The Weekly Take from CBRE
Who's Next: Leading family-run firms through change, succession
Apr 21, 2025
David Friedman and Jared Friedman, both leaders in the Friedman Real Estate Group, join David Shostak, CEO of Shostak Brothers & Company, to discuss the intricacies of leading family-run businesses. They delve into the critical role of succession planning and establishing governance for smooth leadership transitions. The trio shares insights on balancing family dynamics with business operations, the need for adaptability during economic challenges, and fostering longevity in multi-generational ventures through collaboration and strategic decision-making.
30:55
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Quick takeaways
- Effective succession planning in family-run businesses requires clear governance frameworks and active involvement of next-generation family members in decision-making.
- Navigating family dynamics in business necessitates structured responsibilities and open communication to maintain harmony and efficiency within the enterprise.
Deep dives
Transitioning Leadership in Family Businesses
The podcast highlights the importance of transitioning leadership in family-run businesses, particularly as the baby boomer generation retires. Both the Showstack and Friedman families are actively planning for the handover of authority from the older generation to their successors. David Showstack emphasizes the need for the next generation to have the power to make decisions about the direction of the business, even as complexities arise from involving cousins rather than just siblings. Similarly, David Friedman discusses preparing his children for leadership roles and ensuring they understand their responsibilities, with goals set for them to expand the business beyond what he achieved.
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