A New Wave Podcast

Navigating Family Business, Steering Conflict, and Investing in Values

portrait of Peter Jaskiewicz
Peter Jaskiewicz is a Full Professor of family enterprise at the Telfer School of Management in Ottawa, where he holds a University Research Chair in Enduring Entrepreneurship and founded the Family Enterprise Legacy Institute (FELI). In this rich and wide-ranging conversation, host Scott Stirrett chats with Peter, Patricia Saputo Chair in Family Enterprise and a leading expert on next-generation ownership, to explore what makes family businesses endure across generations. Drawing on both personal experience and global research, Peter unpacks why family enterprises—often dismissed as “traditional”—are actually hotbeds of long-term innovation, resilience, and value creation. From managing succession and avoiding role confusion to fostering entrepreneurial spirit across generations, Peter shares practical strategies for building what he calls “learning families”—those who invest in human, social, and cultural capital as much as financial wealth. Whether you’re part of a multi-generational business or just curious about how family dynamics shape entrepreneurship, this episode offers timeless wisdom for building a legacy that lasts.

Season 11 — July 2, 2025

5 Key Takeaways

  1. Long-Term Thinking Wins
    Family businesses that succeed over generations prioritize patience. They invest in the long term. This allows them to focus on sustainability, community impact, and legacy.

  2. Define the Hat You’re Wearing
    In family businesses, people often wear multiple hats—parent, owner, employee. Misunderstandings arise when these roles blur. Stating which hat you’re wearing during decisions helps reduce confusion and conflict.

  3. Invest in the Family, Not Just the Business
    Peter warns that some families grow impressive businesses but neglect personal development within the family. Preparing the next generation to lead—on their terms—is just as essential as building a business.

  4. Don’t Copy-Paste a Family Constitution
    A family constitution should reflect your unique values, expectations, and vision. The real value lies in the process of co-creating it, not in using a pre-made template.

  5. Capital Does Not Always = Money
    Families that endure invest in human capital (skills, education), social capital (relationships, trust), and cultural capital (values, communication). Financial wealth is replaceable, these are not.

Show Notes

[00:01:00] What separates family businesses from others: time horizon and stability

[00:03:00] Two common mistakes: ignoring succession planning and neglecting family development

[00:05:00] When good intentions don’t translate into consistent actions

[00:08:00] Productive vs. harmful conflict: relationship conflict is the real threat

[00:10:00] The “three hats” model: family member, owner, and employee

[00:11:00] Why family constitutions matter—and what makes them effective

[00:14:00] A common pitfall: advisors pushing cookie-cutter constitutions

[00:17:00] Navigating fairness and optics with family and non-family employees

[00:20:00] Value-based decisions around reinvestment vs. dividend payout

[00:23:00] Family offices: what they are, when they work, and where they fail

[00:28:00] Why family businesses often outperform larger corporations

[00:31:00] Fostering entrepreneurship outside the legacy company

[00:34:00] The importance of learning together across generations

[00:35:00] Peter’s final advice on building an enduring legacy

Resources & Further Reading
Three-Circle Model of the Family Business System A core framework mentioned by Peter that illustrates the overlap between family, ownership, and business roles—essential for understanding conflict and governance in family enterprises. Family Enterprise Legacy Institute (FELI) Founded by Peter, FELI takes a holistic approach to managing family businesses and developing forward-thinking best practices and policies. Its mission is to equip the next generation of family enterprise leaders with the tools and insights they need to thrive.
Highlights
“…conflict is actually very good. And if we didn't have conflict, we wouldn't be advancing at all…we wouldn't be learning.” [00:08:00]
“I really believe in the fact of entrepreneurial families. I do not believe that all family members should be in the family business or have to work there or come back successful.” [00.31:00]
“I hope you spend time together. I hope you enjoy spending time together. And I hope across generations, you take the time to learn together. If you do that, you are ahead of most others. And there is something that you can leverage to make a difference and create value.” [00:35:00]
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