Feeling constrained by your family business? It's time to liberate your legacy! Discover how to build a sustainable "family enterprise" that unlocks boundless opportunities and adaptable exit strategies.

In this episode, Adam Hill shares strategies for cultivating an abundance mindset, implementing disciplined structures, and empowering generational freedom - to help you forge a legacy that inspires for years to come.

[00:00] Introduction

[04:57] Defining freedom in family businesses

[06:53] Integrity and structure as foundations of freedom

[08:52] Implementing discipline and structure to create freedom

[14:03] Communication and generational freedom

[15:21] Expanding the concept of family businesses

[18:39] Exit strategies and sustainable business models

Resources Mentioned:

EOS

Traction by Gino Wickman

Next Gen Collaborative

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What does it take to redefine legacy and create a thriving "family enterprise" for future generations? In this episode, Adam Hill sits down with sisters Katie Rucker and Jenny Dinnen, who went from not getting along as kids to becoming co-presidents of their family business, MacKenzie Corp. Today, they share their inspiring journey and insights on navigating co-leadership, honoring legacy while innovating, and empowering the next generation through their Next Gen Collaborative. This is a must-watch conversation for anyone navigating the interpersonal challenges of family business!

[00:00] Introduction

[03:14] Growing up as siblings and working through interpersonal conflicts

[11:10] Choosing how you want your leadership to look

[17:17] Honoring the past while innovating for the future

[24:14] Finding your own unique identity in leadership

[33:49] Navigating co-leadership as siblings

[43:09] Building a community for next gen leaders

[53:13] Defining family legacy and personal goals

Resources Mentioned:

MacKenzie Corp

Next Gen Collaborative

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Don't let your business stagnate in the bubble of the family dynamic. In this episode, Adam Hill teaches us how to unlock the keys to elevating family legacy. Discover the surprising benefits of leveraging outside advisors to elevate your family business. Learn how to identify key problems, facilitate difficult conversations, and find the right experts to drive your company forward.

[00:00] Benefits of outside advisors in family businesses

[03:36] Initial reluctance and EOS implementation

[07:19] Targeted approach to outside advisors

[10:13] Identifying and prioritizing problems

[13:02] Facilitating difficult conversations

[16:20] Thinking differently with outside advisors

[19:30] Finding the right outside advisors

Resources Mentioned:

EOS

Gobundance

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Are you a family farmer struggling to navigate the complex dynamics of passing down your multi-generational business? In this episode, Matt Boos shares his proven strategies for smoothly transitioning your farm to the next generation. He shares powerful insights around fostering open communication, managing personalities, leveraging communities, and establishing a clear family ROI to guide decision-making and build a thriving, sustainable farming legacy.

[01:20] Farming and family business dynamics

[10:51] How to transition generations in family farms

[15:41] Strategies for successful transitions

[24:16] Why modeling needs to be broken up sometimes

[27:40] The power of peer groups and masterminds

[35:38] Why it’s not the business that fails, but family dynamics

[38:57] The importance of personality testing in family businesses

[43:32] Advice for next generation business leaders

Resources Mentioned:

www.mattboos.com

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Is your family business vision relevant across generations? If you think it’s stuck in the past, today’s episode will help you unlock the secrets to building a sustainable, purpose-driven family business that thrives for decades.

Family businesses face a unique challenge – preserving the founder's vision and legacy while also charting a bold path forward. Discover ways to preserve your family business legacy while boldly shaping the next chapter. Learn how to document your rich history, evaluate core values, identify unique strengths, and craft a compelling 10-year vision that empowers the next generation.

Here are some power takeaways from today’s conversation:

• Preserving the founder's vision while embracing innovation

• Documenting your family business history to maintain connection

• Evaluating core values and avoiding sacred cows

• Identifying your unique strengths and differentiators

• Crafting a 10 year vision to empower the next generation

Episode Highlights:

[01:27] Defining a transformative family business vision

The family business vision represents a forward-looking, aspirational view of what you want to become. It transcends a mere mission statement. But it captures the essence of your purpose and future direction, be it 5, 10, or even 100 years ahead.

[02:15] Preserve the founder’s vision

The memory and connection to the founder's vision can become blurred and faded over time, especially as generations pass. It’s important to document the company's history to maintain that vital link to the founder's principles and legacy.

[07:10] Document your history to preserve the founder’s vision.

The first and most important step to maintain a strong connection to the founder's vision and story across generations is to document your history.

