The Weekly Take from CBRE Who's Next: Leading family-run firms through change, succession
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Apr 22, 2025 David Friedman and Jared Friedman, both leaders in the Friedman Real Estate Group, join David Shostak, CEO of Shostak Brothers & Company, to discuss the intricacies of leading family-run businesses. They delve into the critical role of succession planning and establishing governance for smooth leadership transitions. The trio shares insights on balancing family dynamics with business operations, the need for adaptability during economic challenges, and fostering longevity in multi-generational ventures through collaboration and strategic decision-making.
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Private vs Public Business Focus
- Private family businesses focus on long-term relationships, community, and reputation over quarterly earnings.
- This differs significantly from public companies that prioritize stock prices and quarterly financial reports.
Divide Family Business Roles
- Divide responsibilities among family members to avoid stepping on each other's toes in business.
- Each member should focus on their own niche to grow the business profitably and harmoniously.
Manage Family Business Disputes
- Establish checks, balances, and protocols to resolve disputes among family owners in the business.
- Build relationships with experienced non-family team members to help guide and mentor family decision-making.