2024 August Update

In your discussions with Julia, she may have provided stories and examples that included her own family. Often those stories include her entrepreneurial family members. Some of Julia’s family are involved in enterprises that have been around for generations. Some of them purchased existing businesses. Some of them have built their own, including Julia, and her son. (Shameless plug: If you’re on BC’s Sunshine Coast, you can support his business right here).

Of course, not everyone in the family goes into business. There are a fair number who participate in academics, education, and the arts. We know that each family develops its own culture and the one Julia comes from tends to use theatre pretty extensively – and it’s a theatre based concept we wanted to share with you today.

No, we’re not going to recommend that you dress up in costume or start performing a dance. If you like that kind of thing, though, you should definitely do exactly that.

What we want to recommend is that you consider a fairly basic technique when it comes to thinking and talking about your finances, and your future. You might have seen it on Whose Line is it Anyway? It’s called:

Yes, and…

In improvisational theatre, the yes, and… approach means that whenever someone brings an idea into the scene, you just go with it. It allows for creativity and, of course, hilarity, as your improv partner might set you up with a concept that you just have to run with.

When it comes to making big, scary decisions, whether in our personal finances, in our businesses, or with our families, we often take a very serious approach. This makes sense because these decisions have serious outcomes. That seriousness means we often will take a critical and negative approach. We look for gaps and loopholes. We look for errors. We find problems.

The critical perspective is important. We must find and eliminate as many potential downsides as possible. The problem is not with the perspective itself. The problem is with the timing. Criticism is something we must engage in once we have an idea that is at least partially formed.

If we start with criticism when the idea hasn’t even taken shape, we can really destroy creativity. On top of that, if we’re working with other human beings in creating those ideas, we can limit their willingness to participate.

The yes, and… approach helps us stay curious, creative, and accepting… and takes us to incredible places we may not have otherwise visited.

What is Yes, And…

The “yes, and…” is a way of moving a conversation and idea forward. The technique looks like this:

• Person A: makes a suggestion or statement
• Person B: Yes, and… builds on the suggestion or statement.
• Forbidden: “Yes, but…”, “right, but,” or “NO”.

Since Person B must build on what Person A said, they have to listen to the statement even more thoroughly than might be normal. This really helps with Person B feeling truly heard, which of course makes things easier for everyone.

When You Might Want to Use a “Yes, And…”:

• By Yourself… when you’re trying to create your own vision and struggling with the Negative Nellie part of your brain.
• With Your Romantic Partner… when you’re talking about the life you’re building together, and when you’re solving problems that seem to have endless possible answers.
• With Your Business Associates… when you’re brainstorming ideas, problem-solving, and strategic planning
• With Your Family… when you’re creating a family vision (that’s a thing!), figuring out where to go on holiday, planning lifetime gifts, family enterprise policies, creating estate plans… and so much more.

We are using the yes, and… approach in family meetings and finding it really fruitful.

How You Might Use a Yes, And…

• Yes, and… we could execute this way…
• Yes, and… if we brought in a technological solution…
• Yes, and… we could incorporate Person C’s idea…
• Yes, and… that reminds me of an article I read/podcast I heard….
• Yes, and… if there was a swimming pool, the kids might be entertained…
• Yes, and… if there was a way to even things out between Child A and Child B, I’d feel so much better about equality
• Yes and… could we make things more efficient… cost effective… loving… kind… by doing…

The yes, and… approach can not only be an active technique, but also a mindset. When you are in yes, and… you’re staying in curiosity. The fun thing about curiosity is that, when you’re curious, it’s really hard to be judgemental. When we remove judgment, it’s easier to be creative, to connect with the people we care about, the organizations we work within, and ourselves. It’s how we build great ideas. Let’s build those first, and then test them for faults, so that we’re clear on what we want, and have the room to make decisions based on realities afterward.

In life, and humor, timing is everything. Start with yes, and…. Tackle the roadblocks and potholes… near the end.

Your Spring Planning Team

Practice Notes:

Spring offices will be closed on Monday, September 2, for Labour Day. Julia will be away from September 14 through September 23, 2024, for a USA conference and a sidequest to a music festival. Monday September 30 is a recognized statutory holiday in BC, National Day for Truth & Reconciliation. Spring Planning has personal and professional ties to indigenous nations in Canada, and will be participating in honouring this day as best we can figure out how.

Spring in the News:

Please check out our media page here for videos, podcasts, interviews and more.

Planning News Digest:

• New rules for reporting bare trusts will spare a lot of families: The CRA has proposed several changes to the bare-trust reporting rules introduced earlier this year. This should significantly reduce the number of individuals who were affected by these proposed reporting rules. Find out more in the full article here.
• Selecting Board Members with Discipline and Rigour: Family Enterprise Canada’s Board Chair, Naim Ali, discusses how his family business began, where it is today, and the value of board members who bring ‘discipline and rigour’ to family enterprises. Read the full article here.
• Crafting Structurally & Culturally Balanced Estate Plans in family business: Estate plans are generally designed according to the grantor’s wishes, aiming to optimize tax savings and safeguard family assets. However, it is not uncommon for these plans to later prove ineffective for the beneficiaries. Check out the full article here.
• Managing Emotional Minefields in Family Business: In a family business, it’s essential for family members to manage their emotions effectively in the workplace. Failing to do so can severely impact the family’s “socioemotional wealth,” the non-financial benefits and emotional connection that come from having a strong bond with the business. Read the complete article here.

Never miss an update from Spring by signing up for our monthly newsletter here.