Join me as I explore the multifaceted world of family-run enterprises alongside my insightful guest, Christy Maxfield, founder of Purpose First Advisors. Christy shares her unique perspective, shaped by her upbringing in a family business, and how it has informed her career in succession and exit planning. Together, we unpack the challenges of balancing personal and business life, and the complex dynamics inherent in family businesses. Christy's passion for generational wealth building, especially for women and entrepreneurs of color, shines through as she provides invaluable insights on achieving freedom and profitability for business owners.Listen in as we tackle the often emotional and challenging process of family business succession planning. We discuss the critical importance of having open and honest conversations to prevent future conflicts and misunderstandings. Through personal anecdotes, we highlight how the lack of communication can strain relationships and stress the next generation. By acknowledging individual strengths and fostering transparent dialogue, families can create succession plans that honor each member's contributions while aligning with the family's values. This conversation offers practical advice for families seeking a harmonious transition in their business legacy.Finally, we reflect on the identity challenges that arise when family businesses change hands or dissolve. Christy and I discuss the significance of early succession planning, aligning talents with business needs, and the emotional hurdles of stepping back from a business. We emphasize the need for strategic planning, flexibility, and finding purpose beyond work to ensure a fulfilling transition into a less work-centric lifestyle. With Christy's expertise, this episode provides a comprehensive understanding of how to navigate the complexities of family business succession successfully.Connect with Christy Maxfield:Connect with Christy on LinkedInLearn more about Purpose First Advisors:https://www.purposefirstadvisors.com/ Christy’s Bio: Christy is the founder of Purpose First Advisors, a firm that specializes in helping business owners enjoy the highest possible income, wealth and freedom from their businesses. Christy advises business owners who want to deeply understand their business, optimize its performance, and position it to be profitable and transferrable. She believes profitable ownership and successful exit planning are important strategies for individual and generational wealth building, particularly for women and entrepreneurs of color. Christy has a Bachelor’s in Political Science degree from Montclair State University and a Master of Business Administration from Webster University. She earned her certified exit planning advisor credential in 2023 and is a trained professional facilitator of The Communication Protocol. Connect with Dr. Donna:LinkedIn | https://www.drdonnamarino.com/Learn more about Dr. Donna’s Executive Coaching:Get your copy of Dr. Donna’s book, Unleash the Wise Leader in You! on Amazon.Learn more about Leadership & Team Trainings for Family BusinessesFind out if our Women’s Leadership Group is right for you.Podcast Category:Business: ManagementBusiness: CareersPodcast Artist Name: Dr. Donna MarinoShow Email: [email protected] Website URL: https://www.drdonnamarino.com/

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