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The Family Business Podcast

The Family Business Podcast

Author: Family Business Podcast

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The podcast dedicated to Family Business. Working with your family can be both rewarding and challenging and this podcast provides you with practical tips and guidance on how to tackle some of these challenges.

Upcoming series on Governance, Succession, Family Dynamics and Family Business Theory will explore the uniqueness of family businesses and provide you with the tools to help your business thrive.
71 Episodes
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Corporate Governance

Corporate Governance

2020-02-2100:20:38

In this episode we look at Corporate Governance and in particular the Wates Principles. The Wates Principles are a set of Corporate Governance principles that some large businesses need to report against. In this episode I discuss these principles and how they can be adapted and adopted by your Family Business. I also look at some of the legal structures that can be put in place to protect the shareholders in the business should disputes arise or deadlocks appear in your voting. You can find the Wates Principles here: https://www.frc.org.uk/getattachment/31dfb844-6d4b-4093-9bfe-19cee2c29cda/Wates-Corporate-Governance-Principles-for-LPC-Dec-2018.pdf (https://www.frc.org.uk/getattachment/31dfb844-6d4b-4093-9bfe-19cee2c29cda/Wates-Corporate-Governance-Principles-for-LPC-Dec-2018.pdf) As ever if you need any help with implementing these into your own business, I am here to help. Email me Russ@thefbc.co.uk or find me on Linked In 'Russ Haworth ACFBA' or @RussHaworth on Twitter.
The appointment of a Non-Executive Director is a key milestone in the evolution and professionalisation of a family business. They bring experience, expertise and an independent voice to your board meetings and they are there to challenge the executive directors, in a constructive way to help you push the business towards its strategic goals. In this episode I cover who would be a good fit and who you should perhaps avoid and which characteristics and skills you would want them to bring to the party. As with any of the topics covered on the show I am here to help. Email me at russ@thefbc.co.uk or head over to www.thefbc.co.uk to find out more.
The Family Business Board

The Family Business Board

2020-02-0700:19:50

As a family business grows the need for the right forums to be in place to discuss the important strategic goals of the business is really important. Once such forum is the Board of Directors. In this episode of the show I discuss when you would want to introduce a board to the family business, and how. Who sits on the board, what are their responsibilities? How many board members should there be and how are board meetings structured. As with any of these issues, if I can be of any assistance to you and your family in introducing these forums or governance structures, please do not hesitate to get in touch russ@thefbc.co.uk
What is a Family Assembly?

What is a Family Assembly?

2020-01-3100:19:26

Continuing our look at Family Governance, in this episode I discuss the Family Assembly, or Retreat / meeting.  I cover what they are, who attends them and what subjects are covered, along with some hints and tips as to how to get your own family meetings up and running. We also look at how they interact with the other elements of Governance that we have been discussing over recent episodes. As ever if you need any help putting any of this in place, please get in touch russ@thefbc.co.uk
The Family Council

The Family Council

2020-01-2400:26:58

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 russ@thefbc.co.uk
What is a Family Charter?

What is a Family Charter?

2020-01-1700:21:42

The Family Charter is the cornerstone or foundation document of a family governance system. It is the bedrock on which everything else is built. It is also known as a Family Constitution or agreement. It is the main document that the family use to outline their values and vision for the family business.  Whilst rare they are gaining recognition and being adopted by many families. In this episode i explore why they are useful and how to get started with your own. If you need help with this, please get in touch russ@thefbc.co.uk or visit www.thefbc.co.uk for more information.
What is Governance?

What is Governance?

