I had a blast chatting recently with Mike Boyd on his Business of Family podcast. I shared the 4-generation story of Grossman Marketing Group, and some lessons learned from entering the company and subsequently taking over the business with my brother, David Grossman.
Here are some of the highlights of the conversation:
1) We covered our origin story, and commitment to public service
2) Helpful business school project where I interviewed next-generation family business members to seek best practices. Key learnings included:
3) During my brother and my transition into leadership, encouraging a culture where colleagues felt comfortable sharing ideas on how to improve the company. We modified the "Start/Stop/Continue" review method and asked the team to review the company to identify processes that needed to be implemented, stopped, or reinforced.
4) Our management philosophy of having our colleagues' backs, learned from prior generations (paid leave, etc.)
5) Approach to innovation. A key pain point for family businesses globally is their failure to adapt to technological change. As we counsel other next-gen leaders in other companies, past success doesn't guarantee future success. Without innovation, your company will be left behind.
6) Our thoughts on a possible 5th (!) generation in the company
If you'd like to listen, here's a link to the podcast. I'd welcome feedback! Thanks again to Mike for being such a warm and gracious host.
Thinking about four generations of public service and investing in the communities in which we live and work.