In part one of the interview with Dr. Michael Klein, we talked about what it means to be trapped in the family business and various the emotions that can come along with it. In part two, we explore what to do if you identify as feeling trapped. What are your options and how do you choose what’s best for you? Dr. Klein also offers advice for parents and what can be done proactively to prevent the rising generations from feeling trapped in the first place.
If you like this topic, you might also find value in:
- Episode 018 The Welch Allyn Family Business Story with Eric Allyn (4th Gen)
- Episode 021: Taking Over the Family Business with Mitchell Kaneff
- Episode 023: Leadership Development and Agility with Greg McCann
Topics discussed in this episode:
- Recap of part 1 (0:42)
- Recognition and relief (3:45)
- Conducting a self-assessment (5:30)
- Kid brother syndrome (6:30)
- An example of what feeling trapped looks like (7:20)
- What are the next steps for someone feeling trapped? (10:45)
- Action or no action? (19:50)
- Role of parents (28:43)
- Best practices for parents (34:40)
- Other lessons learned (37:23)
- Dr. Klein’s favorite resources (41:00)
- Bonus questions (43:22)
Michael 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:
Symptoms that can correlate to feeling trapped may include depression, anxiety, problems with work-life balance, or even substance abuse. —Dr. Michael Klein #successfulgenerations
It can take a lot to even purchase a book called “Trapped in the Family Business.” It’s a first step in acknowledging that things may not be as good as they could be in your situation. —Dr. Michael Klein #successfulgenerations
Some animals will only grow to the size of the cage their kept in. —Dr. Michael Klein #successfulgenerations
Shift your perspective. Explore your value and your passions outside of the family business.—Dr. Michael Klein #successfulgenerations
In family of wealth, there’s an unspoken rule that you don’t talk about the family outside of the family. This can be a major hindrance to people who are working to grow. —Dr. Michael Klein #successfulgenerations
Two best practices for parents: require meaningful work experience outside of the family business and have written job descriptions with clear expectations, roles and responsibilities. —Dr. Michael Klein #successfulgenerations
Resources mentioned in this episode:
- Trapped in the Family Business
- New Edition: Trapped in the Family Business
- Kenneth Kaye’s Kid Brother Syndrome
- Succession on HBO
- Twitter: @TrappedinFamBiz
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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.