Bill Emerson joins Michael to discuss his informal transition into his family recruitment and staffing company Emerson Group. In their conversation, they explore what you should consider when creating ownership and succession policies in a family business, why you should formalize succession and ownership rules, why getting outside support for your family business is both healthy and helpful,, and how to navigate a family-first ethic while still taking care of the business's best interests.
Bill Emerson is the president and CEO of Emerson Group. He interrupted his career in the family business to pursue his real estate license eventually making a return to the family business. Today, 75% of his staff have worked at Emerson Group for 10 years or more.
Tune in until the end to learn:
● How to gift shares methodically in your family business.
● Balancing a family-first mindset with accountability in business.
● How running a value guided business differentiates you in your industry.
[00:57] Who is Bill Emerson (Emerson Group)?
[03:26] How the family business Emerson Group started.
[04:50] Pioneering work-life balance.
[05:50] Bill’s life before joining the family business.
[09:03] The realization that made Bill return to the family business after leaving it for a real estate career.
[11:44] Gifting shares in a family business: is it the right thing to do?
[14:04] What to consider when creating policies for ownership in a family business.
[16:36] Balancing between family-first vs. business-first mindsets
[18:34] Why you should get outside support when running a family-owned business (and what it’s like).
[21:17] Going from the face of the business to behind-the-scenes involvement in the family business.
[22:48] Running a value-based family business.
[27:07] Bill’s unique professional abilities.
[29:31] Balancing between using artificial intelligence and offering personalized services.
[33:08] Bill’s retirement and succession plan.
[35:06] Advice for running a family business.
5 Key Highlights
Connect with Bill Emerson: LinkedIn | Emerson Group Website
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