What’s Next?

In this episode of What's Next? from Parcion Private Wealth, host Terry Cook and guest Mike McGrann, from the Fidelity Center for Family Engagement, discuss legacy preservation and wealth communication. They tackle fears surrounding wealth's impact on future generations and strategies for constructive family dialogue. As a subject matter expert on families of wealth and family-owned firms, Mike shares insights on maintaining healthy relationships around wealth, emphasizing the importance of open communication to prevent misunderstandings and conflicts. If you are interested in learning more about how Parcion can support your generational conversations, please contact us at info@parcionpw.com or visit www.parcionpw.com.1:00 – Episode introduction 2:52 – Addressing the fear of money ruining kids by utilizing better conversational tools4:45 – Creating distance with hierarchical behavior 8:20 – Statistics around wealth transfer10:00 – Defining what "Legacy" means to you 13:20 – Using intentional reflection to define your legacy and relationship to wealth14:00 – Intended and unintended outcomes and consequences15:40 – Voice versus vote16:00 – Peership and commitment to mutuality 18:40 – Real life example of a conversation about wealth with a 14 year old around shoes21:40 – Real life example of a conversation about wealth with estate planning and family dynamics25:03 – Fair versus equal29:20 – Wish versus fear 32:00 – Developing a healthy respect for wealth in your children36:22 – Takeaways and strategies for constructive family dialogue44:25 – Fidelity Center for Family Engagement's mission and passion to support family businesses

In this episode of What’s Next?, host Terry Cook is joined by Ted Lape of Lazear Capital Partners to discuss ESOPs, a tool commonly used to facilitate succession planning, allowing a company owner to sell their shares to support their goals and transition flexibly out of the business. Ted has an impressive 30-year history in the banking industry and has helped many clients with setting up an ESOP at their company. More information about ESOPs can be found in our whitepaper “How to Successfully Exit Your Business with an Employee Stock Ownership Plan (ESOP)” available on our website www.parcionpw.com or at www.lazearcapital.com/.1:35 – Ted’s introduction to ESOPs2:44 – What is an ESOP?3:30 – How are ESOPs different from ESPPs (Employee Stock Purchase Plan) or other employee stockownership plans?5:30 – Mechanics, steps, and benefits of ESOPs, timeframe7:55 – How is an ESOP different from a direct sale?13:20 – Advantages14:20 – Disadvantages14:58 – Example when ESOP is the right solution18:40 – Financing options and involvement24:40 – Why don’t more business owners choose to exit with an ESOP?26:20 – Cost and professionals involved30:50 – How an ESOP can help ensure a legacy for a business owner

In this episode of What’s Next?, JoAnna Halk, an associate director for the Stanford SEED Program, and Mark Phelps, a retired serial entrepreneur and Stanford SEED coach, join host Terry Cook to discuss the benefits of the SEED program, the unique opportunities it presents to business owners, and effect that it’s had on participating companies across Africa and Southeast Asia. More resources at www.parcionpw.com and https://www.gsb.stanford.edu/seed.

For this episode, Terry Cook is joined by Bruce Feiler. Bruce is the author of seven New York Times bestsellers, including Life Is in the Transitions and Secrets of Happy Families. His three TED Talks have been viewed more than 4 million times. In their conversation, Bruce and Terry dive into navigating challenging life and family moments and discuss Bruce's new book, The Search, about finding meaningful work. More resources at www.parcionpw.com and www.brucefeiler.com.

Join Terry Cook and Brendan Wales, general partner of Fuse, an early-stage venture capital firm, as they discuss all things venture capital, including how firms like Fuse operate and the opportunities available to interested investors. More resources at www.parcionpw.com and www.fuse.vc.

Join Terry Cook and Colby Bircher, vice president of charitable planning at Fidelity Charitable, as they discuss how donor-advised funds can be used as a tool for impactful philanthropic planning and the advantages of this form of charitable investing. More resources at www.parcionpw.com and www.fidelitycharitable.org.

Join Terry Cook and Craig Ross, CEO and Founder of Aviation Portfolio LLC as they discuss all things private aviation – from the various models currently in vogue to trends in private jet travel. More resources at www.parcionpw.com and www.aviationportfolio.com.

Join Terry Cook and Assured Partners Agency COO Lorrie Baldevia as they discuss what business owners should consider – both from a business and a personal perspective – when navigating insurance planning and potential consulting services for a successful business transaction. More resources at www.parcionpw.com and www.assuredpartners.com.