Episode 259
David Bentall on Navigating Ties in Family Business
EP 259 - David is the founder of Next Step Advisors, a consultancy for family businesses helping them avoid the potential pitfalls of working with your closest relatives.
David chats about his experiences running his family's companies, for all of their successes and failures, which spawned the idea for Next Step Advisors. Andy get's in on the act, speaking frankly about his experiences growing up as part of Oury Clark: the struggles, expectations, mistakes and lessons learnt. There may be some oversharing.
David also tells us why he thinks companies who don't give back to their communities qualify for the big bin of bullshit.
Chapters:
00:00 Welcome to BWB
00:37 David's Journey in Family Business
01:38 Challenges of Working with Family
01:53 Dynamics of Sibling Relationships in Business
03:05 Importance of Space and Baggage in Family Business
04:48 Impact of Different Visions in Family Business
07:13 Communication and Board in Family Business
13:13 The Power of Family Businesses
16:22 Career Development in Family Business
20:13 Mistakes and Lessons in Family Business
25:33 The Problem with Family Businesses
26:34 Resistance to Change in Family Enterprises
27:03 The Role of Independent Board Members
27:43 The Struggle of Succession
27:57 The Importance of External Experience
33:54 The Challenges of Decision Making
34:15 Non-Family Members in Family Businesses
35:32 The Importance of Integrity in Business
38:06 The Need for Philanthropy in Family Businesses
47:52 The Power of Gratitude and Resilience
David's recommendations:
1000 Gifts - Ann Voskamp (book)
Unbroken (film)
Against All Hope - Armando Valladares (book)
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If you'd like to be on the show, get in contact - mail@businesswithoutbullshit.me
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