By Russ Haworth
4.9
3232 ratings
The podcast currently has 176 episodes available.
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: [email protected] 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: [email protected] 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
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: [email protected] 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 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
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 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: [email protected] 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, 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: [email protected] 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
The podcast is back!
In this short trailer I give you an overview of upcoming episodes.
There are six new episodes in this series.
1 - Family Business UK
2 - Selling the Family Business Pt.1
3 - Selling the Family Business Pt.2
4 - Are you ready to employ Non Family Execs?
5 - The importance of Storytelling
6 - Wealth of Wisdom
I'd love to hear from you as to the topics that are impacting you and that you would like me to cover in future series.
As ever if I can be of assistance, please get in touch
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: [email protected] 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
Regular listeners of the show will be familiar with all of my guests on this weeks show.
I am joined by Jim Grubman, Denis Jaffe and Kristin Keffeler as they discuss their new book - Wealth 3.0 - The Future of Family Wealth Advising.
In this episode we cover some of the key areas of focus within the book and what it means for families of wealth and in particular those that advise them.
This episode is a special collaborative episode with The Ultra High Net Worth Institute in preparation for the launch of their very own podcast later this year.
I will keep you all updated on that as and when we approach release date.
If you are unfamiliar with the the work that the Institute does I highly recommend that you check out their website: https://www.uhnwinstitute.org/
All four of the speakers on the show are involved in the Institute and we are all very strong advocates for the thought leadership that comes from the Institute, the events that they run and the opportunity for individuals or firms across the globe to contribute to the future of wealth advising for UHNW families.
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: [email protected] 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
The podcast currently has 176 episodes available.
4,203 Listeners
55,920 Listeners