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The Family Business Podcast

97 Episodes

24 minutes | 2 days ago
How and When to start Succession Planning
Succession Planning is a complex process, there are many moving parts to it and lots to consider. This can put a lot of people off starting the process or leaving them not knowing how or when to start. In this episode I share some tips on how to get started. 1 - Start Early 2 - Separate out the different elements of succession 3 - Look at the role of Family Governance 4 - Keep an open mind 5 - Have open and honest conversations I also cover when to get started and without wanting to ruin the surprise, the answer is NOW! 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: russ@familybusinesspartnership.com 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
44 minutes | 9 days ago
A Family Business Story
On this weeks show I am joined by Dominic Rubino. Dominic is a business coach now but has historically owned and worked in a Family Business. In this episode of the show we look at what we can learn from Dom's experience of working in a relatively informal business and governance structure with his cousin. We also explore how money can be destructive and what happens when you experience rapid growth in the early stages of the business. We look at the need for governance and 'professionalisation' and the impact on businesses of not having this in place. You can find out more about Dom and his work by heading over to: https://profittoolbelt.com/ 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: russ@familybusinesspartnership.com 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
55 minutes | 16 days ago
The Sellers Journey
One third of businesses that go to market to sell actually conclude successfully!We look at some of the common emotional barriers to these transactions and what we can do to help avoid them.If you are a professional adviser to family business owners this is a must listen episode as Denise shares her experience of helping sellers to overcome these barriers.We look at the emotional aspects of selling or passing your business on to the next generation and ask the question:What does work provide for you?As a business owner no-one prepares you for letting go of your business, the role you play in it and the emotional wellbeing that it provides.You can find out more about the work that Denise does by heading tohttps://deniselogan.com/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: russ@familybusinesspartnership.com or head over to www.familybusinesspartnership.comSign 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
42 minutes | a month ago
Top 5 regrets of the Dying
With a title like that there is a danger that this post could be viewed as quite morbid, but please read on, the aim of this is to inspire and provoke some thoughts rather than depress.For those familiar with the ‘Top 5 regrets of the dying’ hopefully this will be a useful reminder, for those unfamiliar with them, please allow me to introduce you to them.Bronnie Ware spent many years as a palliative care nurse and in 2009 she wrote an article called Regrets of the Dying. Bronnie grew close to those that she cared for and had honest discussions with them about life, death and regret. She documented these regrets as a way of highlighting that when we are faced with our own mortality and we are reflecting on our lives, looking back rather than forward, there are many things that we wish we could have told our younger selves. You can learn more about the book that followed here.In summary the top 5 regrets are listed below;I wish I'd had the courage to live a life true to myself, not the life others expected of me.I wish I hadn't worked so hard.I wish I'd had the courage to express my feelings.I wish I had stayed in touch with my friends.I wish that I had let myself be happier.I am going to discuss each of these regrets in the context of family business, drawing on my own experience as a human being, but also as a family business adviser and what we can learn from the regrets of others in the hope that we can avoid these in our own lives.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: russ@familybusinesspartnership.com 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
55 minutes | a month ago
Should you gift your family business?
Should you gift your family business to the next generation?Should you leave the business to your children in your will?Or, should the next generation be asked to buy the family business at full market value?When do you start the discussions about these topics and how do you avoid them becoming argumentative and potentially damaging to your family?We cover this and a whole lot more in this thought provoking episode of the podcast. You can find out more about Tom and his book at: www.everyfamilysbusiness.com You can connect with him on Linked In: https://www.linkedin.com/in/tomdeansphd/
53 minutes | 2 months ago
Navigating Philanthropy
On this episode I am joined by Peter Vogel. Peter is Professor of Family Business and Entrepreneurship, Director of the Global Family Business Centre at IMD Business School in Switzerland and the co-author of the book The Family Philanthropy Navigator. We discuss how philanthropy has evolved throughout history and look at the latest trends in this fascinating area. We talk about how you as a family would decide on the types of philanthropic activity you want to pursue and where to start when looking to begin your giving journey. We also explore the wider benefits to your family enterprise of having a structured approach to your philanthropic activities. You can buy the book by visiting this web page: https://www.imd.org/family-philanthropy-navigator/book/You can find out more about Peter here: https://www.linkedin.com/in/vogelpeter/You can email him: peter.vogel@imd.org
36 minutes | 2 months ago
What is a Family Investment Company?
