Episode 154: Helping Family Businesses Plan for Tomorrow with Jeremy Stevenson
For Episode 154 of the Wealth On Any Income Podcast, Rennie is joined by Jeremy Stevenson. Jeremy is a family business growth and transition strategist, He founded iBridge to get back to what he loves, helping family businesses achieve their goals and plan for tomorrow. He has co-founded and sold a $1B+ company, consulted with 100+ businesses, and worked for/managed several family businesses – so he knows what family businesses look like.
Outside of business, Jeremy mentors military veterans, advocates for animal welfare, is a car and bourbon enthusiast, and tries to play golf.
Do you have a family business looking toward the future?
In this episode, Rennie and Jeremy cover:
01:49 What Jeremy means by using the word “trying” in regards to playing golf.
02:24 Why family businesses are so important to not only Jeremy but the US economy, and why he feels it is so important to help them succeed.
03:26 Jeremy shares the importance of taking time for succession planning in family-owned businesses.
04:32 The importance of having clear intentions of what type of transition will be targeted for the business and what the founders’ plans are for their future after that transition takes place.
06:32 Jeremy’s love for animals and the many ways he supports them, but also his work with military veterans, why that cause is important to him, and how he helps them to transition to civilian life.
09:10 Jeremy clarifies his target market of family businesses, usually enterprises that have been multi-generational and are typically business-to-business (B2B).
11:40 How a lot of what Jeremy does is navigate the family dynamics of business governance – as he is usually involved in ending or selling the business.
12:28 One of Jeremy’s lessons he has learned is that business partnerships are dangerous and how not all friends or family make good business partners.
15:25 How you can get in touch with Jeremy by visiting his LinkedIn profile at https://www.linkedin.com/in/jeremy-ibridge/ or calling his phone number 502-741-7852.
“I can tell you that I saw a stat – not too long ago actually – from a company that I’m affiliated with, that did a polling and it said 81% of business owners that sold or passed their business along wish they would have done more to plan for that scenario. And it’s not always about the end goal, but that’s kind of like a road trip, you got to know where you’re going before you can figure out how to get there. I mean, there’s a lot of things you can do in between now and then. How do I grow the business? How do I create a better family harmonious environment so we’re collaborative and we’re on the same page and all this good stuff, driving towards a focused goal? But you’ve got to know what that focused goal is, whether it’s going to be, at least in pencil form, and an external sale, or it’s going to be an internal succession plan passing down to X, and whoever X is needs to be ready to take the reins. So, this stuff doesn’t happen overnight. It takes time. Again, the earlier you start, the better, as they usually say.” – Jeremy Stevenson
To contact Jeremy visit his LinkedIn profile at https://www.linkedin.com/in/jeremy-ibridge/ or his phone number is 502-741-7852.
If you want to learn more about Jeremy visit his LinkedIn profile at https://www.linkedin.com/in/jeremy-ibridge/
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