The Key To Set Up The Next Generation For Success

Revela sits down with The Guttau Family of TS Banking Group to discuss why some family-owned businesses struggle with transitions. Father of the current CEO, Mick Guttau shares some insight as to how they successfully transitioned the business to the next generation.


Video Transcript (Mick Guttau)

I think what my generation needs to do is to establish parameters that this organization can operate within and still be successful. Obviously not everything should be done the way that I did it before. Those things need to change. But a lot of people do not have the ability to let go of that…so I think you can set a parameter and let it operate within those parameters as long as nothing is going wrong.

And the other thing is…that I found out…is that if you hire people that are smarter than you are, you’re a lot more successful. Everybody I have hired is smarter than I am, you know. So let them make those decisions as long as they’re within those parameters you have set.

And chances are, the decisions they make, the detail that they know, and the vision they have of the outcome is much clearer than yours anyway.

I like to say that I am a risk taker, so it is probably easier for me. But at the same time, in most families, if the older generation would focus on that, I think they can move forward with a lot healthier relationships between the generations.

Back to TalkSense Gallery

For more on the challenges of family-owned businesses, click here!