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Episode 034: Trapped in the Family Business with Dr. Michael Klein, Part 2

June 20, 2018

Fork in the road - which path to take?

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.

Reach Dr. Klein at michael@trappedinthefamilybusiness.com or follow him on Twitter at @TrappedinFamBiz. Learn more about the new release of his book at trappedinthefamilybusiness.com.

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)

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:

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

Episode 033: Trapped in the Family Business with Dr. Michael Klein, Part 1
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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