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Episode 019: Allyn Family 2.0—After the Sale with Eric Allyn (4th Gen), Part 2

March 7, 2018

In the previous episode, Eric Allyn shared the history of his family’s business, Welch Allyn. He told us how his generation banded together to change the governance model of the business, effectively removing control from the third generation and eliminating a family member CEO. When we left off, Eric was telling us about the sale of Welch Allyn to Hill-Rom in 2015.

In this episode, Eric shares his family’s process of creating ‘Allyn family 2.0.’ We talk about how his family is learning the ins and outs of wealth management and the evolving role of their family office. As Eric said, family members understood ophthalmoscopes and defibrillators. Now they’re learning a new language involving investments, insurance and trusts. They’re also facing the challenges of raising children with tremendous liquidity.

Eric shares lessons learned from his Welch Allyn experience and also does a great job answering my bonus questions. Enjoy!

Topics discussed in this episode:

  • Recap of part 1 (:40)
  • The business sold. Now what? (2:17)
  • The evolution of the family office (4:00)
  • The Allyn Family Foundation (7:23)
  • Eric’s lessons learned (11:33)
  • Being a good board member in a family business (16:45)
  • Being a good family business owner (19:00)
  • How to get in touch with Eric (21:43)
  • Recommended resources (22:46)
  • Bonus questions:
    • What words of wisdom would you tell your 20-year-old self? (26:11)
    • What are you doing to raise financially responsible kids? (28:56)
    • What are you doing to keep health top of mind? (33:26)
    • What does successful generations mean to you? (34:58)
  • Wrap (37:20)

Guest Bio:

Eric Allyn is former Chairman of the Board of Directors of Welch Allyn, Inc, a company owned by the Allyn Family for 100 years.  For four generations, Welch Allyn was a Medical Device manufacturer, employing some 2,800 people world-wide, and selling products into every hospital and physician office in the US.  Welch Allyn was acquired by Hill-Rom, a larger public company, in 2015.  

Eric Allyn began his Welch Allyn career as an employee in 1982, working in a variety of positions within the company, from sales, to marketing, to business development and country management.  He left his role as employee in 2010 to join Welch Allyn’s Board of Directors, where he served as Chairman of the Board of Directors, and also Chairman of the family’s Voting Trust, through 2015.  

Notable & Quotable:

After the sale of the business I had to repurpose myself. —Eric Allyn #successfulgenerations


My identity went from being tattooed with a stethoscope to being tattooed with a big dollar sign. —Eric Allyn #successfulgenerations


After we changed our governance structure, being a good family business owner meant being a good steward, being responsible, understanding the product line, remaining informed, but also not influencing management decisions. —Eric Allyn #successfulgenerations


Since the sale, our family office has shifted from accounting, trust management, estate planning and taxes to focusing more on wealth management and investments. —Eric Allyn #successfulgenerations


It’s crass almost the thought of bringing family members together to talk about money. —Eric Allyn #successfulgenerations


We’re trying to define what Allyn family 2.0 look like. It took 100 years to develop a certain brand for our family and now we’re starting new.  —Eric Allyn #successfulgenerations


[Regarding resources] Understanding the service providers out there and where they are strong and where they are weak is really important. —Eric Allyn #successfulgenerations


I would tell my 20-year-old self to have more structure and process around family members entering the business. —Eric Allyn #successfulgenerations


[Regarding raising financially responsible kids] One horrible word that you have to prevent: entitlement. —Eric Allyn #successfulgenerations


Resources mentioned in this episode:

Welch Allyn

John L. Ward, PH.D.

Family Office Exchange

J.P. Morgan Private Bank

BlackRock

Rockefeller Capital Management

Regional family business centers

 

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Want more of Successful Generations? Check out our other episodes: 

Episode 018: The Welch Allyn Family Business Story with Eric Allyn (4th Gen), Part 1
Episode 017: Achieving Your Goals through MasterMind and Peer Groups
Episode 016: Reframing Limiting Beliefs with Ellie Frey Zagel
Episode 015: Beyond the Piggy Bank with Father, Author, and Entrepreneur Clint Greenleaf
Episode 014: More Awareness and Less Stress through Yoga
Episode 013: Raising Children to be Amazing Business Owners with Paige Cornetet
Episode 012: Generous Genes with Susan Crites Price
Episode 011: Digging into the Family Business Landscape with Daniel Van Der Vliet
Episode 010: 10 Things My Family Did to Engage us in Family Philanthropy
Episode 009: Stress Management and Holistic Health with Cynthia Damaskos
Episode 008: Family, Fights and Ferry Tales with Chris Shepler
Episode 007: Raising Financially Responsible Kids Through the Holidays (and Beyond)
Episode 006: Join the Philanthropic Revolution with Michael Moody
Episode 005: Estate Planning 101 aka Estate Planning is Not Optional with Susan Gell Meyers 
Episode 004: Ginny Esposito – Engaging your Family in Family Philanthropy
Episode 003: Leadership, Wellness, and Concierge Medicine with Dr. Bill Baer
Episode 002: Douglas D Box, Texas Patriarch – A Legacy Lost
Episode 001: About Your Host Ellie Frey Zagel

Learn more about Successful Generations:

FB: @SuccessfulGenerations
Twitter: @EllieFreyZagel
Email: ellie@successfulgenerations.com
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Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.

 

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Family Business

Ellie Frey Zagel

Ellie Frey Zagel is 3rd Generation, Vice Chair and Trustee of her family’s foundation the Frey Foundation based in Grand Rapids, MI. For nearly a decade she has been deeply involved in working with the next generation of family business, family philanthropy, and family wealth, first as Director of the Family Business Alliance and now as President of Successful Generations, a company she recently founded.

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