Sometimes the right thing to do with a family owned business is to sell it. If that liquidity event provides sufficient wealth and financial independence for the owners of that business, they may want to look at ways of passing that wealth on to future generations in a tax efficient way that also allows them to retain control over those assets. One vehicle for doing this is a Family Investment Company. In this episode of the show I discuss these businesses with Helen Clarke from Law firm Irwin Mitchell. We look at what circumstances these can be suitable and the process to go through to set one up. We look at how a FIC can help retain control of assets, educate the next generation and become a generational planning tool. We also look at some of the 'what-ifs' and pitfalls to avoid along with covering the importance of family governance and robust legal structures. You can find out more about Helen and her work with Irwin Mitchell, here: https://www.irwinmitchell.com/our-people/helen-clarke https://www.linkedin.com/in/helenclarkeimpw/
33 minutes | 2 months ago
Barriers to Succession
Succession Planning is complex and whilst there are financial and technical complexities there are also emotional complexities that can get in the way of succession planning. In this episode I explore those and look at some of the common issues I come across in the work that I do. We look at whether now is the right time to start succession planning if you haven't already and I share some tips on how you might want to do this. I also share my views on the different perspectives that are at play across generations that might be creating barriers to progress. I also introduce you to 'Collections' and my brand new shiny newsletter! You can find out more about my business by heading over to www.familybusinesspartnership.com You can find collections and newsletter sign up at www.fambizpodcast.com/episodes
44 minutes | 2 months ago
Life outside the Family Business
Debbie Ekins has recently decided to pursue a career away from her family business. This wasn't an easy decision or one that she made quickly. In this episode I talk to Debbie about her experience, the emotional rollercoaster she experienced whilst deciding what she wanted to do and how she told her parents that she didn't want to take over the family business. Debbie shares her story and there are a huge number of lessons that can be taken from it. You can find out more about Debbie here: www.debbieekins.comOn Linked In here: https://www.linkedin.com/in/deborahekins/and Instagram Here https://www.instagram.com/debbie_does_things/
46 minutes | 2 months ago
SPECIAL EPISODE - COVID 19 Update from The IFB
We last spoke with Fiona back in March as we entered the first lockdown here in the UK. Since then a lot has changed and so Fiona joins us again to provide further insights into the work that she and the Institute for Family Business are doing on behalf of family businesses here in the UK. We look at the impact that COVID has had and some of the innovation that has been seen from the UK's family businesses. We discuss what policies the IFB are lobbying Government about, specifically linked to COVID and away from COVID. We also look at some of the key findings from the 2020 State of the Nation report including an increase in female leadership amongst family businesses. We look at the fact that family businesses tend not to access all of the support that is available and the impact that may be having on their finances and attitudes to taking on debt. We also cover the importance of applying for Research and Development credits Find out more about the TEDx event here: https://www.ifb.org.uk/events/tedxinstituteforfamilybusiness/You can read the State of the Nation report here: https://www.ifb.org.uk/media/4303/the-state-of-the-nation-2020-web.pdfThere is additional COVID-19 guidance for family businesses herehttps://www.ifb.org.uk/resources/for-owners/covid-19-guidance-for-businesses/You can find the IFB on Twitter: @IFB_UKand their website is www.ifb.org.uk
46 minutes | 2 months ago
Succession Planning Considerations
On this show I am joined by Mike Kane from Turcan Connell. Mike is a corporate lawyer and works with family businesses to help them with their succession planning. In this chat we cover what considerations you might want to think over before starting the process of succession planning. We cover the aspects of an MBO, a dynastic succession and alternatives such as full sale and a sale to an employee owned trust. You can find out more about Mike here: https://www.linkedin.com/in/mike-kane-a9017125/and more about Turcan Connell here: https://www.turcanconnell.com/
50 minutes | 3 months ago
The Arbikie Distillery Story
