Legendary Leadership Lessons
The Ego Threat: Why Letting Go Is the Hardest Leadership Move in Family Business
What separates family businesses that thrive for generations from the ones quietly falling apart inside? In this episode, I sit down with Dr. Peter Boumgarden, Koch Professor of Practice for Family Enterprise at Washington University's Olin Business School, to talk trust, structure, and why family members often have to work harder than outsiders to earn credibility. We also dig into a fascinating study on father-son succession: the more capable the next generation becomes, the more an owner's ego can tighten its grip. Peter shares why non-family leaders like Larry Hofstetter at Schaeffer Manufacturing can become "more family than family," and what it really takes to define a business's purpose before it's too late.
