MIXED EMOTIONS

Peter Calfee believes that emotions trump money. That’s why the certified financial planner hung out his shingle in tandem with clinical psychologist Dr. Sherrod Morehead. Family Business Advisory Partners, as their joint effort is called, now accounts for about 10 percent of Calfee’s work, but it’s growing quickly.

“You’ve got to get people beyond the money and get to, ‘Why do you get up every day?’” says Calfee, whose practice is based in Cleveland. “You can give them the perfect plan on paper, but if it doesn’t connect in their hearts, it won’t work.”

Calfee and Morehead find themselves tackling issues like which sibling should run a second-generation company, which key managers outside the family should get stock, and how younger family members should gently disentangle an aging founder. Obviously, these questions mix potentially explosive family dynamics with potentially costly decisions.

Calfee contends that a similar mix of emotions and rationale are at work in all clients, not just family business owners. “Frankly, the traditional way of giving advice didn’t work,” Calfee says. “Why pay someone for what is usually average [financial] performance? You’ve got to improve the lives of your clients.”

For more info Contact Family Business Advisory Partners at 216-328-2271.