Having family involved in Business, and handing it down
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Having family involved in Business, and handing it down
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Prompted by a brewery's 30th anniversary as a family operation, this episode tackles one of the trickiest topics in business: handing it down. Mike and Scott get honest about ego, entitlement, and what actually needs to be true for a succession plan to work.
You'll learn:
-The real first question to ask before bringing family into the business — whose ego is this really for?;
-Why "gift it for free" and "sell it at a painful premium" both tend to backfire;
-A fairer structure using open-market valuation plus negotiated terms;
-The difference between a business's DNA (non-negotiable) and its culture (adaptable);
-and why the "first generation builds, second grows, third kills" rule has exceptions worth studying.
Beer: Mount Brewery Waimea Foggy IPA (6.5%) & Mermaid Mirth APA (6%)
Pie: Patrick's Pies — Duck, Mushroom & Cheese
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