Running a successful multi-generational family business is no easy feat. The statistics are daunting—only about 30% survive into the second generation and a mere 12% operate into the third. So what sets the thriving minority apart? In this episode, third-generation business owner Rodrigo Himiob draws upon his personal experience navigating the familial complexities of business to provide some keen insights. Discover what Rodrigo has identified as the core component for harmoniously carrying on an enduring family legacy. Rodrigo Himiob is a family business advisor who embraces a collaborative, process-improvement approach to solving complex business problems. Venezuelan-born, Rodrigo is a third-generation business owner whose expertise encompasses executive leadership, operations, project management, and strategic planning. His academic training as an engineer and experiential knowledge as a family business advisor differentiate him as a service provider, and his ability to move people as harmonic units toward a common goal augments his value as a board member. [00:01 - 06:08] Rodrigo's Background and Journey into Family Business Consulting 3rd generation family business owner in VenezuelaStudied engineering but always had a passion for family businessesProvides perspective as an owner who wants to carry on the legacy [06:09 - 20:04] Bringing in Advisors to Prevent Bigger Issues  The trigger is often an acute moment of anxiety - death, retirement, turmoilAdvisors are usually brought in to put out fires instead of proactivelyBest to bring in advisors early to prevent bigger issues down the lineRules and meeting agreements facilitate better communication [20:05 - 25:20] Non-Family Dynamics and Red Flags Important to give spouses and trusted advisors a voiceBuilding shared base knowledge enables productive discussionsRed flags - legal disputes and overly pushy family member [25:21 - 33:22] Professionalizing the Family Enterprise Thoughtful process for bringing in outside executivesHave buy-in from family for major decisionsFrequently reassess board competencies as the company evolvesNeed to move from a "country club" to a proper institutionalized board Key Quote: “Focus on what your points of unity are. Work toward those because that's ultimately what we're trying to build.” - Rodrigo Himiob   Connect with Rodrigo Himiob! Website: https://generation6.com/  Email: [email protected]  This episode is sponsored by Mack International, a specialized executive search and human capital consulting firm serving the family office/wealth management markets. Please visit their website here for more information. Download our FREE Strategizing for Inflation Guide here: https://www.excelsiorgp.com/download/ Connect with me: https://www.linkedin.com/in/brian-c-adams/ (LinkedIn) LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON! Hosted on Acast. See acast.com/privacy for more information.