Family Business Succession: Communication is Key with Patti Durand | The Trent Klarenbach Podcast

In this episode of The Trent Klarenbach Podcast, Trent sits down with Patti Durand, principal of Brightrack Consulting, co-founder with Chris Corbett, and author of 'The Future Leader: The Successor's Guide to Family Business Leadership.' Patti shares her insights on the complexities of family business succession, the importance of effective communication, and strategies for fostering self-awareness within family dynamics. The conversation dives deep into the challenges of managing business transitions, the significance of storytelling in understanding family history, and the essential tools needed to navigate these often difficult processes. Patti’s practical advice and empathetic approach offer invaluable guidance for both senior and junior generations in family businesses.00:00 Introduction and Family Dynamics00:37 Meet Patti Durand01:29 Patti's Role as an Encourager03:19 Understanding Amygdala Hijack05:01 Family History and Communication09:58 Patti's Background and Career Journey14:17 Challenges in Family Business Succession21:36 The Importance of Asking for Help25:02 Navigating Difficult Family Conversations33:06 The Future Leader Book35:25 The Importance of Succession Planning35:56 Empowering the Next Generation38:18 Navigating Difficult Conversations41:26 The Role of Leadership and Accountability47:08 Reflecting and Personal Growth52:15 The Power of Communication in Family Businesses01:00:30 Influences and Formative Events01:06:18 Conclusion and Contact Information