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Episode 033: Trapped in the Family Business with Dr. Michael Klein

June 13, 2018

trapped, emotional handcuffs

Do you feel trapped in the family business or do you think you may be contributing to a loved one feeling trapped? If so, this episode is for you. My guest is psychologist Dr. Michael Klein, author of Trapped in the Family Business: A Practical Guide to Uncovering and Managing This Hidden Dilemma. He released a new edition of his book this week.

In this episode, we explore the factors that can lead to someone feeling trapped. Dr. Klein introduces us to the idea of emotional handcuffs—those feelings of guilt, obligation, doubt and even love—that can make a person feel unable to leave something that is not a good fit for them. We discuss the importance of differentiating yourself from your family unit and how this relates to personal fulfillment.

Reach Dr. Klein at info@trappedinthefamilybusiness.com or follow him on Twitter at @TrappedinFamBiz.

If you like this topic, you might also find value in:

  • Episode 020: Women and Wealth with Adrienne Penta
  • Episode 021: Taking Over the Family Business with Mitchell Kaneff
  • Episode 023: Leadership Development and Agility with Greg McCann

 Topics discussed in this episode:

  • What led Dr. Klein to write Trapped in the Family Business (3:00)
  • What are emotional handcuffs? (4:30)
  • When it works well, a family business is a beautiful thing (8:15)
  • What does “being trapped” look like? (12:05)
  • Three-circle model of family business and differentiation (18:18)
  • The importance of having an opportunity to grow up (28:43)
  • Who decides if you’re trapped? (32:40)
  • Revised book being released (40:40)
  • The wrap up and a special offer! (45:27)

Guest Bio:

Dr. Michael KleinMichael Klein has over twenty years of experience consulting with businesses and coaching individuals. He holds a doctorate in clinical psychology (PsyD) and is a member of the American Psychological Association (APA) and Society for Industrial & Organizational Psychology (SIOP). Dr. Klein’s work focuses on maximizing professional performance and satisfaction at work, as well as the selection and development of organizational leadership. He works with family and nonfamily businesses and their advisors, and lives in the Massachusetts.

 

Notable & Quotable:

People go off to college or get a job to define themselves and experiment with different ways of being in the world. When you grow up in family business, you miss out on the opportunity. —Dr. Michael Klein #successfulgenerations


Families unconsciously keep children, siblings, parents, etc. in a family business using emotions. —Dr. Michael Klein #successfulgenerations


Often there is a seed of doubt where a person asks themselves, ‘do I think I can survive outside of this family business?’ —Dr. Michael Klein #successfulgenerations


Family businesses can be especially guilty of failing to consider and give priority to individual fulfillment. —Dr. Michael Klein #successfulgenerations


Being trapped in a family business is not a determination made by a committee. —Dr. Michael Klein #successfulgenerations


You are not a carbon copy of your parents and it’s okay to think of the ways you are different and carve out more space for yourself and who you are. —Dr. Michael Klein #successfulgenerations


Resources mentioned in this episode:

  • MK Insights
  • Trapped in the Family Business
  • NEW EDITION: Trapped in the Family Business (released June 12, 2018)
  • The Post
  • Coco
  • John Davis’ Three-Circle Model of the Family Business System
  • When Your Parents Sign the Paychecks by Greg McCann
  • Myers-Briggs Type Indicator
  • DiSC Profile

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Want more of Successful Generations? Check out our other episodes: 

Episode 032: Spendthrift or Tightwad with Dr. Scott Rick
Episode 031: Impact Investing with Jennifer Oertel
Episode 030: Holistic Weight Management with Cynthia Damaskos
Episode 029: Giving Back Through Giving Circles with Dr. Jason Franklin
Episode 028: The Family Business Podcast with Russ Haworth
Episode 027: The Power of Mindset with Dr. Nancy Jonker
Episode 026: Reflections from Four Decades in Philanthropy with Rob Collier
Episode 025: Power20—10 Ways to Set Your NextGen Up for Success in the Family Enterprise
Episode 024: Pump it Up! Strength Training and Leadership Development
Episode 023: Leadership Development and Agility with Greg McCann
Episode 022: Getting Started in Philanthropy with Colleen Mitchell
Episode 021: Taking Over the Family Business with Mitchell Kaneff
Episode 020: Women and Wealth w/ Adrienne Penta
Episode 019: The Allyn Family 2.0, Part 2
Episode 018: The Welch Allyn Family Business Story with Eric Allyn (4th Gen), Part 1
Episode 017: Achieving Your Goals through MasterMind and Peer Groups
Episode 016: Reframing Limiting Beliefs with Ellie Frey Zagel
Episode 015: Beyond the Piggy Bank with Father, Author, and Entrepreneur Clint Greenleaf
Episode 014: More Awareness and Less Stress through Yoga
Episode 013: Raising Children to be Amazing Business Owners with Paige Cornetet
Episode 012: Generous Genes with Susan Crites Price
Episode 011: Digging into the Family Business Landscape with Daniel Van Der Vliet
Episode 010: 10 Things My Family Did to Engage us in Family Philanthropy
Episode 009: Stress Management and Holistic Health with Cynthia Damaskos
Episode 008: Family, Fights and Ferry Tales with Chris Shepler
Episode 007: Raising Financially Responsible Kids Through the Holidays (and Beyond)
Episode 006: Join the Philanthropic Revolution with Michael Moody
Episode 005: Estate Planning 101 aka Estate Planning is Not Optional with Susan Gell Meyers 
Episode 004: Ginny Esposito – Engaging your Family in Family Philanthropy
Episode 003: Leadership, Wellness, and Concierge Medicine with Dr. Bill Baer
Episode 002: Douglas D Box, Texas Patriarch – A Legacy Lost
Episode 001: About Your Host Ellie Frey Zagel

Learn more about Successful Generations:

FB: @SuccessfulGenerations
Twitter: @EllieFreyZagel
Email: ellie@successfulgenerations.com
Instagram: SuccessfulGenerations


Have a topic suggestion?

If you are the next generation of family business, philanthropy and wealth, and have a topic you think we should discuss, let us know at Ellie@successfulgenerations.com.

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Family Business

Ellie Frey Zagel

Ellie Frey Zagel is 3rd Generation, Vice Chair and Trustee of her family’s foundation the Frey Foundation based in Grand Rapids, MI. For nearly a decade she has been deeply involved in working with the next generation of family business, family philanthropy, and family wealth, first as Director of the Family Business Alliance and now as President of Successful Generations, a company she recently founded.

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