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Episode 146 - Do You Have a Family First Business OR a Business First Family Business? with Rob Ferguson
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In this episode of the Disruptive Successor Show, Jonathan Goldhill engages in a captivating conversation with seasoned CEO and trusted family business advisor, Rob Ferguson. The episode delves into the unique dynamics of family businesses and the critical decisions they face when it comes to succession planning and the possibility of selling the business. Rob shares his insights on the differences between family-first and business-first approaches, and how integrating family values into business culture is the secret sauce of family businesses' success. He also explores the importance of effective communication and consensus-building in addressing conflicts within family businesses. Rob discusses the significance of early succession planning and the impact of market value assessments in making informed decisions about the future of the business. Listeners gain valuable insights into the world of family businesses and the strategies for ensuring their longevity.
KEY TAKEAWAYS
- Family businesses often have a unique approach to long-term planning and culture, emphasizing the integration of family values into the business culture.
- Family businesses tend to be more focused on multi-generational success, which sets them apart from institutional businesses that often prioritize short-term gains.
- The decision to be a family-first or business-first family is crucial and can shape future decisions and governance.
- Effective communication, especially empathetic listening, is essential for resolving conflicts within family businesses.
- Collaboration, along with defined decision-makers, can help navigate conflicts and ensure everyone is on board with decisions.
- Succession planning should start early to provide flexibility and adaptability to changing circumstances.
- Market value assessments can provide crucial insights into the true worth of the business, helping owners make informed decisions about the future.
QUOTES
- "You balance those [flexibility and structure], and you don't want to take away the entrepreneurship of a family business."
- "There's something for me to do here to help. I've had a very successful 30-year career. I wanted to pay it forward, had a lot of mentors. And so I wanted to do that."
- "Family businesses drive 65 percent of all employment in this country. When I learned that they're the leaders of philanthropy and innovation, it became a kind of a calling to me."
- "We ask our clients every year at the end of every year, is this time to reinvest in your business, or is it time to monetize your business?"
- "Your business really isn't valued as much as you think it is. However, if you've got 10 years to go, there's a lot you can do to increase the value."
Connect and learn more about Rob Ferguson in this link below.
If you enjoyed today’s episode, please subscribe, review, and share with a friend who would benefit from the message. If you’re interested in picking up a copy of Jonathan Goldhill’s book, Disruptive Successor, go to the website at www.DisruptiveSuccessor.com
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