Strategic planning, preparation, and communication are key components to having a sustainable and successful multigenerational family-owned business. We will talk about all these components with Ann Dugan in this episode. Ann is a 4th-generation member of a large building and supply business in the Southeast of Georgia who also serves as consultant and advisor for other family-owned businesses. She founded the Institute for Entrepreneurial Excellence at the University of Pittsburgh.

Let’s dive right into Ann’s incredible story and learn the keys to communication that drives successful and sustainable family-owned businesses!

In this Episode:

[00:01 - 08:08] Opening Segment

I introduce and welcome Ann Dugan
A 4th-generation member of a family large building and supply business
The business originated from her mother’s side of the family
Ann shares advice to address generational shifts in family businesses
Good communication is key
Preparation can make a lot of difference
The previous generation lacked the necessary preparation
The current generations have been more open to each other

[08:09 - 21:33] Communication within Family Businesses

Taking emotions out of succession in family businesses
Draw a framework to prepare the children
Choose carefully the children’s career path
Ensure that the children’s strengths and career path align
Solving the unique communication challenges in family businesses
Introduction to the business information
No entitlement
Membership in rotary and entrepreneurial clubs
Introduction to the financials of the business
An advisory board of directors

[21:34 - 33:15] Sustainability and Success of Family Businesses

Keeping family members accountable and responsible
Annual evaluations
Job descriptions
Constant communication
No emotions
Separating business and family
Relationship building
Governance systems
Employment policies
Transparency
Overcoming adversity in the leadership of family businesses
Strategic planning
Innovation
Non-family perspectives

[33:16 - 40:24] Closing Segment

The most impactful conversation of your life?
Ann talks about the people who emphasized the importance of listening
Don’t respond right away
Ask questions
Solutions can arise if not hurried
One communication skill you wish you had more of in the past?
Trust, but verify
The best communicator that you know?
Family, TED Talk speakers, Ronald Reagan, Indra Nooyi
Great leaders
Empathy, emotion, sincerity, good listening skills
How to find Ann
Links below
Final Words

Tweetable Quotes:

"If your family owns a business, regardless of your role in that business, it permeates all parts of life.” - Ann Dugan

"Don’t try to plan your response. Actually, listen and then start to have this dialogue. Good discussions of communication take questions. It’s not having the immediate solution.” - Ann Dugan

Resources Mentioned:

Email Ann at ann@aduganllc.com. Connect with her on LinkedIn and Facebook. Visit https://www.familyoffice.com/ to learn more.

You can connect with me on LinkedIn, Twitter, Instagram, and Facebook. Join The Communication Nation and learn from others in the community. Feel free to email me at gregrice79@yahoo.com, I’d love to hear from you!

Want more help with your digital marketing? Go to my website https://gregjrice.com/inflection/ and let’s have a conversation.

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076: Ann Dugan | Family Communication fo...