Avoiding the Pitfalls of Family Business Transition with Amy Wirtz

The biggest threat to your family business is the unspoken tension inside your family. Jerome Myers talks with Amy Wirtz, senior consultant at The Family Business Consulting Group and Exit Planner of the Year, about navigating family succession with clarity and compassion. With deep experience as a lawyer, mediator, and strategist, Amy offers real-world wisdom for business owners struggling to pass the torch without burning bridges. Listen now for frameworks that demystify legacy, reveal blind spots, and offer new ways forward. [00:00 – 12:00] Family Businesses Aren’t Broken Why family businesses matter more than you think The emotional dream behind succession What sparks (and delays) transition planning Owners think about it long before they talk about it Outside advisors often prompt the first move [12:01 – 24:00] Power, Voice, and Money Ownership is power Equal shares ≠ equal results Gifting vs earning the business Who gets to vote, who gets a say When silence costs more than taxes [24:01 – 36:00] Ego, Exit, and Expectations Letting go is harder than you expect The myth of "work optional" retirement Why selling to your kids might be best Salary vs financial freedom What happens when you don't diversify [36:01 – 46:00] New Generation, New Vision Founders vs. next-gen work styles The “lazy” label, and what’s behind it Redefining hustle in a digital world Lifestyle over grind Learning from past downturns [46:01 – End] The Process Behind the Plan Amy’s consulting roadmap Building healthy governance systems Coaching families through tough transitions Why change takes time Empowering families to lead their future Key Quotes: “You work for your money. You don’t get money just because you’re an owner.” – Amy Wirtz “There is help out there for family businesses. They're really smart, capable people who actually support the backbone of the economy.” – Amy Wirtz Connect with Amy! Website: thefbcg.com LinkedIn: linkedin.com/in/amywirtzcepa Ready for your next chapter? Start Your Assessment Now 👉 https://theexitparadox.com/assessment Leave a Review + Help Others Achieve a Great Legacy If you found this episode valuable, leave us a review and share it with someone who wants to expand their business growth. Your Next is more than a podcast—it’s a community that welcomes individuals from all backgrounds and ages, united by a shared passion for personal growth and achieving excellence. 🎧 Explore our previous episodes or learn more about our mission at https://exittoexcellence.com. Your next chapter starts here! Learn more about your ad choices. Visit megaphone.fm/adchoices