Listen to “#676 What You MUST Know to Successfully Run a Family Business” on Spreaker.
On this episode of The Small Business Radio Show…
SEGMENT 1 with Jonathan Goldhill, starting at 0:00: The dynamics of family businesses are fascinating. While it’s not quite like the Roy family on the hit TV show Succession, there are unique issues that any family faces when they work in the same business together. Jonathan Goldhill shares the things family businesses must get right in order to run a family business, scale it, and have it survive for the next generation.
SEGMENT 2 with Guy Goldstein, starting at 19:00: Small business owners have always hated paying for so many different types of insurance. It’s confusing to know which types of insurance your business needs, which specific insurance plans cover what you need them to cover, and who to buy them through to get the best value. Guy Goldstein is here to help address that issue.
SEGMENT 3 with Jay Jung, starting at 37:00: So many small business owners are bad at managing the numbers side of their business. And there is a good reason for that since there is really no one there to teach them! It’s important to have a baseline understanding of the financials you should be tracking each month, while also relying on financial professionals who can give your business expert guidance. Here to tell us what we need to know to manage the money side of our business is Jay Jung.
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More on each segment below.
Segment 1: Jonathan Goldhill is a masterful business coach and personal strategist specializing in guiding next-generation leaders of family businesses to scale up their business as they take control over the leadership and ownership of the family business. Jonathan left New York for California at age 20 after his family’s large, privately-held men’s apparel manufacturing company—started by his great-grandfather—sold to a conglomerate in its third generation of family ownership. He is the author of the book “Scaling Up a Family Business: 7 Things You MUST Get Right.”
1:30 – Why did your family sell their business instead of passing it on?
5:00 – How do you separate your business from your personal life in a family business?
6:00 – Why is it so difficult to pass along family businesses? Why don’t many survive?
9:00 – You MUST be able to have difficult conversations in a family business.
11:15 – What is a playbook and why should you have one in your business?
14:15 – Do family businesses function better with defined roles?
15:45 – What’s the best way to put together a succession plan that will actually work?
Segment 2: Guy Goldstein is the CEO and co-founder of NEXT Insurance. As an entrepreneur and executive, Guy brings nearly two decades of management, strategy, and product development experience to his role. With more than $880 million in funding, over 300k customers, and a $650 million annual run rate, Guy has led Next Insurance to become the leading digital insurance company transforming small business insurance. Early in his life, Guy was handpicked for an elite group of candidates to train for the Israeli Air Force. He excelled and rose to the military rank of major and fighter pilot in one of the world’s most respected air force programs.
19:00 – How did being an elite fighter pilot prepare you for running a $650 million business?
20:45 – What challenges do small businesses face when buying insurance?
23:45 – What kinds of insurance do service businesses need?
25:00 – Did business interruption insurance cover/kick in during the pandemic? Can insurance protect small businesses from supply chain disruption?
27:30 – How do small businesses know they are getting the best value for the insurance they’re buying?
31:00 – What are you doing at NEXT Insurance to attract and retain your employees?
33:15 – What is your vision for employees returning to the office?
Segment 3: Jay Jung is a small business thought leader. He has recently been featured in Forbes and has appeared on Entrepreneurs’ Action and Ambition. Jay is the founder and managing partner at Embarc Advisors and has nearly 20 years of experience in corporate finance and strategy. He has completed over $50 billion in transactions including marquee transactions such as the sale of Yahoo, the sale of MuleSoft, and the sale of SanDisk.
37:00 – Why are small business owners bad at managing the financial side of their business?
39:15 – What are the financial infrastructure basics that entrepreneurs need to know to optimize profits?
43:15 – What financial analyses should small business owners be doing each month to get a clear picture of what is happening in their business?
47:30 – What’s the proper way to manage a budget?
49:45 – Why do startups need a Fractional CFO?
