Rob and Brandi interview on NY Business Leaders: family business growth and prosperity
In my long career leading and advising both family businesses and non-family businesses, I’ve discovered a profound truth.
A family business and a corporate business are pretty much the same.
Every business has the same problems
- Keeping shareholders happy
- Keeping employees happy
- Keeping customers and suppliers happy
The only difference: in a family business, you go to Thanksgiving dinner with your shareholders and employees.
And that’s a BIG difference.
Brandi and I were recently interviewed on the NY Business Leaders podcast.
During this interview with Gordon Coyle, we discussed a wide range of topics related to family business growth and prosperity including:
- The very real relationship and emotional issues that separate family businesses from non-family businesses
- Common challenges: direction, growth, strategy, communication, family dynamics, financial issues, generational conflict
- Why family businesses often fail at the third generation
- What it means to be a “business first” family
- The importance of structure, culture, leadership, and being ready for change
- The importance of finding and stating the problem (and the cause of that problem) before trying to solve it
- How to manage the crossover between business and family
- A startling statistic about family business longevity trends – and how businesses can live forever, but this one thing gets in the way
- The most important quality leaders need to have if they want to effectively create change in their organization
- The 2 “buckets” of culture change: structure and behavior
- Real talk about how long it takes to implement culture change
- What leadership really is, and who can be a leader
- The importance of having everyone working in their “zone of genius” – and how to determine what that is
- Brandi’s advice for the younger generation in a family business, including the *worst* thing you can do
Listen to the podcast here: Ferguson Alliance Interview on NY Business Leaders
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