In this episode of Open For Business, hosts Stuart Brown and Norman Kallen talk with organizational psychologist, entrepreneur and family business advisor Lisë Stewart about why succession planning involves far more than choosing the next leader. Drawing on nearly four decades of experience, Lisë explores how communication, governance, leadership development and family dynamics can shape the long-term success of a family business.

Through real-world case studies, she discusses how business owners can prepare the next generation, navigate difficult family conversations and determine the right path forward, whether that means family leadership, professional management, an ESOP or a sale. The conversation offers practical guidance for owners looking to protect both the business and family relationships across generations.

Key Points From This Episode:

[00:00:00] Introduction.

[00:01:04] Stuart introduces Lisë Stewart and her background in organizational psychology, strategic planning, training, and human performance management.

[00:02:24] Lisë discusses returning from sailing in the Caribbean and how she continued working with family businesses while away.

[00:05:29] Why Lisë combines face-to-face and virtual meetings when working with clients.

[00:07:13] The complexity of family businesses and why consultants need to be comfortable with ambiguity and conflict.

[00:08:27] Using “authentic curiosity,” compassion, and powerful questions to build trust with clients.

[00:10:01] Starting with “shallow entry” questions before moving into more emotionally charged family discussions.

[00:12:10] Lessons Lisë learned from starting nine businesses and viewing failure as a learning experience.

[00:14:33] Why succession and exit planning can begin as early as the startup stage.

[00:17:41] How unresolved family issues can distract leaders from what the business actually needs.

[00:20:30] Understanding the difference between genuine entitlement and the fear of living in a successful parent’s shadow.

[00:23:55] The Doyle family’s structured approach to preparing family members for leadership.

[00:26:16] The Fletcher family’s succession risks and the consequences of failing to develop future leaders.

[00:28:14] How the Doyle family created clear boundaries between the retiring father and the next-generation CEO.

[00:28:59] Why advisory boards can be a cost-effective source of outside knowledge and expertise.

[00:32:02] Selecting effective advisory board members, setting term limits, and keeping boards focused on strategy.

[00:34:14] Comparing the Doyle family’s strategic board with the Fletcher family’s ineffective “old boys network.”

[00:37:06] What Lisë believes could happen to the Fletcher business if its current leader suddenly passed away.

[00:38:17] Why succession planning should focus on the long-term success of the business rather than simply naming one successor.

[00:42:23] Alternatives when the next generation does not want or is not prepared to run the family business.

[00:43:34] Helping a family recognize when passing the business to a child could set that child up to fail.

[00:46:49] How the Doyle family addressed compensation, ownership distributions, reinvestment, and expectations before conflict emerged.

[00:50:52] Lisë’s central lesson: deal with emotional issues before emotion becomes the issue.

[00:52:15] Why difficult family conversations may benefit from an experienced professional facilitator.

[00:53:25] Lisë emphasizes that it is never too late to begin addressing succession and family business challenges.

Links:

Lisë Stewart on LinkedIn: https://www.linkedin.com/in/lise-stewart-00bb9b2/

Open for Business show notes, past episodes, and featured resources: stevenslee.com/Open-for-Business

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)

Running a business means navigating change, making difficult decisions and constantly looking ahead. Whether you are growing your company, preparing for a transition or planning your next chapter, Open for Business examines the business and personal issues that come with ownership.

Hosted by Stuart Brown and Norman Kallen (business advisors who happen to be attorneys), the podcast features discussions with entrepreneurs, executives, authors and advisors on leadership, company culture, succession planning, private equity, wealth management and more.

In this episode of Open For Business, hosts Stuart Brown and Norman Kallen speak with Bill Wilson, founder of Wilson Creek Winery in Temecula, California, about building and leading a successful multigenerational family business.

Bill shares how an early career setback in finance ultimately led to an unexpected opportunity to purchase land in Southern California’s Temecula wine region with his parents and siblings. He discusses the challenges and rewards of working alongside family members, sharing lessons learned from decades of growing a business together. He highlights the importance of bringing in trusted consultants and advisors who can provide objective, expert guidance when personal relationships make it difficult to maintain a neutral perspective.

Bill also reflects on his family's entrepreneurial journey, the sacrifices required to grow their business, and the values that have helped them navigate change while preserving both the company and the family relationships behind it.

Ken Himmler joins Stuart Brown and Norman Kallen for a compelling conversation about the blind spots that often prevent business owners from building lasting wealth through their companies. Drawing on decades of experience advising entrepreneurs through growth, succession and liquidity events, Ken explains why success requires more than intelligence or hard work -- it demands the right advisors, the right strategy and the right mindset at every stage of the business lifecycle.

