Summary

In this episode of the Family Business Podcast, Russ Haworth speaks with Annamaria Koerling, founding partner of Delfin Private Office, about the evolving landscape of family offices. They discuss the importance of governance, the unique challenges of succession planning, and the role of philanthropy in fostering family cohesion. Annamaria emphasises the need for tailored governance structures that reflect each family's values and purpose, and the significance of deliberate practice in maintaining open communication. The conversation also highlights the benefits of involving external advisors to navigate complex family dynamics and ensure effective decision-making.

Takeaways

Family offices provide comprehensive services to manage wealth across generations.

Governance structures are critical for the success of family offices.

Each family office is unique, requiring tailored governance solutions.

Succession planning is a major concern for family offices.

Philanthropy can enhance family cohesion and engagement.

Deliberate practice in family conversations is essential for success.

External advisors can provide valuable perspectives and support.

Effective communication of values and purpose is crucial for families.

Families should consider the impact of relocation on their operations.

Creating a family bank can promote entrepreneurial spirit among family members.

Chapters

00:00 Introduction to Family Offices

03:03 The Importance of Governance in Family Offices

06:00 Tailoring Governance to Family Uniqueness

09:04 Critical Governance Considerations for Family Offices

12:01 Impact of Relocation on Family Office Operations

15:11 Succession Planning and Next Generation Involvement

17:58 Promoting Entrepreneurial Spirit in the Next Generation

20:51 The Role of Philanthropy in Family Cohesion

25:00 Deliberate Practice in Family Conversations

27:53 The Value of External Advisors in Family Governance

Given the recent changes in legislation announced in the Budget, I am re-releasing this episode to highlight the value and importance of Lifeboat Drills for your Family Business.

An actual lifeboat drill is essentially a practice evacuation of a ship using the lifeboats on board. I am not advocating everyone rushing out and practising evacuations, however it is the purpose of a lifeboat drill that is important here.

The reason that lifeboat drills are important for sailors is that if and when they need to use the lifeboats they want the reassurance of knowing that:

1. The lifeboat does the job it is there to do; and
2. If anything does go wrong that it is not at a time of emergency and you can do something about it.

It is this principle that I am advocating.

A lifeboat drill for your family business is essentially looking at a number of 'what if' scenarios that allow you to test that the legal, financial and business procedures you have in place are fit for purpose.

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

Summary

In this episode of the Family Business podcast, Russ Haworth and Matt Braithwaite discuss the critical importance of succession planning for family businesses, drawing on recent research conducted by the Society of Trust and Estate Practitioners (STEP). They explore the alarming statistics regarding the lack of succession plans and up-to-date wills among family business owners, the complexities of modern family dynamics, and the essential role of professional advisors in navigating these challenges. The conversation emphasises the need for proactive planning, effective communication, and the impact of recent budget changes on family businesses.

Chapters

00:00 Introduction to Family Business Dynamics

06:09 Key Findings from STEP's Research

12:11 Challenges in Succession Planning

17:46 Communication and Family Dynamics

23:47 The Impact of Recent Budget Changes

30:00 Conclusion and Future Considerations

Summary

In this episode of the Family Business Podcast, Russ Haworth interviews Sandy Pollack, author of 'Don't Leave a Mess.' They discuss the importance of clarity in estate planning, the impact of money scripts on family dynamics, and the qualitative factors that influence wealth management.

Sandy emphasises the need for open family conversations about money and legacy, and how these discussions can strengthen family bonds and prevent future conflicts. The conversation also addresses common myths surrounding estate planning and the necessity of proactive planning to ensure family harmony. In this conversation, Sandy Pollack and Russ Haworth delve into the critical aspects of estate planning, emphasising the importance of clarity, communication, and proactive measures in ensuring family harmony and effective wealth transfer.

They discuss the dangers of silence regarding estate planning, the significance of choosing the right executors and trustees, and the transformative power of legacy letters. The conversation highlights practical steps families can take to prepare for the future and foster meaningful discussions about their legacies.

