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Episode 048: How Family Champions Lead to Success with Joshua Nacht, Ph.D.

October 24, 2018

Joshua Nacht, Ph.D. is a consultant with the Family Business Consulting Group. He recently co-authored Family Champions and Champion Families: Developing Family Leaders to Sustain the Family Enterprise. The book was inspired by research Joshua did with Dennis Jaffe several years ago to determine what could be learned from 100-year-old successful family businesses. Time and time again while conducting research interviews, Joshua found himself talking to “family champions.” It became clear that they made a significant impact on the success of the family and the business.

Wanting to know more about this role, Joshua took a deeper dive in the research for his award-winning dissertation titled, The Role of the Family Champion. Writing Family Champions and Champion Families: Developing Family Leaders to Sustain the Family Enterprise with co-author Gregory Greenleaf was a natural next step. Through a series of case studies, the book explores the role of family champions and the link to champion families.

In this episode,we define what a family champion is and review the traits these leaders commonly possess. Joshua also lists the seven hallmarks of a champion family.

Are you the family champion in your family? Would you describe your family as a champion family? Share your experience with me at ellie@successfulgenerations.com.

In this episode:

  • Meet Joshua Nacht (4:06)
  • About the book (6:15)
  • Case Study: Sophia, 3rd Generation (13:36)
  • Who is a family champion? Is this a generational thing? (21:56)
  • How do you support a family champion? (24:25)
  • What is a champion family? (29:16)
  • How does a family champion create a champion family?(35:17)
  • What if there are multiple people vying for the role of family champion? (39:37)
  • Defining fair process (42:04)
  • Essential elements for success (46:31)
  • How do you start preparing and educating the next generation? (52:30)
  • How to connect with Joshua (1:03:20)
  • Bonus questions (1:04:10)

Notable & Quotable:

Through the book we develop the link between individual leadership and successful champion families. —Joshua Nacht #successfulgenerations #familybusiness


This is long-term work. Family champions are good with small wins along the way. These small steps add up when you start to look back. —Joshua Nacht #successfulgenerations #familybusiness


This is not a one person crusade. The family champion is activating everybody to grow as a group. —Joshua Nacht #successfulgenerations #familybusiness


Family champions create a cycle of engagement that leads to happiness, harmony and success. —Joshua Nacht #successfulgenerations #familybusiness


Families that have fun together tend to thrive. They have common experiences around having fun that build relationships. —Joshua Nacht #successfulgenerations #familybusiness


Resources:

About Joshua Nacht

Book: Family Champions and Champion Families: Developing Family Leaders to Sustain the Family Enterprise by Joshua Nacht, Ph.D. and Gregory Greenleaf

Dennis Jaffe, Ph.D.

Jay Hughes

Book: Family Business as Paradox by John Ward, Amy Schuman and Stacy Stutz

Guest Bio

Joshua Nacht, Ph.D. is a consultant with The Family Business Consulting Group working with business families to create opportunities by focusing on effective governance, communication, and transitions. He is adept at working with multigenerational families to integrate diverse perspectives and create strong ownership groups by developing structured plans for continuity.

Drawing up a complementary mix of experiences from his roles as a consultant, steward, and scholar to family enterprises, Joshua connects well with people, and he highly values the collaborative relationships and trust that are built in his work with business families. He is an active family business owner and served as a married-in, third generation family member on the Board of Directors of the 75-year old Cleveland based Bird Technologies. In addition, he is a second-generation owner of a real estate development and management company in Edwards, Colorado.

Joshua is an active collaborator and thought leader in the field and is a co-author of numerous articles. He has presented on a range of issues including next-generation leadership development, having multiple roles, incorporating married-ins, and creating generational cohorts. His forthcoming book Family Champions and Champion Families explores the value of leadership in creating enduring business family success.

In 2015, he earned a Ph.D. in Organizational Systems with a focus on family-enterprise. Joshua’s dissertation research, “The Role of the Family Champion” investigated leadership within the ownership group of business families and won the “Best Dissertation Award” from the Family Firm Institute in 2016. Prior to his doctorate, Joshua led wilderness skills trips and worked as a counselor with individuals and families.

Joshua lives in Lyons, Colorado where he enjoys cooking, listening to music, mountain biking, and nature excursions with his children.

Joshua can be reached at nacht@thefbcg.com or by phone at 308.868.5517.

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

Episode 047: Power20—Combating Negative Self-Talk
Episode 046: Critical Conversations for Succession Planning with Rochelle Clarke
Episode 045: Exploring Donor-Advised Funds with Fund Holder Bob Roth
Episode 044: Philanthropic Due Diligence with Lynne Ferrell
Replay: A Legacy Lost with Douglas D. Box
Episode 043: Why Hire a Family Business Consultant with Drew Mendoza
Episode 042: Blending Passion, Family + Business with Anne Huntington
Episode 041: An Action Plan for Mental Health with Christy Buck
Episode 040: My Journey to Coaching with Ellie Frey Zagel
Episode 039: Selecting the Right Trustee with Attorney Mark Harder
Episode 038: Standing Up in a Male-Dominated Industry with René Banglesdorf
Replay: Answering the Question I’m Always Asked About Philanthropy
Replay: How My Parents Raised Us to Be Business Smart with Paige Cornetet
Episode 037: Making Your Mark on the Family Business with Cara Mackay
Episode 036: Financial Literacy, Leadership and Entrepreneurship for Teens with Whitney Webb
Bonus Episode: Power20—My Reflect and Connect Challenge
Episode 035: Great Governance for Your Investment Committee with Becky Wood
Episode 034: Trapped in the Family Business with Dr. Michael Klein, Part 2
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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