End of Year Musings
It’s been a while since I’ve posted, and for that I apologize. But it’s the end of the year, and I thought I’d share my top 10 thoughts from 2018.
I’ve had a lot of people tell me that I don’t need to lead with my personal life, and should instead lead with what I’ve done professionally. And that may work for a lot of people. But I’m fortunate that my personal life has given me unique thoughts on my line of work. So my first thought of BMC 2018 is: How do you use your life experience to guide you?
Every time I work with a family, I start with the “why.” Why are we even talking about this? What’s the long term objective? Second thought of BMC 2018: Do you know your why?
When families ask me how to prevent their children from being entitled, I always wonder what types of behaviors they are projecting that would make them worried. My third thought of BMC 2018 is: Are you living the values you want those around you to follow?
I think many families are so focused on the business aspects of being an enterprising family, they forget how to be a family. My fourth thought is: What are you doing to maintain the family part of family enterprise?
This year has brought a lot of thoughtfulness around what matters most to me. Triggered some by politics, but also by natural disasters, shootings, and other challenges the world is facing. The fifth thought of BMC 2018 is: How do you want to make an impact on the world?
Businesses have ebbs and flows. And apparently, Millennials are “killing” a lot of major industries. But entrepreneurs are thriving in a digital world. My sixth thought is: How are you promoting new ideas in your family enterprise?
Families are often worried about the future, and plan in advance using trust and estate plans to keep the difficulty of death at bay. But what about non-family members who are important to the family enterprise? My seventh thought is: What are you doing to plan for unexpected non-family member exists?
I attend a few conferences every year. When I first started, I was in my early 20’s, and I was the only young person there. Now there are more, which is great, but the next gen attendance is still lacking. My eighth thought of 2018 is: Why aren’t you sending your next gens to learn from one another?
I have a rule when it comes to family meetings. 70% fun, 30% business. Why? You retain more knowledge when you’re having fun while learning! Thought number nine: Have more fun!
It’s no surprise that I believe financial education is a cornerstone to preparing your next generation to be successful. After all, it’s what I do best! So my final thought for 2018 is this: WHY HAVEN’T YOU STARTED YET? You know how to find me when you’re ready.
I truly hope you have a wonderful close out to your 2018, and a fantastic start to 2019. Happy Holidays.
~ Bryn Mars Monahan