344 - Building Trust: The Key to Successful Succession Planning in Family Businesses
The Art of Deep Listening and Succession Planning in Family Business
In the latest episode of Listening with Leaders, Doug Noll engages in a compelling conversation with Tammy Buss, Founder and Family Business Advisor at Blueroots, a company specializing in guiding family businesses through transitions and succession planning. Tammy, with over 35 years of experience, shares insights on the vital role of listening, the importance of aligning family and business goals, and the nuanced approach needed for successful succession planning. This episode offers actionable advice for leaders and advisors navigating the complexities of family business dynamics.
The Role of Deep Listening in Succession Planning
Tammy Buss's extensive experience in financial services and family business advising has shaped her belief that deep listening is crucial in ensuring the success of a family business's succession. In her early career, working with self-employed individuals, she realized that effective succession wasn’t just about financial planning—it involved understanding the emotional and relational needs of everyone involved. Her work was driven by the realization that families often lacked guidance in addressing these sensitive issues.
Tammy’s approach to listening isn’t just about hearing what is said, but also understanding what’s left unsaid, particularly in family businesses where unspoken tensions can derail succession plans. In their conversation, Doug and Tammy discuss how listening creates the emotional safety needed for difficult conversations. By carefully listening to not just the words, but the feelings and concerns behind them, leaders can address hidden issues that might otherwise undermine their success.
As a family business advisor, Tammy emphasizes the importance of creating an environment where every family member feels heard and valued. By fostering this kind of open communication, businesses can move beyond their current challenges and make more informed decisions about their future.
About Tammy Buss
Tammy Buss is the Founder and Family Business Advisor at Blueroots, a consulting firm that helps family businesses navigate the challenges of growth, succession, and governance. With over three decades of experience, Tammy specializes in facilitating complex family dynamics and aligning business objectives with the needs of the family unit.
About Blueroots
Blueroots is a Canadian consultancy focused on helping family-owned businesses manage succession, governance, and growth strategies. Through strategic advice and deep listening, Blueroots works with families to create long-term value and preserve their legacy for future generations.
Links Mentioned in this Episode
Episode Highlights:
The Power of Deep Listening: How listening to both words and emotions is essential for success in family businesses.
Succession Planning Beyond Numbers: The importance of addressing emotional readiness, family dynamics, and ownership structures.
Creating Emotional Safety: How to build trust and foster honest dialogue in high-stakes family business discussions.
Conclusion
This conversation with Tammy Buss underscores the significance of emotional intelligence, especially deep listening, in leadership and succession planning for family businesses. As Tammy shared, while financial and legal considerations are crucial, the emotional and relational dynamics of family businesses cannot be overlooked. By fostering open communication and understanding the needs of all involved, business leaders can pave the way for a smoother transition and a stronger legacy.
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