#278: Hug of War: Leading a Family Business with Love and Logic with Cathy Carroll

This week on The TRU Leader Podcast, we're joined by Cathy Carroll, author and a third-generation leader in her family's business. Cathy shares her journey and insights from her book *Hug of War: How to Lead a Family Business with Both Love and Logic*. After two decades in corporate roles, Cathy returned to the family business, encountering tensions between her profit-driven approach and her father’s investment-focused mindset. The narrative explores the complexities of managing familial relationships alongside business operations, particularly during generational transitions that often lead to conflict due to differing values. Non-family executives also face challenges, exemplified by a COO who felt demoted because of family-driven decisions. Emotional intelligence is highlighted as key to balancing personal relationships and professional responsibilities.

Cathy underscores the importance of understanding family dynamics, balancing long-term goals with adaptability, and navigating polarities like tradition and innovation. Governance and succession planning in family businesses require unique approaches, balancing set criteria with flexibility for unexpected talent. Polarity thinking is introduced as a method for managing conflicts by holding opposing truths simultaneously, such as investment and profit harvesting and privileges and responsibilities. Cathy emphasizes that recognizing these polarities and differing perspectives is essential for improving the overall functioning of family-owned businesses, particularly during leadership transitions.

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