If you're part of a multi-generational family business or acquainted with someone in such a situation, this episode is tailor-made for you. Cindy Adams Harrison, a seasoned performance coach, specializes in helping families navigate the complexities of succession planning and helping them achieve success. Her extensive experience, initially honed as a sports performance coach, smoothly transitions into family business planning. Cindy possesses a wealth of insight to address this vital topic and generously shares her past successes in the field.
IN THIS EPISODE:
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[01:10] Cindy explains what a performance coach is and how it can be helpful to any athlete
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[05:03] Cindy discusses intrinsic motivation versus external forces and parents who live vicariously through their child
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[10:32] Cindy discusses being involved with family businesses and how her sports consulting background was relevant
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[12:26] Examples of generational family succession successes.
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[19:51] Cindy addresses the owner issues and the loss associated with the transition; she never uses the word retirement
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[22:09] Cindy shares an example of a 5-generation family business that passed on succession correctly
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[24:45] Cindy wouldn't change a thing in her life
KEY TAKEAWAYS:
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The mental side of a sport is as important as the physical side.
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Family members in a generational business should plan for succession long before it becomes necessary.
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A successful family succession plan takes work because so many different emotions are involved.
RESOURCES:
Beyond the Balance Sheet Website
Family Wealth Report - Website
BIOGRAPHY:
Cynthia Adams Harrison, Ed. D., LICSW, is an expert performance consultant specializing in enhancing performance in business and sport. She brings her unique experience using performance metrics borrowed from sports performance and applies these powerful techniques and practices to business. She was responsible for launching The Center for Family and Privately Held Businesses at Silver Bridge Advisors, a wealth management firm. She served as Managing Director and Director of Talent Development and advisor to The Silver Bridge Institute, an educational platform for the firm. Dr. Adams Harrison was an associate consultant for Genus Resources, LLC, a highly successful family enterprise consulting firm for twelve years, specializing in enhancing business and executive performance. She works extensively with business owners, executives, and their organizations in an array of areas, including succession, corporate and family governance, balancing family dynamics and wealth preservation, leadership development, organizational effectiveness, conflict resolution, innovative business solutions, change management, and performance coaching for executives. Her clients range in revenues from $5 million to more than $1 billion, with many operating globally. Dr. Adams Harrison assists elite athletes as they transition into professional sports on sudden wealth dynamics, lifestyle management, injury and recovery, and mental training techniques necessary to achieve and maintain success at the professional level.
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