The Family Biz Show

Join Michael Palumbos and new family business guests every episode as they talk about everything from navigating family business transitions, business growth strategies, family conflict, leadership and team development and more. Tag us with #thefamilybizshow! **FOLLOW THE FAMILY BIZ SHOW** 💻 Family, Wealth & Legacy Website: https://www.familywealthandlegacy.com 📘 Facebook: https://www.facebook.com/teamfwl/ 💼 LinkedIn: https://www.linkedin.com/company/familywealthandlegacy/ 📞 Call Us: 1.585.350.7273 FIRM DISCLOSURE: The content presented is for informational and educational purposes. The information covered and posted are views and opinions of the guests and not necessarily those of Osaic FA. Securities and investment advisory services offered through Osaic FA, Inc., member FINRA/SIPC. Osaic FA is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic FA. NOTICE: Lincoln Financial Advisors is now Osaic FA, Inc. Any reference to Lincoln Financial within these files should be disregarded.

Transforming Leadership with Generative Listening | The Family Biz Show Ep. 115 05/19/2025

Culture Over Chaos: How Randy Carr Rebuilt World Emblem | The Family Biz Show Ep. 114 05/07/2025

Legacy on Film: How Eriksen Dickens Helps Families Preserve Their Stories | The Family Biz Show Ep. 04/24/2025

Legacy on Film: How Eriksen Dickens Helps Families Preserve Their Stories | The Family Biz Show Ep. 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. /episode/index/show/thefamilybizshow/id/36295925

How Family Offices Evolve: Strategy, Structure, and Success Across Generations | The Family Biz Show Ep. 112 04/11/2025

How Family Offices Evolve: Strategy, Structure, and Success Across Generations | The Family Biz Show Ep. 112 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. /episode/index/show/thefamilybizshow/id/36092400

How Three Generations Built a Thriving Tile Business | The Family Biz Show Ep. 111 03/31/2025

How Three Generations Built a Thriving Tile Business | The Family Biz Show Ep. 111 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. Takeaways 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. Chapters 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 /episode/index/show/thefamilybizshow/id/35944925

Leadership Tensions in Family-Owned Businesses | The Family Biz Show Ep. 110 03/25/2025

Leadership Tensions in Family-Owned Businesses | The Family Biz Show Ep. 110 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 /episode/index/show/thefamilybizshow/id/35855985

Buying a Family Business: How Michael Bower Revived a Struggling Company | Family Biz Show Ep. 109 03/13/2025

Buying a Family Business: How Michael Bower Revived a Struggling Company | Family Biz Show Ep. 109 In this episode of the Family Biz Show, Michael interviews Michael Bower, who shares his journey of acquiring and revitalizing Eagle Metal Craft, a multi-generational family business. They discuss the challenges of succession planning, the importance of maintaining a strong company culture, and the impact of family dynamics on business operations. Bower reflects on his experiences navigating the complexities of a declining business, the significance of mentorship, and the strategies he implemented to professionalize the company and drive growth. The conversation emphasizes the need for clear planning and the value of external support in achieving long-term success in family-owned businesses. Takeaways: Michael Bower took over a declining family business and revitalized it. Succession planning is crucial for the longevity of family businesses. Cultural shifts can significantly impact employee morale and engagement. Professionalizing a business can lead to increased value and growth. Mentorship and advisory groups provide essential support for business owners. Understanding family dynamics is key to navigating business challenges. Investing in employee well-being can enhance company culture. A clear vision and strategic planning are vital for business success. The importance of maintaining a strong company culture through transitions. Long-term planning can create opportunities for future generations. Chapters: 00:00 Introduction to Family Business Dynamics 03:54 Michael Bower's Journey to Eagle Metal Craft 06:57 The Evolution of Eagle Metal Craft 10:10 Challenges of Acquiring a Declining Business 13:01 The Importance of Succession Planning 16:06 Navigating Family Dynamics in Business 23:07 Cultural Impact of Family Business Transitions 32:09 Navigating Family Dynamics in Business 33:14 Transitioning Leadership: A New Era 35:21 Enhancing Workplace Culture 38:07 Negotiating the Business Sale 41:29 Vision for the Future: Growth and Strategy 50:31 The Importance of Mentorship and Advisory Groups 52:20 Generational Thinking in Business 57:07 The Value of Outside Help 01:02:19 Planning for Long-Term Success 01:07:36 Introduction to Family Business Insights 01:08:06 Engagement and Community in Family Business /episode/index/show/thefamilybizshow/id/35673750