In this deeply resonant episode of The Family Biz Show, Michael Palumbos sits down with Mike Young, fourth-generation family business leader and author of The Farmer’s Code. From a humble start farming rice in the Californian desert to exiting a vast family farmland portfolio, Mike offers a masterclass on pivoting, stewardship, and enduring family cohesion.

Key Themes:

Roots in the Soil (00:00–06:30)
Mike recounts the origins of Wegis & Young—his great-grandfather's immigration, renaming, and pioneering efforts in California's Central Valley. Their early crops, including rice and sugar beets, were nourished by water captured in sloughs, laying the groundwork for some of the most productive farmland in the world.

Scaling Across Generations (06:30–10:00)
Each generation innovated:

• Mike's grandfather focused on water infrastructure and expansion
• His father and uncle introduced higher-return crops like almonds and grapes
• Mike’s generation added vertical integration with alfalfa cubing and tomato processing before exiting those businesses
• From Dirt to Data: The Tech Pivot (10:00–13:00)
• A standout innovation was a water infrastructure monitoring company—proof that the family adapted not only operationally but strategically, leaning into regulatory change as a catalyst for growth.

Exit to Endure (13:00–16:00)
Selling 85% of their farmland wasn’t easy. But with water rights tightening and G5 & G6 in mind, they chose continuity over sentiment. Mike emphasizes that the land still operates—but now from a stewardship mindset.

Legacy is Relational (17:00–20:30)
The spark for Mike’s book The Farmer’s Code was his 99-year-old grandmother. The message: Legacy isn’t what you leave for people—it’s what you leave in them. His book is broken into three parts: Me, Them Now, and Them to Come—mirroring his family's approach to multi-generational values.

Governance Done Right (30:00–36:00)
With a family board of directors, six trusts, and a family council, Wegis & Young model effective governance. Their structure includes even non-active family members and outlaws—communicating, sharing philanthropic decisions, and guiding distribution policies.

Challenges Ahead (41:00–46:00)
Mike’s top challenge? Maintaining cohesion in a generation that won’t work together daily. With 11 next-gen family members ranging from 12 to 24, the family is experimenting with ways to build connection across the branches.

Tangible Takeaways

• Don’t fear the exit—it may be your legacy's best move
• Legacy isn’t inheritance—it’s influence
• Strong governance includes everyone
• Strategic philanthropy is a sandbox for rising leaders
• Always build with the 7th generation in mind

In this episode of The Family Biz Show, host Michael Palumbos sits down with Scott Saslow—entrepreneur, author, and founder of One World Investments. Together, they explore the overlooked complexities of what comes after the liquidity event. From defining a family office to uncovering its entrepreneurial DNA, this episode is a must-listen for legacy-minded leaders preparing for the next stage.

Key Themes:

• What Is a Family Office, Really?
  Scott demystifies the term “family office” for founders and next-gen leaders. It’s not just an investment vehicle—it’s an infrastructure. And it often starts embedded within the family business itself.

📍 [02:00]: From family company to global sale—Scott’s personal story of transitioning into the family office world.

• Treating Wealth Like a Business
  Saslow challenges the assumption that post-exit wealth “manages itself.” In fact, a family office is a new company, with all the complexities of talent, mission, and operations.

📍 [10:00]: “Making money and keeping money are two different things.”

• Talent Management = Risk Management
  One of the biggest blind spots post-liquidity? Keeping the same advisors you trusted before the wealth explosion. Saslow emphasizes the need to rethink loyalty and performance.

📍 [13:45]: Apply “Good to Great” thinking to your wealth ecosystem.

• Mission as an Anchor
  A clear mission not only helps unify the family—it helps attract top-tier talent and service providers. Saslow argues that purpose is a powerful (and often neglected) wealth multiplier.

📍 [26:00]: Examples of impact investing from Saslow’s own venture fund.

• Preparing for Next Gen Involvement
  Whether or not your children will take the reins, your family office should be built to last—with or without them.

