Family Business UK
01/26/24 • 49 min
1 Listener
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.
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
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.
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
Previous Episode
Allow me to reintroduce myself....
The podcast is back!
In this short trailer I give you an overview of upcoming episodes.
There are six new episodes in this series.
1 - Family Business UK
2 - Selling the Family Business Pt.1
3 - Selling the Family Business Pt.2
4 - Are you ready to employ Non Family Execs?
5 - The importance of Storytelling
6 - Wealth of Wisdom
I'd love to hear from you as to the topics that are impacting you and that you would like me to cover in future series.
As ever if I can be of assistance, please get in touch
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.
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
Next Episode
Selling the Family Business Pt.1
Summary
In this two part episode, the guests discuss the considerations and communication strategies involved in a family business deciding to sell their business. They emphasize the importance of open and proactive communication within the family system, as well as with external shareholders and the C-suite. The guests also¶. They stress the need to address potential regrets and ensure a smooth transition to life after the sale. This conversation explores various aspects of transitioning from a family business to a family office. The speakers discuss the importance of understanding one's skills and talents and how they can translate into new domains. They emphasize the need for careful planning and decision-making, as well as the potential challenges of sudden wealth. The speakers also highlight the value of collaboration and a holistic approach, considering both individual and collective philanthropy. They stress the significance of exploring purpose and impact beyond the sale of the business and the importance of capturing family stories and history.
Takeaways
Open and proactive communication is crucial within the family system and with external stakeholders during the decision-making process and after the sale.
Early planning for the post-sale phase, including identifying purpose and impact beyond the business, is essential.
Considerations for each group of stakeholders, such as family members who own the business but don't work in it, should be taken into account.
Avoiding regret of selling the business involves understanding personal goals and needs, planning for the day after the sale, and addressing emotional and financial aspects.
Preparing for life after the sale includes exploring new opportunities, seeking professional advice, and maintaining open-mindedness. Understand your skills and talents and how they can translate into new domains.
Take time to plan and make wise decisions, avoiding impulsive actions.
Consider the merits of earnouts as part of a transition.
Explore individual and collective philanthropy, finding the right balance.
Start early with transition planning and engage in open and honest family conversations.
Blend for-profit and non-profit activities to create a unified approach.
Capture family stories and history to preserve legacy and values.
Chapters
00:00 Introduction and Guest Introductions
04:03 Considerations in Family Discussions Leading to the Decision to Sell
08:24 The Role of Philanthropy and Impact in the Sale Process
11:16 Importance of Communication within the Family System
17:36 Effective Communication with External Shareholders and C-Suite
21:52 Considerations for Each Group of Stakeholders
27:29 Effective Communication Internally and Externally
36:39 Avoiding Regret of Selling the Business
42:21 Preparing for Life After the Sale
52:56 Understanding Skills and Talents
55:31 Transitioning to a Family Office
56:24 Managing Sudden Wealth
57:18 Taking Time to Plan
58:41 Dealing with External Pressure
59:30 Hiring the Right Expertise
01:00:02 Avoiding Impulsive Decisions
01:01:24 The Merits of Earnouts
01:04:01 Exploring What's Next
01:05:02 Collaboration and Holistic Approach
01:08:38 Discovering Purpose and Impact
01:11:15 Balancing Individual and Collective Philanthropy
01:19:36 Transitioning Identity and Purpose
01:23:22 Exploring Family Dynamics
01:29:11 Start Early with Transition Planning
01:32:05 Blending For-Profit and Non-Profit
01:35:29 The Power of Storytelling and Family History
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.
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 s...
The Family Business Podcast - Family Business UK
Transcript
Russ (00:01.59)
Well, hello and welcome to this week's episode of the Family Business podcast. I am joined today on the show by our friend, Fiona Graham. The eagle-eared amongst you will have noticed that in the introduction to the podcast, we are supported by Family Business UK, as opposed to the Institute for Family Business.
The good news is it is the same people, but there have been a rebrand and I'm excited to talk to Fiona about that rebrand. But firstly, Fiona, welcome bac
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