In this episode of FranchiseU!, Kathy discusses the critical role of family-owned businesses in the global economy with Dr. Isabel Botero, an expert in family business and a professor at the University of Louisville. Dr. Botero shares her insights on the unique challenges and opportunities faced by family-owned franchises, emphasizing the importance of early preparation, effective communication, and strategic planning for generational transitions. The conversation covers topics including onboarding the next generation, fostering collaboration among siblings, and the impact of family dynamics on business operations. Dr. Botero also highlights the significance of involving children in the business from a young age and she provides practical advice for current business owners on how to mentor and gradually involve their successors. The episode aims to equip franchise owners with essential strategies to ensure their family business thrives across generations. If you have any questions about Family Business and Franchising, send me an email to franchisemgmt@louisville.edu.
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