"I fired her" — When Shark Tank investor Barbara Corcoran made a bold move to fire her mother first changed the course of The Corcoran Group

In an interview with Entrepreneur on September 30, 2024, Shark Tank investor and entrepreneur Barbara Corcoran shared a pivotal moment from her business life. Around October 1981, she needed to make job cuts at The Corcoran Group. Her mother, Florence, who worked at the company then, recognized the difficult situation and offered a suggestion.

Florence advised her to "fire" her first, explaining that this would demonstrate to the other employees that the layoffs were essential. Corcoran remembered the incident, saying,

“I had to announce I'm no longer having my mother here. I fired her.”

The Shark Tank investor shared that this decision set a precedent and shaped how she handled leadership challenges in her career.

---

One of Shark Tank Barbara Corcoran’s toughest business decisions and its lasting impact

How Florence’s decision impacted The Corcoran Group

Florence demonstrated a leadership approach that emphasized fairness and clarity by allowing herself to be the first to leave. Barbara Corcoran explained,

“Because everybody will know the rest of the firings were necessary.”

She stressed that this move helped ease tensions among the remaining employees, ensuring they understood the business necessity behind the layoffs. Corcoran later reflected on her mother’s influence, saying,

“She really had a great innate sense that she trusted.”

Florence’s understanding of people and organizational decisions played a role in the way Corcoran managed her company. Over the next two decades, The Corcoran Group continued to grow, leading to its sale for $66 million. The Shark Tank investor underlined that the early lessons in making difficult business decisions contributed to her ability to lead effectively.

---

The role of leadership and emotional intelligence

Corcoran has often credited her mother with teaching her important leadership qualities. On the Erika Taught Me podcast on June 11, 2024, she highlighted her mother’s ability to recognize potential in others.

“My mother was a genius at that...She could look at a child and tell you right away what the gift was and make you perform it for the rest of your life. So you believed it," Corcoran stated.

The Shark Tank investor emphasized that this skill translated into her business approach, where she emphasized the importance of supporting employees and fostering their strengths. She further explained,

“I would find great people, make sure I understood what they were potentially good at, and then build a job around them.”

She underscored that this perspective shaped how she managed her company and built a team capable of growth and success.

---

The long-term influence of Florence Corcoran

Corcoran commended her mother's ability to organize and her keen decision-making skills. Florence raised Corcoran and her nine siblings in a two-bedroom apartment in Edgewater, New Jersey, and provided continuous motivation. Later in life, Florence was diagnosed with Alzheimer’s disease and experienced symptoms associated with the condition. The Shark Tank investor reflected on this, saying,

“It's kind of weird when a mother quietly loses her mind later on when she has Alzheimer's. And you realize the reality of what you always assumed when you were there, an open cabin to ask her what's inside, was closed. And it wasn't gonna open again.”

Florence battled the illness for nine years before passing away in 2012. Corcoran has since worked on initiatives to raise awareness about agitation in Alzheimer’s dementia, continuing to honor her mother’s influence in both her personal and professional life.

---

Stay updated with Shark Tank, airing Fridays at 8 pm ET on ABC, with full episodes available on Hulu.