How Establishing a Structure Can Help You Manage Personal and Business Challenges | Karen Buchwald Wright | Episode 039 (Encore)

Play

Theme: Managing Personal and Business Challenges

Summary: Karen Buchwald Wright, President and CEO of Ariel Corporation, describes the structure she put in place when she took over her family’s business and how she is preparing her sons to lead as well.

Featured Guest: Karen Buchwald Wright, President and CEO
Organization: Ariel Corporation

Key Quotes:

  • “When you are the second generation, your challenge is have a structure and leadership. That was the real thing I had to figure out. None of that structure existed. There were some hurt feelings.”
  • “When you take over a business..people aren’t going to trust you right away-and vice versa. There’s a lot of turf-guarding that goes on.”
  • “One of things I wanted to do with the boys, was to have them have the experience working outside the business…to have a couple of bad bosses, to know what it’s like to be an employee and not an owner, and to not feel as if they’re just the kid.”

If you like this podcast, I invite you to leave a review and rating on iTunes by clicking HERE and on Stitcher HERE!

How a Daughter Became CEO of a Major Corporation and Revitalized her Community | Karen Buchwald Wright | Episode 38 (Encore)

Play

Theme: From Daughter to CEO and Philanthropist

Summary: Karen Buchwald Wright describes the choices she made and the way her values have guided her decisions at home, at work, and in her community.

Featured Guest: Karen Buchwald Wright, President and CEO
Organization: Ariel Corporation

Key Quotes:

  • “The very first thing I did was to insist that we get a computer for our accounting department.  The operations person fought me tooth and nail.”
  • “If you want to stay home with your children…there is nothing wrong with that. When you get back in the workforce, you’ll have more skills than virtually anyone else. You’re a manager, you’re a psychologist, you’re a disciplinarian, you’re a leader, you’re a time manager.  It’s a real job that requires you to learn on the job and learn a lot and learn it fast.”
  • “I think it’s really important that when you are fortunate and you are successful, it’s important to give back.”

If you like this podcast, I invite you to leave a review and rating on iTunes by clicking HERE and on Stitcher HERE!

A Farmer’s Daughter Becomes an Entrepreneur as well as a Farmer | Rose Robson | Episode 037

Play

Theme: Returning to Reinvent the Family Farm

Summary: A farmer’s daughter takes 40 acres from her family’s farm and turns it into a thriving fruit and vegetable business.

Featured Guest: Rose Robson

Contact: www.robsonsfarm.com

Key Quotes:

  • “Sometimes I feel like I was “late to the game”…I thought I was so old-at 26! But I learned so many things about customer service and delivering value when I worked in pharmaceutical sales.”
  • “I’m finding my management role. This year I’ve started to transition that way. Next year I would love to have more employees-in business you have so many ideas and creative thoughts. It’s hard to bring them to fruition when you are constantly in the field picking.”
  • “Farming’s a special legacy…and I’m an only child. I didn’t want it to end with me. You have to step up…you have to do it!”

A Daughter Discovers the Value of her Communication Skills in her Family’s Business and in Her Community | Ann Marie Chilcutt | Episode 036

Play

Theme: When Your Family Business Becomes Your Identity

Summary: A daughter in her family’s lumber business finds satisfaction and fun as she develops her leadership role within the business and in her community.

Featured Guest: Ann Marie Chilcutt, New Home Building Stores

AMC

Contact: annmarie@newhomebuilding.net 

Key Quotes:

  •  “No day is the same…which is something that I love so much.  I can be in sales all day…or traveling around to different sites..or learning payroll and all the behind the scenes stuff.   I tell people I do what needs to be done.”  

  • “Everywhere I go, I realize that I’m not Ann-Marie Chillcut anymore-I’m New Home Building Stores.  There are not a lot of young people in Columbus (Mississippi).  People see me as a future leader of the city.”

  • “Working with men is a huge adjustment-for them.  These men have never worked with a woman before.  They don’t know if you’re going to be a prissy person or if you’re going to work hard. The men that I now work with are becoming some of my greatest friends.”

What Your Family Needs to Know About Family Business Succession | Andrew Keyt | Episode 035

Play

Theme: Essential Insights about Family Business Succession

Summary: Andrew Keyt, an expert on family businesses and a well-known author, leader, and consultant, shares insights from his new book, Myths and Mortals: Family Business Leadership and Succession Planning.

Featured Guest: Andrew Keyt, Director of the Family Business Center of Loyola University of Chicago’s Quinlan School of Business

His Book: Myths and Mortals: Family Business Leadership and Succession Planning

Screen Shot 2015-08-02 at 5.46.43 PM

His Website: http://andrewkeyt.com/

Key Quotes:

  • “The shadows of parents in a family business can be very daunting.  You’re born into a story that’s already being told about how mythic their successes are.  It’s hard for a successor to find their identity in the mist of all that.  You’re born into a myth and you can feel like a mere mortal in the midst of all those shadows.”

