DecaMillionaire Decoded Dealing with Internal Conflict in a Second Generation Business
When you own a family business, it's important to keep family discord and internal conflict out of the business. Those who can manage the family dynamics within their companies will often see them become generational businesses. But that's not always the easiest thing to do.
In this episode, I'm joined by a father & son team who has made the family business work. My dear friends Chris (CEO) and Scott Snider (President) of the Exit Planning Institute have found the key to dealing with internal conflict as a family-owned business. Together, we will discuss some of the difficulties of operating generational businesses and the solutions they've found to combat them. This week on The Financially Simple Podcast:
- What it's like for the second generation. (02:16)
- Designing the business to prevent family conflict. (03:40)
- Battling an "entitlement" mindset. (07:20)
- Protecting the family culture. (15:30)
- Transition of control. (20:45)
- Knowing when the second generation is ready. (28:15)
- The emotions of making an exit. (35:25)
Our Favorite Quotes:
"You've got to run the business from the numbers. You've got to treat it like a business. It's not a family piggy bank." – Chris Snider
"Life's like an onion. Every layer that you peel back can either be sweet or it can make you cry." – Justin Goodbread
"Find that private place where you're always in a good place, and you can do some soul searching about what you really want." – Chris Snider
"Stop following the same path. Get off of it. Do something different and once you get there, continue to stay hungry." – Scot Snider
Connect with Chris & Scott Snider:
Resources Mentioned:
The Starfish and the Spider: The Unstoppable Power of Leaderless Organizations
The Hidden Life of Trees: What They Feel, How They Communicate
Walking to Destiny: 11 Actions an Owner MUST Take to Rapidly Grow Value & Unlock Wealth
The 7 Habits of Highly Effective People
About The Financially Simple Podcast If you are looking for a podcast that speaks directly to the challenges and puzzles of running a business, you've come to the right place. The Financially Simple podcast was built for you. With over 400 episodes and counting, our host Justin Goodbread covers a broad range of topics, from starting a small business, to prepping it for sale, to growing your personal wealth. Justin's combination of analytical skills, tough love, and a healthy dose of experience delivers practical ideas that will benefit business builders at every stage of their business journey. If you have questions, or comments for Justin, submit those at: https://financiallysimple.com/ask-justin/ Connect with Justin: Financially Simple newsletter Facebook LinkedIn Twitter Subscribe Here: Apple Podcast Spotify Google Podcast iHeart Radio Stitcher
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Financially Simple is a division of WealthSource Partners, LLC ("WSP"), which offers investment advisory and financial planning services. All investing involves risk of loss, including the possible loss of principal. Past performance does not guarantee future results and nothing in this podcast should be construed as a guarantee of any specific outcome or profit. All market indices discussed are unmanaged, do not incur management fees, costs and expenses, and cannot be invested into directly. Business planning services offered by WealthSource Business Advisors, LLC ("WBA").
This podcast is distributed for informational purposes only. The content of this podcast represents the views and opinions of Justin Goodbread and/or the podcast's guests and do not necessarily represent the views and/or opinions of WBA, WSP or their affiliates or representatives. Statements made in this podcast are subject to change without notice. Neither WBA, WSP or their representatives, the podcast's hosts or its guests have an obligation to provide revised statements in the event of changed circumstances. Statements made in the podcast are not to be construed as legal or accounting advice or as personalized advice of any nature. Listeners should conduct their own review of any statements made or strategies discussed and exercise judgment or consult with their own professional advisor to see how the information contained in this podcast may apply to their own circumstances.