How a Business and a Family Can Evolve Successfully | Lauren Tracy | Episode 024

Theme: How to Engage the Third Generation

Summary: A third generation daughter describes her family’s transition to new business opportunities, the role she is playing to support their success, and the way that a family council can help to bring the family together.

Featured Guest: Lauren Tracy

Key Quotes:

  • “Our family council has a rule:  Third generation members are required to work elsewhere for 3 years.”
  • “When I returned, I learned that I knew very little about the business. I had to keep an open mind and work as hard as I could.”
  • “The business brings us together.  We’re very fortunate, but there are challenges.  As we continue to grow, how do we stay close knit?  How do we keep everybody reconnecting?  We doing work on what the future will look like.”

2 thoughts on “How a Business and a Family Can Evolve Successfully | Lauren Tracy | Episode 024

  1. Hi Amy,
    like Lauren, I used to work at our company when during the school holidays. I also worked elsewhere (almost 10 years!) before going back there to work long-term. Like Lauren, I was not sure at that time but was thinking that I might regret as not everyone has a chance like that – to be blessed with a family business that you can work in. Also, like her, I am currently working with my cousins – also younger than me and they are guys. Thanks for the podcast. I may contact Lauren to share and exhange experiences.
    Joanna Yong

    • Thanks, Joanna! I’m glad you enjoyed the podcast. The transition back to your family’s business must have been challenging after so many years, but it sounds like you have made the transition quite well.

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