2020-01-1000:33:58

Governance is a word that is often thrown around by the family business advisory community and with good reason. However, it is often taken for granted what we mean by 'governance' and so to kick off this series on that very subject I thought it would be useful to provide an overview of what governance is. Why it is useful, some of the common barriers to putting governance in place and then some tips on how to get started. You can find details of the Wates Principles mentioned in the show here: https://www.frc.org.uk/getattachment/31dfb844-6d4b-4093-9bfe-19cee2c29cda/Wates-Corporate-Governance-Principles-for-LPC-Dec-2018.pdf (https://www.frc.org.uk/getattachment/31dfb844-6d4b-4093-9bfe-19cee2c29cda/Wates-Corporate-Governance-Principles-for-LPC-Dec-2018.pdf) You can also access the brilliant report from the IFB Research Foundation here: https://www.ifb.org.uk/media/4133/governance-in-family-businesses-evidence-and-implications_web.pdf (https://www.ifb.org.uk/media/4133/governance-in-family-businesses-evidence-and-implications_web.pdf)
When the podcast started the intention was for it to become a valuable resource for family businesses around the world. I have a passion for providing useful content and support to family businesses and this is shared by the Institute for Family Business. With this in mind we have agreed to collaborate with each other going forward. The podcast is moving to a series based podcast with series on Governance, Succession, Family Dynamics and Family Business Theory. I will still be interviewing selected experts from around the world and showcasing the brilliant work that family businesses around the world do. Head over to ifb.org.uk to find out more about the great support that the IFB can provide you.
George and I headed along to the fourth Family Business Network conference in Carlisle. It was a fantastic conference with great speakers and guests, I was also asked to record a live podcast and this is the result. I interview George Bryan who grow up at Drayton Manor Park, listen to this episode if you want to hear his views on the transitions that he has witnessed and been part of and why Toto the chimpanzee doesn't like him very much! You can find out more about the work of Sue and Dave at the Family Business Network by visiting their website here: https://fambiznet.co.uk/ (https://fambiznet.co.uk/) You can connect with George on Linked In: https://www.linkedin.com/in/george-bryan-acfba-645b8a23/ (https://www.linkedin.com/in/george-bryan-acfba-645b8a23/) You can also find out about his consultancy business by visiting www.thefbc.co.uk
Succession Planning (or continuity planning!) is such a broad topic and as such it can be intimidating and very easy to put off. In this episode I speak with Daniel Trimarchi and we break down the three core elements of succession / continuity planning in a family business.  Daniel Trimarchi is a Senior Manager and Family Business specialist with KPMG, at the time of recording he was about to embark on a role with KPMG in Canada, but before he left we grabbed some time to discuss the three main elements of succession or continuity planning.   Daniel can be found on Linked In here: www.linkedin.com/in/dtrimarchi You can also find out more about the work of KPMG here:  www.kpmg.com/familybusiness
The Family Business sector in the UK contributes more than the annual budget for the NHS each year. Their importance cannot be under-stated and the IFB have produced a report that highlights the trends and challenges facing family businesses today.  In this episode I speak to Fiona Graham of the Institute for Family Business about the findings in the report and what family businesses can learn from these findings.  Fiona Graham is the IFB Director of External Affairs and Policy. She is responsible for leading the IFB’s government and media relations, and policy development. She has over a decade’s experience in policy and public affairs. Fiona also sits on the Government’s SME Advisory Board. You can find the report here: www.ifb.org.uk  You can get in touch with Fiona on Linked In here: https://www.linkedin.com/in/fiona-graham-6b2a802a/
Steve's previous episode remains the most popular episode to date and so there is huge pressure on him delivering again in this show!    Luckily he doesn't disappoint! In this interview I chat to Steve about the book he mentioned he was writing during our previous interview. The book is called Interdependent Wealth: How Family Systems Theory Illuminates Successful Intergenerational Wealth Transitions.  The book builds on the Bowen Theory that Steve introduced us to before and looks at the actions that family's and their advisers can take to help with this transition.    You can buy the book on Amazon by following the below links:    UK -  https://www.amazon.co.uk/Interdependent-Wealth-Illuminates-Intergenerational-Transitions/dp/1097309096/ref=sr_1_1?keywords=Interdependent+Wealth&qid=1561498567&s=gateway&sr=8-1 (https://www.amazon.co.uk/Interdependent-Wealth-Illuminates-Intergenerational-Transitions/dp/1097309096/ref=sr_1_1?keywords=Interdependent+Wealth&qid=1561498567&s=gateway&sr=8-1)   US -  https://www.amazon.com/Interdependent-Wealth-Illuminates-Intergenerational-Transitions/dp/1097309096/ref=sr_1_1?keywords=Interdependent+Wealth&qid=1561498550&s=gateway&sr=8-1 (https://www.amazon.com/Interdependent-Wealth-Illuminates-Intergenerational-Transitions/dp/1097309096/ref=sr_1_1?keywords=Interdependent+Wealth&qid=1561498550&s=gateway&sr=8-1)   Canada -  https://www.amazon.ca/Interdependent-Wealth-Illuminates-Intergenerational-Transitions/dp/1097309096/ref=sr_1_1?crid=1HCXGWIAGSFQO&keywords=interdependent+wealth&qid=1561498535&s=gateway&sprefix=Interdepen%2Caps%2C200&sr=8-1 (https://www.amazon.ca/Interdependent-Wealth-Illuminates-Intergenerational-Transitions/dp/1097309096/ref=sr_1_1?crid=1HCXGWIAGSFQO&keywords=interdependent+wealth&qid=1561498535&s=gateway&sprefix=Interdepen%2Caps%2C200&sr=8-1)   You can also find out more about Steve here:  https://shiftyourfamilybusiness.com/ (https://shiftyourfamilybusiness.com/)  
Each year The IFB hold a conference for Family Businesses and if you missed it, check out this episode to hear what the key points and takeaways were from the conference.  We hear about the importance of cultivating culture and how family owned businesses are perfectly placed to create working cultures that attract and retain staff.  Elizabeth Bagger is the IFB Director General. She joined the IFB in 2009 and, after having spent over seven years designing and running the IFB’s programme, she took over as Executive Director in 2016. Prior to that, Elizabeth spent three years working in international corporate governance and eight in her own family business in Denmark.  You can find out more about The Institute for Family Business here: www.ifb.org.uk (http://www.ifb.org.uk) You can connect with Elizabeth on Linked In here: https://www.linkedin.com/in/elizabeth-bagger-3b91453/
One of the most common questions we are asked when considering the 'best' path for next generation family is whether or not they should seek experience outside of the family business.  How do next gen go about seeking this experience and is there a danger that this will mean that they won't actually return to the family business.  I chat to Andrew Keyt and address these questions in this episode.  You can find out more about Andrew here: https://andrewkeyt.com/ or on Linked In here: https://www.linkedin.com/in/andrew-keyt-4b15b11/
Businesses need to take advice from experts to help them navigate the sometimes tricky areas of law, tax and financial services amongst others.   Traditionally this may be through several different individual firms or  that everything goes through an individual trusted adviser who is seen as the 'gatekeeper'. But is this model fit for purpose? Is there an alternative that is better aligned to your family's needs and your business needs?  My guest this week thinks so! I discuss this with him on the weeks episode as we chat about the concept of Family Business Advice Teams.  You can get in touch with Ken here: Ken@m-fbc.com or connect with him on Linked In here: https://www.linkedin.com/in/kenmccracken62/
Ep. 55 - Family Champions

