Relationships in Family Businesses

Conversation with Jim Wood, Ernst & Young Executive Director Family Enterprise Business Services

A family owned business is a unique environment. The dynamic of blending family relationships with business relationships creates an environment that accelerates outcomes. If the family relationships are good, that foundation of trust can rapidly propel success. Conversely, if family relationships are not good, the resulting toxicity can propel downturns and failure just as rapidly.

Jim Wood is a longtime friend, and one of the premier experts when it comes to understanding the dynamics of family relationships in a business. Jim and I met over 25 years ago, when he was the Founder and Director of Inc. Magazine’s Growth Strategy Consulting Group. I was one of the four primary consultants he hired to work with the Inc. 500.

When Jim left Inc., he joined Ernst & Young’s Entrepreneurial Services Group. After a few years one of E&Y’s clients, Hatfield Meats outside of Philadelphian, lured Jim away to head up their strategic planning efforts. For the next 16 years Jim embedded himself in this family owned business, helping them achieve remarkable growth and profitability. Jim subsequently left Hatfield to return to E&Y in his current position as Executive Director, Family Enterprise Business Services.

In this conversation, Jim shares insights, stories, and lessons regarding relationships and how they impact success, and failure, in a family owned business.

Conversation with Jim Wood, Ernst & Young Executive Director Family Enterprise Business Services