The Multi-Generational Family Business

Only 10% of family businesses make it to the fifth generation. Rex Templeton's family beat those odds.

In this episode, Barbara sits down with Rex, fifth-generation leader of Morris and Templeton Insurance, for an honest conversation about navigating family dynamics, maintaining core values across generations, and the difficult decision to sell a legacy business after more than 40 years of family ownership. Rex shares powerful stories about integrity, the evolution of communication styles between generations, and what it takes to keep a family business healthy while protecting family relationships.

What’s in This Episode

Core values that transcend generations: honesty, hard work, and diligence
The Mr. Mosley story and what it reveals about trust and integrity in business
How communication styles change from generation to generation and why it matters
Managing conflict resolution when family members work together
The "eat what you kill" commission model and how it minimizes hierarchy conflicts
Why Rex and his wife decided working together wasn't right for their marriage
The importance of authentic community involvement without immediate business expectations
Succession planning: why they were "10 or 12 years too late" and how they navigated the sale
Interviewing 18 potential buyers and choosing culture fit over the highest offer
Maintaining the Morris and Templeton name, team, and operations after the sale to Alchemy Insurers
Advice for young entrepreneurs: protect the business entity like a family member and prioritize transparency