Have you ever thought about starting a family business? Research has repeatedly shown that family businesses perform better than conventional businesses. If you have ever considered starting a for profit or nonprofit business with your dad but aren’t sure if your different approaches would work, this episode is for you!
Join hosts Nola Boea and Lori Vajda as they sit down with a remarkable father-daughter team who decided to start a nonprofit together in order to make a difference in their community. How was it to work alongside your parent? How do you handle conflicting viewpoints, leadership, and—most importantly—keeping your relationship intact? Learn the secrets to their business success as they share their motivational entrepreneurial journey with you, along with priceless insights and practical advice to help you launch your business venture with your dad.
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Business success strategies are in the works. Come have a listen!
By the end of this episode, you’ll learn
- How partnerships between fathers and daughters can drive success, whether you run a for-profit or a not-for-profit company
- A key component of successful family-run businesses is being driven by a common sense of purpose.
- Gain insights into the challenges faced by father-daughter teams and valuable tips for navigating them
- Hear how family partnerships are not only about the present but also about building a lasting legacy that can impact communities and society as a whole
Key points Lori and Nola are sharing in this episode:
(02:04:80) The numbers tell the story. Family firms across the board outperform traditional, non-family-run firms in key areas, including financially.
(06:59:70) The where, what, and how of an idea to launch a business together came about while in a U HAUL. It led to a conversation looking at what the future of our nation holds for my daughters.
(08:06:90) How do you choose a name for your business? For 'Buck', it needed to align with a purpose and passion to support leadership in youth
(14:11:40) The decision to start a nonprofit vs. a for profit organization is not easy and takes many factors into consideration. One factor stood out above the rest
(17:45:70) The key—the arguments or conversations—are really focused on the how and what's the best and most effective way. You have to have great respect for each other's strengths and weaknesses.
Resources
ACEs: Website
Buck Martinez: LinkedInKrissy Webb: LinkedIn
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