The Family Business Podcast

We are in unprecedented times at the moment and will be facing challenges and decisions for the very first time in our lives. We have a panel of experts on this weeks show who discuss ways in which we can act that have served family businesses well during previous crises.

I speak with Simone Møkster the Managing Director of Family Business Norway, Elizabeth Bagger the Director General of the Institute for Family Business, Alex Scott who is a 4th generation family business member and one of the founders of the Institute for Family Business and John Learmonth, MD of Deanbridge International and publisher of The European Family Investment Company.

John has published an article that looks at what families in business can learn from the last major crisis that the world faced in World War 2.

You can find the article here:

You can also find more about John here: https://www.deanbridgeinternational.com/

You can find out more about Family Business Norway here: https://familybusinessnorway.no/

You can find out more about the IFB and the work they are doing here in the UK here: https://www.ifb.org.uk/

and you can find out more about Alex Scott and his business here: https://sandaire.com/about-us/

As ever I am here to support you in any way I can, just drop me an email [email protected]

Summary

In this episode, Fiona Graham discusses the rebranding of Family Business UK and their focus on advocacy and policy. She highlights the key areas in their 2024 manifesto and the importance of long-term planning for family businesses. Fiona also shares insights from Family Business Week and previews the upcoming annual conference, which will focus on people and the challenges faced by family businesses. In this conversation, Russ and Fiona discuss the importance of family businesses and the challenges they face. They delve into topics such as succession planning, governance, communication, and collaboration. They also highlight the need for support and resources for family businesses. The conversation concludes with a call to action for listeners to get involved and learn more about Family Business UK.

Takeaways

Family Business UK has rebranded to become a movement for family businesses, focusing on advocacy and policy.

Their 2024 manifesto highlights key areas such as people, growth, and ownership, with a focus on long-term planning and support for family businesses.

Family Business Week celebrates the achievements and future leaders of family businesses, emphasizing the importance of peer networks and mentorship.

The upcoming annual conference will explore the challenges faced by family businesses, including people issues, skill development, and non-family involvement. Family businesses play a vital role in the economy and society.

Succession planning and governance are crucial for the long-term success of family businesses.

Effective communication and collaboration within the family and the business are essential.

Family businesses need support and resources to overcome challenges and thrive.

Chapters

00:00 Introduction and Rebranding

03:03 Focusing on Advocacy and Policy

08:26 The 2024 Manifesto

10:17 Key Areas in the Manifesto

19:10 Budget and Election Year

28:49 Highlights of Family Business Week

34:19 Upcoming Annual Conference

02:00 The Importance of Family Businesses

10:00 Challenges Faced by Family Businesses

20:00 Succession Planning and Governance

30:00 The Role of Communication and Collaboration

40:00 Supporting Family Businesses

47:00 Conclusion and Call to Action

Support the Show

The podcast is entirely self-funded by me. I am not looking for sympathy as it is something that I love to do and I have a passion for providing great content for family businesses across the world. Some listeners have asked for ways in which they can support the show, be that through reviews, sharing with friends or a donation. As such I have set up a page that outlines all the ways that you can support what I am doing.

www.fambizpodcast.com/support

Work With Russ

If what I have spoken about in the show resonates and you want to discuss how I can help you and your family business drop me an email: [email protected] or head over to www.familybusinesspartnership.com

Sign up to the Newsletter

You can get podcasts, videos and blogs delivered directly to your inbox by signing up to the newsletter. Head over to www.fambizpodcast.com and sign up now

Regular listeners of the show will be familiar with all of my guests on this weeks show.

I am joined by Jim Grubman, Denis Jaffe and Kristin Keffeler as they discuss their new book - Wealth 3.0 - The Future of Family Wealth Advising.

In this episode we cover some of the key areas of focus within the book and what it means for families of wealth and in particular those that advise them.

This episode is a special collaborative episode with The Ultra High Net Worth Institute in preparation for the launch of their very own podcast later this year.

I will keep you all updated on that as and when we approach release date.

