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.  

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

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

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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

Episode 5: Dorcas Cheng-Tozun, author of Start, Love, Repeat: How to Stay in Love With your Entrepreneur in a Crazy Start-Up World

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On this episode of Family Business Today, Greg Lewis interviews Dorcas Cheng-Tozun, author of Start, Love, Repeat:  How to Stay in Love with your Entrepreneur in a Crazy Start-Up World, concerning the conversations husbands and wives should have about their family business partnership.  It is valuable prescriptive guide to how to keep your relationship strong when there’s a start-up in the family.

The idea of starting your own business is exhilarating and inspiring. It’s one over 30 million Americans pursue. But being the significant other of an entrepreneur is not so glamorous. Boundaries between work and home disappear. Personal savings and business funds become intertwined. You can feel like a single parent as your spouse travels, works late hours, and answers calls and e-mails 24-7. You may even sacrifice a career or move your home for the sake of the business.

But there are strategies you can use to combat all this stress and uncertainty. Whether you’re new to the start-up world, or a long-term entrepreneurial partner, START, LOVE, REPEAT will help you understand exactly how a start-up affects your lives-and what you can do to build a happy and healthy relationship in the midst of the madness. Dorcas Cheng-Tozun has not only done extensive research, she has lived through the perils and pitfalls of being with an entrepreneur as the wife of the CEO and cofounder of successful start-up d.light. She offers clear-sighted, first-hand advice for any couple considering making the same leap. She further draws on interviews with other successful entrepreneurs and their significant others, executive coaches, marriage-family therapists, venture capitalists, and start-up authorities to provide practical insights and steps any couple can take to build a strong relationship while launching that dream business.

Episode 4: Steve Richards of Richards and Richards, Office Records Management

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On this episode of Family Business Today, Greg Lewis interviews Steve Richards, Founder and Chairman of Richards and Richards Office Records Management, Inc.


Richards and Richards is a Nashville based family business specializing in record storage, secure shredding, scanning, data storage and medical waste.  Celebrating their 30th anniversary on May 15, 2017, Steve says that two of the greatest keys to their success as a family business are honesty and taking care of your employees. He says that if you take good care of your employees, then good customer service follows. In this podcast he shares 4 ways they have developed a positive and thriving culture at Richards and Richards and how the business is successfully transitioning to the next generation while they continue to increase the value of the family asset.


To learn more about Richards and Richards Office Records Management, visit their website at:
www.richardsandrichards.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 3: Jamie Fritz, Dabble Studios

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On this episode of Family Business Today, Greg Lewis interviews Jamie Fritz of Dabble Studios.

From DabbleStudio.com: "Dabble Studio is here to give you opportunities to “dabble” in the creative worlds of art, food, and more. Our recreational painting and cooking classes take place in our clean contemporary Nashville studio, a great place to spend an evening with old friends or new, and a terrific venue to consider when planning your next team building event, private party, or bachelorette party."

http://dabblestudio.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.

Learn about our Management Essentials Workshop

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Becoming a manager is one of the most challenging and overwhelming career transitions an individual can face. Research shows that less than 10 percent of managers were prepared for a leadership role. Promoting a high-performer without the proper management skills can have serious consequences for both the individual and the organization.

Based on the #1 best seller, The New One Minute Manager, the Management Essentials workshop introduces core competencies and skills managers require to achieve sustainable success and build positive relationships with their teams. Download for more information.

Cost includes workbook, online 15-minute prework and a full year of online access to content, videos, worksheets, tools and Master Challenges to help you implement learning.

Doors Open: 9:00 am
Morning Session: 10:00 am
Lunch: 12:00 pm (included)
Afternoon Session: 1:00 pm
Workshop Ends: 4:30 pm

Cancellations made 29 days or under are subject to a $100 cancellation fee. No refund on cancellations within 5 business days of class date.

Still have questions? Please contact the Tennessee Center for Family Business at 615-771-7554 or info@tncfb.com.

Episode 2: Andy Marshall, A. Marshall Hopitality

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On this episode of Family Business Today, Greg Lewis interview Andy Marshall, Founder of A. Marshall Hospitality. 

A. Marshall Hopitality Inc. is a Middle Tennessee-based company comprised of eleven family-owned restaurant and hospitality businesses in Middle Tennessee, including: · Puckett's Gro. & Restaurant, Puckett’s Boat House, Homestead Manor, Scout’s Pub, Hattie Jane’s Creamery, and Deacon's New South. Each family owned eatery focuses on providing friends new and old with home-cooked food and Southern hospitality, the Marshall way. A. Marshall Hopitality Inc. was recognized on the 2014, 2015 and 2016 Inc. 5000 list of America’s fastest growing companies. With 500-plus employees, the company’s restaurants and hospitality venues achieved a 598% level of growth that earned A. Marshall Hospitality the 653rd spot on the 2016 list. Of the 40 Tennessee companies that made the cut, A. Marshall Hospitality’s growth landed them fifth on the statewide list and third in the Nashville metro area. The company was the state’s only top-20 honoree in the Food & Beverage category.

http://amarshallfamilyfoods.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.

