Bob Weinhold is a coach who works with affluent families. He assists them in transitioning the family business from one generation to the next. Bob also describes the obstacles both generations face that can hinder an effective transition. He discusses coachability, leadership, communication, and roadblocks to success. Finally, he shares solutions to the complex problem of letting go of the reins. Tune in today for answers where you thought there were none.
IN THIS EPISODE:
- [01:34] Bob Weinhold shares his background and explains how he assists people by understanding their skill set and how that knowledge can serve them in business
- [06:34] Wealthy families are connected not only because they are related but because their lives are interconnected across multi-generations in the workplace
- [08:03] The dynamic of successful succession between generations and advice that Bob gives to the patriarch or matriarch who is moving on
- [13:15] The NextGen should have opportunities early on in the company. Appreciation of the company and family name is essential to understanding the influence their family has had in the community
- [16:11] Communication patterns, historical ways of doing things, and safety in expressing your thoughts are common concerns in a multi-generational business
- [20:03] The dynamic of legacy should be nurtured and approached in a way that encourages the NextGen
KEY TAKEAWAYS:
- Understanding the history, influence, philanthropy, and employment opportunities that precede them will help the NextGen understand that their success is not just for themselves but for the community.
- Coachability plays a big part in the succession of the younger and older generation’s ability to move on. Both parties need to be good listeners.
- Communication is crucial in transitioning a business from one generation to the next. Obtaining a coach to guide them through the process is most helpful.
RESOURCES:
Beyond the Balance Sheet Website
Velocity Advisory Group Website
BIOGRAPHY:
Bob Weinhold has spent his career helping individuals, teams, and organizations accomplish what they did not think possible. At his core, he connects deeply to help individuals, families, and businesses achieve results they could not imagine (but knew were necessary) while engaging employees and families to drive innovation, growth, and sustainability.
Bob began his career as a clinical therapist specializing in performance enhancement and concluded his healthcare career humbly serving as CEO for behavioral health hospitals and Health Care organizations. For the last nine years, he has served as a strategic advisor and executive leadership coach to Senior Executives, Families, and Businesses. As a Partner of Velocity Advisory Group, Bob oversees all Executive Coaching and Family Business delivery with the firm. Bob works with many multi-generation family businesses through leadership acceleration, succession, and family transition. He also works within many businesses directly with executives/teams in large publicly traded companies, private equity-based businesses, and family offices/enterprises. During his career, he has had the opportunity to work with Academic Institutions, state/local governmental agencies, many organizations in the nonprofit sector, licensing/accreditation/regulatory organizations, and high-level athletes, including time at the Olympics.
Bob has been fortunate to present nationally to groups including Supreme Court Justices, Executive Leadership Panels, and at a group of 250 CEOs addressing Organizational Transformation. He remains active on Boards, and when not spending time with his adventuresome family, Church, or professional interests, he consistently prepares for his next 100-mile ultra-marathon.
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