Chapters

00:00 Introduction to Family Business Dynamics

05:50 Understanding Money Scripts and Their Impact

11:57 Starting Family Conversations About Money

17:49 Overcoming Myths Around Estate Planning

23:55 The Importance of Clarity in Estate Planning

29:27 Transforming Family Dynamics Through Communication

36:53 Creating a Family Desk Reference

42:56 Motivating Action Before It's Too Late

Summary

Cathy Carroll, author of 'Hug of War', discusses the unique challenges of leading a family business with both love and logic. She explores the concept of polarities in family businesses, where opposing forces such as candor and diplomacy, or reveal and conceal, coexist and create tension.

Cathy emphasizes the importance of adopting a 'both-and' mindset to find innovative solutions that incorporate the benefits of both sides. She also addresses the issues of domain crossover, where power is used in one domain to influence the other, and shadow influence, where individuals without formal roles or ownership wield significant power within the business.

In this conversation, Cathy Carroll discusses the concept of shadow influence and how it can impact leadership in a family business. She shares examples of shadow influence, both positive and negative, and emphasizes the importance of understanding and managing polarities in a family business. Cathy also highlights the challenges and opportunities of the family mindset in succession planning and the value of constructive conflict in navigating family business dynamics.

Takeaways

Family businesses face unique challenges due to the coexistence of opposing forces or polarities.

Adopting a 'both-and' mindset allows for innovative solutions that incorporate the benefits of both sides of a polarity.

Domain crossover occurs when power is used in one domain to influence the other, which can create tension and unfairness.

Shadow influence refers to individuals without formal roles or ownership who wield significant power within the business.

Recognizing and addressing these dynamics is crucial for effective leadership in family businesses. Shadow influence can have a significant impact on leadership in a family business, whether it is hidden or transparent.

Understanding and managing polarities is crucial in a family business, as they can create both challenges and opportunities.

The family mindset plays a role in succession planning, and it is important to navigate the tensions between the leading and rising generations.

Constructive conflict is essential in a family business, as it allows for the exploration of different ideas and perspectives.

Engaging in brave conversations and addressing conflict in a productive way can lead to better outcomes in a family business.

You can buy the book here: https://www.legacyonward.com/hug-of-war

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

Summary

Cathy Carroll, author of 'Hug of War', discusses the unique challenges of leading a family business with both love and logic. She explores the concept of polarities in family businesses, where opposing forces such as candor and diplomacy, or reveal and conceal, coexist and create tension.

Cathy emphasizes the importance of adopting a 'both-and' mindset to find innovative solutions that incorporate the benefits of both sides. She also addresses the issues of domain crossover, where power is used in one domain to influence the other, and shadow influence, where individuals without formal roles or ownership wield significant power within the business.

In this conversation, Cathy Carroll discusses the concept of shadow influence and how it can impact leadership in a family business. She shares examples of shadow influence, both positive and negative, and emphasizes the importance of understanding and managing polarities in a family business. Cathy also highlights the challenges and opportunities of the family mindset in succession planning and the value of constructive conflict in navigating family business dynamics.

Takeaways

Family businesses face unique challenges due to the coexistence of opposing forces or polarities.

Adopting a 'both-and' mindset allows for innovative solutions that incorporate the benefits of both sides of a polarity.

Domain crossover occurs when power is used in one domain to influence the other, which can create tension and unfairness.

Shadow influence refers to individuals without formal roles or ownership who wield significant power within the business.

Recognizing and addressing these dynamics is crucial for effective leadership in family businesses. Shadow influence can have a significant impact on leadership in a family business, whether it is hidden or transparent.

Understanding and managing polarities is crucial in a family business, as they can create both challenges and opportunities.

The family mindset plays a role in succession planning, and it is important to navigate the tensions between the leading and rising generations.

Constructive conflict is essential in a family business, as it allows for the exploration of different ideas and perspectives.

Engaging in brave conversations and addressing conflict in a productive way can lead to better outcomes in a family business.

You can buy the book here: https://www.legacyonward.com/hug-of-war

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

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

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