Ep. 55 - Family Champions

2019-04-2601:02:36

Joshua Nacht is a consultant with The Family Business Consulting Group.  His new book Family Champions and Champion Families he explores the value of family leaders in creating enduring business family success. We discuss this in this episode.  The family champion is typically a family owner who acts as a catalyst to help other family members become more effective. In order to facilitate significant development and change throughout the family, family champions engage and inspire the family to work collectively to sustain their legacy.  Ultimately, family champions create champion families. You can find out more about Joshua here: https://www.thefbcg.com/nacht/ and his book here: https://www.thefbcg.com/publications/family-champions/
There is a growing number of family offices across the world. But what are they and why would a family consider using one.   In this episode I chat to Andra Ilie who works for a private or family office about the different roles that a family office can play and why they are becoming more and more popular.  We look at the difference between single family and multi family offices and hear some practical examples from Andra.  You can find out more about Andra here: https://www.linkedin.com/in/andralilie/ And you can find out more about the private office that she works for here: https://www.knoxprivateoffice.com/
Ep. 53 - Wealth of Wisdom

Ep. 53 - Wealth of Wisdom

2019-04-1201:04:29

Tom McCullough along with Keith Whitaker have created a book and podcast series that focusses on the Top 50 Questions that wealthy families ask.  Tom and Keith collaborated with some of the most respected advisers in the field of family business to create this fantastic resource.  In this episode I chat with Tom about the process, some of the common areas that cause concern for business families and dig in to some of the key questions.  You can find out more about the book here: https://wealthofwisdombook.com/ and the link to the podcast is here: https://podcasts.apple.com/gb/podcast/wealth-of-wisdom/id1438693369
Emily Griffiths-Hamilton is a Chartered Accountant, a Family Enterprise Advisor and a Conflict Resolution Coach who brings three generations of experience to the subject of wealth and family-business transition planning. In this interview we chat about the Vancouver Canucks, the discussions Emily had with her family when she decided to leave the family business and we discuss her new book in which Emily outlines ways to ensure that your family enterprise thrives for generations.  You can find out more about Emily and her work here: www.buildyourfamilybank.com A link to her book is here: https://www.amazon.co.uk/Your-Business-Family-Their-Future/dp/1773270532/ref=sr_1_1?crid=G46G8HZI5D8D&keywords=your+business+your+family+their+future&qid=1554380476&s=gateway&sprefix=Your+Business%2C+Your+%2Caps%2C630&sr=8-1
Rochelle Clarke, global strategist and business succession expert, helps family businesses overcome barriers to succession transitions. With nearly 20 years of professional experience, Rochelle combines a variety of best practices and practical solutions to balance strategic thinking and operational practicality for businesses of all sizes. Succession Strength was founded by Global Strategist and Business Succession Expert, Rochelle Clarke. With an MBA from The Wharton School of Business and experience working for international businesses including Fortune 500 companies like Accenture, IBM, and Heineken, Rochelle brings about 20 years of experience to Succession Strength. She and her team of business experts including an organizational psychologist guide family businesses through the communication, preparation and execution phases of their business transitions. We had great fun recording this episode and we discussed how expectations are managed during those sometimes difficult discussions around succession.  You can find out more about Rochelle here: https://successionstrength.com/ On twitter: @SuccessionStre1 Linked In: https://www.linkedin.com/in/rochelleclarke/
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