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One of the biggest challenges of navigating family succession is the fear of impacting the family negatively . I’ve seen in my work with clients that at the heart of it all, the family loves one another and wants what’s best for each other. As we look at what everyone wants individually and collectively, the leaders in the family may worry about creating strife between family members or making decisions they will later regret. Not to mention, there is not a family without some level of dysfunction and communication challenges.
Tim Spang has run his company for over 40 years. Tim started with his wife and later integrated his son and daughter. In this episode, we talk about how they navigate the business without sacrificing the core of their relationships. has such a big heart and open soul and his willingness to get vulnerable in this episode is invaluable for anyone looking at some level of transition in future.
What you will learn in this episode:
- What Tim learned from watching his father run a business before him
- What can happen when kids are thrown into the family business too quickly
- How Tim recognized the familial patterns in their business that were causing strife
- How to overcome the fear of the businesses pulling the family apart
- Maintaining strong family relationships during business challenges
- Why individual self-discovery is key to the success of a family business
- Establishing healthy boundaries for the family within the business
- The danger of family dynamics affecting other employees
- Developing the leadership team that allows you to take a real vacation
- Why it’s essential to look for outside help in a succession process
A real Mainer, Tim grew up in Kennebunkport at the family farm and motel/campground resort known as the Beachwood. From the age of 12, he worked for the company construction crew during the summer months and weekends. Upon graduating from Biddeford High School in 1983, Tim worked briefly for another local construction company. However, after working in the family businesses and on the farm since childhood, Tim was no stranger to hard work. And if he was going to work hard, he figured it might as well be for himself. Spang Builders was subsequently started in 1984.
Tim began his business as a jack-of-all-trades with a can-do attitude. He grew the business from odd jobs and small remodels to fine, custom home building and remodeling. Tim is proud that Spang Builders is now one of the most sought-after and well-respected construction companies in southern Maine, known for superb quality, unparalleled customer service, fiscal responsibility, and timely completion.
When Tim is not consulting with clients, office managers, sub-contractors and foremen, he enjoys spending time with his wife, Louise, and their two children, Jameson and Clayton, on their small farm or Down East camp. He enjoys dirt biking and snow-mobiling with Clayton as often as possible, nurturing his young-at-heart attitude! Tim and Louise became grandparents in January 2020 and their grandson, Parsons, is a source of daily joy. He’s already getting his feet wet visiting sites and a regular in the office…the third generation!