The Family Business Podcast

SummaryCathy Carroll, author of 'Hug of War', discusses the unique challenges of leading a family business with both love and logic. She explores the concept of polarities in family businesses, where opposing forces such as candor and diplomacy, or reveal and conceal, coexist and create tension. Cathy emphasizes the importance of adopting a 'both-and' mindset to find innovative solutions that incorporate the benefits of both sides. She also addresses the issues of domain crossover, where power is used in one domain to influence the other, and shadow influence, where individuals without formal roles or ownership wield significant power within the business. In this conversation, Cathy Carroll discusses the concept of shadow influence and how it can impact leadership in a family business. She shares examples of shadow influence, both positive and negative, and emphasizes the importance of understanding and managing polarities in a family business. Cathy also highlights the challenges and opportunities of the family mindset in succession planning and the value of constructive conflict in navigating family business dynamics.TakeawaysFamily businesses face unique challenges due to the coexistence of opposing forces or polarities.Adopting a 'both-and' mindset allows for innovative solutions that incorporate the benefits of both sides of a polarity.Domain crossover occurs when power is used in one domain to influence the other, which can create tension and unfairness.Shadow influence refers to individuals without formal roles or ownership who wield significant power within the business.Recognizing and addressing these dynamics is crucial for effective leadership in family businesses. Shadow influence can have a significant impact on leadership in a family business, whether it is hidden or transparent.Understanding and managing polarities is crucial in a family business, as they can create both challenges and opportunities.The family mindset plays a role in succession planning, and it is important to navigate the tensions between the leading and rising generations.Constructive conflict is essential in a family business, as it allows for the exploration of different ideas and perspectives.Engaging in brave conversations and addressing conflict in a productive way can lead to better outcomes in a family business.You can buy the book here: https://www.legacyonward.com/hug-of-warSupport the ShowThe podcast is entirely self-funded by me. I am not looking for sympathy as it is something that I love to do and I have a passion for providing great content for family businesses across the world. Some listeners have asked for ways in which they can support the show, be that through reviews, sharing with friends or a donation. As such I have set up a page that outlines all the ways that you can support what I am doing. www.fambizpodcast.com/support Work With Russ If what I have spoken about in the show resonates and you want to discuss how I can help you and your family business drop me an email: [email protected] or head over to www.familybusinesspartnership.com Sign up to the Newsletter You can get podcasts, videos and blogs delivered directly to your inbox by signing up to the newsletter. Head over to www.fambizpodcast.com and sign up now

SummaryCathy Carroll, author of 'Hug of War', discusses the unique challenges of leading a family business with both love and logic. She explores the concept of polarities in family businesses, where opposing forces such as candor and diplomacy, or reveal and conceal, coexist and create tension. Cathy emphasizes the importance of adopting a 'both-and' mindset to find innovative solutions that incorporate the benefits of both sides. She also addresses the issues of domain crossover, where power is used in one domain to influence the other, and shadow influence, where individuals without formal roles or ownership wield significant power within the business. In this conversation, Cathy Carroll discusses the concept of shadow influence and how it can impact leadership in a family business. She shares examples of shadow influence, both positive and negative, and emphasizes the importance of understanding and managing polarities in a family business. Cathy also highlights the challenges and opportunities of the family mindset in succession planning and the value of constructive conflict in navigating family business dynamics.TakeawaysFamily businesses face unique challenges due to the coexistence of opposing forces or polarities.Adopting a 'both-and' mindset allows for innovative solutions that incorporate the benefits of both sides of a polarity.Domain crossover occurs when power is used in one domain to influence the other, which can create tension and unfairness.Shadow influence refers to individuals without formal roles or ownership who wield significant power within the business.Recognizing and addressing these dynamics is crucial for effective leadership in family businesses. Shadow influence can have a significant impact on leadership in a family business, whether it is hidden or transparent.Understanding and managing polarities is crucial in a family business, as they can create both challenges and opportunities.The family mindset plays a role in succession planning, and it is important to navigate the tensions between the leading and rising generations.Constructive conflict is essential in a family business, as it allows for the exploration of different ideas and perspectives.Engaging in brave conversations and addressing conflict in a productive way can lead to better outcomes in a family business.You can buy the book here: https://www.legacyonward.com/hug-of-war Support the ShowThe podcast is entirely self-funded by me. I am not looking for sympathy as it is something that I love to do and I have a passion for providing great content for family businesses across the world. Some listeners have asked for ways in which they can support the show, be that through reviews, sharing with friends or a donation. As such I have set up a page that outlines all the ways that you can support what I am doing. www.fambizpodcast.com/support Work With Russ If what I have spoken about in the show resonates and you want to discuss how I can help you and your family business drop me an email: [email protected] or head over to www.familybusinesspartnership.com Sign up to the Newsletter You can get podcasts, videos and blogs delivered directly to your inbox by signing up to the newsletter. Head over to www.fambizpodcast.com and sign up now

