Ep36: Family Business: Building a Strong Foundation

Are you part of a family business? If so, you know how challenging it can be to successfully manage and grow a business while also keeping the family involved and happy. Jeff Sophir and Jonathan Wolfson, two brothers who own multiple businesses, have been working together for the last four years and recently had a conversation with Marc Silverman, a family business consultant with over 20 years of experience in Colombia and other Latin American countries.   Dr. Marc A. Silverman has consulted with family businesses from startups to multi-nationals, from first through sixth generations, and from three to over 100 family shareholders. He specializes in working with complex family systems of over 25 family shareholders and particularly in integrating the needs of different generations into clear succession and governance structures. Many of his clients have more than 2000 employees. A frequent seminar leader, he has conducted over 100 workshops and seminars in over 15 countries.    Wolfson, Sophir, and Silverman talk about the challenges of running a family business. They discuss the importance of understanding the three core systems of a family business: ownership, management, and family. They also discuss the need for different kinds of meetings and forums to make decisions and solve conflicts.    This podcast episode is a must-listen for anyone looking start or run a family business. Silverman’s advice and insights are invaluable for anyone looking to make more money in a family business while maintaining a strong family dynamic.   Here is what to expect on this week’s show: The importance of keeping family actively involved in the business Using a family business coach Balance between ownership, management, and family roles Separating different family power dynamics in the family business Succession planning in family business   Connect with Marc Silverman: https://the-sii-inc.com/ Learn more about your ad choices. Visit megaphone.fm/adchoices