When you have a family-run construction business, passing it down to the next generation isn’t as easy as just giving them the keys.
There’s a lot of work you must do before passing your business down to the next generation. Otherwise, your business will crash and burn, you’ll destroy relationships within your family, or both.
That’s the bad news.
The good news?
In this episode, award-winning family business strategist and author, Nike Anani, joins me to reveal how you can pass down your business to the next generation (without wrecking your business or family).
Listen now.
Show highlights include:
- The insidious way passing down your family-run construction business to the next generation can sabotage your family (and how to prevent this) (3:15)
- How sharing your most humiliating business failures with the next generation ensures their success (6:33)
- The “Lifetime Exercise” which prevents the next generation from making the same business mistakes you made (8:13)
- How to make your children value money (even if they grew up wealthy compared to other kids) (11:00)
- The weird way your business success may accidentally set your children up for failure (and why empathy is the antidote for this “glitch”) (12:28)
- How to prepare the future generation to run your business by going on fun family retreats (22:03)
- The best way to stop heated conflicts between family members from bursting out of control (29:17)
- Why first generation business owners treat their business like their favorite kid (and how this poisons the second generation’s success) (30:36)
- The “Three Circle Model” for passing down your business to the next generation without skipping a beat (35:24)
If you want a copy of Nike’s book, LIFETIME to Legacy: A New Vision for Multigenerational Family Businesses, you can order your copy by going to https://nikeanani.com/book/.
Power Quotes
- “In absence of conversation, the very worst can happen.” (3:12) – Nike
- “Legacy isn’t just passing down assets, but also about leaving things in people.” (6:28) – Nike
- “It’s really important for the next generation to have experience outside the family enterprise.” (11:45) – Nike
- “Founders tend to find it difficult to let go.” (17:52) – Nike
- “Conflict is inevitable.” (27:40) – Nike
