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The Family Business and the American Dream

The Family Business and the American Dream

By: Ross Paterson

Five years ago, I met a gritty young woman who was taking over the family business at the age of 29. The business was a $50 million home health agency that was started by her mom on the kitchen table 15 years earlier.

“How do you know what to work on?” I asked.

“It just comes at me,” she responded.

“That’s a really bad way to run a $50M business.”

“I know! Can you help me?”

In our first strategic planning session with this team, they brought 16 leaders and managers, all reporting in a foggy alignment to the daughter and the mom. It was a little crazy.

But, every year we were able to take a significant leap forward. We helped formalize the organization chart, got the right leaders in the right seats, defined the values and culture. Also, we worked on unlocking the full potential of the leaders at every level, growing and expanding the reach of the company, establishing rhythms and routines for planning, execution, accountability, and results.

It was an amazing five-year journey. With revenue of close to $140 million in 2018, this company sold for a high-dollar premium, with three private equity firms competing for the deal. They realized the American dream for the small business family. We were blessed to be a small part of that equation.

Leadership. Focus. Offense. #XtraMile

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