Defining and Designing Culture Through a Generational Transition
What does it take for a family business to successfully transition ownership and leadership across generations while retaining familial bonds? In this episode, third-generation business owner Todd Garretson shares his wisdom on intentionally building cultures grounded in shared purpose and values to ensure harmony and growth for the long haul.As a former executive in a 75M manufacturing family business he co-owned and eventually sold, Todd Garretson brings multi-generational perspectives to his specialty advisory firm serving family enterprises. With over 20 years of leadership experience across strategy, culture, and organizational development, Todd provides invaluable guidance to founder-led and privately held companies approaching ownership/leadership transitions.[00:00 - 12:32] Embedding Family Values into Business CultureCreate intentional design for the desired cultureDefine the purpose of uniting families across generationsUse values to guide behaviors and decisions[12:33 - 21:07] Building Trust Through Communication NormsEstablish "being together" principlesHelp family members understand communication stylesAdapt methods for cross-generational leadership[21:08 - 31:07] Aligning Strategy and CultureCulture and strategy must work in syncLeadership signals shape strategic cultureValues embedded enable strategy execution[31:08 - 43:39] Leadership Development as Succession PlanningInvolve the next generation in enterprise soonerCreate internal leadership development programsTailor messages for cross-generational preferencesKey Quote:"Wherever people gather, whether it be in a team setting, whether it be your family, whether it be an organization or a community group, there's a culture that's forming and we know that culture is either going to be by design or it's going to be by default." - Todd Garretson Connect with Todd Garretson!Website: https://www.circlemakers.co/LinkedIn: https://www.linkedin.com/in/toddgarretson/Email: todd@circlemakers.coThis episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information.Download our FREE Strategizing for Inflation Guide here: https://www.excelsiorgp.com/download/Connect with me:https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON! Hosted on Acast. See acast.com/privacy for more information.