Episode 25: Business Valuation: What it is and why is it important for your family business to have one in your business transition plans?

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Your host, Greg Lewis, talks to Travis Harms, Sr. Vice President at Mercer Capital located in Memphis, Tennessee about the importance of a business valuation in helping you and your family have a realistic understanding of the value of your business and/or the value of your shares. This is critical for business and personal decision-making and planning for you and your family business. 

There are a number of reasons family business owners need a valuation done. These include: 

  • begin a sale process, 

  • resolve shareholder disputes, 

  • business planning & future decision-making, 

  • determine your tax obligations, 

  • litigation purposes(including divorce) 

  • ability to access external sources of funding 

 

On today’s podcast you will learn: 

  • How the value of your business is calculated 

  • Establishing a value is important whether you transfer to the next generation or to a third party 

  • A valuation is great for transition planning and a positive communication tool for all family business shareholders 

  • There are three different valuation methods for your business (asset approach; income approach; market approach 

  • How  a business valuation is used in a buy-sell agreement 

  • Why a business valuation is important in the case of the sudden death of a business owner or other shareholder 

  • What a business valuation cost 

  • And much, much more!! 

Our guest today has been Travis Harms. Travis  is Sr. Vice President at Mercer Capital located in Memphis, Tennessee where he leads Mercer Capital’s Family Business Advisory Services Group. Travis’s practice focuses on providing financial education, valuation, and other strategic financial consulting to multi-generation family businesses.  

Travis is the author of the book, the 12 Questions That Keep Family Business Directors Awake at Night and co-author of Business Valuation: An Integrated Theory, Second Edition, with Z. Christopher Mercer. To learn more about Mercer Capital visit their website at www.mercercapital.com 

To learn more about the Tennessee Center for Family Business, visit our website at www.tncfb.com.  

Episode 24: Sibling Success: When brother and sister work together in a family business with Laurie Straus Aronoff and Andy Straus, Goldner Associates, Nashville, Tennessee

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The world of family business is full of stories of siblings who didn’t see eye to eye. In today’s podcast we’ll hear from a 4th generation brother and sister combo who have carefully managed these relationships to be both productive and fulfilling for their business and their family.

You will learn:

·         Make your own mark in business before joining the family business prepares you to join the family business

·         The role you take in the family business should be based on the skill sets you are best suited for not family hierarchy

·         Develop rules when dealing with conflict – communications, honesty, and respect; talk it out

·         Advice for siblings considering joining the family business – Talk about it a lot before making the plunge; have a clearly defined role that matches your skill set

·         Develop boundaries between family and business in family gatherings. Remember spouses and children may not understand or even be interested in the operations and issues of your family business

·         Have fun!

Our guest today has been Laurie Straus Aronoff and Andy Straus, 4th generation owners, of Goldner Associates founded in 1951 in  in Nashville, Tennessee. To learn more about their family business, Goldner Associates, visit their website at www.goldnerassociates.com.

As a FREE Gift for listening to our podcast today, we would like to send you a FREE copy of 80 Questions Every Family Business Owner Should Answer. Send an email to info@tncfb.com and simply say 80 questions.

To learn more about the Tennessee Center for Family Business, visit our website at www.tncfb.com.

Episode 23: Practical ways for family business leaders to communicate authentic appreciation with Dr. Paul White, co-author of The Five Languages of Appreciation

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Leading a business is tough enough, but when family is involved the leader will experience the benefits and challenges associated with family owned business when it comes to communications. 

In today’s podcast, we will get answers to these and other questions: 

  • When does a business owner wear the parent or BOSS hat in making tough decisions 

  • How do I start the conversation with family members about transition planning 

  • How can a business owner ensure character and values successfully transition to future generations in the business 

  • How do I differentiate work roles vs husband/wife roles 

  • And much much more! 

Our guest today is Dr. Paul White. Dr. White is a psychologist, speaker and leadership trainer who “makes work relationships work.” He is the co-author of three books including The Five Languages of Appreciation in the Workplace with Dr. Gary Chapman, author of the #1 NY Times bestseller, The 5 Love Languages. Dr. White and Dr. Chapman have developed practical ways for leaders and employees to communicate authentic appreciation that leads to increased employee engagement, lower staff turnover and more positive work environments. 

