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EPISODE 16: Re-inventing the family business after the pandemic
For over 40 years, Dennis has been one of the leading architects of the field of family enterprise consulting. As both an organisational consultant and clinical psychologist, he helps multi-generational families to develop governance practices that build the capability of next generation leadership and ensure ongoing capability of financial organisations and family offices to serve their family clients.
We draw on Dennis' expertise and experience in this episode to look at how you re-invent your family business after the pandemic.
We look at what other family businesses have done through previous crises and in particular those that Dennis has studied for his book 'Borrowed from your Grandchildren'. This looks at family businesses that have survived for more than 100 years and explores the common characteristics of these firms.
In a wide ranging conversation we cover:
- What families can be doing now
- Reviewing why you are in business together
- The roles each generation can play
- How to build resilience
You can find out more about Dennis and his work by heading to www.dennisjaffe.com
As we emerge from this crisis there is an opportunity to ensure continued success for your family business. Choosing the right strategy will be the difference between doing this in a way that is aligned to your values as a family, and coming across in a genuine way, compared to appearing as tone deaf and icky.
Jeremy Miller is a the Founder of Sticky Branding a branding and strategy agency based in Toronto, Canada.
Jeremy works with family businesses to help them to grow their brands. He used these techniques to grow his own family business before deciding to sell the business to focus on what he was passionate about.
In this episode we discuss branding, strategy and give practical and real examples of businesses who are positioning themselves to thrive in an 'After-COVID' world.
We also discuss succession and the role that the next generation can play in the future strategy of the business.
You can find out more about Jeremy here: www.stickybranding.com
We are living in unprecedented times where we are fearful for our families health, that of our own and the prospects for our businesses. It can be easy to become overwhelmed by the situation, so in this episode Russ offers some reasons to be hopeful.
Many businesses now are aware of and accessing the support available to them from Government and have started to look at what they need to do within their businesses and within the environment they find themselves in.
In this episode Russ discuss some of the reasons he is hopeful and optimistic and shares some tips on how to spend any additional time that you may have as a result of the Government guidance to stay home and save lives.
EPISODE 13: CRISIS MANAGEMENT
In this episode Russ talks to Managing Director of Family Business Norway, Simone Møkster, Director General of the Institute for Family Business Elizabeth Bagger, 4th generation family business member and founder of the IFB, Alex Scott and John Learmonth who has written studies how family businesses reacted to the Second World War and were able to come out of the crisis stronger.
Whilst there are many differences between the two historical events of WWII and Coronavirus, there are some key characteristics that family companies showed during WWII, which we can learn from today:
- Human Assets
- Getting organised
You can find John Learmonth's article "FIC Crisis Management and Survival – nine practical takeaways from family business war stories" here.
EPISODE 12 - USING MINDFULNESS TO LIVE WELL DURING CORONAVIRUS
With Corona Virus impacting more and more businesses and people around World, Russ follows up the last episode with an interview with Martin Stepek.
Martin is a mindfulness coach and also a family business expert and so can offer unique insights into how to use mindfulness at times of extreme stress.
Martin's own family business went into administration in the early 2000's and he found that during that extremely difficult time he was able to use his mindfulness practice to help him through.
You can find out more about Martin at the following sites:
EPISODE 11 - SUPPORT FOR FAMILY BUSINESS DURING CORONAVIRUS
Corona Virus is having a huge impact on the lives of us all. It is a scary time when we are fearful for our families health and well-being and our businesses.
Family businesses across the world will be trying to balance all of the conflicting priorities that exist and will need support to do so.
In this episode Russ offers guidance as to where to get advice, where to get support and some tips on remote working and remaining positive during this exceptionally difficult time.
The resources mentioned in the episode are as follows:
You can email Fiona: Fiona.Graham@ifb.org.uk
EPISODE 10 - THE IMPORTANCE OF A GOOD WEBSITE
Your website is your shop window for the world. It is likely to be the first experience your customers have of your brand. Given its importance Russ chats to family business Jammy Digital about what your website should include.
Martyn and Lindsay are a husband and wife team who run their own web design agency. In this episode Russ chats with them about the areas you will want to focus on with your websites and importantly what not to do as well.
EPISODE 9 - THE STORY OF AUTOMATION NINJAS
Kenda and Mike Macdonald own and run Automation Ninjas, a marketing automation business.
Their journey into ownership wasn't a straight forward one but they have created an award winning business that creates amazing customer journeys using buyer psychology and marketing automation.
In this showcase episode we discuss why your business may also benefit from understanding more about how your customers think.
EPISODE 8 - SERIES SUMMARY
How does all that we've explored in this series tie together? And how can you create family business culture that reflects the value of your family?
EPISODE 7 - CORPORATE GOVERNANCE
In this episode we look at Corporate Governance and in particular the Wates Principles.
The Wates Principles are a set of Corporate Governance principles that some large businesses need to report against. In this episode Russ discusses these principles and how they can be adapted and adopted by your Family Business.
He also looks at some of the legal structures that can be put in place to protect the shareholders in the business should disputes arise or deadlocks appear in your voting.
You can find the Wates Principles here.
EPISODE 6 - NON-EXECUTIVE DIRECTORS
The appointment of a Non-Executive Director is a key milestone in the evolution and professionalisation of a family business. They bring experience, expertise and an independent voice to your board meetings and they are there to challenge the executive directors, in a constructive way to help you push the business towards its strategic goals. In this episode Russ covers who would be a good fit and who you should perhaps avoid and which characteristics and skills you would want them to bring to the party.
EPISODE 5 - THE FAMILY BUSINESS BOARD
As a family business grows, the need for the right forums to be in place to discuss the important strategic goals of the business becomes increasingly important. Once such forum is the Board of Directors.
In this episode Russ discusses when you would want to introduce a board to the family business, and how. Who sits on the board, what are their responsibilities? How many board members should there be and how are board meetings structured.
EPISODE 4 - WHAT IS A FAMILY ASSEMBLY?
Continuing our look at Family Governance, in this episode Russ discusses the Family Assembly, or retreat/meeting: what they are, who attends and what subjects are covered, along with some hints and tips as to how to get your own family meetings up and running.
We also look at the interaction between a family assembly, a family council and the family charter and provide a reminder of the key benefits of family governance.
EPISODE 3 - THE FAMILY COUNCIL
Family Councils create a bridge between the business family and the family business board. In this episode Russ explains what a Family Council is, what roles and responsibilities it has and how you would typically elect its members.
Russ also covers the important role of the Chair, the skills they are likely to need and the way in which the Family Council interacts with the business and the family.
EPISODE 2 - WHAT IS A FAMILY CHARTER?
The Family Charter is the cornerstone or foundation document of a family governance system. It is the bedrock on which everything else is built.
It is also known as a Family Constitution or agreement. It is the main document that the family use to outline their values and vision for the family business.
Whilst rare they are gaining recognition and being adopted by many families. In this episode Russ explores why they are useful and how to get started with your own.
EPISODE 1 - WHAT IS GOVERNANCE?
What is family business governance? Why is it useful? What are some of the common barriers to putting governance in place? Where can you start from?
An update from Russ Haworth at the Family Business Podcast on what's coming next in 2020.