Season 3, Episode 3 of the Family IN Business Podcast
Zack Richner is ambitious, daring, and thoughtful, just like his grandparents who founded Richner Communications and his father who currently leads the family business. Within the story of family entrepreneurship, Zack Richner leverages his family’s assets to create Arrandale Ventures, an innovative startup that creates a new business model for traditional local media.
What does Richner’s leadership story tell us about finding your niche within your family business? Listen to Richner’s entrepreneurial journey as he learns about the family business, works for the Obama Campaign and leads the Hurricane Sandy Task Force, and spearheads The Local Journalism Sustainability Act, federal legislation aimed at ensuring the health of the local news industry and civic engagement. Learn what entrepreneurialism and innovation mean for families in a challenging marketplace with the Family IN Entrepreneurship Model.
Show Notes:
Theme: Finding your entrepreneurial niche by leveraging assets of the family business
Your host:
Esther Choy, CEO and Chief Story Facilitator of Leadership Story Lab, author of Let the Story Do the Work (HarperCollins Leadership)
Special thanks to:
Zack Richner, Founder and Managing Partner of Arrandale Ventures, KSM ‘18
Jennifer Pendergast, Executive Director of John L. Ward Center for Family Enterprises, Kellogg School of Management at Northwestern University
Matt Allen, Associate Professor of Entrepreneurship, Babson College and Visiting Associate Professor, John L. Ward Center for Family Enterprises
Jeremy Gilbert, Knight Chair in Digital Media Strategy, Medill School of Journalism, Media, Integrated Marketing Communications, BSJ ‘00, MSJ ‘00
Contact us: familyenterprises@kellogg.northwestern.edu
Key Moments
2:45: The founding of Richner Communications and second generation leadership
3:42: Zachary Richner and his informal introduction to the family business
4:14: The strategy and hardwork of sustaining a local newspaper business
5:44: What is Arrandale Ventures?
6:38: The largest problem facing traditional local news media
7:30: What does the newspaper industry do well?
8:04: How Richner conceived of his idea for new business model for local news media
12:04: The idea of in-kind marketing for startups goes national
14:28: What family business assets does Richner leverage?
15:23: What is family entrepreneurship, with Matt Allen
18:14: Richner’s interest in civic engagement and the role of local newspapers
19:54: Why Richner spearheaded The Local Journalism Sustainability Act
22:21: Markers of success for Arrendale Ventures
24:59: How Richner discovered his niche in the family business through politics with the Obama Campaign and The Hurricane Sandy Task Force
31:08: Finding opportunities that fit your values, community, and family, with Matt Allen
34:38: How Richner marries creativity and legacy to innovate the news ecosystem, with Jeremy Gilbert
Next Episode: 4. Is This A Story Of A Family Enterprise Failure or The Rebirth Of An Entrepreneur: Ariel Bacal of BLANX
Better Every Story
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People forget facts, but they never forget a good story. In her book, Esther Choy shares business storytelling methods, examples and practical tools and templates. It’s your essential leadership storytelling toolkit.
People forget facts, but they never forget a good story. In her book, Esther Choy shares business storytelling methods, examples and practical tools and templates. It’s your essential leadership storytelling toolkit.
