According to the U.S. Bureau of the Census, roughly 90% of U.S. businesses are family-owned and the Remodeling industry is well represented by closely-held firms, typically started by a founder and then handed down through multiple generations.
Family-owned businesses often run into obstacles and challenges, usually driven by “soft issues” such as communication, emotions, past conflicts, bringing spouses into the business, etc. However, what many of these struggling firms lack is a common vision or mission from a business perspective.
In Episode 17, Victoria and Mark welcome Wayne Rivers, President of The Family Business Institute, to the show to discuss more about his unique approach in working with these types of businesses.
Wayne’s approach is very different and he talks about his tried and proven, step-by-step strategic planning method for maximizing BOTH the success of a business AND their family harmony.
Wayne is a well-known thought-leader, speaker and author on the subject of family-owned businesses; his latest book is Our Family Business Crisis: and How It Made Us Stronger. Wayne is a Wall Street Journal Expert Panelist and has appeared on the Today Show, CNN, MSNBC, CNBC and the Retirement Living Network.
Victoria, Mark and Wayne discuss the Institute’s unique way of working with their clients; topics include:
- Identifying reasons why family-owned business struggle
- Transitioning from one generation to the next
- The importance of the founder establishing vision early and often
- The dangers of working AT the business instead of working ON the business
- “The Magic Bullet” – Business planning methodology and subsequent positive side-effects
- Going in through the “business door” vs. “family door” when dealing with conflict
- Dealing with and resolving “soft issues” families face when working together
- Describing a few steps in the Institute’s 10 step process of working with businesses
- And more…
A great episode regardless of whether your company is family-owned or not. Many of the concepts discussed about business planning methodology will apply to any business, regardless of ownership structure.
We loved having Wayne as a guest… and we’re even more excited to have him as a featured speaker at the 2018 Remodelers Summit in New Orleans in September.
If you are interested in working with Wayne, his Information is below:
The Family Business Institute
4050 Wake Forest Rd, Ste 110
Raleigh, NC 27609