Let's Talk Family Enterprise Podcast: "Owning" Ownership with Barbara Dartt

Let's Talk Family Enterprise Podcast Episode 65: Owning Ownership with Barbara Dartt

In the 65th episode of the Let’s Talk Family Enterprise Podcast, I had the pleasure of sitting down with Barbara Dartt, principal consultant at the FBCG and co-author of Own It!: How to Develop a Family Enterprise Owner's Mindset at Every Age. We discuss the importance of developing an ownership strategy, how to guide ownership development, the rewards and responsibilities that come with ownership, and the common symptoms of underdeveloped ownership and how to prevent them.

Whether you are family member or advisor, this is an episode you won’t want to miss!

All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of .

Guest bio

Barbara Dartt has more than 20 years’ experience helping individuals and family groups grapple with the joys and challenges that are a natural part of families owning and managing businesses together. As a principal consultant for FBCG, Barb helps families get aligned, anticipate and prevent future challenges, and communicate effectively to grow their businesses.

Growing up, Barb watched her grandfather and father provide educational extension services to family-owned farms. Her interest in serving farm families led her to study veterinary medicine, receiving her doctoral degree from Michigan State University in 1996. In 1998, Barb earned a master’s degree in Agricultural Economics at MSU where she worked as a graduate research assistant, and then as a Farm Business Management Specialist.

You can learn more about Barbara Dartt on the FBCG website.

Key Takeaways

Let's Talk Family Enterprise Podcast: "Owning" Ownership with Barbara Dartt

[0:26] Aileen Miziolek welcomes Barbara Dartt and asks her to share how she came to a career in the family business consulting world.

[4:49] Regardless of the industry, the need for ownership development tends to sneak up on families; Barbara explains how that evolution can take place.

[9:40] Both operating and non-operating ownership can become complex and challenging, but non-operating ownership is not for everyone.

[11:12] Highly expert industries can evolve beyond their owners’ knowledge base so creating a team for strategic ownership is critical. Barbara explains a good perspective and a few non-negotiables to guide ownership development.

[17:00] Patient capital as a quantifiable way to measure the return on time and energy.

[18:45] The owners’ mindset, beliefs, and behaviors chart is one of the many tools provided in the book; Barbara shares her favorite.

[24:42] Barbara breaks down the common symptoms of underdeveloped ownership and what to do to prevent it.

[27:56] Generation friction can also be an issue when it comes to ownership, Barbara shares her experience with intergenerational cohorts and how their different perspectives affect what feels important to them.

[30:24] Barabara offers what advisory structure she would provide for proper ownership development.

[33:20] Aileen Miziolek thanks Barbara Dartt for sharing her expertise and closes this episode by reminding listeners to rate and subscribe.