Episode 22: Surviving the Business Transition with Brad Franc

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Succession Planning is an unfamiliar challenge for most business owners. The anxiety of planning is often aggravated when family members are involved in the business.  

Our guest today is Bradley J. Franc. In his new book The Succession Solution: The Survival Guide for Business Transition, Bradley provides both an explanation of the importance of succession planning, as well as practical, straightforward and proven system that can be used to continue your business in the next generation, whether your successor is a family member(s), an employee, or a third party. 

 To learn more about the Tennessee Center for Family Business, visit our website at: www.tncfb.com 

 

 

Episode 21: Gary Ringger, Founder/President of Lifesong for Orphans and author of Radical Business, From Ownership to Stewardship.

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  Gary and his family are former owners of Ringger Feed and Ringger Foods in Gridley, Illinois.  In his book, Radical Business, From Ownership to Stewardship, Radical Business shares how God used a failing business to change Gary Ringger's definition of success - ultimately leading him on a path from that of a business owner to a business steward. It also shares how this journey led to the founding of Lifesong for Orphans, a ministry that serves over 16,000 children worldwide. This book challenges the reader to develop a radical business plan and gives practical advice on how to do so. 

In today’s episode, Gary will share:  

  • What was the special contract he entered in to when business wasn’t going well? 

  • How did he come to view confrontation as opportunity? 

  • What role did fear play in his business decisions & how did he handle that fear? 

  • How did he decide the direction he wanted to go after he sold his family business? 

 To learn more about Gary Ringger and Lifesong for Orphans, visit their website at: www.lifesong.org.

To purchase Gary’s book, Radical Business, From Ownership to Stewardship, order on line at Amazon or www.Radicalbusiness.co

 To learn more about the Tennessee Center for Family Business, visit our website at: www.tncfb.com 

 

 

Episode 20 The King of Clarity, Steve Woodruff, shares his secret weapon for generating the one source of revenue that will most effectively fuel your business: referrals 

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In today’s episode, Steve will share his secret weapon for generating the one source of revenue that will most effectively fuel your business: referrals  

 

  • What are the two “moments of truth” in your message? 

  •  Why clarity is so important at radio station WIIFM? 

  • Why do you need to define and embrace your “pigeon-hole”. 

  • Why are stories so important?  What are the best kinds of stories? 

  • How do you identify your “super-power”? 

 

To learn more about Steve Woodruff, visit his website at: www.clarityfuel.com. To purchase or download a copy of Steve’s book Clarity Win$. Get Heard. Get Referred, go to: www.claritywins.org 

 

To learn more about growing your family business and planning for a successful transition, we’ll send you a FREE copy of “80 Questions Every Family Business Owner Should Answer.” 

Send an email to info@tncfb.com and simply say” 80 Questions” or call 615-513-9028. 

Episode 18 Charles Hatcher discusses his 5-generation family dairy operation since 1831 in the College Grove, Tennessee community.

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In today’s episode, I will ask Charles to share: 

  • With only 4% of family businesses successfully transitioning to the 4th generation and beyond, what has been his family’s secret to success? 

  • With 5 generations there have been a lot of children, grand-children and great-grandchildren. How did the family decide who was and who was not going to join the business? 

  • What Hatcher family values where you taught that have been successfully transferred from generation to generation in your family business? 

  • What are some things you learned about working in the family business that might be helpful to our listeners who are considering joining their family business? 

  • What advice would you offer to a Mom or Dad who is considering inviting a son/daughter to join the family business? 

  • What does your family talk about around the Sunday Dinner table? 

 

To learn more about Charles Hatcher and Hatcher Family Dairy, visit their website at: 

www.hatcherfamilydairy.com 

 

To learn more about growing your family business and planning for a successful transition, you may be interested in virtual family business roundtables. To learn more, check it out at www.tncfb.com/family-business-roundtables/ or call Greg directly at 615-513-9028. 

Episode 19 Chris Paulk discusses his family agri-business, Muscadine Products Corporation

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Chris is a 3rd generation member of his family agribusiness located in Wray, Georgia.  Started by Chris’ grandfather, Jacob Paulk, Muscadine Products Corporation is an agribusiness enterprise based in the middle of the world’s largest muscadine vineyards.  

