Episode 85: How Hiring a Non-Family CEO may Ensure Success for Your Family Business

Our guest today is Richard Perko, President and CEO of the Lee Company in Franklin, Tennessee.

Richard joined Lee Company as a project engineer right out of college in 1996. Twenty years later, he was named CEO of the company, adding that title and responsibilities to his role as president – a position he has held since 2009.

As President and CEO, Richard is responsible for all company sales, operations, and strategic planning. His current focus is on guiding Lee Company’s ongoing, successful evolution from a traditional mechanical contractor and residential HVAC provider to a comprehensive Facilities Solutions, Home Services, and Construction Services provider.

Richard’s journey to the top leadership position speaks to Lee Company’s mission to create a workplace where employees can thrive.

In this episode of Family Business Today, you will learn:

What are some of the key benefits of hiring non-family leaders in a family business?

• What are the advantages and/or disadvantages of hiring from outside the company vs promoting from within?

• What questions should family business leadership ask themselves before searching for their first non-family executive?

• What questions should a non-family executive ask the family business leadership during the interview process?

• How can non-family executives in a family business nurture and mentor the next generation of family leaders?

• And more….

 To learn more about Richard Perko and the lee company visit their website at https://www.leecompany.com.

At the Tennessee Center for Family Business our passion is to help business owners create a positive environment in which their family THRIVES, their business performs and working together they create a lasting family legacy. To learn more about the Tennessee Center for Family Business visit www.tncfb.com.

If you are considering a transition in your family business contact us today for a FREE  Transition Assessment (follow link) and receive a one-on-one review of your business transition preparedness with a family business consultant.

Until next time, There’s No Business Like a Family Business…. We Know!

Episode 59: Why do Family Businesses need a Board of Directors? with Tom Bakewell, author of Claiming Your Place at the Boardroom Table

Our guest today is Tom Bakewell. Tom is an Independent Director at First Bank, a family-owned 100+ year old bank serving family businesses in the Midwest and California. His consulting includes many private companies, small-cap public companies, top nonprofits, historic 4th and 5th generation family businesses, employee-owned, private equity, and start-ups across multiple industries in the US and internationally.

Tom is the author of Claiming Your Place at the Boardroom Table: The Essential Handbook for Excellence in Governance and Effective Directorship. It is #1 on Amazon in governance.

In this episode of Family Business Today, Tom will:

· Expand on one of his governance definitions – “Governance is experiential, and reality based”

· Share how bringing independent advisors in can offer wisdom, challenge the group, and set high standards

· Explain the difference between Family Council, Family Assembly, and a Board of Directors

· Share what to look for in a Board Member such as diverse backgrounds and people who have accomplished similar goals in their business lifecycle

· And more…

You can find out more about Tom Bakewell here. To learn more about his book, visit Claiming Your Place at the Boardroom Table.

At the Tennessee Center for Family Business our passion is to help business owners create a positive environment in which their family THRIVES, their business performs and working together create a lasting family legacy. To learn more about the Tennessee Center for Family Business visit www.tncfb.com.

Would you like the opportunity to be in a small group community of like-minded family business owners/leaders and get access to years of experience and wisdom from other family business executives just like you?

If you answered yes, I would like to invite you to consider joining a family business mastermind group. To learn more visit our website at www.thefamilybusinessmastermind.com.

Until next time, There’s No Business Like Family Business…..We Know!