In this episode of Both Success And Integrity With Bessi Graham, Bessi is joined by Dominic Pelligana, a founding partner of the Lineage Group, to explore the challenges and opportunities faced by any family business transition from one generation to the next.
Dominic shares insights from his experience working with multi-generational family businesses. He explains the key differences between a family business and a business family, and how the emphasis shifts from serving the business to serving the family as the generations progress. We delve into the importance of having a strategy to support the business transition, the natural tensions that arise between the first and second generations, and the need to balance different interests and passions. Join us as we uncover the unique dynamics of family businesses and the strategies that can help them thrive across generations.
Also in this episode:
- A family business is oriented around a business, with the family serving the business in the first and second generations.
- A business family is where the emphasis shifts to the family in the third generation, while still being good at business.
- Families may have different interests and passions, and accommodating them requires a mindset shift.
- The founder of a business is different from the next generation, who may prefer professional managers and systems.
- Natural tension exists between the first and second generations, which can be resolved through agreed-upon strategies.
- Family businesses are the optimum business model, but require a strategy and supportive structure for successful implementation.
About Dominic Pelligana – Founding Partner, Lineage Group
Dominic is a partner of Lineage Group with over 25 years of experience working exclusively with large private and family-owned businesses and family office groups across numerous sectors. More than an adviser on strategy, governance, succession, tax, and accounting, Dominic understands the normal & predictable opportunities and challenges facing business families and can offer insights into best practices and industry leaders. Dominic helps owners; their families and their businesses get to where they want to go by sharing what is possible. Dominic’s extensive experience as an adviser, director, and business owner enables him to offer rich commercial and technical perspectives to his clients. As a trusted adviser to some of Australia’s largest and most successful business families, Dominic holds more than ten positions on Business, Family and Shareholder Boards. Dominic also holds multiple roles with charitable entities including the John T Reid Charitable Trusts, The Madge Brown Foundation, The Haymes Family Foundation, and The Kelly Family Foundation.
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About Bessi Graham:
With over 20 years of experience working with business owners, governments, and large funding bodies to bring “doing good” and “making money” back together, my experience spans from the grassroots of sitting in the dirt working with business owners across the Pacific Islands through to the United Nations in Geneva. This has given me an unparalleled perspective on what makes change happen.
You know you were born to do something significant, so don’t leave it to chance.