What keeps a multi-generational business from collapsing by the third generation?

In this episode, Jeff and Spence discuss:

• Building family relationships from a young age.
• The origin story of Holiday Inn and how it was built out of necessity.
• Growing a business with customer service and going above and beyond, even when nobody else does.
• Leading and guiding with questions, not commands.

Key Takeaways:

• In a family business (and life), build the relationship capital before stressing about the business capital, especially with younger generations as they’re being raised.
• Failures help make success sweeter and give you more appreciation for those things that work well. It also gives you lessons that, if you learn from them, can help you progress forward with more wisdom.
• Not all businesses require family ownership to succeed. Understanding whether your family business does or does not is key.
• Entitlement will ruin more family businesses than anything else. Be humble, stay grounded, and continue to steward the legacy - it is your responsibility for whatever comes next.

"There’s nothing better than working with your family. But there’s probably nothing worse than working with your family if you don’t do it right. You've got to have a foundation of trust, mutual respect, and love. With those, you can go a long way, personally and professionally." — Spence Wilson Jr.

About Spence Wilson Jr.: Spence Wilson, Jr. joined Kemmons Wilson Companies (KWC) in 1995. He is currently a Principal of KWC Management and Executive Chairman of KWC, LLC. Spence began his career with KWC by helping turn around two different operating businesses. In the early to mid-2000’s, he helped develop KWC’s private investment strategy along with creating a network of deal sources and potential partners. Today, in addition to his duties as Chairman of KWC, LLC, he serves as a director on the board of Holiday Inn Club Vacations (formerly the Family of Orange Lake Resorts) headquartered in Orlando, FL. Spence’s philanthropic and civic involvements include: The National Civil Rights Museum (BOD), Greater Memphis Chamber’s Chairman’s Circle (former Chair and Co-chair), EpiCenter Memphis (BOD and Treasurer), Memphis Brand (BOD and Treasurer), Youth Programs, Inc. (FedEx Cup Playoff Tournament Memphis). Spence earned a BS from the University of Alabama and an MBA from the University of Memphis.

Connect with Spence Wilson Jr.:

Website: https://kwcmgmt.com/

LinkedIn: https://www.linkedin.com/in/spence-wilson-jr-0bb883252

Connect with Jeff Thomas:

Website: https://www.arkosglobal.com/

Podcast: https://www.generousbusinessowner.com/

Book: https://www.arkosglobal.com/trading-up

Email: jeff.thomas@arkosglobal.com

Twitter: https://twitter.com/ArkosGlobalAdv

Facebook: https://www.facebook.com/arkosglobal/

LinkedIn: https://www.linkedin.com/company/arkosglobaladvisors

Instagram: https://www.instagram.com/arkosglobaladvisors/

YouTube: https://www.youtube.com/channel/UCLUYpPwkHH7JrP6PrbHeBxw