Beyond the Founder: Beating the Odds in Family Business Succession

The Disruptor Podcast

In this episode of The Disruptor Podcast, host John Kundtz discusses the challenges and opportunities facing family-owned businesses with guest Lowell Mora, CEO of Impact CFO.
Together, we explore why 50% of family businesses fail after the owner's death and how Lowell's "disruptive" approach can provide invaluable insights on avoiding common pitfalls and ensuring lasting success across generations.
Key Topics Discussed:

• The alarming statistics behind family business failures
• Common mistakes in succession planning
• The importance of early planning and overcoming ego
• Key financial practices often overlooked by family businesses
• The value of fractional CFO services for small to mid-sized companies

Highlights:

• Only 1 in 3 family businesses survive to the second generation, and just 1 in 8 make it to the third
• 40% of family business owners consider themselves financially illiterate, yet 81% handle their own finances
• The benefits of implementing basic financial reporting and budgeting practices
• How to approach succession planning 5-10 years before intended exit

Lowell's Key Advice:

"Check your ego at the door and realize that you're not going to be able to run the business forever. Put a plan in place and say, 'Hey, I'm not gonna be around forever.'"
Deep Dive Opportunities:

Want to unlock the secrets to preserving your family's legacy?
Contact Lowell for a free consultation and access to his 13-week cash flow forecasting template.

• Email Lowell at: [email protected]
• Visit the Impact CFO website
• Call [phone]
• And don’t forget to connect on LinkedIn

Comments or Questions? Send us a text

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Chapters

1. Avoiding Mistakes in Family Business Succession (00:00:00)

2. Financial Planning in Family-Owned Businesses (00:11:18)