Are you part of a family business or interested in learning more about the measures of success in a multigeneration family business? Family businesses can be incredibly rewarding, but they can also be challenging. There are valuable resources and knowledgeable advisors like Bob Weinhold, who specializes in working with family businesses to help them reach their desired goals and destination in the future.
Bob Weinhold was recently featured on the Beyond the Balance Sheet podcast, hosted by Diana Clark of the O’Connor Group, which is focused on helping advisors, affluent families, and clinical professionals to understand the complexities of issues related to physical, mental, and emotional wellbeing. In the episode, Bob discussed how executive coaching can bring benefits to family businesses and their transition to the next generation. You can listen to the full episode using the link or listen to the audio file below.
One of the biggest challenges that family businesses face is transferring knowledge from the senior generation to the next generation. The senior generation has accumulated a wealth of knowledge over the years, but they often struggle to pass that knowledge on to the next generation. Bob and Velocity’s Family Business Consortium help the senior generation to effectively transfer their knowledge to the next generation so that the business can continue to thrive.
Preparing for what comes after the business is another challenge that family businesses face. The senior generation may focus so much on running the business that they forget to prepare themselves for retirement or for what comes after the business. Bob coaches family businesses to help them address these challenges and more.
Bob most frequently engaged to coach the next generation, helping them to prepare for their role in the business and navigate the unique challenges that they will face. Many senior generation leaders have focused on growing business and have not had the ability, or unique capabilities to grow the next generation of leaders. He emphasizes the importance of helping the next generation find their leadership within the family values and carry forward the family vision for the business. Additionally, it is important for the next generation to understand the impact that a family business has on the community, and be committed to continuing this legacy.
Family businesses play an important role in supporting local economies and communities. By working with knowledgeable advisors like Bob, family businesses can successfully uphold their legacy and values, even in the face of change and transition.