Episode 08 | Wayne Rivers | A New Reality for Family Businesses
“It’s important to know what to do, but in my mind it’s equally important to know what not to do.”
~ Wayne Rivers
Wayne Rivers is the co-founder and President of The Family Business Institute, Inc. He has authored four books on the subject of business families the latest of which is Our Family Business Crisis and How It Made Us Stronger. Wayne has appeared on the Today Show, CNN, MSNBC, CNBC, “BusinessWeek: WEEKEND” and on the Retirement Living Network.
Podcast Episode: Episode 08 | Wayne Rivers | A New Reality for Family Businesses
Podcast Episode: Episode 08 | Wayne Rivers | A New Reality for Family Businesses
Wayne Rivers is the co-founder and President of The Family Business Institute, Inc. He has authored four books on the subject of business families the latest of which is Our Family Business Crisis and How It Made Us Stronger. Wayne has appeared on the Today Show, CNN, MSNBC, CNBC, “BusinessWeek: WEEKEND” and on the Retirement Living Network.
Wayne is a Wall Street Journal Expert Panelist. He has also been quoted on the subject of family and closely held businesses by Forbes, Fortune, BusinessWeek, Entrepreneur, CFO, Family Business, The New York Times, Washington Post, and by many other trade, local, regional, and national publications.
Wayne has also been honored as a Fellow of the Family Firm Institute.
EPISODE NOTES
JOIN WAYNE RIVERS AND CRAIG BUNDREN AS THEY DISCUSS:
00:46 - Wayne Rivers, “The Catalyst”
01:05 - The Family Business Institute
02:45 - How Wayne got started
04:03 - Helping family businesses get unstuck
06:26 - Roles, responsibilities and accountability
08:10 - Family businesses falsely have “informality”
10:19 - People make mistakes and that’s how we learn
12:10 - Pray and Pay
12:32 - People used to pass down family businesses, more than half today won’t pass within the family
14:40 - Exit strategies for family businesses
16:40 - Accounting and Finance (looking beyond tax breaks)
19:22 - Yes, you need a budget
20:29 - Getting back on target
22:58 - The problem with Covid is that it’s become so political
25:45 - Business planning in a complicated climate
29:19 - Looks like a brief and mild recession depending on your industry
31:00 - We’re optimistic
37:25 - You can tell a lot about a contractor based on a job site
41:15 - Starting the Family Business Institute
46:00 - Construction company peer group (peer audit)
47:55 - Contractors are amazing consultants as long as they’re not looking at their own business
49:24 - Be willing to open the books and get honest feedback
52:06 - You don’t know what you don’t know
54:44 - Drawing from the experience working with our clients as authors
CONNECT WITH WAYNE RIVERS:
WEBSITE https://www.familybusinessinstitute.com/
BOOKS https://www.amazon.com/Wayne-Rivers/e/B00JC1ZJKY?ref_=dbs_p_pbk_r00_abau_000000
SUBSCRIBE TO THE CHROMATIC PODCAST:
iTunes: www.ChromaticPodcast.com
LEARN MORE ABOUT CRAIG BUNDREN AND THE CRAIG BUNDREN ART FOUNDATION:
Chromatic Podcast Site: www.Bundren.fm
Chroma Magazine: www.ChromaMag.com
Bundren Building Arts Foundation: www.Bundren.org
Host: www.CraigBundren.com