 

In today’s episode, I will ask Chris to share:  

 

  • How his grandfather invited Chris to start a new venture on the family farm after he graduated from college. 

  • Paulk family values Chris learned from his Grandfather and Dad that have been successfully transferred from generation to generation? 

  • How Chris and his family deal with disagreements on business issue. 

  • Things he learned about working in the family business that might be helpful if you are considering joining your family business. 

  • What has been the greatest challenge to the Paulk family business since his grandfather died in 2017. 

 

To learn more about Chris Paulk and Muscadine Products Corporation, visit their website at: 

http://www.muscadineproducts.com 

 

Are you interested in learning more about growing your family business and planning for a successful transition? You may be interested in joining a virtual family business roundtable.  To learn more, check it out at www.tncfb.com/family-business-roundtables/  or call Greg directly at 615-513-9028.

Episode 17 Aaron Flinn discusses real-life family business case studies

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You will hear real life stories about a company co-owned by two brothers; a family business where parents are treating everyone equally; and a family business where Dad’s “second marriage” combines “new kids” and a child from Dad’s first marriage who is actively involved in the business.  

 

Business owners and entrepreneurs, corporate officers and executives, and investors and families with inherited assets seek advice from Aaron Flinn for the purpose of ensuring financial stability and continued prosperity.  Serving clients with trust and estate as well as wealth preservation needs, Aaron helps craft and deliver strategies that reflect the client’s values while capturing the tax benefits available given their current circumstances. 

 

In today’s episode, I will ask Aaron to share:  

 

  • How would a buy-sell agreement have helped avoid the deadlock that occurred in the business owned 50/50 by brothers when one brother died unexpectedly? 

  • What would you suggest to parents to transition from treating their children “equally” to treating them “equitably” in their family business? 

  • Why is it important that children be given roles in the company that are appropriate to their capabilities and be paid accordingly for the work they do? 

  • How should the conversation between Dad and his new wife about the family business be started when a Dad is about to get married for a second time and there are children from both parents involved? 

 

To learn more about Aaron Flinn and Waller Law visit their website at www.wallerlaw.com 

 

To learn more about growing your family business and planning for a successful transition, you may be interested in joining a family business roundtables.  To learn more, check it out at 

www.tncfb.com/family-business-roundtables/ 

Episode 16 Cal Turner, Jr. discussing his recent book, My Father’s Business, the Small-Town Values that built Dollar General into a Billion Dollar Company.

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On today’s podcast we will be talking about Cal’s trials and tribulations both within his family and within his family business, Dollar General; what he learned; and how his experiences working in a family business might benefit you where you are today in your family business.

 

Cal Turner, Jr. grew up in a Scottsville, Kentucky household where business and family were one.  After graduating from Vanderbilt University, he served three years as an officer in the United States Navy before beginning his career at Dollar General.  He served as CEO for 37 years and during his tenure the number of Dollar General stores rose from 150 with sales of $40 million, to more than 6,000 with sales in excess of $6 billion.

 

In today’s episode, I will ask Cal to share: 

·         Why was it important to write this book about the Turner family business now?

·         What is the significance of the terms “an old man’s caution” and a “young man’s ambition”?

·         How did your desire to be a people pleaser influence your relationships with family, employees, board members and investors when you eventually took over leadership at Dollar General?

·         What were your mom’s 3 rules about fighting?

·         What advice would you give a father/mother whose work defines them about letting go and allowing the next generation to carry on the legacy?

·         Why is philanthropy so important to your family business?

 

If you have a question about working in your family business or succession planning, contact us at info@tncfb.com

 

To learn more about the Tennessee Center for Family Business, visit our website at

www.tncfb.com.

Episode 15: Greg Lewis with David Wells on “Family Governance – What it is and Why it is important for a family business to have a governance model”.

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No matter what the size of a family enterprise, the unique – and often volatile – mix of personal family relationships, business strategy and ownership criteria can create an emotionally charged environment that makes decision-making, not to mention day-to-day management…… 

Challenging.  And as the founding generation ages, succession and power issues across an expanding family can create cascading concerns. 

 

In a study by pwc Global, 71% of family enterprises have NOT adopted any procedures for resolving conflict between family members. 

