Many family-owned business executive teams include senior-level professionals who are not family members.  Assimilating into the business and achieving success can be challenging both for the family-business and for the executive.

Our show on Thursday, March 25th will feature two guests who can shed a great deal of light on this topic. We will be welcoming Dean Harby, PCC Executive Advisor & Coach with Internal Innovations, along with Fritz Schlabach, CPA and currently the CFO of a family-owned business.  Dean and Fritz have worked together as coach and client,  and Fritz is a seasoned veteran of the family-owned business having served for 20 years in executive roles as a non-family member.

This hour-long  broadcast will explore the role an executive coach can play in guiding non-family members to success within a family business from Dean’s perspective.  Fritz will share his insights and real-life stories of the benefits of taking on a leadership role in a family-business—along with many insights on the challenges and how to navigate the waters.

You won’t want to miss this lively discussion.  And as always, we promise it will be full of useful information and tips, so be sure to have your notebook handy!

Our Guests:  Dean Harbry, PCC and Fritz Slabach, CPA

Dean Harbry is credentialed as a Professional Certified Coach (PCC) through the International Coach Federation and is best know for his executive coaching competentcies.  Dean brings a long history of visionary leadership and managerial leadership to his coaching practice.  He has worked with individuals from banking, finance, technology, manufacturing, media and sales.  As a trusted advisor, he partners with executives to achieve results.

His own career included significant experience with mergers and acquisitions, including a multi-bank acquisition.  His IT skills were honed when he created national IT infrastructures from scratch in financial services environment.  He has served as President and COO and has consulted with State government, educational institutions, financial professional firms, law firms, the auto industry, medical research, nonprofit institutions, boards of directors and leadership training.

Dean’s personal mission is to create clarity in next steps, promoting forward movement.  Dean holds a BA in Organizational Management and is completing his MA/PhD in “Professional Coaching and Human Development” at International University of Professional Studies.  When not helping his clients create forward momentum, Dean can be found on the running trail training for his next marathon–he has completed 20 to date.

Internal Innovations – Telephone 770-783-2765

Fritz has over twenty years of experience as a senior executive in privately-held companies.  Currently holding a CFO role in a family-owned business, he began his professional career with Arthur Andersen in their auditing and small business development segment.  Upon leaving Andersen in 1990, he gained his CFO and senior executive expertise, including the position of COO for a $20 million direct marketing firm, in various industries ranging from manufacturing to management consulting.

He has extensive experience in all aspects of strategic planning, budgeting, process improvement, and management information systems, including specializing in turnaround situations.  Strong interpersonal and leadership skills have enabled Fritz to quickly gain trust and influence with owners/stakeholders as a key executive management team member in these often less structured and fluid environments.

Growing up Amish and serving in the US Marines are two significant forces in Fritz’s background which acted to forge a strong work ethic, a passion for building cohesive teams, and a commitment to excellence.  After leaving the Marines, Fritz graduated with highest honors from Washington and Lee University, having started college with an 8^th grade education and a GED since the Amish are exempt from compulsory education beyond the 8^th grade.

Sunset Family Business Radio

Recap: How Multi-Generations in a Family Business Can Be a Competitive Edge

Play Episode Pause Episode

Mute/Unmute Episode Rewind 10 Seconds 1x Fast Forward 30 seconds

00:00 /

RSS Feed

Share

Link

Embed

On on March 11th broadcast, hosts Pat Romboletti and Meredith Moore of Family Business Radio were pleased to welcome the family business owners at Rick Bailey & Company—founder and father Rick Bailey along with his oldest daughter Amanda Bailey Hohenbery.  Based in Woodstock, GA, their insurance agency specializes in individual and group health insurance.

The show opened with Rick and Amanda discussing their early days.  Rick began his insurance agency as a sole proprietor, never really foreseeing that even one of his three daughters would join him in the business—much less all three of them. Amanda admitted to some surprise herself. Upon graduating from college with a psychology degree, she was considering her options when her dad offered her an interim position at the insurance agency—“just until you decide what you want to do.” Daughters Delane and Jennifer also pursued different educational degrees before joining the company.

From the beginning, it was clear that the Bailey family values got translated into business values that then became the bedrock of their successful family-owned business. Rick said that, first and foremost, he always told the girls to “follow your dreams and do what you enjoy doing.”  It just happened to turn out that the daughters loved the business just like their dad!

A big part of the success for this family-business has been their recognition and leveraging of the strengths of multi-generations in a family-business. Each daughter—representing two different generations (Gen X and Y)—brings something unique to the table—Amanda is more marketing driven, Delane likes the finances and Jennifer, the Gen Y representative, is all about technology. Instead of downplaying these attributes, they have leveraged them. “The only way to fail is to not recognize the strength of each player,” said Amanda.  By combining their strengths, they have been able to provide exceptional customer service that is the hallmark of their company.  Their clients now know that the same great service and the values that they were attracted to in the first place while working with Rick all these years will continue on with his daughters—each in their own unique way.

The conversation took a fascinating turn when Rick and Amanda were asked about their various“aha” moments along the way. Rick delved into the process he undertook before deciding to make the three daughters partners in the business. Amanda shared the poignant journey in which she moved from “Dad, what would you like me to do today?” to the stage where she knew what she was doing to now being at the point where she is thinking of new things to do to ensure the long-term viability of the company.

As for integrating the next generation into the business, Rick advised other first-generation business owners to not try to force a round peg into a square hole—to let things happen naturally. If the children love what they’re doing, he said, then the business will work. Amanda chimed in from her perspective with advice for members of the second-generation: take the attitude of “what can I bring to the company?” and “how can I improve the business?” There are no handouts, she said—we have to work.

Rick and Amanda also added to the Family Business Radio tip library with the following:

Tip 1 from Amanda:  Both generations must equally contribute to the business for a long period of time.  The first generation should not abandon the business for the golf course when the children join.  And the children need to show up fully when they join the business and always be looking for ways to contribute.

Tip 2 from Rick:  The relationship between the owner and the children must grow, change and mature.  It must mature to a relationship of equals. He shared one of is favorite quotes: “It is a great moment when the teacher becomes the student and the student becomes the teacher.”  Rick added that they have had many of those moments.

Tip 3 from Amanda:  Be sure to use the strengths of each generation.  Look at what each person can contribute to the business—each one has different “super power” and can use that unique ability to contribute to the business.