Throughout the month, Coach Pete seeks out strong players in the family business world in order to bring you real stories of real family business professionals to inspire, drive and lead you forward. From the stories of legacy builders to examples of outstanding succession planning, the star players Coach Pete comes across are navigating the game with confidence and wisdom. Check out a few of the Coach’s Best Plays in this month’s roundup:
• Mom Calls a Great Play – Go Work Somewhere Else Before Entering the Family Business!
One of the smartest plays the family leader can call is to insist family members go get experience outside the business before entering the business. Farmers Insurance Agency owner Karen Cullen asks her daughter to go get some much needed experience working in someone else’s agency. It really takes vision and courage for a parent to ask their offspring to go cut their teeth in an industry at someone else’s company – but the strategy always produces great long-term benefit for both the family member and the family business.
In this article you’ll read about how Amber Ramirez’s journey to success in the family business included building her confidence and expertise outside of the shadow of her mother. After building her own successful book of business, Amber returned to her mother’s agency and was able to carry on the family’s 44-year legacy on the corner of Main and Sixth Street in Ramona, California.
Great call mom! I can’t tell you how many family business participants I work with that often look over their shoulder and think, could I have been successful on my own? Amber gained invaluable personal experience and confidence that will pay off for years to come both personally and professionally!
• A Team Approach to Farm Succession – a Great Call for Family Business Success!
Read how the Tilstra family assembled a great team of diverse professional advisors to draw up their successful game plan for family business succession! Smart families realize they should lean on the expertise of outside advisors to help them guide the family to drawing up the right play to ensure their family’s long-term success!
• Excavating Contractor Digs to Create Safe Family Business Succession Project
Read about how Bradley Excavating takes the same thoughtful and serious approach to building their succession plan the same way they approach their clients’ projects! Too often families rely on hope and good luck to get them through the complex issues of succession planning. The problem is they can suddenly find themselves under a landslide of family issues that can be crippling or devastating to the long-term success of the family business. We want to congratulate the Bradley family on paving the way for your long-term success!
If you want to take a thoughtful approach to avoiding your family’s land mines before they cause irreparable damage, check out the our Family Business Landmine Detection Map and be sure to stay on top of Coach Pete’s advice for family businesses on our blog!