How Families Can Run Their Businesses With Both Head and Heart

How Families Can Run Their Businesses With Both Head and Heart

FamilyBusiness.org Senior Editor Mat Hughes recently appeared on R. Adam Smith’s LinkedIn channel to talk about a challenge that all family businesses face: the pull between the passions and priorities of multiple generations and the need to run the firm with discipline and a clear head. Among the enticing matters they discuss are the people involved in the family businesses -- from governing the business to embedding the next generation and compensating employees.

Adam is an expert in investment banking, alternative investing, and governance. Over a distinguished career, he has served as a strategic advisor, dealmaker, and financier to global private companies and as a trusted family business consultant. He's a managing director at Salomon Brothers, one of the world’s most respected Wall Street firms. He also founded Wisdom Board Inc., in 2020. 

In their discussion, Mat and Adam cover:

  • The importance of corporate ownership and professional management practices in family enterprises, and how good boards play a role
  • The role of family offices in shaping the next generation
  • The generations’ different priorities for family philanthropy, and how investing in the community and charitable organizations helps family members identify with the business.
  • Employee compensation at family firms and the signals it sends about what’s important
  • How continuous operational enhancements help firms protect their legacies
  • The struggle of finding a balance between consistency and transformation

Listen to the audiocast here: https://app.fusebox.fm/embed/player/track/1Vx6a14WB9/8


Mat Hughes
Mat Hughes
Schulze Distinguished Professor and Professor of Innovation and Entrepreneurship / School of Business / University of Leicester
View Profile
R. Adam Smith

Cite this Article
DOI: 10.32617/981-6527d57f3e692
Hughes, Mat, and undefined. "How Families Can Run Their Businesses With Both Head and Heart." FamilyBusiness.org. 12 Oct. 2023. Web 22 May. 2024 <https://familybusiness.org/content/How-families-can-run-their-businesses-with-both-head-and-heart>.
Hughes, M., & R. Adam Smith (2023, October 12). How families can run their businesses with both head and heart. FamilyBusiness.org. Retrieved May 22, 2024, from https://familybusiness.org/content/How-families-can-run-their-businesses-with-both-head-and-heart