SummaryIn this episode of the Family Business podcast, Tom McCullough and Keith Whitaker discuss their book, The Wealth of Wisdom. They share their backgrounds and how they came to collaborate on the book. The second version of the book focuses on providing practical tools and exercises for families to enhance their communication and address important topics. One chapter highlights a family self-assessment tool that helps families evaluate their situation and identify areas for improvement. Another chapter introduces a three-step process for enhanced communication, which can be used by couples or siblings to address differences and find common ground. The book is accessible to multiple generations and encourages open dialogue within families. The conversation explores the themes and family discussions, the power of framing issues, generational collaboration in philanthropy, intergenerational dialogue, and the simplicity of tools for productive conversations. TakeawaysThe Wealth of Wisdom provides practical tools and exercises for families to enhance their communication and address important topics.The book includes a family self-assessment tool that helps families evaluate their situation and identify areas for improvement.A three-step process for enhanced communication is introduced, which can be used by couples or siblings to address differences and find common ground.The book is accessible to multiple generations and encourages open dialogue within families.Chapters00:00 Introduction and Background09:19 Collaboration on the Book16:46 Approach to the Second Book27:14 Chapter on Family Self-Assessment Tool37:57 Chapter on Three-Step Process for Enhanced Communication46:18 Accessibility for Multiple Generations48:21 Subversive Books and Family Discussions49:22 The Power of Framing Issues50:50 Generational Collaboration in Philanthropy54:15 Intergenerational Dialogue59:31 Simplicity of Tools for Productive Conversations01:00:29 Clarification on the Books

SummaryIn this episode, Dave Goetz and Melissa Parks discuss the importance of capturing and sharing family stories. They highlight the reasons why families choose to tell their stories, such as passing on values and creating a family culture. The guests emphasize the need for families to identify their purpose and why before embarking on a storytelling project. They also discuss different types of family stories, including founder stories and multi-generational stories. The guests explore the concept of voice in storytelling and the importance of selecting the right format for capturing the family story. They also address the challenges of navigating different versions of the same story and the rules and considerations for sharing family stories. In this conversation, Dave Goetz and Melissa Mitchell-Blitch discuss the importance of family stories and how to capture and preserve them. They emphasize the need for hope and tension in storytelling, as well as the importance of protecting identities in family stories. They also discuss the time commitment required for family story projects and the value of taking the time to do it right. They highlight the need for support from trusted advisors and professionals in the storytelling process. Overall, they emphasize the significance of capturing family stories to help future generations understand the values of the family.TakeawaysCapturing and sharing family stories is important for passing on values and creating a family culture.Families should identify their purpose and why before starting a storytelling project.Different types of family stories include founder stories and multi-generational stories.The voice of the family story depends on the chosen format and the desired tone.Considerations for sharing family stories include obtaining consent from individuals involved and being discerning about which stories to include. Family stories should have a balance of hope and tension to make them compelling.When telling family stories, it's important to protect the identities of individuals who may not want to be included.Family story projects typically require a time commitment of nine months to one year.Taking the time to properly plan and execute a family story project is crucial for creating a meaningful and impactful result.Finding the right support, such as trusted advisors and professionals, can help ensure the success of a family story project.Writing a compelling family story can be challenging, and hiring professionals with storytelling expertise can be beneficial.Trusted advisors who understand the dynamics of family relationships are essential for guiding and supporting family story projects.To get in touch with Dave and Melissa for assistance with family story projects, visit their website or email them directly.Chapters00:00 Introduction03:00 The Importance of Family Stories09:05 Reasons for Telling Family Stories12:25 Identifying the Purpose of Capturing the Family Story15:20 Different Types of Family Stories20:43 Determining the Voice of the Family Story25:22 Exploring Different Formats for Capturing the Family Story33:49 Navigating Different Versions of the Same Story41:29 Rules and Considerations for Sharing Family Stories50:53 The Purpose of Family Stories51:53 Protecting Identities in Family Stories53:01 Time Commitment for Family Story Projects54:39 Taking the Time to Do It Right56:38 The Value of Capturing Family Stories57:45 Finding the Right Support for Family Story Projects59:59 The Difficulty of Writing a Compelling Story01:02:13 The Importance of Trusted Advisors01:04:01 How to Get in Touch with Dave and Melissa