The Hoffman Brothers CFO chose to let his brother Chris become president because Chris was better suited for it. He argues family businesses fail when people chase titles instead of focusing on where they add the most value. Self-assessment matters more than ego.
Chapters
10 years running a business with your dad, with your brother, with other family members. What advice would you give to folks who are also trying to do the same thing, trying to grow a family business, trying to build a legacy empire, kind of what you guys are doing right now with Hoffman Brothers?
When you're stepping into a business, you just have to realize like, hey, where can I add the most value? Strip away the ego, strip away the title, the need for the title. I was completely okay with Chris stepping in and being the president of the organization. Following my dad because I knew Chris was going to be better at that than I would be. And I think that's where I see some family businesses fail is like, hey, I'm going stepping into this family business and what matters the most to me is my title and the authority. And at the end of the day, you just have to step back and assess yourself. Where can you add value? And that's where you need to step into the business and put the ego aside.