📍 [37:00]: “Hope for the best, plan for independence.”

Tangible Takeaways:

• Don’t wait for liquidity to plan your structure.
• Reassess all advisor relationships post-exit.
• Build your family office with the same rigor as your business.
• Purpose can (and should) drive strategy.
• Start the conversation with your heirs—now.

In this episode of The Family Biz Show, host Michael Palumbos welcomes Brent Robertson, founder of Be Generative, to discuss transformative leadership and the power of generative listening. Brent shares how shifting from controlling leadership to generative listening can radically improve communication, foster innovation, and create a future-ready organization. This conversation is especially relevant for family business leaders aiming to empower the next generation and ensure a lasting legacy.

The Power of Generative Listening:
Generative listening goes beyond active listening by creating a space for innovation and new ideas. Brent describes it as a leadership skill that goes deeper than merely hearing words.

Timestamps:

00:00: Introduction and welcoming Brent Robertson
00:51: Changing your mindset to change your future
09:19: The power of generative listening in leadership
19:47: Breaking the habit of repeating old patterns
24:16: Moving from linear to transformative change
38:54: Rethinking succession as a growth strategy
41:13: Moving from control to mentorship
44:42: Building a future-ready organization

Takeaways:

• Transform leadership through generative listening.
• Shift from reactive succession planning to intentional growth strategies.
• Foster a culture of open communication to drive innovation.
• Let go of control and become a mentor for the next generation.
• Embrace visionary thinking to stay ahead of the curve.

Culture Over Chaos: How Randy Carr Rebuilt World Emblem | The Family Biz Show Ep. 114

In this powerful episode, Michael Palumbos sits down with Randy Carr, second-generation CEO of World Emblem, who shares a brutally honest and insight-packed journey of rebuilding a company from scratch—twice. From failed ERP systems to near fistfights with his brother, Randy takes us behind the scenes of what it really takes to build a legacy business with 1,600+ employees.

This episode is a must-listen for leaders facing coordination gaps, stalled growth, or succession uncertainties.

Key Insights & Timestamps

💡 Startup Origins & Growing Pains

• 01:00 – Restarting the business after his father's first company failed
• 02:30 – Running machines, shipping orders by hand—pure grit

🔧 Lean & Operational Turnaround

• 06:16 – How a lean intervention saved millions
• 08:00 – University of Kentucky’s game-changing cultural impact
• 10:00 – Restructuring leadership: the loyalty trap

🧠 Tech + Talent Lessons

• 22:00 – One bad hire = 10 years of tech debt
• 24:00 – Why every business is a people business

🏗️ Family Governance & Succession

• 26:00 – Separating ownership from operations
• 38:00 – His son joins the company: the emotional legacy moment

🧠 Strategic Planning

• 33:00 – Competing with China by outmaneuvering, not outpricing
• 34:30 – Investing 10% of revenue in tech

Takeaways

• Culture eats cost savings for breakfast
• Don't confuse tenure with leadership fit
• Clean your data now—before AI accelerates your inefficiencies
• Separating ownership and management may save the business (and your family)
• Find mentors. Ask for help. Build your forum

In this episode of the Family Biz Show, host Michael Palumbos is joined by filmmaker and entrepreneur Eriksen Dickens of Platinum Peak and Dickens Brothers to explore the power of legacy documentaries in preserving family stories for future generations.

Eriksen shares the inspiring story of building a creative business with his brother—starting with childhood movies on their family ranch to directing legacy films for philanthropists, founders, and family foundations. They discuss the unique dynamics of working with family, the evolution of their business, and the challenges of leadership, delegation, and growth as their team expanded.

This heartfelt conversation dives deep into the emotional and strategic value of storytelling for family enterprises. Eriksen explains the Seven Storytelling Pillars his team uses to bring generational narratives to life, and how these documentaries foster connection, healing, and clarity across generations. Michael and Eriksen also reflect on the importance of identity post-succession, what people regret at the end of life, and why every family should consider capturing their story on film—before it's too late.

