The Family Business Podcast

In this intimate conversation, Sharon Foulston shares her profound journey through wealth, loss, and the search for identity. Her story resonates deeply, especially for those who have experienced the complexities of sudden wealth and the emotional turmoil that can accompany it.

Sharon's life changed dramatically at the tender age of 10 when her father's successful business made them millionaires overnight. Moving from a cozy housing estate to a mansion in the countryside, she became acutely aware of the lifestyle changes that wealth brought. However, the transition wasn't entirely positive.

Tragedy then struck when Sharon's father died unexpectedly in a motor racing accident on her first day at university. This loss not only shattered her family unit but also left lasting scars on her identity

In this episode, we delve into the complex interplay of wealth, identity, and loss. Sharon’s insights offer valuable lessons for anyone navigating the challenges of family dynamics in the face of sudden wealth or loss.

Inheritance and early wealth impact

Dealing with the loss of a parent at 17

The role of sailing and nature in personal growth

Managing identity and purpose beyond wealth

Lessons on resilience and facing fears

The importance of self-awareness and values

Links - https://www.sharonfoulston.com/

Book - https://amzn.eu/d/0fHmhUqs

The Great Survivors: What Britain's Oldest Family Businesses Can Teach Us, with Nigel Cope

Russ is joined by Nigel Cope, former City Editor of The Independent and long-serving communications lead at a FTSE 100 company, to discuss his new book, The Great Survivors. Nigel visited twelve of the UK's longest-standing family businesses, speaking to family members across generations and non-family staff, to understand how they have lasted a century or more and what the rest of the business world might learn from them.

In this episode:

• Why family businesses, despite numbering around five million and employing some fifteen million people in the UK, remain underreported and underappreciated (02:00)
• How sector-based representation and a preference for keeping a low profile keep the family business model out of the national conversation (05:13)
• The inheritance tax changes and why the "farmers' tax" framing missed the wider family business impact (07:21)
• The case for more family business ambassadors, and the idea of being "1-0 up before you start" in communications (13:43)
• How the twelve businesses were chosen: at least 100 years old, fourth generation or beyond, and a spread of sectors, sizes and regions (20:58)
• Challenging the myth of the sleepy family firm, with examples of innovation from Barbour, Stephen Walters and Berry Bros. & Rudd (27:02)
• Common traits: intergenerational thinking, cautious finance, deep community roots and a broader definition of success (31:17)
• Proximity of ownership, visible owners and the stability it creates for employees and communities (33:54)
• What family businesses could contribute to the debate on growth "in every postcode" (42:43)

Businesses featured in the conversation:

R.J. Balson & Son, C. Hoare & Co., Shepherd Neame, Berry Bros. & Rudd, Lock & Co. Hatters, Samworth Brothers, Timpson, Barbour, Stephen Walters & Sons and Walker's Shortbread.

Nigel's key takeaway:

Family businesses are collectively bigger, more important and more successful than most people realise, and their approach to doing business deserves closer examination.

Links:

• The Great Survivors by Nigel Cope, available from Waterstones, Amazon, Eye Books and other major booksellers
• Family Business UK
• Family Business United

With Dr Dennis Jaffe and Dr Cynthia Scott

What if your family's values are not the tidy list on the wall, but something far messier and far more powerful?

In this episode, Russ sits down with Dr Dennis Jaffe and Dr Cynthia Scott, married co-authors of Living Your Values, the follow-up to their groundbreaking 1993 work on values in families and organisations. Between them they bring decades of research into resilience, culture change, and what actually holds hundred-year family businesses together.

The conversation gets straight to the point Dennis and Cynthia have built their careers on: values are not words, they are actions. A word like "respect" or "integrity" on a poster tells you nothing until someone can point to a story that shows what it actually looks like in practice.

Highlights include:

• Why Dennis's research into hundred-year, multi-generational family businesses found one answer, far above any other, for what kept them together
• The difference between legacy values, current values, espoused values and aspirational values, and why families so often confuse them
• Why picking five values "out of a hat" is the least effective route any family or organisation can take
• The personal values pyramid: why understanding your own values has to come before a family can agree on shared ones
• How storytelling, not word lists, is what makes values genuinely stick across generations
• Why healthy families do not need identical values, and how diversity within a family can be a source of strength rather than division
• What it really means to be a "values champion", and why that question produces far richer conversations than simply asking "what are our values?"

