Host Steve Legler speaks with Cathy Carroll, author of Hug of War: How to Lead a Family Business with Both Love and Logic. Together, they take a deep look at using the lens of Polarity Thinking to help family businesses work through many of the challenges they face, as well as how FEAs can use this tool to become better resources to their client families.
Welcome to Let’s Talk Family Enterprise, a podcast that explores the ideas, concepts, and models that best serve Family Enterprise Advisors in supporting their clients.
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Guest Bio
Cathy Carroll Cathy Carroll grew up in a family business and enjoyed a 20-year corporate career before leading her father’s manufacturing business. Before founding Legacy Onward, Inc., Cathy led Pro Equine Group as President and COO. She held executive positions at United Airlines and Sabre and has an MBA from the University of Chicago and a BA from Boston College. Legacy Onward is dedicated to helping leaders in family businesses thrive.
You can learn more about Cathy Carroll on her LinkedIn and the Legacy Onward website.
Key Takeaways
[:26] Steve Legler welcomes Cathy Carroll to the podcast and asks her to share what led her to work as an executive coach to enterprising families.
[4:30] Cathy explains the basics of polarity thinking, using an inhale/exhale analogy.
[5:56] From “should” to “how,” polarity thinking can reframe any leadership positioning.
[7:30] Turning advisors into superheroes, Cathy shares how the 4-quadrant mapping system can reduce conflict during decision-making.
[9:50] How to get people in agreement to reframe questions without compromise.
[11:26] Emphasizing the possibility of change is a great way to get people aligned.
[11:59] Tackling the reveal/conceal tension of estate plans.
[14:16] Task conflict versus relationship conflict and the tools to manage both, Cathy shares a quick mnemonic device (A.L.I.G.N.) to manage task conflict.
[18:50] Relationship conflicts can be very destructive and must be addressed. Cathy shares her 5-step Play Fair (P.F.A.I.R.) process.
[22:37] Whether you’re a coach, a facilitator, or an advisor, practice makes perfect!
[25:31] Building tension to lead to the juicy morcels delivered in the very last chapters of Cathy’s book.
[28:08] Helping families see the bigger picture.
[30:35] Cathy’s reading recommendations and advice for advisors.
[32:42] Steve Legler thanks Cathy Carroll for sharing so much of her knowledge and closes this episode by reminding listeners to rate and subscribe.
If you enjoyed today’s episode, you can subscribe to Let’s Talk Family Enterprise on Spotify, Apple Podcasts and other podcast apps. Please remember to share this episode with family, friends, and colleagues. Share your thoughts with us at fea@familyenterprise.ca.
Mentioned in this episode
Hug of War: How to Lead a Family Business with Both Love and Logic, by Cathy Carroll
Think Again: The Power of Knowing What You Don’t Know, by Adam Grant
Family Business as Paradox, by Amy Schuman, Stacy Stutz, and John L. Ward
Polarity Intelligence: The Missing Logic in Leadership, by Dr. Tracy Christopherson and Michelle Troseth
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