🎯 Takeaways

• Legacy documentaries help families preserve stories, values, and identity across generations.
• Working with family requires communication, trust, and self-awareness.
• Sales is about understanding people—not pitching.
• The “Seven Storytelling Pillars” provide a framework for meaningful legacy content.
• Growth requires delegation, leadership development, and team trust.
• Storytelling is a powerful tool for founders transitioning out of leadership.
• Emotional moments in legacy films can lead to healing and deeper connection.
• Many families regret not capturing stories until it's too late.
• Legacy storytelling is ideal for family foundations, successful entrepreneurs, and multigenerational families.
• Story is one of the most powerful tools for business communication and family legacy planning.

How Family Offices Evolve: Strategy, Structure, and Success Across Generations | The Family Biz Show Ep. 112

🎙️ In this episode of the Family Biz Show, host Michael Palumbos sits down with Peter Moustakerski, CEO of the Family Office Exchange (FOX), to explore the evolving landscape of family offices and how multi-generational families can preserve wealth, purpose, and unity across generations.

Peter shares his unconventional career journey—from launching businesses in China to helping build Ray Dalio’s family office—and the lessons learned from working with ultra-high-net-worth families around the globe. Together, they unpack the real purpose of a family office, when to start one, the difference between single-family and multi-family offices, and why complexity—not just net worth—drives the need for formal structures.

The conversation dives deep into how successful families implement governance, succession planning, and human capital strategies that align with their values. Peter emphasizes the importance of emotional intelligence, collaboration, and peer learning in navigating generational transitions and building a sustainable family enterprise.

Whether you're running a thriving family business, managing a liquidity event, or planning for long-term legacy, this episode is packed with practical insights and frameworks to help you make strategic decisions about your family’s future.

💡 Key Takeaways

• Family offices exist to support the long-term goals of the family—not just manage money.
• You don’t need $100M+ to justify a family office. Complexity is a stronger indicator.
• Governance becomes critical in G3+ families where decision-making is more distributed.
• Emotional intelligence and collaboration are essential traits for trusted advisors.
• Peer communities like FOX offer invaluable support, insight, and shared best practices.
• Multi-family offices emerge through banks, RIAs, or evolved single-family offices.
• Families should assess their advisors regularly to ensure alignment with evolving needs.
• Investing in communication and purpose builds generational resilience.
• Legacy planning requires integration of human, intellectual, and financial capital.
• Treat your family like the enterprise it is—discipline and structure are essential.

In this episode of The Family Biz Show, host Michael Palumbos welcomes three generations of the Firkins family, owners of Tile Wholesalers, to discuss the evolution of their family business over 52 years.

From launching as a one-man tile distributor in the 1970s to becoming one of upstate New York’s leading residential and commercial tile providers, the Firkins family shares a powerful story of generational leadership, trust-based succession planning, and strategic growth.

Al, Dave, Kathryn, and Conor Firkins reveal how they’ve handled leadership transitions, embraced new technology, navigated family dynamics, and built a people-first culture that has kept the business thriving across decades. They explore how early trust empowered the next generation to innovate, why working outside the business helped prepare Conor for leadership, and how listening to both employees and customers shaped the future of their showroom and operations.

This candid conversation covers everything from generational business handoffs and managing disagreements to outlasting big-box competitors through personalized service and strong values. Whether you're a second- or third-generation leader or preparing for an ownership transition, this episode delivers real-world insight into what makes a family-owned business sustainable and successful.

• Succession planning based on trust can lead to smoother generational transitions.

• Legacy family values and data-driven decisions can coexist.

• Outside experience can prepare the next generation for leadership.

• Open communication is essential for resolving family conflict in business.

• Strong culture is built through listening and empowering employees.

• Family dynamics must be navigated intentionally during leadership transitions.

• Personalized customer service differentiates family businesses from big-box competitors.

• Strategic growth often requires reinvestment and shared vision.

