"Family-owned businesses thrive when they separate ownership decisions from operational meetings and create intentional boundaries between work and family life." - Amy Wirtz
In this episode, host Kiley Peters dives into the complex world of family-owned businesses with the help of senior consultant Amy Wirtz from the Family Business Consulting Group. Together, they explore the unique challenges faced by those working in family businesses and the importance of tapping into the expertise of third parties to navigate these complexities.
Amy shares her passion for helping families define their goals around their values, ownership, and financial wealth. She emphasizes the need for family members working together to separate their personal and professional relationships, treating each other as employees or owners in the workplace. By bringing their best manners into the business, they can avoid the pitfalls of treating each other as siblings or family members, which can lead to tension and unproductive communication.
Another challenge Amy highlights is the need to hire and pay for qualifications rather than relationships. She encourages family-owned businesses to adopt a business-first mindset, making decisions based on the needs of the business rather than family dynamics. This approach not only strengthens the business but also makes it more attractive to non-family talent.
Amy also delves into the complexities of intergenerational transitions and the sale of the business. She discusses the importance of educating the next generation about the business and preparing them for ownership. She suggests considering a combination of selling and gifting the business to the next generation, allowing them to have a sense of ownership and make their mark while respecting the legacy of the previous generation.
Throughout the episode, Amy's passion for empowering people shines through. She loves seeing the transformations that occur when family-owned businesses embrace new knowledge and take ownership of their success. Her work is helping family-owned businesses create a legacy that lasts for generations to come.
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