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In this episode of Business Unchained Podcast, we have the privilege of delving into the unique dynamics of family businesses with Vincent Finaldi, Vice President of TeleCloud, a family-owned business in the service and technology sector. Through Vin’s personal journey of taking over the business after his father’s passing in 2021, we explore the complexities of family enterprises, leadership transitions, and the invaluable lessons learned during trying times, including those brought about by the COVID-19 pandemic. The conversational spotlight is on the significance of formal structures, delineated roles, and transparent communication within family-owned businesses, offering profound insights for managing and evolving such enterprises.

[23:45] “When the patriarch leaves, it’s a big deal in a family. His death forced us to formalize things because we realized our mortality.” – Vincent Finaldi

The conversation underscores the challenges of distinguishing between family roles and business roles. Vin draws parallels between a family business and a sports team, underscoring the necessity of clear responsibilities and accountability for achieving success. Emotional attachments can engender an apprehension toward treating the business with the same professionalism as would be in a non-family enterprise, potentially impeding long-term growth and prosperity.

In response to these challenges, Vin and his siblings proactively sought to formalize their business structure. Their proactive measures included consulting legal experts to establish buy-sell agreements and safeguard their shares. Recognizing that legal agreements alone were insufficient, they sought the guidance of Dr. Mark Celentano, an organizational expert with specialized experience in family businesses.

Vincent also shares insights into the significant transformations experienced by their company, particularly in terms of strategic hiring. With a team of 20, they made four pivotal appointments, signifying substantial growth for a small organization. Vincent, as an extrovert, candidly expresses his sentiments about the draining nature of the remote work environment, believing it had a negative impact on the morale of the organization.

[29:57] “It was like that post-COVID running remotely, and I’m an extrovert, my brother’s an extrovert, so after you do internal calls on video, working remotely for a year, it gets pretty draining and saps the soul out of an organization.” – Vincent Finaldi

Furthermore, Vincent outlines their strategic planning process, which leverages the Entrepreneurial Operating System (EOS) to set lucid goals for the future. Their three-year vision encompasses ambitious targets, including reaching 30,000 subscribers and expanding the team to 30 members. Let’s dive in!