Buying the Family Business and the Flywheel Every Family Has

Your Next Gen Friend: A Successor's Guide to Business Transition · Jul 30, 2026 · 37m

What does it take to go from working in your parent's business to owning it?

In this episode, Andrea Carpenter sits down with Michael Palumbos, founder of Family Business Flywheel and host of the Family Biz Show. Michael grew up watching his father serve family businesses starting in the 1970s, built on a philosophy of serve first, last, and always. When the time came for his own transition in 2018, Michael bought the family business clients from his dad while his dad's partner took the executives and retirees. It cost more than his house, and he still says he would have paid more.

Michael…