Safe Space with Francesco Lombardo

This week on the Safe Space Podcast, Francesco Lombardo speaks with Jenny Dinnen, a Mackenzie Corp. second generation family business owner. How do you set up a family business to be successful now and for years to come? Are you looking ahead as the traditional business that was originally started or planning into the future, seeking to understand what the impact of the NxtGen will be? If you aren’t communicating, where will that leave your family business when it’s time for the NxtGen to take over? Jenny’s one piece of advice to the Senior and NxtGen…know what success looks like to each individual family business member.

Join Francesco Lombardo for this week's Safe Space as he speaks with Ken McCracken, family business consultant and teacher.   Why is development of BOTH the senior and next generation so important to the success of the family business?   When family business members are resistant to change, finding ways to help them be open to receive knowledge and help, and not feel threatened is key.   Ken's one piece of advice to the Senior and NxtGen...please go and get information that is out there because it will help you better understand the challenges that you are facing.

Kevin Hancock returns to the Safe Space podcast to discuss how losing his voice made the family business stronger and more profitable. By understanding for the first time what it was like not to be heard, Kevin changed his vision on running the company, which led to more profit in the last 10 years than the previous 164 years combined.  How did his vision change? What happened in the company that improved profits so significantly? Learn more by listening to this week's podcast.

In this episode of Safe Space, Francesco is joined by Kevin Hancock, who talks about successfully running Hancock Lumber in its 6th generation WITHOUT speaking.  Founders and NxtGen, you are not the identity of the performers of the company Kevin shares. Give your performers a voice, because when people feel authentically heard they are much more committed to supporting the company.    Kevin offers a quote from Gandhi as his advice - "Become the change you wish to see in the world"... or your family business.  

On this week's episode of Safe Space, Francesco speaks to 3rd generation family business winemaker Mitchell Taylor.    Senior generations create a business but it's the NxtGen who continue them. It's up to the current generation to keep the business healthy, sustainable and evolving, in order to market to the NxtGen.  For the NxtGen, Family business isn't a part time thing. And just because you were born into the family doesn't mean you are automatically part of the family business. You have to earn your place.    Advice for the NxtGen: "Keep the communication coming. Keep asking the questions. Keep talking. Keep learning."

John Gibbons returns to the podcast for a continued discussion with Francesco on integrity in family business. Keep your word, avoid empty promises, follow through and be honest to yourself and those who are part of the family business. You can't control the integrity of others, but you can control yourself.      John's advice, don't lie in business or in life because eventually you'll forget your story and you'll be caught out. Just be honest from the get-go.

In this episode Benjamin Persofsky and Francesco discuss the importance of having two sets of governance to manage a business owning family.     Joining Brown Brothers Harriman in 2010, he is now the Executive Director of the BBH Center for Family Business, which counsels some of the largest business-owning families in the world on issues of strategy, governance, succession planning, transition and capital policies.   Ben shares his experience in working at the intersection of business and family and WHY communication is so critical to the success and health of both.     What Ben believes the future is for business owning families is the importance of multidisciplinary advising.    His advice for the senior generation, never too early to start getting the nxtgen involved. And for the nxtgen, enjoy the process. For one day you will be the senior generation. 

In this episode Francesco talks with Lisa Daniel about the importance of inclusion of spouses in a Family business.  Lisa joined the Lodge family in 1994 when she married 5th generation family member Jay Daniel and is a very active volunteer with the Joseph Lodge Family Council. As Lisa shares, being a spouse who married into the family brings a fresh perspective without the influence of past emotional issues.  We also discuss the importance of allowing the NxtGen to be themselves and not be clones of the current generation.  Lisa talked about how their family council was developed and the role it plays within the family and business. Her advice for families, simple....be inclusive of all.

In this episode, John Gibbons, a 4th generation family business member, talks about his passion project MARINAS GUARDIAN. Francesco and John discuss the importance of having a passion project while also being self-sustaining to be taken seriously. Being reliant on oneself is a critical ingredient for one's self-respect. Many times parents make life easier for the NXTGEN, without realizing they are taking away their childrens' drive. Self-respect is ONE thing money cannot buy. John shares his passion for the oceans and what he is doing about it, all the while maintaining his self-respect and desire to make a difference.  John Gibbons is a professional fiduciary and environmentalist-in-training. He works at Harbour Fiduciary Services Limited, a part of the family-owned Edmund Gibbons group in Bermuda. He is currently studying for his Postgraduate Diploma in Law and is a part of Marinas Guardian, a conservation project to support Marine Protected Areas around the world using autonomous ships. Stay tuned for the second part of this episode where Francesco and John talk about what is INTEGRITY and the importance in family business.

Richa and Francesco tackle the issues of perspectives in Family Business. As Richa shared here, the mentor used to say, "If there are two or more utensils in the kitchen, they will clang and make noise."     The key to successful transition and succession is being able to understand and appreciate the perspectives of the other, all the while recognizing that both sides are truths.    Francesco and Richa discuss the "cultural differences" that influence and impact successful transitions.        One is not right and the other wrong. They are both true from the lens of whose perspective we are addressing.     Richa's advice to both generations: "Listen to each other, be honest".