Buying a family business

Episode notes

Dealing with personal relationship dynamics - 3m When running a business with a spouse, it can be tricky to understand who takes the role of leader. To make this a bit easier, try to separate home and work life and set defined roles, responsibilities and boundaries. Having the succession talk - 10m It can be difficult when the next generation doesn’t want to take on the business. So, what do you do next, who do you talk to and do you know what you’re looking for? For Mansfield Pollard, looking for someone who identified with the company’s values was important. Letting go of family legacy - 13m50 For Louise, there was never a conversation about changing the business name and there was always that respect for what the business stood for and achieved over the last 100 years. However, there was need for new ideas and how to evolve the business around competitors, market segments and clients. What was important was making sure to also have that clear communication with those that have been with the business for any years and make sure all are able to adapt to change.

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