Ep. 123 - Secrets to Business Leadership, Succession and Work-Life Balance
Succession in business isn’t often done or done well. If you look at the statistics, only 30% of first generation businesses transition to the second. Why is the success rate so low? There are a number of factors but one of the top reasons is the fear of letting go. You’ve created this baby so the idea of someone else running the business is hard. Especially because the next person may not run it EXACTLY like you do.
So what are the keys to success for business succession? That’s just one topic of many that we explore with the power couple team of Mike and Amber Sipple. Mike has not only taken on the role of his dad’s company Centennial inc. but he’s also preparing for his own successor.
But wait, there’s more. Mike and Amber have been married 18 years, with three kids and oversee four businesses together. So the natural question we have for a couple that is that busy is, how do you balance it all? A great interview that all entrepreneurs need to hear.
Websites:
Buy the book- Leadership Fusion: best practices to lead and influence https://www.amazon.com/Leadership-Fusion-Practices-Influence-Business-ebook/dp/B0B1VRPPGB/ref=sr_1_1?keywords=mike+sipple+jr&qid=1656614629&sr=8-1
Key Takeaways:
Met in band
The 1 rule for greater work-life balance
Secrets to working well together
Growing up in the business
Business succession secrets
Taking over for dad
Dad having a hard time letting go
Amber as the mediator between dad and Mike
Key to conflict resolution- let go of ego
Premarital counseling
The story behind TMI
Family business meetings
If you think you know it all, you’re the problem
Emotional planning as important as business planning
Biography:
Mike Sipple Jr. is the CEO of Centennial and co-founder of Talent Magnet Institute. He is also the host of the Talent Magnet Institute Podcast. He has spent 20+ years investing in individual and organizational leaders. He has been a leader who is constantly learning as well as teaching and showing others how to lead well. He has a passion and desire for people and our world that many feel is contagious. He is a visionary who accepts and acknowledges the potential we all have to lead and love people well.
Mike has extensive experience supporting forward-thinking and growth-oriented decision makers of family-owned businesses, privately held organizations, and private equity groups all across the world. He partners with leaders and board members who have a strong desire to build highly effective leadership teams and healthy organizations to achieve their next chapter of success. He also believes that to become a true talent magnet you have to not only attract the best but also retain the best.
Amber Sipple has a degree in psychology from Northern Kentucky University and spent her first six years working in inpatient on an adolescent psych unit. The last 14 years Amber has led both the Sipple household and all it takes being married to an entrepreneur and visionary leader.
Mike and Amber led their way through a successful succession plan over a ten year period of time with Mike’s parents. Amber plays a key roll in the success of their half century executive search firm. She also supported the Big Idea to launch the Talent Magnet Institute
Amber serves as Board of Directors and the Talent Sourcing team for Centennial. She is the Founder of Impact Cowork an offsite meeting location for teams. She is a PTO officer, and served on the Site Base Council and the Kenton County School Districts student engagement Pillar Committee. Amber has been nominated to various boards and committees over the years too.
