Check out our latest video blog. Wayne shares five ways your family business can be built to last. Please let us know what you think in the comments below.
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Check out our latest video blog. Wayne shares five ways your family business can be built to last. Please let us know what you think in the comments below.
Wayne
I found this session very helpful. I appreciate you putting the challenge out there for us.
Thank you, Barth! Doug says you guys have had an incredibly successful year. Congratulations! And merry Christmas!
Wayne
Well said and very clear direct and to the point, I enjoy your videos and I pass them on to our team.
Regards Joseph
Excellent, Joseph!
Very good presentation. We completed our second to third generation transition recently. My son and son-in-law took over management and bought me out. Since they got the reins, they have changed the internal working of the company considerably.
Several things were key:
Someone needs to own a clear majority of the company and make final decisions. In our case it was the son-in-law who had been working in the business longer and enjoyed management. The son is the VP and sales manager. They are friends and seem to have a lot of mutual respect. They aren’t afraid to try new methods, products or management styles, while keeping as much of the old traditions as practical. Since theyhave taken over, they have had record years in sales and profits. The transition period was the most fun I’ve had in 40 years. Watching them and helping them succeed has been very satisfying for me.
Awesome, Bill! Great story! Too many times senior leaders let their egos get in the way and fail to allow NextGen to put their own marks on the business and lead according to their own unique styles. Sounds like you put your ego aside, took the high road, and helped get successors off to a blazing start!
I always enjoy your posts and articles! Thank you
Merry Christmas
great, Steve! Thank you for being a loyal subscriber!
Well said. WIMCO success is due in part in having FBI as our consultant and being a member of the two round tables groups .
Jeryl, you are the man! We wish we at FBI could take credit for your incredible culture and success at WIMCO, but that is because of you, Kevin, and Darlene!
Merry Christmas Wayne !! Very nice topics being addressed through your videos.
I get a lot of insights from these and realize that the concerns and challenges are applicable to enterprises in India too, particularly in the small and medium size firms.
Compliments of the Festive Season.
Regards
Mathew J N
yes, Matthew. The challenges of family owned businesses apply irrespective of nationality. Thanks!
Hi Wayne – excellent thoughts. I am a consultant focusing on SME Indian promoter families and they have similar challenges. The key being G1 does not (in most cases) let control go away and many a times, there is gap between G1 and G2. Smooth transition is the key to success.
You nailed it, Uday.