This is a conversation about doing the harder, more honest work of turning belief into behaviour, and why that work never really finishes.

Get the book: Living Your Values: Connecting Personal, Family, and Organizational Values to Build Purpose and Clarity

Learn more about Russ and The Family Business Partnership: familybusinesspartnership.com

A short one from Russ

It's been about nine or ten months since the last episode, and Russ is putting his hand up to that. No excuses, just a quick reintroduction to let you know the Family Business Podcast is coming back.

In this brief trailer episode, Russ shares:

• A candid acknowledgement of the gap, and why now felt like the right time to restart
• The plan going forward: a new episode roughly every couple of weeks
• A preview of what's coming, starting with an interview with Dr Dennis Jaffe and Dr Cynthia Scott, authors of Living Your Values
• A request: if you haven't already, hit subscribe and leave a five-star review. It genuinely helps the show reach more families who need it

Short and sweet this one. The proper conversations start again very soon.

Learn more about Russ and The Family Business Partnership: familybusinesspartnership.com

A Conversation with Jay Hughes and Martin Stepek

This episode is one of the most profound and far-reaching conversations we have ever shared on The Family Business Podcast. Joined by the legendary James E. Hughes Jr. and my colleague Martin Stepek, we explore the idea that wealth, at its deepest level, has always meant wellbeing, and that wellbeing itself is a powerful form of wealth.

What follows is a conversation that ranges widely yet remains grounded and practical. We delve into the origins of the word wealth, the anthropology of thriving families, the nature of aspiration and spiritual capital, and the lived realities of generational transition. Jay brings six decades of experience advising families worldwide, while Martin offers a deeply personal perspective from growing up in a complex multigenerational enterprise. Together, the conversation becomes a rare blend of wisdom, honesty, and humanity.

Across the hour, we discuss themes that lie at the heart of flourishing family enterprises:

• Why the original meaning of wealth still matters today

• How families can create environments where wellbeing is treated as a core asset

• The importance of joint decision-making and the shift required when a founder’s energy becomes a family system

• The five capitals and why financial capital is the least powerful without the others

• Welcoming, lineage, and the conditions that encourage rising generations to stay engaged

• How families can cultivate a culture of care, curiosity, and responsibility

• Why plays, not plans, may offer a better way to think about the future

This conversation is not technical. It is not formulaic. It is an exploration of what it means for families to thrive across generations, delivered with clarity, compassion, and occasionally breathtaking insight.

If you advise families, lead a family enterprise, or are part of one, this episode offers a chance to step back and reflect on the deeper forces that shape continuity, connection, and fulfilment. It is a reminder that family enterprise is, at its essence, a human endeavour.

A must-listen for anyone seeking to understand the true nature of wealth and the foundations of long-term family flourishing.

In this episode of the show I bring together what we have covered in the series so far. We further explore the concept of Empowered Ownership, emphasising its distinction from authority and the importance of clarity in decision-making.

It highlights how aligned ownership can lead to successful governance and family relationships, while misaligned ownership poses risks to continuity.

Ownership Masterclass

On the 2nd December I am hosting an online Masterclass exploring the topic of Empowered Ownership in which we'll cover the key aspects discussed in this series in greater depth with the opportunity to ask questions.

By the end of the session, you’ll leave with:

• A Pre-Gift Conversation Checklist – what to discuss, and what’s too important to skip
• A clear conversation model to bring structure and confidence to potentially awkward discussions
• Language and framing tools that keep dialogue constructive, not confrontational
• A method to align expectations across generations without creating false harmony
• Confidence that your family is genuinely on the same page

Sign up for the Masterclass here:

https://www.bhavana.familybusinesspartnership.com/p/Ownership

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, Russ Haworth discusses the importance of ownership in business strategy and the need for clear roles and alignment among owners. He emphasizes the significance of preparing future generations for ownership and ensuring healthy relationships with management teams.

