Voted #6 on Top 100 Family Business Influencers, most influential expert on Wealth, Legacy, Finance and Investments: Jacoline Loewen LinkedIn Profile
Showing posts with label business. Show all posts
Showing posts with label business. Show all posts

January 7, 2018

Top 10 Questions for Families with Wealth

Family is important.
We can agree with that sentence as family relationships nudge, bump. poke at our course in life. You have heard the quality of your life is determined by the quality of your relationships. I would add, "family relationships." Many factors shape family relationships and money is one of them. Both when it is abundant and when it is scarce, money is key in shaping family relationships.
Money and its impact causes problems in family relationships. Who gets the money? Who receives the information about the family's wealth? Who actually has the control over that wealth - is it really family wealth or one person's wealth?
Tough questions that many choose to skip with resulting drama that fills movie scripts but also real lives.
Money also brings the opportunity to discover what money means to a family. It can be an open discussion to discover how a family can work together and clarify their thinking about the purpose of the money.
Family
What is money's purpose? What does money mean to the family?
Rather than divide the family, money can have a beneficial affect on bringing together a family and have a surprisingly beneficial effect on family dynamics. Relationships can be cemented.
In fact, the hardest issues facing families are usually not the money but the family relationship based and family based. You can begin to set a positive family dynamic by asking yourself questions and your family members these probing questions about finances and philanthropy.
In my experience, there are questions to get the process started. You can pose these top ten questions to each of your family members. What is most important is to listen and observe how family members respond is more important than the answers.

  1. What challenges do we face in regards to our family and to our money?
  2. What is our vision for our family's future?
  3. What is our family's definition of success?
  4. What principles will guide our decisions about asset allocation?
  5. What has been our experience of the family working together?
  6. How do we prepare our children to steward a financial inheritance?
  7. Should we bring our son or daughter in law into the conversation on finances and philanthropy?
  8. What are our core philanthropy interests and how did these become so important to us?
  9. How may we enable the next generation to create a shared dream with a family foundation while also fulfilling the founder's vision?
  10. How do we promote a togetherness while also promoting the individualism of each family member?


What do you think of these questions? Are there any more that you would add?

October 21, 2013

Build a more diverse client list, add value to your company's sale price

A business owner’s greatest worry when trying to sell the company is the prospect of receiving an inadequate price by the acquirer or being undervalued.
One of the drags on the value of a business is customer concentration. For owners planning to sell in the next five to 10 years, exporting is one way to diversify a customer base. “It’s too risky to export,” entrepreneurs often say when they’re asked about taking their brands beyond the Canadian market. “It would be a financial drain and a time suck.”
By building a more diverse client list you can eliminate the drag that is customer concentration
Follow @jacolineloewen
Follow the globe and Mail at @GlobeSmallBiz and on Pinterest
Join Globe's Small Business LinkedIn group
Add Globe toyour circles
Sign up for Globe's weekly newsletter

September 28, 2011

Gloria Steinem is too political in Toronto

Vanessa Grant, McCarthy Tetrault, kindly invited me to hear Gloria Steinem speak in Toronto. Gloria is an admirable person who has made a huge change in attitudes in society and I was excited to hear her speak and wondered what her message would be.
It was disappointing to hear her start with the right wing's attitude to women's reproduction. According to Gloria, the right wing only want hearth and home and sex is for the reproduction of the species, nothing more. This Footloose style attitude has certainly not stuck around in Canada and as I sat with a table of dynamic female lawyers, all partners at McCarthy, I wondered if Gloria's activist message no longer had the same urgency for North American women.
I also wondered if the American right wing did believe that sex was all around procreation. Quite the image painted by Gloria.