often spoken about how I find numbers and spreadsheets stressful. However, after meeting Tasha, I no longer want to bury my head in the sand when I have to put my documents together. Tasha and I had a great chat about what it means to be a "bookkeeper" and the different ways you can utilize a bookkeeper in your business.

RESOURCES DISCUSSED ON THE EPISODE: