Bulletproof Entrepreneur S03E14 - Russ Haworth - On The Business of Family
Let me set the scene by telling you that one of my all-time favourite TV shows is "Succession”. It's a fascinating tale of a wealthy family wrapped up in the complexities of their business empire led by the founder and patriarch, Logan Roy, brilliantly portrayed by the actor Brian Cox.
If you haven't watched it yet, I highly recommend you do. But let me give you a quick overview: "Succession" is not just about wealth and power; it's a saga of business intrigue, sibling rivalry, and the delicate art of succession planning.
Now, while most of us may not hail from billionaire clans in New York, family businesses are a cornerstone of our economy.
90% of private enterprises in the UK are family-run, employing nearly 14 million people and generating over £1.7 trillion in annual turnover. They're the backbone of British entrepreneurship.
These businesses may be owned and managed by a couple, there may be siblings or other generations involved, or they could simply be run by one owner-founder who will usually bring with him or her some level of personal family dynamics.
Yet, despite their prevalence, the intricacies of family businesses often remain unexplored. That's why I'm excited to introduce today's guest, Russ Haworth.
Russ is the UK’s leading authority on family businesses. A former financial planner who now runs his own consultancy business, providing advice and insight to families as they navigate the inevitable challenges faced by business owners and those closest to them.
- During our conversation, Russ shares his experiences exploring the human side of the business which is even more important than the financial side of an organisation.
- We discuss the tricky subject of wealthy business owners and their choices about whether or not to help their children financially - or to allow them to carve out their own path in life. This is something that comes up regularly in my conversations with successful entrepreneurs and is an important issue.
- And Russ explains why it’s important to have what he calls a ‘lifeboat drill’ - a form of dress rehearsal to make sure that the family and the business can be well prepared to meet any future challenge, expected or unexpected.
Family businesses exist at the intersection of money, business, emotions - and the family itself, so there are few more complex and challenging institutions.
And there are millions of them across the country!
It’s a fascinating and important subject, and Russ is a proven expert in all the nuances and complexities.
Now, discussing everything you need to know about the family business, ladies and gentlemen I give you Mr Russ Haworth.
Links
https://www.linkedin.com/in/russellhaworth/?originalSubdomain=uk
https://familybusinesspartnership.com/
https://www.questforlegitimacy.com/
https://www.amazon.co.uk/Wealth-3-0-Future-Family-Advising-ebook/dp/B0CBJ41FYR
https://www.amazon.co.uk/Complete-Family-Wealth-Bloomberg-Hug
This podcast is produced by GR Media
Sponsored by Capital Asset Management