The EntreLeadership Podcast How Should I Manage My Dad’s Business?
Jun 10, 2024
The podcast discusses managing family businesses, succession planning, overcoming challenges in small businesses, valuing a business based on earnings, and the importance of operational systems in business operations.
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Establish Clear Expectations
- Clarify long-term goals and expectations with your father upfront.
- Discuss ownership, decision-making power, and how to handle potential disagreements.
Engage and Serve Your Team
- Engage with the team, ask questions, and understand their perspectives.
- Focus on serving your team by improving processes and addressing their needs.
Evaluate Business Viability
- If a business lacks a manager and is struggling, selling assets might be more profitable than selling the whole business.
- Consider relocating equipment and customer lists to a new location.