Wayne Rivers | A New Reality for Family Businesses

JOIN WAYNE RIVERS AND CRAIG BUNDREN AS THEY DISCUSS:

00:46 - Wayne Rivers, “The Catalyst”

01:05 - The Family Business Institute

02:45 - How Wayne got started

04:03 - Helping family businesses get unstuck

06:26 - Roles, responsibilities and accountability

08:10 - Family businesses falsely have “informality”

10:19 - People make mistakes and that’s how we learn

12:10 - Pray and Pay

12:32 - People used to pass down family businesses, more than half today won’t pass within the family

14:40 - Exit strategies for family businesses

16:40 - Accounting and Finance (looking beyond tax breaks)

19:22 - Yes, you need a budget

20:29 - Getting back on target

22:58 - The problem with Covid is that it’s become so political

25:45 - Business planning in a complicated climate

29:19 - Looks like a brief and mild recession depending on your industry

31:00 - We’re optimistic

37:25 - You can tell a lot about a contractor based on a job site

41:15 - Starting the Family Business Institute

46:00 - Construction company peer group (peer audit)

47:55 - Contractors are amazing consultants as long as they’re not looking at their own business

49:24 - Be willing to open the books and get honest feedback

52:06 - You don’t know what you don’t know

54:44 - Drawing from the experience working with our clients as authors

CONNECT WITH WAYNE RIVERS:

WEBSITE

BOOKS

SUBSCRIBE TO THE CHROMATIC PODCAST:

iTunes

Spotify

LEARN MORE ABOUT CRAIG BUNDREN AND THE CRAIG BUNDREN ART FOUNDATION:

Chromatic Podcast Site: www.Bundren.fm

Chroma Magazine: www.ChromaMag.com

Bundren Building Arts Foundation: www.Bundren.org

Bundren Painting: www.Bundren.com

Host: www.CraigBundren.com

Please subscribe to the podcast, and if you enjoyed this interview, please share with your friends and colleagues and leave a 5-star rating and review.

Thanks for listening and sharing.