"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.
Quotes:
- "You have to remember that when you're in a family system, people tend to treat each other with, act in a way and communicate in a way where they know those relationships will exist typically no matter what they do. There's unconditional love, right? And that works in a family. It does not work in a business." (3:41 | Amy Wirtz)
- "It's invaluable to have a good team surrounding you, both in advisory systems and in leadership systems and to really consider governance at that point. So to look at how a board of advisors or a board of directors can assist your team and bring knowledge into it to assist it as it continues to grow. " (07:02 | Amy Wirtz)
- "Separate your meetings that you have with your employees from ownership decisions and make the time to have them. Even if you only do it every three months or every four months, have an hour set aside to talk about ownership stuff. Separate your ownership decision meetings from your operation meetings." (22:48 | Amy Wirtz)
- "When you are spending time with your family, spend time with your family. And that might mean that everybody that enters the room for dinner sets their cell phones in a basket and leaves work at the door. You will have a much happier rest of your family." (24:40 | Amy Wirtz)
Links
Connect with Kiley
Learn more at WelcomeToEloma.com
Work with us at RAYNEIX.com
Newsletter Signup: RIXNewsletter.com
Linkedin: Kiley Peters & RAYNE IX
Instagram: @kileypeters & @rayneix
Email: info@rayneix.com
Connect with Amy Wirtz
Website: www.hefbcg.com
Social Media Handles:
https://www.linkedin.com/in/amywirtzcepa/
