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Effective Family Decision-Making with Paul Edelman on "Beyond the Balance Sheet" Podcast

Paul talks with Diana Clark, CFO of O'Connor Professional Group, on "Beyond the Balance Sheet"


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Show Notes:

Dr. Paul Edelman is a coach and facilitator who assists ultra-high-net-worth families with collaborative decision-making and navigating key business, wealth, and life transitions. Today, he describes how models can help organize information and guide these processes. Paul is also a member of the Leaders Council of the Ultra High Net Worth Institute. He shares some insight from a recent Institute paper on the value of supporting the older generation as they transition their leadership responsibilities in the family business to the next generation. Tune in today for tips on improving collaboration and making smoother transitions.

IN THIS EPISODE:

  • [01:19] Paul discusses decision-making models and how we use them. He gives an example illustrating how choosing a collaborative model over a zero-sum game model can improve the outcome of a negotiation.

  • [10:55] Paul describes how he created and uses his Context, Outcomes, Implication, Action (COImpAct) model for conflict resolution and problem-solving.

  • [13:09] Paul mentions the Ultra High Net Worth Institute which serves as a think tank to elevate the standard of practice in the wealth management industry.

  • [17:55] Paul says that telling others what to do can produce a “transient sense of euphoria” and that advisors who control the impulse to be directive are better able to help clients develop confidence in their own decision-making ability.

  • [23:14] Paul shares his approach to training coaches and explains how coaches can help clients think more clearly by using different types of questions.

  • [27:23] How designating a family member as the “bad guy” is not conducive to fostering collaborative decision making.

KEY TAKEAWAYS:

  • Before choosing a model to use, it is important to understand the context in which you will use it and what you are trying to accomplish.

  • In decision-making, it is helpful to consider all perspectives, including possible pitfalls or risks. In some groups, the person who spots the risks may be seen as “negative.” It is important for groups to realize this person may be raising legitimate concerns which all members share.

  • It is helpful to recognize the mixed feelings senior-generation leaders have and provide them with appropriate support when they sell a business or transition their responsibilities to the rising generation.

RESOURCES:

BIOGRAPHY:

Paul is a coach and facilitator who helps individuals and families be more effective in achieving their goals. Clients use Paul’s expertise to:

• Navigate generational transitions in leadership, ownership, and wealth

• Facilitate planning, problem-solving, decision-making, and conflict resolution

• Create structures and processes to guide individual, business, family growth, and philanthropy

Paul earned a Ph.D. in Psychology at Harvard University, where his research and teaching focused on group dynamics.


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