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