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jerryking : stewardship   12

Why wealthy families lose their fortunes in three generations - The Globe and Mail
AUGUSTA DWYER
Special to The Globe and Mail
Published Thursday, Jan. 26, 2017

Among the causes of the phenomenon are taxes, inflation, bad investment decisions and the natural dilution of assets as they are shared among generations of heirs.

Yet among the most compelling causes are younger family members who are ill-prepared or unwilling to shoulder the responsibility of wealth stewardship. They have grown up with plenty of money and are a step or two removed from the work ethic and drive of the people who made it for them.

“There is a risk of entitlement that comes to the fore, and that is where things tend to go off the rails,” says Thane Stenner, director of wealth management at Vancouver-based StennerZohny Investment Partners, part of Richardson GMP.

The key to overcoming that, he adds, is communication, which means “family discussions, family meetings, and trying to be very proactively engaging with the next generation, rather than reactive.

“Successful families are basically talking a lot to them about what the previous generation has done and engaging them by asking about their own dreams and aspirations. And really helping to enlighten them, or get them excited about their own future and how the family can help fund that future, but in a very responsible, business-like way.”

According to Mr. McCullough, almost as much time and effort should be spent in preparing the heirs to receive the wealth as actually investing and managing it.

“That involves understanding what your family’s set of values is,” he says.
attrition_rates  wealth_management  family  values  stewardship  generational_wealth  Tom_McCullough  Northwood  family-owned_businesses  family_business  Communicating_&_Connecting  mission_statements  entitlements  mindsets  family_office  work_ethic 
january 2017 by jerryking
The absolute need to raise all standards - Stabroek News
By IAN MCDONALD November 27, 2016

the determination to give a proper account of your stewardship, the satisfaction obtained in doing a job meticulously and well and on time, a concern to maintain high standards of service, accountability and professionalism. Any society should hope that such attitudes never become out of date.
Guyanese  Guyana  detail_oriented  quality  stewardship  civility  standards  on-time 
december 2016 by jerryking
Pamela Joyner: collector of ‘Afropolitan abstraction’
SEPTEMBER 30, 2016 | FT| by Julie Belcove.

.....Joyner and Giuffrida are not merely acquisitive in the vein of so many collectors but are activist. “We think of ourselves as stewards of their careers,” Joyner says of their artists. “Our philanthropy is focused on getting works of the artists who we support into museums....Joyner and Guiffrida donate paintings to leading museums in the UK and the US. Joyner introduces those museum curators to talented-but-lesser-known artists for whom she advocates. She also organizes trips domestically and internationally (.e.g South Africa) for museum curators....Joyner and Guiffrida created an artist’s residency on their property in Sonoma, California, in 2014.....Artists return the loyalty and remark that Joyner and Guiffrida never ask for a discount....Joyner has made collecting — and sitting on boards — her primary occupation. “Now I have a strategy, I have a budget,” she says. “I run it like you’d expect an MBA to run it.”...“Race is a really bad lens through which to view art. I could make an argument that Zander Blom is far more African than I am.”....“I was really struck by these artists who were determined to create an aesthetic that was compelling to them, which was abstraction, and there were no rewards for that if you were an African-American artist at the time,” Joyner says. “The traditional art world expected African-American artists to create identifiably black subject matter. ....The daughter of two public school teachers, Joyner, 58, grew up on the South Side of Chicago, where she attended the prestigious University of Chicago Laboratory Schools and frequented the Art Institute of Chicago. A serious ballet dancer, Joyner took a year off from Dartmouth College to try to break into the professional ranks in New York. “What I discovered was, I was really average,” she says frankly. “That was a good thing to discover early. I decided at that juncture that I would become a patron of the arts.”

Patronage requires money, so Joyner went on to Harvard Business School, then a successful career in finance.....With 300 to 400 artworks by roughly 100 artists, among them contemporary masters Glenn Ligon, Julie Mehretu, Mark Bradford and Kara Walker, the collection is the subject of a new book, Four Generations: The Joyner/Giuffrida Collection of Abstract Art, written by a Who’s Who of top curators. In October 2017, a travelling exhibition of the collection’s highlights will open at the Ogden Museum of Southern Art in New Orleans.
art  collectors  women  African-Americans  curators  Diaspora  artists  museums  philanthropy  marginalization  leadership  patronage  high_net_worth  benefactors  cultural_literacy  Afropolitan  activism  race  HBS  abstractions  books  stewardship  Pamela_Joyner  contemporary_art  champions 
october 2016 by jerryking
Righting Wrongs and Generating Attention for Art of the African Diaspora
OCT. 16, 2016 | The New York Times | By TED LOOS.

A profile of Pamela J. Joyner, a prolific art collector and supporter of artists of African descent..... Later, Ms. Joyner donated money to buy another Gilliam, “Whirlirama” (1970), and next year there are plans to exhibit both when the Met reinstalls its modern collection. “Pamela is such an informed champion of her artists,” Ms. Wagstaff said.

