In this episode of Both Success And Integrity With Bessi Graham, Bessi is joined by Dominic Pelligana, a founding partner of the Lineage Group, to explore the challenges and opportunities faced by any family business as they transition from one generation to the next.

Dominic shares insights from his experience working with multi-generational family businesses. He explains the key differences between a family business and a business family, and how the emphasis shifts from serving the business to serving the family as the generations progress. We delve into the importance of having a strategy to support the transition, the natural tensions that arise between the first and second generations, and the need to balance different interests and passions. Join us as we uncover the unique dynamics of family businesses and the strategies that can help them thrive across generations.

Also in this episode:

•A family business is oriented around a business, with the family serving the business in the first and second generations.
•A business family is where the emphasis shifts to the family in the third generation, while still being good at business.
•Families may have different interests and passions, and accommodating them requires a mindset shift.
•The founder of a business is different from the next generation, who may prefer professional managers and systems.
•Natural tension exists between the first and second generations, which can be resolved through agreed-upon strategies.
•Family businesses are the optimum business model but require a strategy and supportive structure for successful implementation.
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With over 20 years of experience working with business owners, governments, and large funding bodies to bring “doing good” and “making money” back together, my experience spans from the grassroots of sitting in the dirt working with business owners across the Pacific Islands through to the United Nations in Geneva. This has given me an unparalleled perspective on what makes change happen.

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