AZ asks: Jim Murphy, Family Business Consultant
Jim Murphy was with Bank of America for 17 years, most recently as head of Corporate Development and head of Venture Capital. He is an MBA graduate of Carnegie Mellon University. He works with family-owned businesses as one-half financial advisor, one-half strategic planner and one-half family advisor (and he is well aware that these do not add up to one!)
In dealing with a family business, his advice is:
- Stop having expectations about what is supposed to happen.
- Think about and accept the outcome.
- Slow down and do not multi-process.
- Do not judge.
- Eliminate the word should from your vocabulary.
- Remember: the only aspect of your situation that you can control is your attitude. Look at how you approach every day.
Jim Murphy is not associated with Zuraw Financial Advisors, LLC.