Buying a Family Business: How Michael Bower Revived a Struggling Company | Family Biz Show Ep. 109

In this episode of the Family Biz Show, Michael interviews Michael Bower, who shares his journey of acquiring and revitalizing Eagle Metal Craft, a multi-generational family business. They discuss the challenges of succession planning, the importance of maintaining a strong company culture, and the impact of family dynamics on business operations.

Bower reflects on his experiences navigating the complexities of a declining business, the significance of mentorship, and the strategies he implemented to professionalize the company and drive growth. The conversation emphasizes the need for clear planning and the value of external support in achieving long-term success in family-owned businesses.

Takeaways:

• Michael Bower took over a declining family business and revitalized it.
• Succession planning is crucial for the longevity of family businesses.
• Cultural shifts can significantly impact employee morale and engagement.
• Professionalizing a business can lead to increased value and growth. 
• Mentorship and advisory groups provide essential support for business owners.
• Understanding family dynamics is key to navigating business challenges.
• Investing in employee well-being can enhance company culture.
• A clear vision and strategic planning are vital for business success.
• The importance of maintaining a strong company culture through transitions.
• Long-term planning can create opportunities for future generations. 

Chapters:

00:00 Introduction to Family Business Dynamics 

03:54 Michael Bower's Journey to Eagle Metal Craft

06:57 The Evolution of Eagle Metal Craft

10:10 Challenges of Acquiring a Declining Business

13:01 The Importance of Succession Planning

16:06 Navigating Family Dynamics in Business

23:07 Cultural Impact of Family Business Transitions

32:09 Navigating Family Dynamics in Business

33:14 Transitioning Leadership: A New Era

35:21 Enhancing Workplace Culture

38:07 Negotiating the Business Sale

41:29 Vision for the Future: Growth and Strategy

50:31 The Importance of Mentorship and Advisory Groups

52:20 Generational Thinking in Business

57:07 The Value of Outside Help

01:02:19 Planning for Long-Term Success

01:07:36 Introduction to Family Business Insights

01:08:06 Engagement and Community in Family Business