EP 259 - David is the founder of Next Step Advisors, a consultancy for family businesses helping them avoid the potential pitfalls of working with your closest relatives.

David chats about his experiences running his family's companies, for all of their successes and failures, which spawned the idea for Next Step Advisors. Andy get's in on the act, speaking frankly about his experiences growing up as part of Oury Clark: the struggles, expectations, mistakes and lessons learnt. There may be some oversharing.

David also tells us why he thinks companies who don't give back to their communities qualify for the big bin of bullshit.

Chapters:

00:00 Welcome to BWB

00:37 David's Journey in Family Business

01:38 Challenges of Working with Family

01:53 Dynamics of Sibling Relationships in Business

03:05 Importance of Space and Baggage in Family Business

04:48 Impact of Different Visions in Family Business

07:13 Communication and Board in Family Business

13:13 The Power of Family Businesses

16:22 Career Development in Family Business

20:13 Mistakes and Lessons in Family Business

25:33 The Problem with Family Businesses

26:34 Resistance to Change in Family Enterprises

27:03 The Role of Independent Board Members

27:43 The Struggle of Succession

27:57 The Importance of External Experience

33:54 The Challenges of Decision Making

34:15 Non-Family Members in Family Businesses

35:32 The Importance of Integrity in Business

38:06 The Need for Philanthropy in Family Businesses

47:52 The Power of Gratitude and Resilience

David's recommendations:

1000 Gifts - Ann Voskamp (book)

Unbroken (film)

Against All Hope - Armando Valladares (book)

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