The Best Way to Run a Family Business with Dave Ramsey

The EntreLeadership Podcast

Ramsey Network

Entrepreneurship, Business, Management

4.7 • 4.1K Ratings

🗓️ 28 June 2021

⏱️ 53 minutes

🔗️ Recording | iTunes | RSS

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Summary

Growing a small business is tough on its own, and when you add family dynamics on top of normal day-to-day challenges, it can feel impossible. (If you run a family-owned business, you know what we mean.) But it doesn’t have to be that way! Listen in on our discussion with Dave Ramsey to learn how to successfully navigate complex family relationships in the workplace. In our first segment, Dave talks about the three phases of family business: family values, family operations and family succession. Then in our second segment, George Kamel sits down with Dave and Daniel Ramsey (Dave’s son and the executive vice president of EntreLeadership) to lay out how we do family business at Ramsey Solutions. The EntreLeadership Podcast Ramsey Solutions’ website Learn more about EntreLeadership Elite Coaching. Download The 6 Major Mistakes That Will Destroy Your Family Business Schedule a call with Tim, our producer. Learn more about the offers from our EntreLeadership Partners: BELAY | Gravy | Hite Digital Want expert help with your business question? Call 844.944.1070 and leave a message, or send an email to [email protected]. You could be featured on a future podcast episode!

Transcript

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0:00.0	Family and business. Two words that can be dangerous when put together, kind of like
0:13.9	church and state. Owning a small business is hard. But when you add family to the mix,
0:19.6	it gets even more challenging. And many of you know this, since a majority of American
0:24.2	businesses are family owned or controlled. So how can you make a family business a successful
0:30.0	legacy and not something that damages everything and everyone around you? From the Ramsey Network,
0:36.1	this is the Entrez Leadership Podcast, where we help business leaders grow themselves,
0:40.6	their teams, and their profits. I'm your host, George Campbell, and in today's episode,
0:46.0	we've got two interviews on the business driver of plan. You'll hear conversations on how
0:51.0	to operate a successful family business and transition it to the next generation. First up,
0:56.5	we've got Dave Ramsey. Dave is the CEO here at Ramsey Solutions, and he wrote the book
1:01.8	Entrez Leadership, which is our business and leadership playbook. Then our second interview,
1:06.8	we have one of our leaders, Daniel Ramsey, and he's going to join Dave and I to talk about how we
1:11.4	do family business here at Ramsey Solutions. First up, we've got our conversation with Dave. He talks
1:17.8	about how family business can be a rich blessing, but it can also be a dysfunctional mess.
1:25.2	Most people that run a business love what they do. That's why they started the business.
1:29.0	And you get to share something that you love with your family. And so it can be very rich.
1:34.8	The problem is the family business is only as functional as the family is functional.
1:40.9	And lots of families put the fun and dysfunction. So they bring their dysfunctional family
1:47.6	into a business and expect the business somehow to solve that. And instead, it magnifies it.
1:53.2	So it sounds like there's a foundation that needs to be laid out. And you've really laid out three
1:58.2	phases to family business. And you talked about this at our Entrez Leadership Master Series. We
2:03.3	did a whole day on family business and people were going crazy for it because it turns out a lot
	...

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