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