Listen to “#819 Is Family Business Succession a Family Affair or a Family Fiasco?” on Spreaker.

On‌ ‌this‌ ‌episode‌ ‌of‌ ‌The‌ ‌Small‌ ‌Business‌ ‌Radio‌ ‌Show…‌ ‌

As Baby Boomers prepare to retire, family-owned businesses across the nation are at a pivotal crossroads. Transitioning leadership and ownership is a complex process, often more challenging in family-run businesses, especially for Black-owned enterprises that face unique obstacles in succession planning and recognition.

Karla Trotman, who CEO of Electro Soft, Inc., a Black-owned electronics manufacturing company, has first-hand experience with all these challenges.

With her own story of leading Electro Soft, Inc. through COVID-19 and a long transition process, Karla brings a wealth of personal experience and practical advice. She is also the author of “Dark, Dirty, Dangerous: The Vibrant Future of Manufacturing”, where she explores how diversity and inclusion can redefine American manufacturing.

Here is what we discussed:

  • Effective exit strategies for family-owned businesses facing a generational shift.
  • How family businesses can avoid common pitfalls in succession planning and prioritize both legacy and growth.
  • The importance of impartial advisors in ensuring objective and sustainable transitions.
  • The significance of preserving Black family businesses as a means to foster economic empowerment within minority communities.

Kate Gladdin resiliency

I have talked about the importance of resiliency every since I wrote my second book called “Bounce!: Failure, Resiliency, and Confidence to Achieve Your Next Great Success”.

Kate Gladdin is an international speaker, certified life coach, resilience specialist, and podcast host. Named one of Australia’s 100 Women of Influence. A native of Sydney, Australia, she now makes her home in Wyoming with her husband, Nate, and enjoys playing in the snow with their pup, Jaku.

Here is what we discussed:

  • How do you define resilience?
  • As you share in your book, your journey to becoming an expert on resilience began with a devastating loss. Would you tell us about the death of your sister, Nicole, and how it changed your life?
  • In Okay, Now What? you call attention to mindsets and habits that keep people from moving forward after a loss or setback. Why is it so easy to fall into the trap of blaming and shaming?
  • Would you give us an overview of your three-step resilience-building strategy?
  • What would you most like readers to take away from Okay, Now What? and where can they order your book?

Listen to more episodes of The Small Business Radio Show