MakingSparks: Expanding and Transitioning a Family Business in Manufacturing with Joe Patterson, 393

Every family business that's growing and expanding runs into some challenges. From navigating tough conversations with family to determining a centralized versus decentralized model, there are numerous things to consider. Joe Patterson's family business overcame the challenges that came their way and expanded globally.

However, they had lofty goals for the business and ultimately needed more capital to realize those goals. Joe shares how they expanded their family business and why they sold the majority of their shares to private equity in this episode of MakingSparks. Listen to learn how you can help your family business make sparks, grow, and make money.

Segments

• [1:20] Palo Alto Networks Zero Trust OT Security
• [5:03] Matthew's dad joke
• [6:20] Learn more about Joe Patterson
• [10:50] Why Joe initially left the family business
• [13:30] Sparks of Knowledge: Host "tryouts"
• [14:33] How to have the conversation with family
• [17:05] How Flanders scaled the family business
• [20:51] Netsuite by Oracle KPI Checklist
• [22:23] The difference between offering services and products
• [24:40] A centralized versus decentralized model
• [31:35] Why the family decided to sell the business
• [40:08] How to join the AMT Community
• [41:00] How to scale your family business

Resources mentioned on this episode

• Palo Alto Zero Trust OT Security
• Netsuite by Oracle KPI Checklist
• Join the AMT Community by reaching out to [email protected] or going to AMT Online
• Connect with Joe Patterson on LinkedIn
• Flanders

Connect With MakingChips

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