In this episode, Scott Allen and Jeff Strese discuss the unique context of family-owned businesses, focusing on leadership development, organizational effectiveness, and family dynamics. Jeff, who has 25 years of experience in this field, discusses the concept of “shirt sleeves to shirt sleeves” and how it affects family-owned businesses. He also explains the emergence of Wealth 3.0, which uses positive psychology and emotional intelligence to help younger and older generations understand the value shift.

Jeff stresses the importance of a whole new skill set for family business leaders, including effective onboarding, transparency, best practices, and earning the trust and credibility of the rest of the organization. He also recommends family enterprise programs and clear boundaries when coaching family members. Additionally, Jeff and Scott discuss the difficulty of transferring legacy to the next generation and recommend resources such as the Family Office Exchange.

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“There’s been an emergence of something called Wealth 3.0, which is a more positive approach – using positive psychology and emotional intelligence to work with millennials and Gen Z family members. The view of wealth is changing with younger generations, requiring a whole new skill set for leaders and family businesses to understand.”