Running a family business is rewarding, but succession, buyouts, and leadership transitions are never simple. In this episode of STRATA Originals, Alan McLaren speaks with Chuck Phillips- CEO, board member, and family business consultant about the realities of keeping both businesses and families thriving across generations. Chuck unpacks the emotional, financial, and governance challenges that come with family enterprises. From buyouts that strain relationships to boards that lack outside oversight, he explains how to avoid common pitfalls, strengthen governance, and prevent conflict before it destroys both wealth and family ties. In this episode we explore: ➡️ Why family business buyouts are rarely straightforward ➡️ How boards and outside directors help prevent conflict ➡️ The risks of nepotism and why objectivity matters ➡️ When to bring in an outside CEO or fractional leader ➡️ Why proactive succession planning is cheaper than family litigation If you’re a family business owner, next-gen leader, or advisor, this episode is packed with insights you can’t afford to miss! 🔗 Connect with Chuck Phillips on LinkedIn: https://www.linkedin.com/in/chuck-phillips-5104438/ Don’t forget to like, subscribe, and hit the bell for more conversations with leaders shaping the future of business.