That trip to Washington was one of the many ways that Ms. Joyner, 58, exerts her power as an art-world influence behind the scenes. She has relinquished a successful business career to become what she calls a full-time “mission-driven” collector of a very specific niche: Abstract art by African-Americans and members of the global African diaspora. Now she leverages her relationships with the Met in New York, the Tate in London, the Art Institute in Chicago and the San Francisco Museum of Modern Art to help these artists gain traction in the wider world.

“It’s no less ambitious than an effort to reframe art history,” said Ms. Joyner, who sees herself as righting a wrong. “First, to include more broadly those who have been overlooked — and, for those with visibility, to steward and contextualize those careers.”....“There was a keen sense in my household that you had to be prepared for whatever was going to happen,” Ms. Joyner said. “You needed these literacies, and cultural literacy was one of them.”
African-Americans  Diaspora  art  artists  collectors  museums  overlooked  philanthropy  leadership  patronage  high_net_worth  benefactors  cultural_literacy  women  marginalization  Pamela_Joyner  stewardship  reframing  mission-driven  champions  art_history  exclusion  prolificacy 
october 2016 by jerryking
In business and government, think differently - The Globe and Mail
MICHAEL SABIA
Contributed to The Globe and Mail
Published Saturday, May. 16 2015

here’s the paradox. At a time when creativity is relentlessly driving change in so much of our world, many would limit governments to managing their way through, rather than working with others to solve problems.

It started in the 1980s and ’90s, when we decided governments needed to become “more like businesses,” adopting the metrics – and vocabulary – of corporations. Citizens became “clients.” Compliance replaced creativity.

The job of government was defined in terms of its “efficiency,” and the emphasis was placed on the minimal “must do” instead of the aspirational “can be.”

Of course, governments have to demonstrate good stewardship of public resources. But if all they do is count change, it limits their ability to effect change. The fact is when big problems arise – whether it’s a financial crisis like 2008 or a tragedy like Lac-Mégantic – people’s first instinct is to look to government for a solution.

Yet opinion researchers tell us that people are increasingly disappointed with our collective response to the issues that matter most: income inequality, health care for the elderly, climate change and so on....It’s about different government. This is about government moving away from a manager’s obsession with doing things better to a leader’s focus on doing better things. Think of fostering innovation, being open to new ideas, encouraging experimentation, rewarding risk-taking. And, frankly, accepting failure as a condition precedent to success.
Michael_Sabia  CDPQ  thinking  CEOs  innovation  leadership  experimentation  risk-taking  failure  trial_&_error  government  public_sector  open_source  disappointment  business  stewardship  compliance  replaced  creativity  efficiencies  effectiveness  think_differently 
may 2015 by jerryking
How to leave your company better off than you found it - The Globe and Mail
VINCE MOLINARO

Special to The Globe and Mail

Published Thursday, Jan. 02 2014

How can you ensure that you are leaving your organization in better shape than when you took the reins? True leaders typically take the following steps:

1. Commit to making things better every single day – in ways that position your organization for both short- and long-term success. Don’t be a bystander and watch problems fester; have the courage to tackle them head on.

2. Guard the interests of the whole organization. Don’t just focus on your own department or self-interests.

3. Try to anticipate threats that can put your organization at risk. Stay plugged into what you hear from customers or employees close to customers. This is often where the early warning signs exist.
4. Build strong relationships both inside and outside your organization.
5. Develop an unyielding commitment to building a strong culture that drives high employee engagement.
6. Develop leaders for the future.
legacies  leadership  RBC  Gord_Nixon  stewardship  companywide  leaders  CEOs  employee_engagement  organizational_culture  leadership_development  relationships  anticipating  threats  thinking_holistically  long-term  short-term  incrementalism  nobystanders  warning_signs 
january 2014 by jerryking
Investing in Ideas - WSJ.com
DECEMBER 28, 2005 | WSJ | By MARK LASSWELL

Last month, the trustees of the John M. Olin Foundation met to approve its final grants. After a half-century of operation, the foundation is closing up shop, following the wishes of its founder, who deliberately limited the organization's life-span to prevent its one day falling into the hands of directors who were foes of his ideas. (Mr. Olin took comfort in the wisdom of this policy after Henry Ford II's angry resignation from the Ford Foundation in 1977 over its antipathy to capitalism.) Conservatives will thus lose one of their great sponsors and encouragers, a foundation that -- with its support of writers, intellectuals and magazines -- has had a profound effect on the dissemination of right-of-center ideas. Those ideas now inform much of the national conversation, but they struggled to be heard back in the 1970s, when the foundation got going in earnest.....Olin dollars helped fortify research institutions (including the American Enterprise Institute and Heritage Foundation), got the Federalist Society off the ground, promoted the teaching of law and economics, and funded valuable publications (including the New Criterion, the National Interest, Commentary and an array of conservative college newspapers)...."A Gift of Freedom" is essential reading for anyone hoping to understand precisely how conservative thinking was reinvigorated over the past quarter-century. Even liberals might find it worthwhile -- as a playbook for plotting their own intellectual renaissance
philanthropy  foundations  ideas  ideologies  right-of-center  stewardship  conservatism  patronage  think_tanks  institution-building  networks  institutions  political_infrastructure  grants  book_reviews  '70s  right-wing  playbooks 
november 2011 by jerryking

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