• Spousal support plays a vital role in business resilience and decision-making.

• Legacy isn’t just history — it’s a tool for future success.

01:00 Introduction to the Firkins Family Business
02:17 How Al Started Tile Wholesalers
04:14 Dave’s Early Exposure & Entry Into the Business
05:07 Kathryn’s Role & Perspective as a Spouse in the Business
09:33 Conor’s Outside Experience Before Joining
10:53 Al on Trust & Transition to Dave
14:57 From Residential to Commercial Expansion
17:50 Handling Family Dynamics in Decision-Making
20:29 Managing Disagreements Constructively
22:48 Communication as a Competitive Advantage
24:19 Transition from Dave to Conor: What’s Next
28:00 The Role of Spousal Support in Business Growth
32:34 Reinvesting in the Business: Building & Expanding
34:14 Conor’s Focus on Building the Next Leadership Team
36:52 Competing with Big Box & Online Retail
40:35 Culture Starts with the Right People
41:40 Embracing Technology to Enhance Service
44:49 Understanding the Next Generation’s Career Paths
48:19 Using Analytics & Listening to Guide Strategy
52:00 Final Advice from Each Generation on Legacy & Leadership
57:26 Breaking the Shirt Sleeves to Shirt Sleeves Pattern
51:00 Why Independent Businesses Still Have an Edge
51:53 The Firkins Family’s Favorite Tradition

In this episode of the Family Biz Show, host Michael Palumbos is joined by executive coach and author Cathy Carroll to explore the emotional and strategic tensions unique to leading a family-owned business. Drawing on personal experience and her new book Hug of War: How to Lead a Family Business with Both Love and Logic, Cathy reveals how families can navigate leadership challenges, intergenerational conflict, and complex relationship dynamics with clarity and compassion.

The conversation dives deep into the concept of polarities—opposing truths that both carry value—and how recognizing them can transform everything from governance decisions to estate planning. Cathy and Michael discuss critical tensions like fairness vs. equality, tradition vs. innovation, structure vs. flexibility, and revealing vs. concealing wealth. Through real-life stories, including Cathy’s own journey of working with her father, they unpack how forgiveness, intentional leadership development, and healthy conflict can strengthen families and businesses alike.

Takeaways

• Family businesses must manage emotional and operational polarities—there is rarely one right answer.
• Governance should be structured, but flexible enough to evolve with the family’s needs.
• Fairness doesn’t always mean equality—especially when it comes to compensation and ownership.
• Healthy task conflict can drive innovation, while relationship conflict can destroy trust.
• Estate planning requires balancing transparency with timing and maturity.
• Power dynamics, especially between generations, must be managed with awareness and intention.
• Forgiveness is a leadership tool—starting with yourself and extending to family members.
• Preparing next-generation leaders requires more than a title—it requires mentorship, coaching, and clarity.

Chapters:

00:00 – Welcome & Guest Introduction

01:25 – Cathy Carroll's Family Business Background

02:20 – The Challenges of Working for Her Father

06:20 – What “Hug of War” Means in Family Business

08:12 – The Concept of Polarities: Business vs. Family Mindset

10:15 – Domain Crossover Power: Business vs. Family Influence

14:45 – Missed Conversations and End-of-Life Regrets

19:50 – Succession Planning: Equal vs. Equitable

21:10 – Estate Planning: Reveal vs. Conceal

23:55 – Cathy’s Polarity Mapping Tool Explained

28:12 – Independence vs. Interdependence in Family Roles

32:54 – Balancing Tradition and Innovation

35:07 – In-Laws and Inclusion in Governance

39:24 – The Need for Flexible Governance

42:36 – The Role of Forgiveness in Family Business

44:51 – Cathy’s Journey to Self-Compassion and Understanding

47:01 – How to Recognize When You’re in a Polarity, Not a Problem

50:00 – Tools for Navigating Difficult Conversations

52:20 – Cathy’s Final Advice for Family Business Leaders