E236 | Driving Growth And Generational Change In Family Businesses with Jonathan Goldhill

What are the differences and similarities between regular businesses and family businesses? Can family businesses be as successful? Our guest on The Melting Pot this week argues that family businesses can prove to be successful in the long run, as long as they focus on fostering the next generation of leaders while preserving the legacy. Jonathan Goldhill is a business coach, having been in the field since 2003. He is passionate about family businesses and his book, Disruptive Successor, is a guide for family business owners wanting to drive growth in their businesses. He has a deep understanding of the complexities of multigenerational family businesses and is well-versed in the challenges of transitioning between generations. After exploring his passion for family businesses, Jonathan Goldhill discovered the unique challenges of transitioning from one generation to the next. He witnessed first-hand what it took for his father and uncle to join the family business, and how the tension of preservation and growth could be difficult to balance. Regular businesses and family businesses have different time horizons when it comes to making profit. In family businesses, success is usually determined by maximising family value, not shareholder value. Jonathan concluded that a crucial factor to success was to ensure that the older generation was encouraged to transition out of the business, whilst the younger generation was given the opportunity to grow it. Download and listen to learn more. On today’s podcast:  · The differences and similarities between family and non-family businesses · Family before business  · Generational transitions within family businesses · The unique dynamics of multigenerational family businesses · Measuring performance in a family business