  • “The next generation wants to push and grow and develop, while their parents want to solidify their legacy and create stability for the next phase of their journey.”

  • “The challenge of a successor is to be true to who you are.  Learn to write your own story, one that embraces the history and looks at the challenges of the future in ways that are authentic to you.”

What it’s Like to Be in Charge? | Elizabeth Wilson | Episode 034

Play

Theme: Becoming President of Your Family Business

Summary: A daughter who grew up in an event rental company describes how her work and career experiences helped her build the skills that prepared her to lead the business and to work successfully with her husband.

Featured Guest: Elizabeth Wilson, President of All Occasions Rental

Contact: elizabeth.wilson@aorents.com

Key Quotes:

  • “You do have to be a different person depending on the person you’re managing. A good manager adapts her style”.
  • “Working with your spouse…and knowing when to turn on and off the business is something we struggle with. We’re still figuring that out.”
  • “One of my greatest challenges is focusing on vision. I tend to be a concrete thinker and enjoy solving problems. Because I’m comfortable there, I have to “flex the vision muscle”.

Is Your Family Enterprise Considering a Family Office? | Kirby Rosblock | Episode 033

Play

Theme: Considering a Family Office?

Summary: A researcher, family business consultant, and author discusses the myths and realities associated with Family Offices.

Featured Guest: Dr. Kirby Rosplock

Her Book: The Complete Family Office Handbook: A Guide for Affluent Families and the Advisors Who Serve Them 

Key Quotes:

  • “The joke is, ‘if you’ve seen one Family Office, you’ve seen one Family Office.’”

  • “Some families prize privacy and don’t want other family members knowing how they’re spending their money. Others have a family ‘champion’ who helps drive change.”

  • “The entrepreneurial landscape has changed.  The Family Office can provide a seeding group for new ventures for family members, men and women.”

ENCORE: Finding your place in your family’s business | Niki Ververelli | Episode 032

Play

Theme: Finding your place in your family’s business when your skills and talents don’t quite fit.

Summary: Niki discovered that helping her dad celebrate his firm’s 50th anniversary opened the door for her to enter and thrive there. She talks about what it’s like to work in a male-dominated field, to take on a new role for the firm, and to learn more about her family’s history in the process.

Featured Guest: Niki Ververelli, Director of Communications, Business Development 
Organization: Dimitri J. Ververelli, Inc.
Website: www.djvinc.com
Contact: niki@djvinc.com

Key Quotes:

  • “I will admit there was a joke to see how long I would last until my father fired me.”
  • “My coming in here is a gift…because I get to know my father in a different way.”
  • “It’s not a job…when it’s family business you care so much more.”

If you like this podcast, I invite you to leave a review and rating on iTunes by clicking HERE and on Stitcher HERE!

A Father and Daughter Talk about How Their Family Business Successfully Managed Succession | Meghan & Dave Juday | Episode 031

Play

Theme: A Father and Daughter Discuss Succession

Summary: Meghan Juday and Dave Juday discuss the lessons learned from focusing on succession in a deliberate and thoughtful way.

Featured Guest: Meghan Juday, family council chair and board member of Ideal Industries, family business consultant, and director of the family business center at St. Joseph’s University. Dave Juday: Retired 3rd generation chairman of Ideal Industries

Key Quotes:

  • Dave: “The trick is not to not make mistakes; the trick is to recover with alacrity.”
  • Dave: “We had to talk very specifically about managing the transition not only of management, but also of the family, the board of directors, and ownership. We went through a pretty elaborate process. We discovered that these were tough transitions, and we had to change our outlook a number of times.”
  • Meghan: We had very open conflict…and no process for dealing with it. Most of what we’ve done with family governance has been learning how to deal with open conflict. One branch of the family was asking questions we hadn’t considered-really good questions. They brought huge value to the discussion. It took six years of full time work, but it was well worth it.”

The Editor-in-Chief of Family Business Magazine Discussions Trends and Predictions | Barbara Spector | Episode 030

Play

Theme: Trends and Predictions for Family Businesses

Summary: Barbara Spector, Editor-in-Chief, discusses trends and predictions for family business, and highlights stories of daughters who are leading their family businesses.

Featured Guest: Barbara Spector

Contact: Barbara@familybusinessmagazine.com

Key Quotes:

  • “Forward-thinking companies have to innovate. They can’t perpetuate the old business model because the business environment is so different now.”
  • “Policies can be set in a family council. There are roles for sons and daughters that don’t involve working for it.”
  • “Demonstrate your own competence, credibility, and marketability. Do well in education. Have a track record of proven success.”