Family business coaching is different. It's absolutely different compared to one-on-one business coaching. So if you are the CEO of a family business, this is the most important show that you're going to consume this year.

Be sure to join me for this edition of the Inside BS Show. Hey now, I'm Dave Lorenzo. I'm the Godfather of Growth and today we're explaining the difference between family business coaching and regular one-on-one business coaching.

So if you own a family business and you want some help, good for you for recognizing that you don't know everything because none of us really do. I don't know everything, you don't know everything and your coach certainly won't know everything. But what a coach can do for you is a coach can ask questions that can open doors for you and your business.

But family businesses are different and there are three reasons why family business coaching is different from all other business coaching. So if you're looking to hire a coach for you as the CEO of your family business or for your team or for you and your team, you gotta hire someone who specializes in family business coaching. Here's why.

The first reason why family business coaching is different from all other types of business coaching is because of the dynamic of the people who make up the business. Now, it's called a family business so there's a really good chance there are people in the business that are related to one another. And if you're watching this or listening to the sound of my voice, you are probably the CEO.

And oftentimes the CEO has the role of CEO in the business and mom or dad at home. Or at least a sibling or a cousin or a brother or a sister. Well, wait a minute, that is a sibling.

Or a son or daughter. There are family dynamics involved. So issues that arise in the business could carry over into the personal.

Issues that arise in the personal world will absolutely carry over into the business. Your family business coach needs to know how to deal with these issues. At Exit Success Lab, at our business where we coach family businesses, we have a team of psychologists on staff.

We also have people who are focused on family business mediation. That's right, there are people who are experts at helping family businesses work out disputes so that the business can stay separate from the family. Exit Success Lab is more than a coaching organization.

We're also a consulting company. So we have experts on staff who handle these types of issues. So when you have a family issue outside of the business, it doesn't come into the business.

And when you have a family issue inside the business, it doesn't bleed over and impact the family outside the business. The second reason that family business coaching is different is because your family business was started to put food on the table. Your family business was started as a way for you to make as much money as possible to support the lifestyle for your family.

Now, it's grown bigger than that. And you should be taking distributions out of the business and building wealth for you. And if you desire to build generational wealth.

Most family businesses don't think like this. Regular companies, companies that are not family oriented, they think about paying their shareholders every month, making sure they distribute to their shareholders at least every quarter and making sure they increase the value of the business by increasing the value of their shareholder stock. As a family business, we coach you to think that way too.

We want you as the family business owner taking as many chips off of the table as possible, doing what makes sense to pay distributions to yourself. We want you including everyone else who's a stockholder and making sure they're getting distributions on a regular basis. And we want to make sure you're set up to build generational wealth.

This is called professionalizing the family business. Now, I don't want you to take it as an insult when we say that your family business needs to be professionalized. Sure, it needs to have standard operating procedures.

It needs to have systems and practices. It needs to have a recruiting, hiring, onboarding and training in professional and personal development program for everyone who's a part of the organization. That's all great.

But you also need to be running your family business so that it takes care of you as the owner and all the other stockholders. Making your family business pay you is a big thing that most people aren't doing when they're family business owners. And that's where we come in.

We can help you structure the business so that the business has healthy cashflow. The business profit is increasing. The business has monthly recurring revenue that is enough to pay all of your expenses so that you can distribute money to the owners of the business and to the people who are most important.

Professionalizing your family business is a big deal. Understanding how to do it is critically important. And that's why Exit Success Lab is the ideal business coaching organization for a family business.

We have a team of financial advisors that we've certified to work with your family-owned business that will help you take those chips off the table and they will help you manage the money effectively and efficiently. We at Exit Success Lab don't manage anyone's money. We don't recommend that you invest in any specific security or project.

We help you make the business pay you and then you select the financial advisor you want. We'll just help you think about your financial strategy. The third reason why family business coaching is different than one-on-one business coaching is we also think about your exit.

Now if you're a family business owner and you're not thinking about selling the business, that's fine. If you wanna pass the business on to the next generation of people in your family, we can help you with that and we support that. If you wanna pass the business on to people who are not family but working in the business, we can help you with that and support that.

But you should always have the option to sell your business to an outside party. Why? It will increase the value of your business if you structure it that way. Two, it will help you understand what's missing from your business plan right now.

If you build the business so that it could potentially be sold to people outside of the family, it will be a stronger, healthier business. It will be more competitive and it will be more successful. It will also, number three, it will also give you a fair valuation of the business.

This valuation will serve as a basis for whatever taxes are going to be applied if you decide to transfer the business to people inside the organization. Four, there may be people besides family you want to include in the exit when you decide to sell your business. Those people can participate if we do a full-blown exit plan which includes employee ownership, maybe via an ESOP, which includes a management buyout that can include family and non-family as well.

All of these things need to be considered and you can still pass your business on to your family even if you plan for this exit to an outside entity. Those three reasons alone should be enough for you to realize that your family business deserves a coaching organization that provides not only coaching but also direct consulting services that has deep expertise in every area. We at Exit Success Lab help increase the enterprise value of family-owned businesses so that they not only double but sometimes triple and quadruple their profit in 18 to 36 months and they provide you with more options for when you're ready to transition your business either to the next generation or to someone outside.

If you have an interest in any of these topics you need to give us a call. My number is down in the show notes. This is the Inside BS Show.

We'll be back here again tomorrow at 6 a.m with another edition of our show. Until then, here's hoping you make a great living and live a great life.