The Transition from First to Second Generation in Business - The Julius Filez Ep#93

In this engaging episode of "The Julius Filez" the host Jasan Julius delve into the entrepreneurial journey of Steve and Melissa Fultz, a dynamic couple who are authors, coaches, consultants, and entrepreneurs specializing in transitioning businesses from the first to the second generation. Their story begins with Steve's background in a family business established by his father, which he took over in 2010. Despite an initial period of anxiety and a steep learning curve, Steve leveraged his varied experiences, including a Ph.D. in Counseling psychology and several entrepreneurial ventures, to understand the nuances of family business transitions.

Steve Fultz is a top-performing business owner, consultant, and strategic business coach who has identified an important gap in the market from decades of experience in success in running multiple ventures, overcoming roadblocks, clarifying assumptions, and speaking the unspoken. From growing his family business from $6M in sales to over $10M in just a few short years to running three successful businesses at once, there is no better consultant more equipped to help organizations prioritize and tackle the issues that need addressing

Melissa Huff Fultz has over 25 years of experience as a sales executive, marketing professional, mentor, coach, and entrepreneur. She is a “Consultant of the Year” Award winner in a Fortune 10 Company and has been featured in the Princeton Global Directory and the Who’s Who Global Business Directory. As a consistent top performer, Melissa has been a repeated winner in the Circle of Excellence, President’s Circle, and President’s Club. She has been responsible for
developing Customer Success Models patterned after her undisputed track record in building long-term strategic partnerships in numerous industries which translated to generating over $1.5B in revenue in her most recent role.

The conversation covers the challenges and insights gained from working with different generations within a family business, emphasizing the unique blend of maintaining core business principles while adapting to new dynamics and technologies. Steve and Melissa share their personal and professional evolution, highlighting how they've helped businesses not only survive but thrive through generational transitions.

Key points include the critical nature of succession planning, with statistics showing a vast majority of business owners lack a concrete plan for retirement. The Fultzes stress the importance of respecting the foundation laid by the previous generation while bringing in fresh perspectives and innovations. Their approach is deeply rooted in understanding both the human element and the strategic business decisions necessary to ensure a seamless transition and continued success.

The podcast provides a rich exploration of the intersection between family, legacy, and business, offering valuable insights for both current and aspiring entrepreneurs within family-run enterprises.