Key Highlights

[00:00 – 08:04] 35 Years of Financial Services Experience

• Richard’s brief background and career
• The Koch Center for Family Enterprise was set up to drive research into the practice of running family businesses
• There is a proliferation of private companies and more entrepreneurial spirit than ever before

[08:05 – 13:58] Investing for Wealth Preservation

• St. Louis has a robust history of companies that have survived for multiple generations
• The risks of not diversifying and how to do so without selling the business

[13:59 – 22:35] Maximizing Value for Your Company 

• Step back and think about culture and how important it is to maintain it
• Consider family involvement and whether you wish to continue to be involved in the business
• Have a group of people around you with different lived experiences for input
• Consider if there is a distinct competence or moat when expanding into adjacent businesses

[22:36 – 30:52] Exploring Risk Taking and Risk Mitigation for Family Businesses

• The mindset of the younger generation is different from the baby boomer generation when it comes to family businesses
• Younger people are more willing to take risks but should be careful when investing in something that might fail
• Failure can be a learning experience, but educated risks should be taken
• The Center educates students on modern techniques and governance issues that may not have been considered before

[30:53 – 37:23] Closing Segment

Additional Links

LinkedIn: https://www.linkedin.com/in/richardryffel 
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