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Preparing the Next Generation for Family Business Success: Dealing with the Emotional Stuff with Chris Larson

Safe Space with Francesco Lombardo

Release Date: 05/09/2023

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Safe Space with Francesco Lombardo

In this episode of Safe Space, host Francesco Lombardo speaks with John Michael Elder, a third-generation family business member, about the complexities of navigating family dynamics, wealth, and emotional intelligence within a family business. John Michael shares his journey of marrying into a business family, the challenges of understanding wealth, and the importance of emotional intelligence in fostering a supportive family culture. The conversation emphasizes the need for open communication, introspection, and the balance between leveraging wealth and addressing feelings of inadequacy....

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ORIGINALLY AIRED OCTOBER 8, 2020 We had the pleasure of hosting Renuka Baron, an internationally renowned executive coach and expert in personal and professional transformation on the Safe Space podcast back in October 2020. To this day it remains one of our top episodes. Renuka shared how she empowers individuals and organizations to embrace authentic, soul-driven leadership. Her insights on overcoming limiting beliefs and unlocking true potential were truly inspiring.  Don't miss this episode! Connect with me here: • • • • https://veritage.ca  

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In this episode, Christian Busch, author of The Serendipity Mindeset, explains the concept of serendipity and its importance in personal and professional contexts. He shares his journey from a troubled youth to a successful author and academic, emphasizing the role of connecting ideas and people. The conversation explores how to cultivate serendipity through trust, psychological safety, and vulnerability, particularly in family businesses. Busch provides practical advice on overcoming self-limiting beliefs and fostering meaningful connections, ultimately advocating for a mindset that embraces...

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How do you create clear communication channels when your work and family life are intertwined?  Join me for my conversation with Veritage coach, BJ Radomski where we discuss the importance of understanding oneself in order to understand another. Together, we explore the impact of clear communication on family business decision-making and how the support of an external coach can help to prevent any blockages.  Connect with me here: • • • •  

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In this episode of Safe Space, host Franco Lombardo speaks with Gillian Stein, former CEO of Henry's, Canada’s largest independent digital imaging retailer, about her emotional journey of selling her family business. Gillian shares her experience of identity loss, the grieving process, and the challenges of transitioning from operations to ownership. The conversation highlights the importance of self-reflection, finding new passions, and the emotional complexities involved in succession planning. Gillian emphasizes the need for flexibility and an open mind in navigating the unpredictable...

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Veritage CEO Franco Lombardo was recently a guest on the "Smart Wealth™ with Thane Stenner" podcast where they covered a number of pertinent topics from the emotional side of family business. Franco explains that by asking his clients the questions they’ve been avoiding asking themselves, they can begin to better understand their relationship to money, why they behave the way they do with it and how they can then choose their behavior. The discussion then covers why the human capital asset class should be the next investment focus of business families in order to prepare all generations...

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In this very special episode of Safe Space, our Founder and CEO, Franco Lombardo is in the hot seat in conversation with Veritage’s Chief Operating Officer, Thomas Clark. They cover a number of different topics including why Franco created Veritage, emotional security beyond financial wealth, turning investment strategies towards Human Capital, and offers some practical tools and key insights to help you navigate the complex family dynamics associated with being a business family. Connect with me here: • https://www.linkedin.com/in/francesco-lombardo-fea-496a7966/ •...

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In this episode, Claudia Gomez of Trusted Family joins Francesco to discuss the challenges faced by family businesses and the importance of having difficult conversations. She highlights the tendency of families to avoid conflict and the consequences of not addressing hard topics and suggests greater vulnerability and self-awareness is needed in order to initiate these conversations and build trust within the family. She also explores the role of the next generation in driving change and finding their own path within the family business.  Connect with me here: •...

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Safe Space with Francesco Lombardo

What you say to yourself is as important as what you say to others, because communication begins with ourselves. The way we communicate with others is often based on our own thoughts, and is why this episode of Safe Space highlights the importance of questioning and challenging our thinking. Francesco Lombardo and BJ Radomski also discuss the challenges that arise when there is a lack of clear communication within families and offer some practical advice to overcome them. Connect with me here: • • • •

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On this week's episode of Safe Space, Francesco Lombardo is joined by Chris Larson, a fourth-generation shareholder of a 107-year-old family-owned and operated business, IDEAL INDUSTRIES. In this episode, Franco and Chris discuss the emotional side of transitioning family businesses. Chris emphasizes the importance of addressing the emotional aspects of letting go of control and passing it on to the next generation, not just the intellectual aspects. Highlighting how emotional preparation is crucial for family business success and how coaching family members on an individual basis can help them become content and happy with their roles in the family business. The episode sheds light on the emotional aspects of transitioning family businesses and the importance of addressing them. It's a must-listen for anyone looking to prepare their family business for the next generation.
 
The one piece of advice Chris offers for both the senior and next generations is... it's worth it. It's hard to focus on the emotional stuff, but it's worth it. 
 
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