 

In today’s episode, David will tell us:  

  • What is the Difference in a Family Council and a Board? 

  • What are the Benefits of having Structured Governance no matter what size Family Business you have? 

  • How does having Family Council Meeting help in Estate and Succession Planning for the Family Business? 

  • What would be the First Steps a Family Business Leader might take to set up a Family Council for your Business? 

 

As a special gift for joining us for the Family Business Today podcast, we would like to send you a FREE COPY of Family Council – What it is and Why You Must have One. You will learn: 

  • The Purpose of a Family Council 

  • The Difference between Family Meetings and Family Councils 

  • The Responsibilities of a Family Council 

  • How Do We Start a Family Council? and more…. 

 

Send us an email today to info@tncfb.com and simply say “Governance”. 

 

Episode 14: JK Elkin – Attorney at Law, Spicer Rudstrom PLLC – What I Learned from Working with my Dad in Business

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A 2014 study showed that women – mostly daughters – are increasingly being selected to take over their family-owned businesses.  Among conclusions in the study, “Women in Leadership:  The Family Business Advantage”, by EY and Kennesaw State University in Atlanta, one of the most compelling was that “70 percent of family businesses are considering a woman for their next CEO, and 30 percent are strongly considering a woman for the top spot.” 

 

On this episode of Family Business Today, Greg Lewis interview JK Elkin with Spicer Rudstrom PLLC to discuss her experiences working with her Dad in their family business, National Dance Clubs. JK put her law practice on hold in 2007 and took over the family business, The National Dance Clubs. 

 

If you are a daughter or a Dad working together in business, you don’t want to miss the insights that JK learned from working with her Dad in this podcast. 

 

In today’s episode, I will ask JK to share:  

  • What led up to her decision to put her law practice on hold and return to the family business? 

  • What were the biggest personal challenges she faced in returning to the business which employed several family members? 

  • Who were her mentors outside the family? 

  • How were disagreements among family members handled? 

  • What difference may there be between Father/Son and Father/Daughter relationships? 

  • What advice would she give to a Mom or Dad who is considering inviting a daughter to join the family business? 

  • What advice would she give a daughter who is considering joining her family business? 

  • What was the emphasis on treating everyone fairly versus equally? 

If you have a question about daughters working in their family business or succession planning, contact us at info@tncfb.com.  

 

Episode 13: Tim Jamison – Vice President, Prairie Capital Advisors…Developing an ESOP Plan for Your Family Business

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Nearly 50% of successful business owners want to exit their companies within the next five years. Is an ESOP right for me?

You don’t want to miss this podcast!

On this episode of Family Business Today, Greg Lewis interviews Tim Jamison with Prairie Capital Advisors to discuss his experiences involved in developing Employee Stock Ownership Plans (ESOP) and the advantages of an ESOP for business owners.

Tim describes an ESOP as a form of business transition that gradually transfers to the employees of the business over time. Many business owners view this as a great way to reward the employees who have helped them build their business over the years and a way to help those employees with their retirement.

In today’s episode, I will ask Tim to share:

* What does an ideal company look like for an ESOP?

* Do you have to give up ownership of your business to create an ESOP?

* How you can receive tremendous tax benefits from Uncle Sam by implementing an ESOP

* Who is and what role does a Trustee play in an ESOP.

* Why valuing your business at Fair Market Value is important?

* What are the cost to implement an ESOP?

* Ways to customize an ESOP Plan for your business. If you have a question about ESOP or succession planning, contact us at info@tncfb.com.

Welcome to Family Business Today where we feature prominent local and national family business owners. We also talk to top family business experts to discuss relevant topics including communications, business culture, family relationships, succession and estate planning, values as well as conflict resolution.

Episode 12: Dr. Jacob Avila – Developing Healthy Family Relationships...A Vital Component to Family Business Success

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On this episode of Family Business Today, Greg Lewis interviews Jake Avila to discuss his experience being involved in his family's business and his academic research related to healthy family relationships in family business.

Jake’s father and mother began their family construction business in the downstairs bedroom of their home in Riverside, CA in 1990 and the business has grown and diversified over the years to include disaster restoration, demolition, framing, commercial real estate investments and later adding a Mexican restaurant started by his mother and grandmother. As the oldest of 5 children, Jake was involved from the beginning as a youngster helping pick up on construction sites, later to working on sites and eventually to project management and developing policies and standard operating procedures while pursuing his academic career.