Family Business Today Episode 1: Family and business don’t mix together or do they?

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Welcome to Family Business Today where we feature prominent local and national family business owners. We will 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.

Brought to you by the Tennessee Center for Family Business, I’m your host, Greg Lewis. Today we will be talking about 3 Simple Rules for Setting Family and Business Boundaries.

 

You may have heard the statement that family and business don’t mix together. The question is “DO THEY?”

 

Co-founder and CEO of Infusionsoft, Clate Mask, would tell us that building a $60 million business with over 400 employees (many of whom are family and friends), and doing it with two brother in-laws, was not easy, but it can be done-well if the right boundaries are set from the get go.

 

There are plenty of pro’s and con’s as to family members working together.

 

Today we will focus on setting three simple boundaries to protect both the family as well as the business from interfering with each other’s purpose and objectives.

 

The First Boundary is.…. Protect Family Time

 

This is much easier said than done. Even for spouses who do not work for the same business, work often becomes the topic of the conversation at the dinner table. The temptation to cross the family / business boundary while at home becomes that much greater when two or more members of the family work for the family business.

 

In an interview with Eric T. Wagner, Clate Mask says:

 

“Although we do allow conversations about business around the dinner table, I’m adamant about just being 'dad’ in the mornings. I will often work later in the night, but my early evenings are blocked for family only. Having strength in my family relationships makes me a better CEO and leader of Infusionsoft.”

 

Mask recognizes that business, if allowed, could penetrate every aspect of life, and he made a decision to protect family time. He understands that having a strong family ultimately impacts the way he leads his organization.

 

Protecting our family time may look different for all of us. There is no one formula that fits all, but here are few ideas you can try:

 

  • Establish “no business talk” rule during dinner. If you have children, ask them lots of questions about their day or about issues they are struggling with.

  • Having dinner together every day of the week is often impossible, but set aside at least 1-2 days a week as a family dinner night. Magic happens around the dinner table.

 

  • Families grow closer together at the dinner table. In a recent Columbia University study, 71% of teenagers said they consider talking, catching-up, and spending time with family members as the best part of family dinners. Research examining 5,000 teenagers has shown that when children eat with their parents regularly, they are more likely to be emotionally strong and have better mental health. 


 

  • If your spouse is part of the family business, set aside one morning or one evening a week to spend time with your spouse (it could be a dinner date or a breakfast together) and talk about everything BUT business!

 

The Second Boundary is…. Protect the Integrity of The Business

 

It’s not easy, but it’s absolutely imperative that we don’t set different standards for family members versus non-family member employees. This makes much sense on the surface, yet it’s probably one of the most ignored family & business boundaries.

 

We do this because our natural instinct is to put relationships (and family) first.

 

You notice that a family member is slacking at work, not really pulling his or her weight, what do you do?  One of your family members is coming in late and leaving early on a regular basis, do you just give them a pass? You witness a family member disrespect another employee, how do you react?

 

When we make a decision that benefits a family member but hurts our business, we actually put the relationship and the business in danger.

 

In order to protect both the relationships and the integrity of our business, we can:

 

  • Set high(er) expectations for family members from the get go. Talk openly about this before a family member comes on board.

 

  • Have written policies dealing with issues like: performance reviews, work time, promotions, using business assets for personal purpose, etc.


 

  • Set clear and measurable goals for every family member working in the business

  •  
  • Establish fair conflict resolution guidelines that include family and non-family members  

 

Boundary 3…. Protect Relationships

 

Losing family relationships over business is not worth it. People always come first. Relational strain due to unresolved business issues is common, so what boundaries can we set to protect business issues from ruining family relationships?

 

  • Never gossip. Make a commitment to never talk about one family member to another about work related issues. Instead, make a commitment to confront directly.

 

Here is what Mask has to say about handling work related disagreements with family members:

“We’ve (Mask and his brother-in-law, Scott Martineau) had many passionate disagreements. We’ve gotten pretty worked up, raised our voices and banged on a couple of tables. However, when our discussion was over, we’ve made sure to leave the room only after a big hug and having made peace. We make sure others in the company understand that although there is disagreement, we are moving forward in harmony.”

 

  • Say “I’m sorry often. Don’t be afraid to show humility and admit you were wrong. Learning how to apologize and ask for forgiveness will go a long way in maintaining healthy family relationships.

 

  • Don’t abuse / use family relationship to advance your business.

 

Family and business boundaries often get blurred. Understanding dangers of crossing those boundaries is the first step in protecting both the family as well as the business.

 

Sometimes it takes an outsider, someone who can objectively look at the family and the business dynamic to help you see blurred lines, and to put a plan together for setting clear boundaries.

 

Thank you joining us for the Family Business Today podcast. Brought to you by the Tennessee Center for Family Business located in Nashville, Tennessee. We are an association of family businesses who work together to grow their businesses through relationships, education and successful generational transition.

 

If you have a specific topic that you would be interested in us having a program on, send us an email to info@tncfb.com.

 

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

 

Until next time…Thanks for joining us.