Rob Lachenauer is a partner and CEO at Banyan Global. He has been both a consultant and entrepreneur, and has traveled extensively throughout the world doing consulting work and entrepreneurial advice work. Rob has written a book that has been translated into at least 7 languages called Harvard Business Review Family Business Handbook: How to Build and Sustain a Successful, Enduring Enterprise that talks about success and endurance in the family business. Tune in as Rob shares the lessons he learned from his experience working with high-net-worth families who question whether or not they are the ‘worst family ever’.
In This Episode:
- [01:52] Get to know Rob Lachenauer as he shares what excites and interests him in working with high-net-worth families.
- [05:27] The answer to “Are we the worst family ever?”.
- [08:00] The correlation between the professional work that Rob does and his own family dynamics.
- [10:38] When to say NO to a family.
- [16:00] Working with families that have mental or behavioral concerns and giving difficult advice.
- [22:53] Rob shares stories of the memorable families he’s worked with.
- [26:56] Why Harvard Business Review Family Business Handbook: How to Build and Sustain a Successful, Enduring Enterprise is the go-to book.
- There is such a broad range of expertise that you need to integrate when working with family businesses that stretch and builds your capabilities.
- The kind of decisions that are resident in business families is higher and more difficult to be successful in.
- Work on the things that keep you together as individuals and the other stuff that can be divisive will go away.
- Be gentle truth-tellers. It is okay to lose clients if you think you’re doing the right thing for them.
- Boundaries are important in the early conversations with a client. Discuss what you can and can’t do.
Meet Rob Lachenauer:
Rob Lachenauer, a co-founder, partner, and CEO of BanyanGlobal, has been an adviser, a business leader, and a writer throughout his career. As the founding CEO of Banyan, Lachenauer has worked closely with scores of family businesses throughout the world, helping them navigate the decisions they face as owners while strengthening family relationships. He is an expert in leadership and governance for family businesses. Lachenauer is the co-author of the Harvard Business Review Family Business Handbook with Josh Baron. A graduate of Harvard Business School and Cornell University, Lachenauer has also made frequent contributions to Harvard Business Review, including “Making Better Decisions in Your Family Business,” “What Happens When You Lose Your Mentor,” and “Why I Hired an Executive with a Mental Illness.” He also coauthored Hardball: Are You Playing to Play or Playing to Win? with George Stalk. Published by Harvard Business School Press in 2004, Hardball was subsequently translated into ten languages.
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