In this episode of Business Refocused, Carey and Lindsay are joined by Tom Garrity and Catherine Garrity-Frans of Compass Point Consulting, LLC to discuss what it takes to successfully transition a business from one generation to the next.

Drawing from decades of experience working with family businesses across industries, Tom and Catherine share why succession planning is about much more than choosing the next leader. They explore how governance, clearly defined roles, healthy communication, and intentional leadership development create businesses that can thrive for generations.

The conversation also tackles some of the most common challenges family businesses face, including when founders struggle to let go, how to avoid nepotism, why compensation should be separated from family ownership, and the importance of preparing the next generation long before a transition begins.

Key takeaways include:

• Why successful succession planning starts years before a transition
• How family businesses can balance ownership, leadership, and family relationships
• Common mistakes that create conflict between generations
• The importance of defining roles, responsibilities, and compensation
• Why founders often struggle to step away and how to overcome it
• Practical strategies for building a business that lasts beyond one generation

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Show previously named Insurance Refocused