Challenges of a Family Business

Let me tell you a story. Tony gave me 3 weeks to train his 20-year-old son to be a financial guru.

Tony ran a collision and towing company that was in trouble. His father started the company and his son, Frank, wanted to take over. The fundamental problem with Tony׳s plan: he wanted Frank to start at the top.

I love family businesses, but they’re often dysfunctional when younger members are given responsibilities well beyond their current capacity.

Frank understood the number theory, but he didn’t know the business. He didn’t realize:

• The tow truck drivers were likely pocketing cash
• How long it takes to do the repairs
• The rules for selling cars towed by the police and not picked up
• etc, etc!

The biggest challenge? Nobody had taught Frank how to dig deep by asking the right questions. He wasn't prepared to do what was asked of him.

If you own a business that is facing challenges, let me know. I know how to dig deep quickly and effectively and offer solutions to fix the root cause of your challenges.

Send me a message or WhatsApp so we can talk (+1.801.510.3566).

What do you do when you work with people who aren’t prepared for their responsibilities?

E-mail me your comments at [email protected]