His Family Business Went Bust - Then He Risked Everything to Rebuild | Mike Young

Send us Fan MailMike Young spent years working inside family businesses before embezzlement, broken trust and conflicting priorities brought those relationships to breaking point.Then, during the financial crisis, Multipipe’s principal supplier was acquired and abruptly withdrew its support.The company lost most of its income overnight, and the business went bust.Mike could have walked away. Instead, he put his personal finances and family home at risk, started again and used everything he had learned to rebuild the company.In this candid conversation with Peter Boolkah, Mike explains the realities of working with family, rebuilding after business failure and carrying the emotional and financial pressure of betting everything on the company.You’ll discover:Why family relationships can complicate business decisionsHow professional disagreements become personal conflictsWhat happened when money was embezzled from the family businessWhy financial controls and independent checks are essentialHow business education changed Mike’s approachWhat happened when a key supplier withdrew during the financial crisisHow Mike responded after the company went bustWhy starting again did not mean starting from zeroWhat Mike risked to finance the new businessWhy Mike eventually bought out his brother-in-lawThe importance of cultural alignment between business partnersHow business coaching helped Mike handle pressure and maintain perspectiveWhy does apparent overnight success usually follow years of difficult workHow persistence, education and better solutions helped Mike rebuildFamily loyalty does not automatically create commercial alignment.A family business still needs clearly defined roles, financial controls, shared values, accountability and agreements that protect both the company and the relationships involved.Without those foundations, the founder can become trapped between protecting the business and protecting the family.CONNECT WITH MIKE YOUNGWebsite: https://www.multipipe.co.uk/LinkedIn: https://uk.linkedin.com/in/mike-young-multipipeCONNECT WITH PETER BOOLKAHWebsite: https://www.boolkah.comLinkedIn: https://www.linkedin.com/in/boolkahInstagram: https://www.instagram.com/pboolkah/Facebook: https://www.facebook.com/BoolkahX: https://twitter.com/boolkahABOUT PETER BOOLKAHPeter Boolkah is a business coach, author and speaker who has spent more than 20 years helping business owners build stronger, more valuable businesses that do not depend on them for everything.He is the creator of The Hamster Wheel Trap® and author of Your Business Sucks: Build a Business That Works Without Destroying Your Life.Peter works with founders and leadership teams on the issues that ultimately determine whether a business creates freedom or becomes another job: leadership, founder dependency, people, profit, execution, scaling, exit readiness and enterprise value.His approach is direct, practical and built around one simple question:Do you own the business, or does the business own you?Learn more at https://www.boolkah.com