OWNERS OF A PRIVATE ENTERPRISE

Achieve Business Continuity.

MINDSET

 

Mental clarity creates the emotional capacity to achieve goals in your family business.

You are compelled to take on the enormous and life-changing experience of owning and operating a private business. Whether bringing an innovation to market, increasing enterprise value, or transitioning a business to the next generation, knowing yourself is key to moving all your ventures forward successfully.

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“Dr. Feiner takes elite performers through a process that will forever improve the mindset they need for peak performance."

MARSHALL GOLDSMITH

Top 50 Coach, Entrepreneur, Bestselling author of What Got You Here Won’t Get You There, and Mojo

Back from the Midwest, where a misstep in a family business had spiraled into a disaster. While the owners were easing into retirement, their daughter began running the day-to-day. All was working well until the pressures of COVID hit the business. When I stepped in, the daughter was being blamed for interrupting the owners’ retirement, poor morale, and not driving initiatives. The owners postponed making her CEO, and she resigned. 

 

Assessing the situation through a new lens, I saw a different story: Due to the daughter’s effective leadership, the owners procrastinated on executing their part of the plan. By failing to fill several key positions, the daughter was left to run the company without the team required for success. In my version, the daughter acted heroically in the face of her parents’ missteps. Her resignation protected the company from family drama and her parents from potentailly firing her. This interpretation put the transition in a whole new light. No longer able to deflect, the owners had to look at themselves, their daughter, and their goals more honestly. Had the daughter continued being viewed as a disappointment, reconciliation would've been improbable. Solving emotional dynamics in business improves outcomes.

Great success on the east coast facilitating a retreat for a 3 generation family business. Seven months into the public health crisis, the quick decisions this family made together landed them stronger and healthier than before Due to the pandemic, G1 stayed isolated giving them a glimpse of life away from the company; G2 confidently and graciously took the helm even though several years sooner than expected; and G3 having front row seats to the transition because they were home taking online classes, seriously wanted to be in the business someday, too We got here by having tough conversations about readiness, fairness, and rivalries; about power, privilege, and individual temperament about what the business needs from the family These conversations would not have happened without the forced disruption but this family figured out how to stay above the fray and develop better relationships to run the company. Moving to Strategic Planning.

Tensions on the west coast ran high as the owner began to transition control of his single-family office to his two sons who had been at war with each other since they were teenagers. This was harder than he anticipated. Lawrence had hoped that his sons’ fierce rivalry would dissipate over time but instead, the divide intensified. One brother claimed the staff of the family office favored his brother’s family. The other claimed that the staff was conspiring to quit should the office be turned over to his brother. And even worst, their children (aka as the cousins) were being accused of being disloyal by their fathers for staying friends. Lawrence was seriously doubting that his elaborate estate plan would be enough to supersede his sons’ pathological tendencies. The patriarch lamented that despite a lifetime of achievements, he failed at raising a loving family. We spent the next three years, reshaping the dynamics of the whole ecosystem: we installed a board of independent advisors, strengthened the relationship between the office and the cousins, and insulated the office from the brothers’ conflict by devising a strategy where their rivalry would refine ideas for the family office without undermining the dynamics.

© 2020 by Stacy Feiner

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