18: Helping Families Thrive When Business is Personal

Introduction Welcome to Let's Talk Family Enterprise, a podcast that explores the ideas, concepts and models that best serve Family Enterprise Advisors (FEAs) in supporting their clients.   All views, information and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Exchange or its employees.   Description Ruth Steverlynck sits down with author and advisor to business families, Melissa Mitchell-Blitch, to discuss her recently released book, In the Company of Family: How To Thrive When Business is Personal.   Guest bio Melissa is a former CPA and financial advisor who left the field of finance in 2003 to focus on the psychology of business and wealth. She has a Master's in Accounting and a Master's in Psychology. Melissa is a Certified Professional Coach, a GiANT Master Coach and a Myers-Briggs Type Indicator (MBTI) Certified Practitioner.   You can find out more about Melissa Mitchell-Blitch here.   Key Takeaways [0:27] Ruth welcomes Melissa to the podcast and asks her to talk a little bit about what led her to pivot from finance to psychology.   [4:34] Melissa touches on some tools of psychology that quantitative advisors can add to their skillset to better serve their clients — helping clients check the limits of their own responsibility and ability.   [8:46] Melissa talks about the misconceptions surrounding the balance between good family relationships and successful business and wealth.   [11:30] Melissa touches on ways that advisors can help find the balance between good family relationships and success.   [14:06] Ruth offers a short synopsis of the discussion so far and opens up the discussion on how to use "the three R's" to navigate family and business relationships.   [17:05] Melissa then introduces and talks about seeking a balance between "the three F's." Ruth and Melissa segue into how help is helpful until it's not. Melissa offers an example.   [21:09] Melissa explains the difference between hurt and harm, and how advisors can help families avoid long-term damage with well-positioned questions.   [26:03] What if hurt or harm has already been caused? Melissa talks about the transformative power of an "apology session" and shares a powerful example.   [31:35] Melissa offers her advice to other advisors as well as a reading recommendation.   [34:20] Ruth thanks Melissa for coming onto the podcast to share so much of her experience and invites listeners to subscribe to the podcast.   Share your thoughts with us at [email protected]   Mentioned in this episode Let's Talk Family Enterprise podcast is brought to you by Family Enterprise Xchange.   Book: In the Company of Family: How to Thrive When Business Is Personal, by Melissa Mitchell-Blitch   Boundaries: When to Say Yes, How to Say No to Take Control of Your Life, by Henry Cloud and John Townsend   More about Family Enterprise Xchange Family Enterprise Xchange FEX on Facebook FEX on Twitter FEX on LinkedIn