Capital Club The Modern Family Office: Building a Business That Lasts with Josh Baron
Josh Baron is a co-founder and Partner at BanyanGlobal. For the last decade, he has worked closely with families who own assets together, such as operating companies, family foundations, and family offices. Josh is a Visiting Lecturer in Executive Education at Harvard Business School and Co-Author of Harvard Business Review's Family Business Handbook.
[00:01 - 12:12] "Building a Family Business That Lasts: Exploring Nature vs. Nurture
- Family businesses are either really good or bad, and there are both extremes in the world
- 1/3 of the S&P 500 are publicly traded but privately controlled
- Ownership is the most important and least discussed the idea in business
- Family businesses have seen an increase in interest and have become their asset class
[12:13 - 30:13] Exploring the Dynamics of Family Businesses and Family Offices
- There are similarities between family businesses and family offices, but there are also differences that need to be addressed
- Intentionality is key when creating a family office
- Family offices should have a multi-generational time horizon
[30:14 - 37:29] Navigating Conflict and Market Volatility: How Family Businesses Can Thrive During Difficult Times
- The notion that wealth dissipates quickly over generations is unsupported by evidence
- Most businesses do not last for 100 years, regardless of family involvement
- Conflict can be both destructive and constructive; it is important to find a balance between the two
- Family businesses tend to have more conservative balance sheets
[37:30 - 38:56] Closing Segment
Quotes:
"Family businesses are never neutral. They're either really good or really bad." - Josh Baron
“Success is the result of doing the right thing year in, year out, not from cutting any corners.” - Josh Baron
Connect with Josh:
https://www.linkedin.com/in/joshbaron/
Connect with me:
https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)
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