Arbikie Estate is a family-owned working farm in Scotland. This episode looks at the innovative and collaborative way that this family have been creating new products, including a carbon positive gin and vodka product. We hear about the history of the family and how the current owners returned to the business having initially pursued careers away from it. Iain Stirling describes how the collaboration happened and what others can learn from the opportunities that exist. We also discuss the impact of COVID and Brexit on the business and how they are approaching their working operations as a result. We explore the power of asking for help and being vulnerable and reaching out to your network. You can find out more about the business by heading to www.arbikie.com
33 minutes | 3 months ago
Family Offices and COVID-19
Bobby Stover is America's Family Office Leader at EY. He joins us on the show this week to discuss the challenges that the COVID-19 pandemic has presented to family offices and how these are being tackled. We look at how some are adapting in different ways to others. What will the coming months and years mean for how family offices operate?How are different generations dealing with the current situation?Alongside these challenges we also discuss how best we can keep staff within a family office engaged as well as family members who may have already been struggling with feeling an attachment to the family office. What different ways can be explored to help with communication at a time when we are working more remotely. You can find out more about Bobby here: https://www.ey.com/en_us/people/robert-a-stover You can email him at bobby.stover@ey.com
35 minutes | 3 months ago
How to be Up in Down Times
We have spoken already on the show about the importance of looking after our wellbeing during the current COVID pandemic, and this is something that my guest this weeks feels very passionately about.Friend of the show, Mitzi Perdue joins me on this episode to talk about some of the tips she and her co-authors have shared in their book - How to be Up in Down Times. We hear about the importance of self care, the subjects to avoid talking about and negative impacts of stress. We also have a surprise phone in moment from Mark Victor Hansen himself! Mitzi also shares her passion for the fight against human trafficking and how we can all get involved in this fight. LINKS: https://mitziperdue.com/https://www.winthisfight.org/https://www.amazon.com/How-UP-Down-Times-Tips/dp/B087S82GWR
47 minutes | 6 months ago
Successful Transitions in a Family Business
On this episode I am joined by Dr. Jim Grubman who is an internationally recognised consultant, speaker, and educator in the multidisciplinary field of family wealth psychology. He works with affluent families and their advisors to understand how wealth and life can be integrated successfully.On this episode we cover many different topics. We look at how different generations have reacted to recent events and experiences. We explore the role of governance and discuss what 'good governance' looks like and what it does for families in business. We explore the 'resilience' and what that really means during this current crisis. Many families are finding out what areas they have done well in and where they need to learn when it comes to both governance and succession (or transition) planning. We also look at the important role that advisers play in working with families during these transitions and the elements that make up the 'Generative Alliance' that can help family businesses to thrive. You can find out more about Jim here: www.jamesgrubman.comYou can connect with him on Linked In here: https://www.linkedin.com/in/jim-grubman-80b4289/And on Twitter here: @JimGrubman Resources mentioned on the episode include this article on the Tharawat Magazine site: https://www-tharawat--magazine-com.cdn.ampproject.org/c/s/www.tharawat-magazine.com/sustain/forged-in-fire-family-resiliency-in-crises/amp/
43 minutes | 6 months ago
Engaging the next generation
On this weeks show I am joined by Guillermo Salazar as we discuss what family businesses can be doing to help prepare their next generation given that we are living in turbulent times. We look at the different types of mindset that people are adopting during the COVID-19 pandemic and how this impacts your family business. In addition Guillermo talks us through a case study of a family that he has worked with to help them prepare their next generation to be owners of the business. About Guillermo SalazarExpert on corporate governance, and the strategic planning of succession and family patrimony. He has served as advisor for numerous business families on their protocols, generational transition, alignment of family vision and values for decision-making, and conflict resolution. Author of the books “Family Businesses: Tools for the Management of Love and Money” and “Handbook for the Family Business”. Lecturer and educator in the field of the family business in Latin America. Fellow member of the Family Firm Institute (FFI) in Boston, USA. Recipient in 2015 of the International Achievement Award of the Family Firm Institute.Twitter: @GuillermoExaudiFacebook: https://www.facebook.com/guillermo.salazar.navaLinkedIn: https://www.linkedin.com/in/guillermosalazarWebsite: exaudionline.com