[11:37] Your long-term vision should align with your present day.

Regularly evaluate your company's core values to ensure they represent lived practices rather than just aspirations.

[12:46] Distinguishing core values vs. sacred cows in family business

Core values are expansive and open to opportunity, whereas "sacred cows" are fear-based and limit a company's growth and evolution.

[14:32] The founder’s vision can become a sacred cow.

A founder's vision, though important to preserve, can become a limiting "sacred cow" over time as the company and world evolve; hence, the need to regularly evaluate core values and be open to evolving them.

[16:56] Closely examine what makes your company truly unique within your industry.

This is often a combination of distinctive capabilities, rather than just a single attribute, that sets you apart from competitors.

[22:25] Structure your company for long-term sustainability.

Empower each generation to forge their own 10 year vision and destiny. Provide the foundation and tools they need to add value with pride of ownership.

Resources Mentioned:

Entrepreneurial Operating System

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Ever wonder what it takes to forge an extraordinary life and career? In this episode, Adam Hill sits down with visionary entrepreneur Damon Lembi, the driving force behind Learnit.

From baseball dreams to building a thriving learning platform that has upskilled over 2 million individuals, Damon's story brims with invaluable lessons on resilience, innovation, and seizing opportunities.

Whether you're seeking motivation, guidance, or a truly captivating story, this episode offers a unique window into a life of empowerment and impact.

Here are some power takeaways from today’s conversation:

• Damon’s transition from baseball to Learnit

• A look into Damon’s generational family business

• Lessons from generations before him

• The power of entrepreneurial freedom in a family business

• Damon’s approach to overcoming family business pressures

• Learnit’s transformative journey and how it’s complementing AI

• Understanding an athlete’s growth mindset and transferrable skills

Episode Highlights:

[02:46] Damon’s transition from baseball to Learnit

Damon initially felt intimidated to join the family real estate business, but found his calling in growing his father's computer training company, LearnIt, into a leading live learning platform.

[10:37] Lessons from the Lembi family legacy

Damon's grandfather and father instilled in him the importance of dreaming big, honing negotiation skills, and building strong teams -- lessons that have shaped his entrepreneurial mindset and guided his leadership.

[14:53] The power of entrepreneurial freedom in a family business

Damon's father had an entrepreneurial spirit, constantly exploring new business opportunities while being supported by his grandfather’s willingness to give him autonomy.

[17:06] Damon was determined to prove his worth at Learnit

Damon was driven to prove his worth and contribute meaningfully to the family business, which led him to fully immerse himself in growing Learnit.

[22:08] Damon’s approach to overcoming family business pressures

Despite the pressure that can come with working in a family business, Damon emphasizes the importance of being grateful for the opportunities, leveraging resources, and contributing with integrity to overcome any sense of entitlement.

[28:53] Learnit’s transformative journey

Learnit has evolved from a computer training company into a live learning platform focused on upskilling individuals, developing new managers, improving communication, and creating learning organizations by providing comprehensive training solutions that go beyond just teaching software skills.

[31:06] AI can’t replace live instructional training but you can blend them together

While acknowledging the potential of AI in the learning and development industry, Damon emphasizes the continued importance of live, interactive training to create the most impactful learning experiences.

[36:49] An athletic mindset can give you a competitive edge

Damon's athletic background instilled a growth mindset and transferable skills, like discipline and learning agility, that have contributed to his success as a business leader.

Resources Mentioned:

www.thelearnitallleader.com

Range by David Epstein

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Are you thinking about legacy all wrong? What if legacy wasn't about preserving the past but shaping the future?

In this eye-opening episode, Adam Hill challenges the traditional approach to legacy planning. He argues that focusing solely on wealth transfer misses the most important aspects of building a lasting legacy. He also emphasizes the critical need to prepare the next generation for success, not only in finances, but also in mindset, values, and lifestyle.

The true power of legacy lies in preparing the next generation to create their own vision, live fulfilling lives, and make a lasting impact on the world. Legacy, at its core, should be a catalyst for abundance, not a burden of scarcity. Listen to discover a fresh approach that could transform how you think about building a lasting family legacy.

Here are some power takeaways from today’s conversation:

• Cultivating an abundance mindset vs. a scarcity mindset

• Preserving the founder's vision while allowing for evolution

• Engaging the family in learning about their history and heritage

• Addressing legacy burdens and generational trauma

• Balancing wealth preservation and value creation

• Instilling a spirit of philanthropy and contribution

• Prioritizing health, wellness, and work-life balance

Episode Highlights:

[01:52] True legacy lies not in the perfection of wealth transfer.

