Understanding the Psychology Behind Transitions in Family-Owned Businesses with Dr. Allie Taylor

In this episode of the Psych in Business podcast, your host Dr. Ernest Wayde speaks with Dr. Allie Taylor, CEO and co-founder of Orange Kiwi, a consulting firm specializing in privately held low to mid-market businesses. With a mission to help owners and management teams during significant transitions using psychological principles.Dr. Taylor shares her background and journey, including her experience in buying and selling struggling businesses after her marriage ended. Dr. Taylor highlights a pivotal moment when a client, after working on his marriage, asked for help with his management team, leading her towards becoming a business psychologist.The conversation delves into the challenges of family-owned businesses, emphasizing the importance of addressing family dynamics, power structures, and generational transitions. Dr. Taylor stresses the need for clarity and intentional planning in family businesses, especially during ownership transitions, which ideally start five to seven years in advance.They explore the impact of the owner's psychology on the business, citing entrepreneurial traits such as risk-taking, innovation, and an internal locus of control. Dr. Taylor explains the process of addressing three key domains: the business, the money, and the self. By defining values related to management, ownership, and financial aspects, businesses can navigate challenges during transitions.The conversation touches on the role of non-family members in management teams, the influence of family culture on workplace dynamics, and the importance of creating a healthy family culture that extends to the business environment.Dr. Taylor shares a powerful example of how understanding a family's shared narrative can resolve conflicts. She emphasizes the significance of modeling a positive family culture to create a healthy work environment.In closing, Dr. Taylor advises businesses to focus on building healthy family dynamics, as this foundation positively impacts the business. She invites listeners to explore resources on their website (orangekiwllc.com) for further assistance.The episode provides valuable insights into the intersection of psychology and business, offering practical tips for family-owned businesses navigating transitions and fostering a positive workplace culture.You can visit her business website at: https://www.orangekiwillc.com