• Family Business Longevity, with Rob Ferguson

  • Jun 17 2024
  • Length: 49 mins
  • Podcast

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Family Business Longevity, with Rob Ferguson

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  • Family businesses have a shrinking lifespan. Families in business together face conflicts and challenges that have made it increasingly difficult to build a business that lasts generations. Yet Rob Ferguson, founder of Ferguson Alliance, says that family businesses can live to infinity with the right systems and tools. Today, we're discussing how the key components of communication, shared vision, and financials drive family business health. https://www.youtube.com/live/HZ1pR-ixHVY So, whether your family business goals are solving family conflict and disruption, 10X growth, or acquisitions, tune in today to learn how to increase the strength and longevity of your family business. This episode peels back the layers on how to foster generational wealth and maintain harmony within family-run companies. The conversation homes in on the essential strategies for early and intentional planning for business succession, highlighting the common pitfalls and conflicts that can derail even the strongest family enterprises. With a wealth of experience, Rob guides us through the complexities of steering companies toward sustainable growth, ensuring they can withstand the test of time and the changing tides of business culture. Join us as we reflect on the shifts in family dynamics and their influence on the longevity of family businesses from the 1950s to our current global market. We weigh the tough decisions family businesses confront when choosing to prioritize the business or the family unit. Rob's expert perspective shines a light on how those who focus on the business side often enjoy greater longevity. Yet, he also emphasizes the unique strength that comes from integrating core family values into the business ethos, which can be a potent strategy for success across generations. The crescendo of our discussion centers on the art of succession planning. It's a delicate balance that requires giving the next generation both guidance and the freedom to choose their path while ensuring a clear separation of wealth transition, ownership transition, and leadership transition. We explore the profound impact of involving multiple generations in business conversations and the establishment of family constitutions and mission statements. With the wisdom shared by Rob, families are empowered to craft legacies that not only survive but flourish for generations to come. The Beginning of a PassionCreating Family Business LongevityFamily ValuesNavigating Conflict When Transitioning the BusinessAbout Rob FergusonConnect with Rob FergusonBook A Strategy Call The Beginning of a Passion Fifteen to sixteen years ago, Rob Ferguson was the CEO of a 5th generation industrial packaging company, with about 17 cousins involved in the business. Rob was brought in as the first non-family executive to get the business back into shape and sell it. While that was all in the works, Rob recognized that there had to be a way to prevent family businesses from getting to that point of “destruction,” in order to help more families keep their legacy alive and in the family. [08:20] “Family businesses in America as we know generate—I think it was right after the pandemic—they generated 78% of all the new jobs. 60% of GDP comes from family business. Almost all of our philanthropy donations come from family businesses. And then if you think about all of the innovation that we’ve seen and experienced, again, they started off as family businesses.” Ferguson Alliance was built from Rob’s passion for helping family businesses stay in business and keep the legacy alive. Creating Family Business Longevity So what’s changing, and why is it important to keep fighting for family businesses in 2024 and beyond? So what is the major obstacle for family businesses? It’s getting families oriented around their “north star.” When Ferguson Alliance works with a new family business, the first thing they do is ask a very simple question wit...
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Leadership Economics Personal Finance Personal Success
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