Prepare the next generation with the right mindset, values, and resources to create lasting prosperity, as even the most expertly executed wealth plans often fail to sustain wealth over multiple generations.

[05:06] Legacy starts with a mindset.

An abundance mindset is more valuable than a scarcity mindset stemming from focusing too much on wealth transfer rather than empowering future generations.

[07:14] Preserve the founder’s vision while allowing for evolution.

As the founder's vision gets passed down, it becomes increasingly clouded. Adam stresses the need for a mechanism that preserves the founder's vision while enabling future generations to develop new visions aligned with the present and future.

[10:26] Family history and heritage are important in legacy planning.

Actively involving children in researching and learning about their family's past can provide a crucial foundation for them to build upon and shape their legacy.

[12:23] Family history and heritage are important in legacy planning.

Actively involving children in researching and learning about their family's past can provide a crucial foundation for them to build upon and shape their legacy.

[14:52] Balance wealth preservation and value creation.

The next generation must also learn the critical skill of value creation, not just wealth preservation. Each successive generation needs to add new value to sustain and grow the family's legacy, not just maintain the existing wealth.

[16:49] Instill a spirit of philanthropy and contribution.

Setting up philanthropic organizations is an important way to channel that wealth back into the community and teach the next generation the value of giving and contribution.

[18:15] Prioritize health and wellness

Addressing mental health, addiction, and generational trauma can protect and strengthen the family's legacy by ensuring each generation is psychologically and physically equipped to create value and thrive.

[19:05] Legacy planning must encompass lifestyle design.

Enable future generations to live lives of abundance, adventure, and love while creating value and contributing to the greater good, rather than becoming workaholics solely focused on the family business.

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What does it take to lead a family business through personal loss, industry upheaval, and generational transitions? In this episode, Adam Hill sits down with Chrissy Myers, CEO of the third-generation AUI, as she shares her remarkable journey of navigating personal tragedies, industry disruptions, and complex family dynamics to build a resilient and purpose-driven enterprise.

Be inspired by Chrissy's story of transforming grief into growth and her unwavering commitment to balancing the needs of her family, her business, and her well-being. Her insights on communication, next-gen involvement, and the importance of self-care offer a roadmap for family business leaders seeking to thrive amidst change.

Here are some power takeaways from today’s conversation:

• Mastering communication and forgiveness within family business dynamics

• Incorporating philanthropy and community engagement as a core value

• Strategically involving the next generation while respecting their autonomy

• Cultivating a cohesive family culture through intentional practices

• Prioritizing self-care and professional growth for effective leadership

Episode Highlights:

[02:11] - AUI's Family Business History

AUI is a third-generation family-owned insurance business started by Chrissy's grandmother. Chrissy eventually took over and expanded after navigating complex family dynamics and industry changes.

[06:03] - How Chrissy found her voice within the family business

Chrissy embraced a "forgiveness over permission" mindset, contrary to the greater challenge she faced in asserting her leadership outside the organization. Chrissy highlights the unique dynamics and comfort level inherent in family enterprises.

[13:37] Chrissy’s therapy helped align their family business dynamics

Chrissy underscores the vital importance of communication in overcoming family business challenges, leveraging therapy and professional guidance to align with her mother on the path forward for their enterprise.

[16:34] Chrissy's reluctantly resilient journey

Chrissy lost her husband to suicide, which coincided with adapting her family business to the Affordable Care Act. She was grieving while ensuring the enterprise's financial viability.

[23:08] The Extended Family of the Family Business

Deep bonds and mutual care can develop within family and small businesses, where employees often become an extended family, supporting one another during challenging times.

[24:26] - Philanthropy and community involvement

Small businesses can have a huge impact on their local communities, touching the lives of employees, their families, and the broader community, more profound than larger corporations.

[28:21] - Chrissy’s advice for small business owners seeking to build a culture of philanthropy and community engagement

Start with your own passions, lead by example through personal involvement, and leverage your time and expertise to create a greater community impact than financial contributions alone.

[33:47] How to leave a legacy business that your kids will love

If you want your kids to have the potential to want your business, you have to have a healthy relationship with your business.

Resources Mentioned:

Reluctantly Resilient

www.auiinfo.com

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