In this episode, Ellie is joined by Janice DiPietro, Founder and CEO of Exceptional Leaders International. Janice grew up in a family business and is now runs her own family business where she works alongside her husband and daughter. In the interview, Ellie and Janice discuss succession, leadership development plans for successors, and the importance of conversations around the core family values that drive the business.
Janice recommends several key components of a leadership development plan for next-generation family business leaders, including:
- Technical competencies/broad exposure to all aspects of the business
- Competencies within the industry
- Individual assessments and growth
- General leadership competencies
- Understanding what it means to be part of the family business
Hear more about these areas and more in the complete episode. Reach Janice at eliadvisors.com or jdipietro@eliadvisors.com.
In this episode:
- Meet Janice DiPietro (1:20)
- The cast of character who make up the family business (3:40)
- Stories and a shared family language (6:15)
- How to have a values conversation (10:55)
- Contributors to family drama (16:35)
- Leadership development plans (29:00)
- When to begin leadership development (40:10)
- How to find Janice (43:10)
- Bonus questions (44:50)
Resources from this episode:
Article from Family Business Advisers Forum titled Succession, A no-drama approach
Article in The New York Times titled When Affluent Families Dig Up Their Past
Notable and Quotable:
You are always a child of your parents. That core upbringing stays with us. —Janice DiPietro
If you are a successive generation, you’ve seen the business thrive and the previous generations viewed as heroes. But its important to recognize that there were always trials and tribulations. —Janice DiPietro
The stories that we share bind us together around our fundamental family values. They help us understand who we are, what we stand for, how we run our business, and how we treat our customers, employees, and our community. —Janice DiPietro
Things that are swept under the rug resurface, typically during times of crisis. —Janice DiPietro
Gone are the days when it was enough to grow up on the factory floor and rotate through various company departments without a formal leadership development plan. —Janice DiPietro
Word of wisdom for 20-year-old self: Identify a couple of great mentors. Be true to yourself. —Janice DiPietro
Guest Bio:
Janice DiPietro – Founder and CEO, Exceptional Leaders International
Driven by a passion for helping people, families and organizations succeed, Janice has successfully led and consulted to companies for over 25 years. She has experience in many diverse and complex industries with a focus on family controlled enterprises. Janice founded Exceptional Leaders International (E.L.I.) to channel her passion for family and business success in a powerful new way, bringing together an exceptional team of C-level executives dedicated to guiding clients successfully through periods of growth and transition.
Whether our clients are seeking to expand, improve performance or effect a change in ownership, E.L.I. Partners deliver solutions that solve their most challenging problems. E.L.I. uniquely focuses on assisting family controlled businesses balance family dynamics and business realities during these critical transitions so that ownership value may be maximized.
Janice holds an MBA and doctoral degree from Boston University, where her dual concentration in accounting and psychology led her to focus on expert decision-making and leadership.
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