169 episodes

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.

Check out the series on Governance, Succession, Family Dynamics and Family Business Theory. Each week we will explore the uniqueness of family businesses and provide you with the tools to help your business thrive.

The Family Business Podcast Russ Haworth

    • Business
    • 5.0 • 1 Rating

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.

Check out the series on Governance, Succession, Family Dynamics and Family Business Theory. Each week we will explore the uniqueness of family businesses and provide you with the tools to help your business thrive.

    Wealth of Wisdom

    Wealth of Wisdom

    Summary
    In this episode of the Family Business podcast, Tom McCullough and Keith Whitaker discuss their book, The Wealth of Wisdom. They share their backgrounds and how they came to collaborate on the book. The second version of the book focuses on providing practical tools and exercises for families to enhance their communication and address important topics. One chapter highlights a family self-assessment tool that helps families evaluate their situation and identify areas for improvement. Another chapter introduces a three-step process for enhanced communication, which can be used by couples or siblings to address differences and find common ground. The book is accessible to multiple generations and encourages open dialogue within families. The conversation explores the themes and family discussions, the power of framing issues, generational collaboration in philanthropy, intergenerational dialogue, and the simplicity of tools for productive conversations.
    Takeaways
    The Wealth of Wisdom provides practical tools and exercises for families to enhance their communication and address important topics.
    The book includes a family self-assessment tool that helps families evaluate their situation and identify areas for improvement.
    A three-step process for enhanced communication is introduced, which can be used by couples or siblings to address differences and find common ground.
    The book is accessible to multiple generations and encourages open dialogue within families.

    Chapters

    00:00 Introduction and Background
    09:19 Collaboration on the Book
    16:46 Approach to the Second Book
    27:14 Chapter on Family Self-Assessment Tool
    37:57 Chapter on Three-Step Process for Enhanced Communication
    46:18 Accessibility for Multiple Generations
    48:21 Subversive Books and Family Discussions
    49:22 The Power of Framing Issues
    50:50 Generational Collaboration in Philanthropy
    54:15 Intergenerational Dialogue
    59:31 Simplicity of Tools for Productive Conversations
    01:00:29 Clarification on the Books

    • 1 hr 3 min
    The Importance of Storytelling

    The Importance of Storytelling

    Summary
    In this episode, Dave Goetz and Melissa Parks discuss the importance of capturing and sharing family stories. They highlight the reasons why families choose to tell their stories, such as passing on values and creating a family culture. The guests emphasize the need for families to identify their purpose and why before embarking on a storytelling project. They also discuss different types of family stories, including founder stories and multi-generational stories. The guests explore the concept of voice in storytelling and the importance of selecting the right format for capturing the family story. They also address the challenges of navigating different versions of the same story and the rules and considerations for sharing family stories. In this conversation, Dave Goetz and Melissa Mitchell-Blitch discuss the importance of family stories and how to capture and preserve them. They emphasize the need for hope and tension in storytelling, as well as the importance of protecting identities in family stories. They also discuss the time commitment required for family story projects and the value of taking the time to do it right. They highlight the need for support from trusted advisors and professionals in the storytelling process. Overall, they emphasize the significance of capturing family stories to help future generations understand the values of the family.
    Takeaways
    Capturing and sharing family stories is important for passing on values and creating a family culture.
    Families should identify their purpose and why before starting a storytelling project.
    Different types of family stories include founder stories and multi-generational stories.
    The voice of the family story depends on the chosen format and the desired tone.
    Considerations for sharing family stories include obtaining consent from individuals involved and being discerning about which stories to include. Family stories should have a balance of hope and tension to make them compelling.
    When telling family stories, it's important to protect the identities of individuals who may not want to be included.
    Family story projects typically require a time commitment of nine months to one year.
    Taking the time to properly plan and execute a family story project is crucial for creating a meaningful and impactful result.
    Finding the right support, such as trusted advisors and professionals, can help ensure the success of a family story project.
    Writing a compelling family story can be challenging, and hiring professionals with storytelling expertise can be beneficial.
    Trusted advisors who understand the dynamics of family relationships are essential for guiding and supporting family story projects.
    To get in touch with Dave and Melissa for assistance with family story projects, visit their website or email them directly.

    Chapters

    00:00 Introduction
    03:00 The Importance of Family Stories
    09:05 Reasons for Telling Family Stories
    12:25 Identifying the Purpose of Capturing the Family Story
    15:20 Different Types of Family Stories
    20:43 Determining the Voice of the Family Story
    25:22 Exploring Different Formats for Capturing the Family Story
    33:49 Navigating Different Versions of the Same Story
    41:29 Rules and Considerations for Sharing Family Stories
    50:53 The Purpose of Family Stories
    51:53 Protecting Identities in Family Stories
    53:01 Time Commitment for Family Story Projects
    54:39 Taking the Time to Do It Right
    56:38 The Value of Capturing Family Stories
    57:45 Finding the Right Support for Family Story Projects
    59:59 The Difficulty of Writing a Compelling Story
    01:02:13 The Importance of Trusted Advisors
    01:04:01 How to Get in Touch with Dave and Melissa

    • 1 hr 2 min
    Are you ready to hire non-family execs?

    Are you ready to hire non-family execs?

    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: russ@familybusinesspartnership.com or head over to www.familybusinesspartnership.com

    Sign up to the Newsletter
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    • 1 hr 4 min
    Selling the Family Business Pt 2

    Selling the Family Business Pt 2

    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 highlight the significance of early planning for the post-sale phase, including identifying purpose and impact beyond the business. 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

    • 36 min
    Selling the Family Business Pt.1

    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...

    • 1 hr 3 min
    Family Business UK

    Family Business UK

    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: 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

    • 49 min

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