Jake discusses the characteristics of healthy relationships in family businesses that include: resolving conflict in a way that is productive; the importance of the level of trust among family members; looking at how decisions are made; relationship between clear goals and values; and the “A-ha” moment that helped him make sense of the experience of family business.

As a special gift for joining us for today’s edition of Family Business Today, we would like to send you a FREE COPY of 80 Questions Every Family Business Owner Should Answer. This assessment tool will help you to:

* Identify your business and family strengths and weaknesses

* Establish your priorities

* Work ON your business rather than IN your business

Send us an email today to info@tncfb.com and simply say “80 Questions”

Family Business Today is hosted by Greg Lewis. Family Business Today is produced by the Tennessee Center for Family Business. To learn more about the Tennessee Center for Family Business, visit our website at: www.tncfb.com

Episode 11: Dana Holmes – Tips for Planning and Funding a Successful Family Business Transition

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On this episode of Family Business Today, Greg Lewis interviews Dana Holmes of 2nd Generation Capital to discuss planning and funding an exit that includes an eventual passing of the family business to your children.  

2nd Generation Capital was originally formed in 1994 to meet family shareholder needs for liquidity, growth financing and ownership transition services. The company services have evolved to provide value for clients at every stage of a company’s lifestyle. Dana Holmes, Managing Member, joined 2nd Generation in 2006. 

Dana emphasizes that it is never too early to discuss planning a transition and the biggest hurdle to overcome is poor communication.  He discusses the need to determine the fair market value of the business to avoid unrealistic expectations by both the founding members and the next generation.  He also points out options available, risks involved, 3 crucial reasons to have a buy-sell agreement, and the needs for open discussion, research and careful thought processes.   

To learn more about 2nd Generation Capital, visit their website at: 

www.2ndgeneration.com 

As a special gift for joining us for today’s edition of Family Business Today, we would like to send you a FREE COPY of 80 Questions Every Family Business Owner Should Answer.  This assessment tool will help you to: 

  • Identify your business and family strengths and weaknesses 

  • Establish your priorities 

  • Work ON your business rather than IN your business 

Send us an email today to info@tncfb.com and simply say “80 Questions” 

 

Family Business Today is hosted by Greg Lewis.  Family Business Today is produced by the Tennessee Center for Family Business.  To learn more about the Tennessee Center for Family Business, visit our website at: 

www.tncfb.com 

 

Episode 10: Matt Bodnar, A Son's Viewpoint on What Makes it Work When Working with Dad in the Family Business

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On this episode of Family Business Today, Greg Lewis interviews Matt Bodnar of Fresh Hospitality regarding the development and involvement of the next generation in the business.

Fresh Hospitality is primarily an investment company that invests across the food and restaurant value spectrum, with primary focus in restaurant operations and real estate development.  Their business includes 18 restaurant brands at over 180 locations, primarily in the southeast.

Matt shares his insights into how he valued having an open dialogue with the founding generation prior to joining the family company; the biggest challenges in joining the family business; the importance of outside advice and mentoring resources; dealing with disagreements; and advice for those considering joining their family business as well as advice for founders considering having one of their children join the business.  Matt also describes his work as an “accidental podcaster” on his program called “The Science of Success”.

To learn more about Fresh Hospitality, visit their website at:

www.freshhospitality.net

Family Business Today is hosted by Greg Lewis.  Family Business Today is produced by the Tennessee Center for Family Business.  To learn more about the Tennessee Center for Family Business, visit our website at:

www.tncfb.com

Episode 9: Chris White and Brian Reichenbach, Chris White Wealth Team

Subscribe through iTunes today! More podcast services coming soon!

Subscribe through iTunes today! More podcast services coming soon!

On this episode of Family Business Today, Greg Lewis interviews Chris White and Brian Reichenbach of the Christ White Wealth Team

Chris White Wealth Team is a wealth management team serving a select group of families and businesses in Middle Tennessee and across the country.  They are a division of Southwestern Investment Group, one of the largest independent Raymond James branches in the country, with over 15 years’ experience, and managing $2.5 billion in assets.

