The Weekly Take from CBRE Who's Next: Leading family-run firms through change, succession
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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.
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Showstack Family Transition
- The Showstack family is transitioning leadership from the third to the fourth generation with cousins managing the business now.
- They are planning governance structures that give the new generation authority over decisions and direction.
Work Hard on Family Business
- Spend as much time working on the family business as you do in it to succeed.
- Be ready to make sacrifices and reach decisions by consensus among family members.
Private vs Public Business Focus
- Private family businesses focus on long-term relationships, community, and reputation over quarterly earnings.
- This differs significantly from public companies that prioritize stock prices and quarterly financial reports.