Ep 55 - What Makes Family Businesses Succeed or Fail

What really makes a family business succeed? In this episode, Cindi Baldi and Geoff Tumlin sit down with Kip Wilson, a third-generation family business owner, to explore the realities of working with relatives and maintaining business success across generations. Whether you’re thinking about joining a family firm, working in one currently, or thinking about bringing your kids into your business, this episode uncovers what it really takes to make family businesses work.

Kip shares the key lessons from his journey which started as an outsider in his wife’s family business and how he grew, over time, into an insider with legitimate respect. Kip honestly talks about the challenges of earning credibility, building a business, and maintaining strong relationships when home and work are deeply connected. From navigating family dynamics to preparing the next generation for success and succession, Kip shares what it takes to lead a family business.

Join us to learn how to lead with intention, avoid common family business pitfalls, and lay the foundation for lasting success in a multigenerational company.

 

Episode Highlights:

• What to consider before joining a family business
• How to move from outsider to valued insider
• Why trust and shared values matter more than equity positions
• Tips for succession planning across generations
• How to keep your business strong and your family stronger

Watch this episode on You Tube: https://youtu.be/ZSTHJwCsIk8

 

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