Links

The Four Room Model - https://banyan.global/spotlight/the-four-room-model/

Episode with John Davis discussing The Three Circle Model - https://fambizpodcast.com/episode43/

Assessment - https://familybusinessassessment.scoreapp.com

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

Mentioned in this episode:

The Path

If you would like to find out more about the Guided and Self-Guided versions of The Path, please head to https://familybusinesspartnership.com/thepath

Summary

In this conversation, Russ Haworth explores the intricate relationship between family values and the underlying needs that drive them. He emphasises that when families disagree over values, they are often expressing unmet or conflicting needs.

For instance, valuing loyalty may indicate a need for security, while valuing freedom may reflect a desire for autonomy. This understanding can transform family dynamics and improve communication.

Takeaways

When you say you value loyalty, you're expressing a need for security.

Valuing freedom indicates a need for autonomy.

Disagreements over values often stem from unmet needs.

A founder's value of hard work may hide a need for control.

Next-gen family members may value creativity for self-expression.

Understanding these needs can change family conversations.

Neither perspective is wrong; they reflect different positions.

Values are often a reflection of deeper needs.

Communication improves when we understand underlying needs.

Recognising generational differences can enhance family dynamics.

Article Links

• Matt Wesley
• Dennis Jaffe

Assessment and Blog Links

• Assessment
• Blog

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

Mentioned in this episode:

The Path

If you would like to find out more about the Guided and Self-Guided versions of The Path, please head to https://familybusinesspartnership.com/thepath

In this conversation, Russ Haworth discusses the complexities of shared ownership in family businesses, emphasising the importance of individual fulfillment and the need for a collective vision that respects diverse goals. He highlights that alignment in ownership does not require uniformity, but rather a common understanding of how the business can support each family member's aspirations.

Takeaways

Families often feel pressured to have the same dreams or goals.

Alignment in ownership does not mean identical understanding.

Respecting individual fulfilment is crucial for collective success.

A clear ownership vision helps guide family businesses.

Finding common ground is essential for effective collaboration.

Individual aspirations can contribute to a stronger collective vision.

Legacy creation is a key aspect of shared ownership.

Honest conversations about fulfillment lead to better outcomes.

Diversity in goals can enhance business support.

Shared ownership requires ongoing dialogue and understanding.

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

To join our Ownership Masterclass - Register here: https://www.bhavana.familybusinesspartnership.com/p/Ownership

Mentioned in this episode:

The Path

If you would like to find out more about the Guided and Self-Guided versions of The Path, please head to https://familybusinesspartnership.com/thepath

Summary

In this episode of the Family Business Podcast, Russ Haworth delves into the concept of empowered ownership, emphasising its significance as a foundational principle for family businesses. He discusses the rights, roles, and responsibilities that come with ownership, and how clarity in these areas can lead to more constructive conversations and better decision-making within families. The episode encourages families to explore their understanding of ownership and its implications for their business and personal fulfilment.

Takeaways

• Empowered ownership is about understanding rights, roles, and responsibilities.
• Clarity in ownership leads to constructive conversations.
• Ownership discussions should happen proactively, not just at transition points.
• Understanding ownership can alleviate feelings of burden and overwhelm.
• Fulfillment is a key measure of success in family business ownership.
• Ownership is often an outcome of passion, not the original goal.
• Families should explore what ownership means to them collectively.
• Empowered ownership fosters strategic decision-making and stability.
• Conversations about ownership can unlock significant value for families.
• Reflecting on ownership can lead to a more fulfilling family business experience.

Chapters

00:00 Introduction to Empowered Ownership

01:27 Understanding Empowered Ownership

05:31 The Importance of Clarity in Ownership

08:12 Challenges of Discussing Ownership

11:26 Exploring Ownership in Family Business

15:42 The Role of Fulfilment in Ownership

17:36 Conclusion and Next Steps

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

Mentioned in this episode:

The Path

If you would like to find out more about the Guided and Self-Guided versions of The Path, please head to https://familybusinesspartnership.com/thepath