Exit Is Now - Plan Accordingly With Scott Snider Exploring the Power of Family Business with Mike McGrann
Oct 26, 2023
Join Mike McGrann, a family enterprise consultant with extensive experience in family business education, as he dives into the dynamics of family-run companies. He shares his journey from Wall Street to consulting, highlighting the generational shifts in expectations. Discover how communication and meritocracy can strengthen family firms while navigating challenges of ownership and management. Mike emphasizes the competitive advantage of 'familiness' and the importance of candid discussions on fairness and governance for sustainable success.
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Family And Business Create A Unique Dynamic
- Family and business together create a special, high-stakes mix that produces both joy and pain.
- Addressing family dynamics is essential because family issues can undermine an otherwise strong business.
Field Lesson In Family Problems
- Mike worked on the Dominican-Haitian border and saw family issues sink a profitable chicken wholesale business.
- That experience, plus his family's failed construction firm, drove his focus on family enterprise work.
Create Boundaries And Meritocracy
- Create clear boundaries, accountability, and merit-based roles when family members work together.
- Treat positions in the business as roles, not entitlements, to prevent transition failure.
