Ownership Philosophy – The Family Business Podcast

On this week’s episode I discuss ownership philosophy. Have you as an ownership group sat down and discussed why you own a business together and what ownership means to each of you?  

My thoughts are that when a business is set up, ownership is a by-product of the founders passion, but as the business becomes something to pass to the next generation different perceptions of what ownership might mean to each of you can tensions within the business and the family.

Having the conversation around what ownership means to each of you, whether that is before or after ownership transition has happened, can be a really positive step in creating the foundation for a multi-generational business.