Chris and Brian discuss the crucial importance for a family business to develop an outside support team of trusted advisors.  They give insight into the two sides needed for this team:  business advocate and personal advocate.  Chris and Brian offer suggestions on forming this trusted team and helping family business owners avoid one of their greatest frustrations.  They discuss how the Chris White Wealth Team helps family businesses to be persistently intentional in the process of developing the best team.

To learn more about Chris White Wealth Team, visit their website at:

www.chriswhitewealthgroup.com

Family Business Today is hosted by Greg Lewis.  Family Business Today is produced by the Tennessee Center for Family Business.  To learn more about the Tennessee Center for Family Business, visit our website at:

www.tncfb.com

Subscribe to Family Business Today! 

Episode 8: Bill Bellet, The Legacy Consulting Group

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On this episode of Family Business Today, Greg Lewis interviews Dr. Bill Bellet of the Legacy Consulting Group in Nashville, TN.

Bill has over 25 years’ experience in the “relationship business” as a clinical and consulting psychologist.  He specializes in conflict resolution, family owned business succession and strategic planning, coaching and developing leaders, career counseling and relationship issues which arise between partners and family members in privately held companies. Bill holds a Doctorate in Clinical and Consulting Psychology from Vanderbilt University.

Bill discusses how being fair is not always being equal in family businesses.  He gives insight into the dynamics of family businesses – “insiders vs outsiders” – and the importance of finding ways to make both stockholders and shareholders feel that they are involved, informed and contributing to the success of the family business.  He also discusses the top issue that all family businesses have in common – avoiding conflict; choosing leaders from the next generation; the top 3 things that family businesses struggle with; and the importance of having someone who can help family business owners and leaders to be objective as they work through these issues.

To learn more about The Legacy Consulting Group, visit their website at:

www.tlcg.org

Family Business Today is hosted by Greg Lewis.  Family Business Today is produced by the Tennessee Center for Family Business.  To learn more about the Tennessee Center for Family Business, visit our website at:

www.tncfb.com

Episode 7: Jenny and Evan Owens of Reboot Combat Recovery

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On this episode of Family Business Today, Greg Lewis interviews Jenny Owens and Evan Owens who are co-founders of Reboot Combat Recovery.  

Reboot Combat Recovery is a non-profit organization that provides a 12 week course to combat veterans and their families that helps them deal with the spiritual side of healing from combat trauma, post traumatic stress and moral injury.  The business began in Jenny & Evan’s living room in 2011 and has grown to serve veterans and families in 100+ locations in several states and also in Australia.  

Jenny and Evan discuss the process that they went through to scale their business from a family ministry to becoming a larger non-profit organization.  They share the values that each of them brought to the business, how they deal with decision making and disagreements, managing boundaries between home and family with two young boys, importance of trusted advisors,  and advice they would give to husbands and wives who are involved in or thinking about getting involved in business together.

To learn more about Reboot Combat Recovery, visit their website at:

www.rebootrecovery.com

Family Business Today is hosted by Greg Lewis.  Family Business Today is produced by the Tennessee Center for Family Business.  To learn more about the Tennessee Center for Family Business, visit our website at:

www.tncfb.com

Episode 6: Dana Holmes of 2nd Generation Capital

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On this episode of Family Business Today, Greg Lewis interviews Dana Holmes, the Managing Member of 2nd Generation Capital since 2006.

2nd Generation Capital is a boutique firm in Nashville affiliated with local accounting firm Kraft CPAS.  They serve as a broker/dealer and investment banking firm that provides advisory work, valuations, exit planning and strategic planning focused on privately held businesses.

Dana discusses many of the issues that arise in the process of transferring control of a business from generation to generation including:  the importance of transferring skills, not just equity; advantages of a family meeting structure; practices that lead to the best transitions; “company habits”; key employees; roles of non-active family members; and how to’s on determining a leader.  

To learn more about 2nd Generation Capital, visit their website at:

www.2ndgeneration.com

 

Family Business Today is hosted by Greg Lewis.  Family Business Today is produced by the Tennessee Center for Family Business.  To learn more about the Tennessee Center for Family Business, visit our website at:

www.tncfb.com