Family Business Audiocast

In the sixteenth episode of The Family Business Audiocast, host R. Adam Smith welcomes David Werdiger, a consultant to family businesses and author of "Transition." Drawing from his own experience as a founder who sold his business, Werdiger shares insights on succession planning challenges, particularly the "sticky baton" syndrome where founders struggle to relinquish control. He emphasizes the importance of maintaining entrepreneurial spirit across generations and explains how family wealth office structures can evolve beyond a single business. Werdiger discusses the emotional preparation needed for business exits, arguing that owners must create space between their personal identity and their business to maximize value during transitions. The conversation explores how family enterprises can balance financial returns with socio-emotional wealth and concludes with perspectives on family office investment advantages over institutional investors.

In this episode of The Family Business Audiocast, host R. Adam Smith welcomes Massimo Bau, Senior Associate Professor in Family Business and Ownership at Jönköping International Business School in Sweden and Director of the Center for Family Entrepreneurship and Ownership. Bau discusses the evolution of family business education, highlighting how programs have expanded beyond one-size-fits-all approaches to target specific groups at different life stages. He explores underresearched areas in family enterprise studies, particularly emphasizing ownership structures and competencies. Bau shares insights on innovation drivers in family firms, the challenges of balancing current needs with future sustainability, and the formation of the European Family Business Centers network. The conversation concludes with perspectives on the role of communication in aligning family goals and values, and how independent board chairs can facilitate effective governance.

In this extraordinary episode of The Family Business Audiocast, host R. Adam Smith welcomes His Imperial and Royal Highness Sandor Habsburg, descendant of Empress Maria Theresa, Catherine the Great, and Queen Victoria. Drawing from his family's nearly thousand-year legacy, Habsburg shares profound wisdom on building sustainable family enterprise systems that transcend generations. He emphasizes respect over tolerance as a guiding principle for both governance and business, and introduces his concept of "value-based consumption" as an alternative to short-term consumerism. Habsburg draws fascinating parallels between the Habsburg Empire's multinational governance model and modern family wealth office structures, highlighting how both require flexibility, cultural sensitivity, and generational thinking to create lasting impact amid changing social landscapes.

In this engaging discussion, Alfredo De Massis, a leading academic in family business studies and a top influencer, dives into the challenges of family wealth offices. He reveals the paradox of family businesses being capable yet hesitant to innovate. De Massis discusses the vital role of tradition in strategic planning and highlights the emotional foundations necessary for successful succession. He also introduces the concept of the 'entrepreneurial family galaxy,' showcasing how diverse family organizations contribute to sustainable legacies.

In the twelfth episode of The Family Business Audiocast, host R. Adam Smith welcomes Phil Strassler (founder of Strassler LLC) and Adriana Zaluka (founder of MyFotech). These family office veterans share their expertise on technology integration, mission statements, and governance structures that drive family wealth office success. Phil discusses how effective mission statements and family charters serve as critical tools for generational transitions, while Adriana explains how her organization helps family offices identify appropriate technology solutions for their complex needs. Together, they explore the delicate balance of family dynamics, strategic planning, and operational excellence required for sustainable family enterprise legacy.

In this episode of The Family Business Audiocast, host R. Adam Smith welcomes Guillermo Salazar, a global family office expert and founder of Exaudi Family Business Consulting. Salazar shares powerful insights on family business succession, emphasizing the importance of understanding family narratives and values as foundations for effective wealth management. He discusses how Latin American family wealth office structures differ from US models due to market size constraints, making succession planning even more critical. Salazar also explains the distinction between family councils (focused on long-term ownership) and boards of directors (focused on business strategy), providing valuable guidance for sustainable family financial planning.

R. Adam Smith welcomes Angelo Robles, founder and chairman of Angelo Robles Enterprises, which includes Family Office TV and SFO Continuity. Drawing from decades of experience advising the world's most successful families, Angelo shares critical insights on family investment office sustainability. He emphasizes that while most family offices focus 60% on money, 30% on legal matters, and just 10% on family dynamics, it's precisely these human elements that determine long-term success. Angelo discusses how proper governance structures, competent personnel, and clear purpose drive family enterprise continuity across generations, while highlighting the importance of character development and adaptability in creating anti-fragile family systems.

R. Adam Smith welcomes Bruce Kasanoff, a Wharton MBA graduate with over 800,000 LinkedIn followers and founder of Bend Reality. Bruce shares insights on how family enterprise leaders can elevate their personal and business presence through consistent communication about what matters most. He explores how privately-held businesses can utilize LinkedIn to strengthen targeted relationships while maintaining authenticity. Bruce emphasizes the importance of values-driven leadership, self-awareness, and focusing on relationships for long-term fulfillment. Drawing from his experience in Marshall Goldsmith's 100 Coaches program, he offers practical approaches to balancing individual growth with family investment office legacy.

R. Adam Smith welcomes Professor Matt Hughes, Schultz Distinguished Professor of Family Business and Professor of Innovation and Entrepreneurship at the University of Leicester. Drawing from both academic research and practical insights, Matt discusses how family enterprise systems balance tradition with innovation. He explores the crucial role of corporate governance in unlocking entrepreneurial potential, the challenges of next-generation integration, and why emotional attachment can lead family firms to overestimate their financial performance. Matt also addresses philanthropic initiatives as mechanisms for engaging younger generations and cautions against rapid pivots that can trigger what he terms "entrepreneurial entropy."

Host R. Adam Smith welcomes John Bailey, founder and managing partner of Lumenai Investments. Drawing from his extensive experience in the family investment office sector, John discusses how his firm revolutionizes portfolio management using artificial intelligence and data science. He explains the evolution of his approach from traditional asset management to AI-driven strategies, highlighting how family wealth office structures are adapting to technological advancements. John offers insights into the advantages of man-machine collaboration, personalized portfolio construction, and how AI can enhance risk-adjusted returns during challenging market conditions.