What do we learn from failure?
Wheew! This year sure is putting us through our paces. We made it. Let’s turn that calendar page to Q4.
What do we learn from failure?
(asking for a friend)
I re-watched the movie Apollo 13 this week. I love this movie because it’s about leadership, teamwork, science, ambition (individual and team), ingenuity, and the fallibility of people.
The Apollo 13 mission is described as a successful failure, an oxymoron. When an engine malfunction forces the astronauts to abort their planned moon landing, it takes the combined ingenuity, grit, and effort of the flight and ground crews to ensure the team is brought safely and successfully home.
But about 80 minutes into the film, the flight crew turns on each other in a moment of extreme stress. This moment is familiar to families and teams in crisis. When the threat is real and the outcome uncertain we may turn on each other, undermining our opportunity to achieve success. As we move through pandemic-induced challenges, adversity, and yes, failure, fear is testing us. Making the active choice to trust your family, your teams, and yourself takes effort. It’s also an act of faith that adds emotional capital to the foundation of your relationships, your teams, and your success.
NASA’s scientists and astronauts learned much from what did and didn’t work during the Apollo 13 mission. Your business and family have an opportunity to learn from what may feel like failure now, during the pandemic. Failures bring lessons that can make us stronger and better prepared for the next crisis and the next mission. If you move your business and family through and past COVID while remaining together, you can call it success.
Be the smartest person in the room
If you didn’t have time to join us for our economic projections webinar, you can listen to the recording here. Big thanks to Mike Stritch, BMO’s CIO, and Todd Riggin, BMO wealth manager, for their presentation and net positive review of market performance. Things got real when Mike shared economic scenario predictions that might follow election outcomes. If you find yourself trying to anticipate the impact of various outcomes for your family business, you’ll love this overview.
There’s still time to sign up for the October 6th Supply Chain and Sustainability Summit. Our colleagues in the Supply Chain and Sustainability Center have brought together an incredible line-up of speakers and topics to help you with your supply chain challenges RIGHT NOW.
FBC members receive a discount at registration. Learn more and register.
Learn to speak the language of love
Haha! Just kidding. I meant the language of business! Registration is open for Practical Accounting for Family Business on January 14 and 15, 2021. It's not too early to start thinking about adding this family friendly, two-day session to your New Year’s resolution list.
Time to meet the board!
Get to know Jenny Buddig Sizer, board member, G4 family leader, and trusted advisor. She’s a brilliant and talented Next Gen leader in her own family and is committed to the work of the Family Business Center and the sustainability of ownership and management of her family firm.
What is your full name, company name, generation, and role in your family business?
Jenny Buddig Sizer
Carl Buddig and Company (CBC), Fourth Generation
What is the size of your company?
$250M - $1B
What year did you join the board and what is your current role?
2019, Board Chair, Membership Committee
2018, Programming Committee
How long has your family and company been a member of Loyola Family Business Center?
My mom's family had a business that was involved over 26 years ago. Then 20+ years ago CBC joined.
In your opinion, why is family business important?
Family business is important for so many reasons. For CBC, family goes beyond just the aunts, uncles, and cousins. Our G3 leadership truly sees all of the Buddig employees as family. Family business offers a sense of trust that is not seen as frequently in large, non-family corporations.
Which living person do you most admire?
My grandparents, Mary and Bill Ryan
What do you consider your greatest achievement?
Professionally, I would say getting my MBA from University of Notre Dame and working at a large bank upon graduation. On a personal level, my greatest achievement (and blessing) is the birth of my sweet daughter Clare last May.
Which family ancestor or family figure do you most admire and/or identify with and why?
My dad, Bob Buddig. He is the CEO of CBC. I have looked up to him my entire life. He has always been there for my siblings and me all while working harder than anyone I know.
What would you like FBC members to know about you?Family is so important to me. I have a 16 month old daughter, a baby on the way, and (my first baby) a Bernese Mountain Dog named Frannie. My husband Chris and I have been together since 2009. We met in Paris while we were studying abroad during college.
Refresh yourself
Brene Brown's latest podcast episode offers a refreshing explanation of why we feel especially depleted and, more importantly, a solution to feel restored. This is one of those plug-in-your-earbuds-and-take-a-walk episodes. (Note: if you don’t want to listen to the RBG portion of the podcast, skip to the 10-minute mark and get ready to feel better). Check it out here.
If you listen to the podcast, you’ll learn about the essential importance of play. Here’s a fun idea to try now that there’s a chill in the air. COVID restrictions have helped resurrect drive-in movies! See what movies are playing in the Chicagoland area this October.
All right my friends, I hope you’re hanging in there. And I hope you reach out if you feel the need to vent or talk or problem-solve. Andrew and I and Loyola are here for you.
