Welcome to the Family Ties^© e-letter brought to you by Pervin Family Business Advisors Inc.

It’s a miracle that this issue, March/April, is getting complete. There was so much family business news during this period that I was forced to be extremely selective [which many would say is helpful]. In addition, the competing forces of skiing and sailing, and holidays, is overwhelming at times. Two feet of fresh snow fell at Mont Ste. Anne and Jay Peak last week, and the boat goes in the water in two weeks. Tough choices – what would happen if I also played golf?

In upcoming issues, the business family topics will address beneficial aspects of governance, leadership, organization, planning and relationships, to offer a few ideas. If you have a question, a great idea for inclusion in this e-letter, or if you just have some comments you would like to share with us, we want to hear from you!

ATTENDANCE REQUESTED: The Ontario Chapter of the Family Firm Institute have an event planned for May 8th, 2007 titled Leading with Values. To register go to www.ffiontario.org.

Wise and pragmatic habits of successful business families...

Habit #8.
Encourage ongoing learning, contribution and performance and help develop owner and career competencies, abilities and choices.

For your reading pleasure...

DOMESTIC CONTRACTS AND DISCLOSURE [PDF]
LeVan v. LeVan, a recent decision of the Ontario Superior Court of Justice, provides practitioners with new insight into the proper manner in which domestic contracts should be advised upon and drafted. In LeVan, the central issue in dispute was whether the parties' marriage contract should be set aside and statutory equalization of their property ordered in its place.

DEALING WITH DEATH IN A FAMILY BUSINESS
Times of crisis produce very different effects in different families. The only thing a consultant can know for sure is that sensitivity and flexibility are required.

DON'T GO IT ALONE: CREATE AN ADVISORY BOARD
An inexpensive, effective way to propel your business forward is with the help of a board of advisers. Here's how to set one up.

FAMILY OWNED BUSINESS – SPECIAL REPORT
At least ten interesting articles from Business Week Online.

In the media...

FAMILY HANDS OFF ITS BUSINESS, AND ITS PHILOSOPHY – It happens to any family firm that lasts long enough, from Wal-Mart Stores on down. And, as the experience of the 102-year-old Louis Padnos Iron and Metal Company shows, the transition can be as quirky as the founding family.

WELL-OFF TEENS SAY THEY WANT TO WORK FOR IT [PDF] – Instead, the majority of these well-to-do teens expect to work for what they want, according to a recent survey from PNC Financial Services Group. Four out of five teens said they are willing to work for those things they want to buy, and 63 percent between 18 and 20 have a full-time or part-time job.

PHILANTHROPY: GET 'EM STARTED EARLY – PNC's Bruce Bickel explains how to teach your kids money management and charitable giving. Even children as young as six or seven should learn about the responsibilities of wealth.

For more on Children and Wealth, see:

• Your Children and Wealth Preservation
• Show Children – And Talk About – The Money

Business families in the news...

SCANDAL SHAKES UP THE CIPRIANI EMPIRE – Giuseppe Cipriani tries to transform his family restaurant business into a worldwide luxury brand and avoid the taint of scandal.

THIS FAMILY’S HOT STUFF – Five generations of the family that owns and operates the McIlhenny Company have kept the Tabasco sauce business going while weathering many storms.

MITTAL & SON – An inside look at the dynasty that dominates steel.

FERRAGAMO'S STEP – The family-owned Italian shoe business, now in its third generation, tries on its first outside CEO.

PATAGONIA: BLUEPRINT FOR GREEN BUSINESS – The story of how Patagonia founder Yvon Chouinard took his passion for the outdoors and turned it into an amazing business.

Thought of the day...

The Bathtub Test

It doesn't hurt to take a hard look at yourself from time to time, and this should help get you started.

During a visit to the mental asylum, a visitor asked the Director what the criterion was which defined whether or not a patient should be institutionalized.

"Well," said the Director, "we fill up a bathtub, then we offer a teaspoon, a teacup and a bucket to the patient and ask him or her to empty the bathtub."

"Oh, I understand," said the visitor. "A normal person would use the bucket because it's bigger than the spoon or the teacup."

"No." said the Director, "A normal person would pull the plug. Do you want a bed near the window?"

Did you know...

Our web site is chock full of interesting and compelling articles for the family business. You can send our articles to a friend, family member or colleague, quickly and easily.

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