On this episode, Shannon and guest Guillermo Salazar delve into the complexities of passing on a family business to the next generation. They explore the challenges of getting the next generation engaged in the business and discuss the importance of maintaining the value of the business through effective succession planning. Guillermo shares insights from his book, "A Road to Triumph in Family Business," and highlights the significance of communication, defining the purpose of the family business, and setting clear rules. Join us as we uncover valuable lessons on leaving your business as a legacy and navigating the intricacies of family businesses.

 

Guillermo Salazar is an advisor to family enterprises on the governance models and strategies required for successful family governance and leadership succession. Earlier in his career, Mr. Salazar was a member of the management team for his family's second-generation family business. He has also served as a board member for privately held family enterprises in the U.S. and Latin America. He speaks to family enterprises at education programs and private family meetings around the world. In 2015, he was the recipient of the FFI International Award and in 2023 he was inducted in The Hall of Fame of Family Business. He is author of several books. https://www.linkedin.com/in/guillermosalazar/

https://www.youtube.com@guillermosalazar9208/

https://twitter.com/guillermoexaudi

 

What you'll hear in this episode:

05:02 Take ownership of decisions, plan for succession.

09:45 Frame transparency, share successes, enrich lived experiences.

12:06 Business mindset must engage the younger generation's curiosity.

 

If you like this episode, check out:

How to Introduce Your Kids to Money

How to Pour Money Into Your Business

How to Build a Sellable Business with Arthur Petropoulos

 

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.