Why Do Some Family Transitions Struggle?

Revela sits down with The Guttau Family of TS Bank to discuss why some family-owned businesses struggle with transitions. Son to Mick and Judy Guttau, Josh shares that with coaching from Revela, he took the initiative and prompted the difficult transitional conversations early on in his career rather than waiting for them.

 

Video Transcript (Josh Guttau):

When I came to you as CEO – transition. Five years prior to that, we had a transition when I was only CFO and took over as President of the bank and you were still CEO. That was the first transition. But, also the transition of me coming into the business. I see a lot of second generations or the younger generation getting frustrated because the transitions don’t happen at the pace that they want. I’ve always wondered is it the older generation that can’t let go and can’t give up the control? Or is it the younger generation that doesn’t know how to move forward? Maybe they don’t have enough drive in them and the older generation knows that and isn’t willing to hand it off.

I said, “I’m going to go and make this happen. I’m gonna go and I’m gonna ask and I’m gonna tell them what I want.” We finally came to an agreement that night and I said, “Oh wait, there’s one more thing!” Then I said, “Well, I do want to know that if I do come, that I can question anything and everything.” You immediately said, “You’ve done that your whole life, why would I think anything different?”

So, it took my initiative as the younger generation to ask for it. When it was time to transition the President, I initiated it and I said I think it might be good for the community if you think I’m up for the task and deserving and it’s being bestowed on me while you’re active, healthy, and around. I know that there are a lot of generations that are just sitting there thinking, “When is this going to happen?” I remember, if not both times, at least the second time, I used Andrea (of Revela) and said, “Here’s what I’m thinking, am I crazy?” I wanted to do it with honor and saying, “Hey, does this make sense for you guys and for myself?” Her coaching in that was huge.

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