『Buying the Family Business and the Flywheel Every Family Has』のカバーアート

Buying the Family Business and the Flywheel Every Family Has

Buying the Family Business and the Flywheel Every Family Has

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What does it take to go from working in your parent's business to owning it?In this episode, Andrea Carpenter sits down with Michael Palumbos, founder of Family Business Flywheel and host of the Family Biz Show. Michael grew up watching his father serve family businesses starting in the 1970s, built on a philosophy of serve first, last, and always. When the time came for his own transition in 2018, Michael bought the family business clients from his dad while his dad's partner took the executives and retirees. It cost more than his house, and he still says he would have paid more.Michael and Andrea dig into the parts of a transition that rarely make it into the paperwork. How Michael stepped away from his dad's business to build his own approach, then came back to the table as a buyer. Why splitting a book of business based on what mattered most to each person created a deal everyone could live with. And what happened when a client relationship shifted late in the process and Michael had to decide what his true deal breakers were.They also break down Michael's flywheel framework. Every family business is balancing three pieces: the business itself, the wealth it creates, and the family behind it all. The business and the investments get one to two percent a year in fees to protect and grow them. Michael's question for every family is what percent they are investing back into the family as an asset class, so they can lead together for generations.For next gens wondering how to start the conversation, Michael's advice is to do things together. Share a podcast episode with your parents and ask what they think. Get involved with a family business center. Attend a webinar side by side. It might be a slow burn, and that is okay.In this episode:How Michael's father built a family business practice on service, starting at Connecticut General in the 1970sThe 2018 transition, twenty percent down, four years of payments, and why it mattered that it was not a giftSplitting a book of business with a non-family partner based on what each person valued mostThe late-stage revenue shift that almost broke the deal, and how Michael found his way back to itThe flywheel: the business, the family business family office, and sustainable family legacyWhy success creates complexity, and what happens when advisors are not talking to each otherOpting in and opting out: participating in the family even when the business or the wealth is not your pathMichael's challenge to next gens: find three podcasts and three books, one each on business, wealth, and familyConnect with Michael PalumbosFamily Business Flywheel: https://familybusinessflywheel.com/The Family Biz Show podcast: https://open.spotify.com/show/1p4Vk6sClOxp54sAGsI8w6?si=4c540c7cc8fa4be3Linkedin: https://www.linkedin.com/in/michaelpalumbos/Connect with Andrea Carpenter and Your Next Gen Friend:Website: https://yournextgenfriend.comInstagram: https://www.instagram.com/yournextgenfriend/YouTube: https://www.youtube.com/@yournextgenfriendLinkedIn: https://www.linkedin.com/in/andreashaver/Subscribe to Your Next Gen Friend on your favorite podcast player:Spotify: https://yournextgenfriend.com/open-spotifyApple Podcasts: https://yournextgenfriend.com/apple-podcastOur Sister Show: The Business Transition RoadmapHosted by Elizabeth Ledoux, The Business Transition Roadmap is for business owners navigating succession, from the first conversation about what's next to the handoff itself. If you're the leading generation in this transition, this show is for you.Spotify: https://open.spotify.com/show/3ddKWcqvaXd7hdsdzc2tWkApple Podcasts: https://apple.co/3IhMMuxPodcast theme music by Transistor.fm.
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