If you are unfamiliar with the the work that the Institute does I highly recommend that you check out their website: https://www.uhnwinstitute.org/

All four of the speakers on the show are involved in the Institute and we are all very strong advocates for the thought leadership that comes from the Institute, the events that they run and the opportunity for individuals or firms across the globe to contribute to the future of wealth advising for UHNW families.

Support the Show

The podcast is entirely self-funded by me. I am not looking for sympathy as it is something that I love to do and I have a passion for providing great content for family businesses across the world. Some listeners have asked for ways in which they can support the show, be that through reviews, sharing with friends or a donation. As such I have set up a page that outlines all the ways that you can support what I am doing.

www.fambizpodcast.com/support

Work With Russ

If what I have spoken about in the show resonates and you want to discuss how I can help you and your family business drop me an email: [email protected] or head over to www.familybusinesspartnership.com

Sign up to the Newsletter

You can get podcasts, videos and blogs delivered directly to your inbox by signing up to the newsletter. Head over to www.fambizpodcast.com and sign up now

Family Councils create a bridge between the business family and the family business board.

In this episode of the show I explain what a family council is, what roles and responsibilities they have and how you would typically elect members to the council.

I also cover the important role of the Chair of the family council, the skills they are likely to need and the way in which the Family Council interacts with the business and the family.

As ever if you would like any help with establishing your own Governance, please get in touch [email protected]

Summary

In this episode, Bill Stranberg discusses the readiness of family businesses to hire non-family executives. He shares his own experience growing up in a family business and highlights the distinct challenges that families face in executive recruitment. Bill emphasizes the importance of addressing the readiness of both the family and the business before making a senior executive hire. He provides case studies to illustrate the potential risks and conflicts that can arise when these factors are not considered. Bill also discusses the need for clear job descriptions and expectations to ensure a successful hiring process. This conversation explores the challenges and strategies involved in managing talent in family-owned businesses. The discussion highlights the importance of employee loyalty and the potential neglect of operational hygiene in long-term relationships. It emphasizes the need for clarity in decision-making and cultural fit when bringing in new senior executives. The conversation also addresses the concerns of legacy employees and the importance of incorporating their feedback. Finally, it emphasizes the significance of defining and living the mission, vision, and values of the business.

Takeaways

Assess the readiness of both the family and the business before making a senior executive hire.

Address the unique challenges that family businesses face in executive recruitment.

Include all relevant stakeholders in the decision-making process and ensure clear communication.

Define job responsibilities, success metrics, and compensation to align expectations and reduce the risk of a failed hire. Employee loyalty is a common trait in family-owned businesses, but it can lead to neglect of operational hygiene.

Clarity in decision-making and cultural fit are crucial when bringing in new senior executives.

Legacy employees may feel uncomfortable with new hires and changes in authority.

Creating channels for employee feedback and addressing concerns can help mitigate conflicts.

Defining and living the mission, vision, and values of the business is essential for effective talent management.

Chapters

00:00 Introduction and Background

08:35 When Do Family Businesses Seek Support in Hiring Executives?

16:24 Exploring Readiness to Bring in a Senior Executive

21:21 Helping Families Explore Their Readiness

32:18 Preparing the Business and the Person Being Hired

43:16 The Importance of Clarity and Communication

49:34 Employee Loyalty and Operational Hygiene

51:22 Clarity in Decision-Making and Cultural Fit

52:56 Legacy Employees and New Hires

55:18 Conflict Triangle and Employee Feedback

58:08 Defining Mission, Vision, and Values

Support the Show

The podcast is entirely self-funded by me. I am not looking for sympathy as it is something that I love to do and I have a passion for providing great content for family businesses across the world. Some listeners have asked for ways in which they can support the show, be that through reviews, sharing with friends or a donation. As such I have set up a page that outlines all the ways that you can support what I am doing.

www.fambizpodcast.com/support

Work With Russ

If what I have spoken about in the show resonates and you want to discuss how I can help you and your family business drop me an email: [email protected] or head over to www.familybusinesspartnership.com

Sign up to the Newsletter

You can get podcasts, videos and blogs delivered directly to your inbox by signing up to the newsletter. Head over to www.fambizpodcast.com and sign up now