Ken shares why growing companies must continually elevate the sophistication of their advisory teams, moving from “Little League to the Big Leagues” as the stakes grow higher. He explores how a cohesive team of cross-disciplinary advisors can help owners expand intelligently, strengthen cash flow, prepare for a successful exit, and align business decisions with long-term personal goals.

The episode also examines the personality traits common among the most successful business owners, why emotional intelligence often matters more than traditional credentials, and how overconfidence can quietly limit exponential growth. Stuart, Norman, and Ken discuss why net worth without healthy cash flow can create a false sense of security, why succession planning should begin far earlier than most owners realize, and why the next generation of leadership is not always found within the family.

Packed with practical insight and real-world perspective, this episode is an essential listen for business owners seeking to build not only greater wealth, but a more meaningful and sustainable life.

Love the show? Subscribe, rate, review, & share! https://www.stevenslee.com/

In this return appearance on the Open For Business podcast, Stuart Brown and Norman Kallen are once again joined by Medal of Honor recipient and former investment executive Colonel Jack Jacobs. This time, he provides valuable insights into the impact of current global geopolitical conflicts on middle-market and small businesses. Colonel Jacobs addresses the resilience of the equity markets, why the midterm elections are less predictable in 2026, and why businesses must carefully husband resources in the current climate. He also discusses why big business has an obligation to the larger economy, though most transactional activity occurs in small and medium-sized businesses, and why the “American experiment” remains durable.

Love the show? Subscribe, rate, review, & share! https://www.stevenslee.com/

Fraud isn’t just a big company problem -- it’s often more damaging, more frequent, and harder to detect in small and mid-size businesses.

In this episode of Open For Business, featuring our guest, accountant and advisor to mid-sized businesses Steve Nicokiris, we unpack the hidden realities of fraud that many business owners overlook. From employee theft and manipulation of financial records to vendor collusion and cultural blind spots, fraud typically operates quietly, often in high trust cultures -- with devastating financial and emotional consequences for the business owner.

Drawing on real-world insights, we explore:

• Why fraud is often called the “silent killer” of mid-sized companies
• How smaller enterprises are disproportionately targeted -- and why
• The critical role of internal controls (and what happens when they’re missing)
• Why trusted, long-tenured employees can pose unexpected risk
• How workplace culture and leadership style influence fraud exposure
• The surprising ways fraud is discovered -- and why it often isn’t
• Practical, actionable steps business owners can take to reduce immediate risk

We also discuss how remote work, lack of owner oversight, and operational gaps have accelerated fraud risks in recent years -- and why many cases never reach law enforcement.

Whether you’re a founder, managing partner, or financial leader, this episode offers a clear-eyed look at one of the most under-discussed threats to business stability -- and how to protect what you’ve built.

Love the show? Subscribe, rate, review, & share! https://www.stevenslee.com/

What truly sets high-performing companies apart? According to Corient Private Wealth Partner Brent Beene, the answer lies in an intentional, well-defined corporate culture.

In this episode of Open For Business, Brent joins hosts Stuart Brown and Norman Kallen to unpack how leaders can build and sustain a culture that fuels engagement, resilience, and long-term success -- especially in an era shaped by remote work, generational shifts, escalating M&A activity, and post-COVID workforce expectations.

Brent shares practical insights on defining culture with purpose, leveraging employee feedback to strengthen trust and performance, and treating culture as a strategic asset -- one that can serve as an “insurance policy” during times of disruption. The conversation also explores how to integrate cultures during mergers and acquisitions, balance tradition with innovation, and scale a company without losing its identity.

Key topics include:

• How to define a company culture that drives engagement and results
• Building strong culture across remote and hybrid teams
• Using employee feedback as a tool for continuous improvement
• Why culture is a strategic risk-management and retention tool
• Successfully merging cultures in M&A transactions
• The multi-generational lens on workplace values and expectations
• How the COVID crisis reshaped corporate culture -- and what leaders must do now
• Preserving culture while accelerating growth and expansion

Whether you’re leading a fast-growing company, navigating change, or rethinking your organization’s identity, this episode delivers actionable insights on building a culture that not only supports success – but drives it.

Looking for smart, uplifting corporate comedy that goes beyond punchlines? Today, hosts Stuart Brown and Norman Kallen sit down with internationally touring comedian Shaun Eli—founder of The Ivy League of Comedy and one of the rare performers blending stand-up skill with the science of human flourishing. From late-night TV writing to mastering positive psychology at UPenn, Sean reveals how laughter shapes well-being, why clean humor is a powerful business strategy, and how comedy can strengthen human connection at work and beyond. This conversation is sharp, funny, and unexpectedly insightful—perfect for anyone curious about the craft, the business, and the psychology behind making people genuinely happier.

Love the show? Subscribe, rate, review, & share! https://www.stevenslee.com/