Wealth Actually

Wealth Actually


Bill Yoh, Family Business Expert and Author of "Our Way"

April 23, 2018

In Podcast #25, I was able to speak with Bill Yoh, the author of "OUR WAY". https://www.amazon.com/Our-Way-Life-Story-Spike-ebook/dp/B0786QGZ6K/ In the book, Bill tells the story of Spike Yoh, the driving force behind Day & Zimmermann with un-sugarcoated candor. An embattled son becomes a patriarch. An untested employee becomes a CEO. A husband becomes a caregiver. A student becomes a teacher, and ultimately a student. Spike Yoh's life story paints a vivid picture of the profound and very human forces that shape leadership. From a troubled childhood that would have propelled most into a cycle of broken relationships and self-doubt, he rewrote the rules of his own life, and in the process built his father's company into a billion-dollar enterprise. Author, Bill Yoh serves as a speaker, biographer and strategist, helping other family business owners navigate the opportunities and challenges that inevitably arise when personal and professional lives intersect. As a third-generation owner of Day & Zimmermann, his family's 43,000-employee, century-old family business, Bill has a rare and personal view of the complex and human dynamics behind today's multi-generational family businesses. INTRO Background: Tell us a little bit about your background How did your career evolve? How did writing become a part of it? How did the story and the principles of Spike Yoh become a focus? Day and Zimmerman Tell us a little about where Day & Zimmermann came from and what they do Recount some of the fulcrum moments of Spike's leadership Importance of the motto Difficulties that were surmounted Successes celebrated Involvement with the community (and family) and its importance to corporate mission How did Spike first begin to involve the family in the decision-making around the family and the wealth? What worked and what didn't? What moments in his life may have informed some of the choices made? Process of succession of the business Operational Succession v. Ownership succession How was the future management of the business chosen? Tradition v. Qualification?  Inside v. outside? Tenure v. new blood? Direction- growth v. income?  Focus v. Diversification? Public v. Private? How were family members chosen within that context? Aptitude, Ability, Interest, Capacity, Temperament Stories around successes and issues here How was ownership succession chosen? Every one equal or each according to need, none of the above? Was there structure around the wealth to try to prevent bad habits/encourage good ones? How did you surround yourself with advice around that?  You obviously had formal advice (legal, banking, accounting etc . . .).  But did you have a shadow cabinet or a set of like-minded executives with similar experiences that you could lean on for their advice?  How was the board involved? Was philanthropy part of the equation? How were decisions made within the family?  How was the process of socialization/buy-in? Other shareholders? How were the other stakeholders incorporated in the decision-making? (employees, customers, vendors, community)? Familytics What are the issues you see with families with succession issues What are best practices that you have seen with your family and others that can apply? What are the various tools and communication practices that can be useful in helping families on that journey? How does FAMILYTICS work? Contact How can we get a hold of "Our Way"? AMAZON How do we find out more about Familytics FAMILYTICS How do we keep track of your whereabouts? BILL YOH, AUTHOR OUTRO- https://www.amazon.com/Wealth-Actually-Intelligent-Decision-Making-1-ebook/dp/B07FPQJJQT/