Specialty Fabrics Review April 2024 - 45

[ MARKETS ] BUSINESS
Family business
succession planning
Why to bring in outside help when
transitioning your business
by Bob Gazich
I
BEGAN WORKING WITH BUSINESS FAMILIES IN
the late 1990s with RSM McGladrey in its family business
consulting practice. I was working on my doctoral degree
and hoped to gain experience working with leadership
development in the " real " world. Then, as my journey
continued, I worked with business advisor Tom Hubler of
Hubler for Business Families. Tom is the godfather when it
comes to working with family businesses, and I learned a lot
from him as it pertains to life, families and business families.
Stories of defeat and triumph
I think the biggest surprise to me while working with many
entrepreneurs and business owners is the number of times
they have failed. Now, please realize that I am not saying
these individuals were or are failures. Far from it! But
for whatever reason, I had assumed these individuals hit
home runs immediately, and I learned this was often not
the case. My big takeaway was understanding the grit and
determination these individual entrepreneurs possessed
that enabled them to get back on the horse and continue
with their journeys. The stories they shared with me about
their struggles were and still are inspiring.
I don't watch reality television shows, but I know
they are quite popular. As a college professor, I often
tell my students that the stories of entrepreneurs and
businesspeople are what the younger generation needs to
be exposed to. These are stories of defeats and triumphs
that are personal, beautiful and true!
Image: © Andrei Dodonov, Dreamstime.com
No silver spoons or platters
Another surprise I had when I began working with
business families concerns a belief that I, like many
people, had-that adult children of business families
usually have a silver spoon handed to them. But over
time, as I was exposed to and worked with many business
families, I actually began to wonder why a family member
would ever want to work for the family business. Why?
Because in my experience adult children work long, hard
hours to be successful.
The reality is that many of these dedicated entrepreneurs,
who have worked hard to achieve their personal success
within the family business, also have to cope with the
emotional distress of knowing that many believe they've had
SpecialtyFabricsReview.com 45
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Specialty Fabrics Review April 2024

Table of Contents for the Digital Edition of Specialty Fabrics Review April 2024

Specialty Fabrics Review April 2024 - Cover1
Specialty Fabrics Review April 2024 - Cover2
Specialty Fabrics Review April 2024 - 1
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Specialty Fabrics Review April 2024 - Cover3
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