ILMA Compoundings September 2016 - 31

FAMILY BUSINESS taking care of the family and meeting the needs of the family. Successful families will build on their ability to know when they need to lean toward the family and when they need to lean toward taking care of the family. So, how can we as advisors help our clients deal with this growing complexity? How can we help them keep up with the pace of change? How do we help them leverage the competitive advantages of a family firm - the patient capital; the long-term thinking; the quick decision-making and lack of bureaucracy? The answer is that business success and succession planning are not enough. To achieve the goal of continuity for a family business across generations, and to manage the tremendous complexity they face, we need to shift from succession planning to having a family strategy for unity and cohesion. It is the unity and cohesion of the family that will sustain the business across the generations, not the success of the business. The business success is necessary, but not sufficient. So, what do I mean by family strategy? A family strategy is an articulation of the vision of what a family wants to accomplish together across time, and concrete goals, strategies and objectives that will lead to the fulfillment of that vision. Up until now, our field has centered this conversation around the business, but our vision of success as a family should be much broader than that. Our vision of success as a family should recognize that we as a family are deploying more than just financial capital in the world; we are also deploying our human capital, our social capital, our spiritual capital. The focus of our field on the business(es) does not give us the context to allow us to engage in the conversation of what is it that will keep us unified as a family across time, beyond the money, beyond the specific business that we are in today. that will allow us to build a cohesive group of family committed to achieving our vision. I look forward to the day in our field when we have embraced the realities of the complexity of the family business system and realized that if a family can define a vision of success as family that keeps them unified across time, then we can build the family strategy to achieve that vision. Keyt is executive director at the Loyola University Chicago Family Business Center. He is also president and founder of Keyt Consulting, a private firm that assists family enterprises with succession and strategic planning, dealing with family conflict and communication, working with adult sibling/cousin teams and executing emergency management transitions. He will be the featured Family Business Session speaker at the ILMA 2016 Annual Meeting. He may be reached at info@keytconsulting.com. Plastic Grease Cartridges Shifting our focus to building a family strategy allows us to enter into this conversation. Our family strategy will allow us to share a common vision for the future of not just the business, but a common vision for how we will nurture the unity and connection within the family across generations. The outgrowth of this conversation is our family strategy. A successful family strategy should make it clear for family members "Why do we want to stay connected?" It should articulate a common sense of purpose and values. It should articulate goals and strategies for communication, governance and decision-making, wealth management and business planning Compoundings September 2016 * 31 * Vol. 66 No. 9 for durability Less damage + Less leakage + Less scrap = Superior quality and cost savings #1 Manufacturer in North America for over 20 years! http://www.biederman.ca

Table of Contents for the Digital Edition of ILMA Compoundings September 2016

FROM THE CEO
BOARD BRIEF
NOTES FROM MSCI
THE HEART OF ILMA
THE ARGUS ANALYSIS
VOICES & VIEWS
INTERNATIONAL INSIGHT
SPEAKER SPOTLIGHT
FAMILY BUSINESS
FINANCIAL FREEDOM
RULES & REGS
POWER PLAY
LEGAL EASE
THE WHITE PAPER
ADVERTISERS INDEX
ILMA Compoundings September 2016 - 1
ILMA Compoundings September 2016 - 2
ILMA Compoundings September 2016 - 3
ILMA Compoundings September 2016 - 4
ILMA Compoundings September 2016 - FROM THE CEO
ILMA Compoundings September 2016 - 6
ILMA Compoundings September 2016 - 7
ILMA Compoundings September 2016 - 8
ILMA Compoundings September 2016 - BOARD BRIEF
ILMA Compoundings September 2016 - 10
ILMA Compoundings September 2016 - 11
ILMA Compoundings September 2016 - 12
ILMA Compoundings September 2016 - NOTES FROM MSCI
ILMA Compoundings September 2016 - 14
ILMA Compoundings September 2016 - THE HEART OF ILMA
ILMA Compoundings September 2016 - 16
ILMA Compoundings September 2016 - 17
ILMA Compoundings September 2016 - 18
ILMA Compoundings September 2016 - 19
ILMA Compoundings September 2016 - 20
ILMA Compoundings September 2016 - THE ARGUS ANALYSIS
ILMA Compoundings September 2016 - 22
ILMA Compoundings September 2016 - 23
ILMA Compoundings September 2016 - VOICES & VIEWS
ILMA Compoundings September 2016 - 25
ILMA Compoundings September 2016 - INTERNATIONAL INSIGHT
ILMA Compoundings September 2016 - 27
ILMA Compoundings September 2016 - SPEAKER SPOTLIGHT
ILMA Compoundings September 2016 - 29
ILMA Compoundings September 2016 - FAMILY BUSINESS
ILMA Compoundings September 2016 - 31
ILMA Compoundings September 2016 - FINANCIAL FREEDOM
ILMA Compoundings September 2016 - 33
ILMA Compoundings September 2016 - RULES & REGS
ILMA Compoundings September 2016 - 35
ILMA Compoundings September 2016 - POWER PLAY
ILMA Compoundings September 2016 - 37
ILMA Compoundings September 2016 - LEGAL EASE
ILMA Compoundings September 2016 - 39
ILMA Compoundings September 2016 - THE WHITE PAPER
ILMA Compoundings September 2016 - 41
ILMA Compoundings September 2016 - ADVERTISERS INDEX
ILMA Compoundings September 2016 - 43
ILMA Compoundings September 2016 - 44
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