Does Running a Successful Family Business Ensure Your Family’s Financial Legacy?
With 35 years of experience in financial services, working on Wall Street and for major regional firms, Richard has seen it all.
Podcast: Does Running a Successful Family Business Ensure Your Family’s Financial Legacy?
[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
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