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.
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:
You can find out more about Peter here: https://www.linkedin.com/in/vogelpeter/ (https://www.linkedin.com/in/vogelpeter/)
You can email him: firstname.lastname@example.org
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:
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
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:
On Linked In here: https://www.linkedin.com/in/deborahekins/
and Instagram Here https://www.instagram.com/debbie_does_things/
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:
You can read the State of the Nation report here:
There is additional COVID-19 guidance for family businesses here
You can find the IFB on Twitter: @IFB_UK
and their website is www.ifb.org.uk
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:
and more about Turcan Connell here: https://www.turcanconnell.com/
Customer ReviewsSee All
A great resource for family businesses and advisors!
Great ep. wealth is health. All families can maybe benefit from this kind of structure and money discussion/ mgmt. family mission statement and family values are great concepts unrelated to money.
Great resource for families and advisors
Thanks Russell the podcast is a great resource not only for families but also for family business advisors. It’s great to hear other perspectives from passionate family business people! You’ve got a great style for facilitating learning!