45 minutes | 7 months ago
Re-inventing the Family Business after the pandemic
On this episode I speak with Dennis Jaffe.For over 40 years, Dennis has been one of the leading architects of the field of family enterprise consulting. As both an organisational consultant and clinical psychologist, he helps multi-generational families to develop governance practices that build the capability of next generation leadership and ensure ongoing capability of financial organisations and family offices to serve their family clients.We draw on Dennis' expertise and experience in this episode to look at how you re-invent your family business after the pandemic.We look at what other family businesses have done through previous crises and in particular those that Dennis has studied for his book 'Borrowed from your Grandchildren'.This looks at family businesses that have survived for more than 100 years and explores the common characteristics of these firms.In a wide ranging conversation we cover:What families can be doing nowReviewing why you are in business togetherThe roles each generation can playHow to build resilienceYou can find out more about Dennis and his work by heading to www.dennisjaffe.comYou can find his Linked In profile here: https://www.linkedin.com/in/dennis-jaffe-a686286/
44 minutes | 8 months ago
Branding and Strategy beyond COVID
As we emerge from this crisis there is an opportunity to ensure continued success for your family business. Choosing the right strategy will be the difference between doing this in a way that is aligned to your values as a family, and coming across in a genuine way, compared to appearing as tone deaf and icky.Jeremy Miller is a the Founder of Sticky Branding a branding and strategy agency based in Toronto, Canada.Jeremy works with family businesses to help them to grow their brands. He used these techniques to grow his own family business before deciding to sell the business to focus on what he was passionate about.In this episode we discuss branding, strategy and give practical and real examples of businesses who are positioning themselves to thrive in an 'After-COVID' world.We also discuss succession and the role that the next generation can play in the future strategy of the business.You can find out more about Jeremy here: www.stickybranding.comIf you would like to email Jeremy for his 'Green Shoots Worksheet' you can do so here: jeremy@stickybranding.com
23 minutes | 9 months ago
Virtual Global Family Business Conference
Tsitsi Mutendi and Nike Anani are the co-founders of African Family Firms and they have arranged a virtual conference for family businesses with speakers from all over the World. Given that travel is restricted and gatherings are forbidden it may not seem the best time to be hosting a global conference. However, through the use of technology, determination and a global community of speakers and advisers Tsitsi and Nike have planned an incredible month of live and pre-recorded talks from leading experts all over the world. Throughout the month of April we will hear from speakers all over the world with guidance and advice on how to weather the current storm and come out the other side in as good a position as possible. You can find out more about the conference here: www.africanfamilyfirms.org You can connect with Tsitsi here: https://www.linkedin.com/in/tsitsi-mutendi-57a791a/You can connect with Nike here: https://www.linkedin.com/in/nikeanani/
33 minutes | 9 months ago
Reasons to be Hopeful
We are living in unprecedented times where we are fearful for our families health, that of our own and the prospects for our businesses. It can be easy to become overwhelmed by the situation and so I offer some reasons to be hopeful in this episode.Many of the businesses that I am speaking to now are aware of and accessing the support available to them from Government and so are now finding that they have started to look at what they need to do within their businesses and within the environment they find themselves in now.In this episode I discuss some of the reasons that I am hopeful and optimistic and share some tips on how to spend any additional time that you may have as a result of the Government guidance to stay home and save lives.The link to the podcast website is www.fambizpodcast.com
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