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.

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

The Art of Selling: Insights from a Sales Maven Ep. 108 03/05/2025

Preserving Legacy & Embracing Change: The Isaac Family Business Story Ep. 107 10/07/2024

From Finance to Fry Plates: A Family Business Success Story | The Family Biz Show Ep. 106 09/11/2024

Epiphany & The Mud Run: Overcoming Obstacles in Family Business | The Family Biz Show Ep. 105 07/10/2024

Ep. 104 Major Components of Family Business Exit Planning 05/24/2024

Ep 103. Pivoting from Private to Public in Family Business 05/10/2024

Ep 102. From Zero To Millions; Growth in Family Business 04/17/2024

Ep 101. Cobbler Nights & Continuity Plans 03/28/2024

Ep 100. Resilience & Rhythm in Rochester Family Business 03/14/2024

Ep 99. Letting Go to Grow Your Family Business 03/01/2024

Ep 98. Adapting to Survive; How Businesses Can (and should) Utilize AI 02/15/2024

Ep 97. 200 Years of Sweet Treats and Survival in Family Business 01/29/2024

Ep 96. A Legacy in Motion; Dylan’s Journey from Agriculture to Transportation 01/12/2024

Ep 95. Brewing Up Success: Turning Coffee into a Family Empire 12/29/2023

Ep 94. From Bricks to Community Engagement in a Multi-Generational Family Business 12/01/2023

Ep 93. The White Brothers' Recipe for Family Business Resilience 11/10/2023

Ep 92. Reflection, Swim Lanes & Visual Hammers: The Keys to Success in Family Business Branding 10/20/2023

Ep 91. The Power of Vulnerability & Authenticity in Family Business Leadership 10/06/2023

Ep 90. Building Trust and Communication in a Family Business 09/22/2023

Ep 89. The Future is Now: Talking Next Gen Family Business Readiness 09/08/2023

Ep 88. Successfully Navigating Family Business Dynamics 08/18/2023

Ep 87. Lessons from Brazilian Jiu-Jitsu; How to Successfully Lead a Family Business 08/04/2023

Ep 86. Building The Best: How MAC Products is Revolutionizing the Welding Industry 07/21/2023

Ep 85. Creating a Culture of Giving: The Spiritual Capital of a Family Bank 07/07/2023

Ep 85. Creating a Culture of Giving: The Spiritual Capital of a Family Bank Ep 85. Creating a Culture of Giving: The Spiritual Capital of a Family Bank On this incredibly feel-good episode of The Family Biz Show, three-time returning guest Jay Hughes Jr. joins us to talk about his experience working with families and his passion for helping them flourish and evolve. Jay explains the idea behind the Family Bank and how it can help families manage their wealth and legacy, emphasizing the importance of growing spiritual and social capital within the family, rather than just focusing on the financial. Don’t miss another one of Jay’s episodes with us, as they’re always filled to the brim with family business wisdom that will transcend the age. OUR GUEST JAY HUGHES JR* James E. “Jay” Hughes, Jr. is a sixth-generation counselor-at-law, now retired, author and co-author of multiple books and influential articles on family governance and wealth preservation. He is renowned for facilitating multigenerational family meetings, with an emphasis on governance issues. Hughes is frequently called on to address international and domestic symposia on helping families to flourish through the growth of their human, intellectual, spiritual, social and financial capital. Through his pioneering work with families, Hughes has become the leading voice for a more enlightened, expansive approach to family office management and in turn, a mentor to countless family office executives. In 2021, the James E. Hughes, Jr. Foundation was established to honor Jay and the Hughes family lineage through educational programs and funding for advisors who are similarly called to serve families. Find out more about Mr. Hughes on or through the ------- If you’re a family business or a family business consultant and want to be on the show, share your story and help other family businesses, send us an email to or visit us at to fill out our web form! CRN5765536-062123 /episode/index/show/thefamilybizshow/id/27388536

Ep 84. Investing in Employees - The Key To Family Business Growth 06/23/2023

Ep 83. Navigating the Complexities of Family Wealth: From Family Business to Family Office 06/16/2023

Ep 82. Investing in Success; The Power of Human Capital in Family Business Sustainability 06/09/2023

Driving Success: How Ken Johnson Is Shaping the Future of Logistics | The Family Biz Show Ep. 81 05/26/2023

The Family Biz Show

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