From a Business Family to a Modern Family Enterprise + Opportunity Coming Soon 📣



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The Business of Family
From a Business Family to a Modern Family Enterprise + Opportunity Coming Soon 📣
By Mike Boyd • Issue #49 • View online
While being a business family has significant differences to running a family business, many of the same fundamental principles for success apply. These include a clear purpose, vision & mission, open and transparent communication, a clearly defined organisational structure, and considerations around everything from finance to HR.
If family wealth is to continue to grow and survive across generations, it should be managed like a business.
This can often be found in pursuing new opportunities, and business families have a unique advantage in doing this due to their often agile nature and ability to take long term views.
This means that they can not only pursue lucrative opportunities in multiple areas of personal interest but also seek deals in avenues that help them to remain relevant and engage future generations in the business of the family.
When planned for and managed effectively, transitioning to a Family Enterprise can help to keep a family connected, working towards a common goal and resilient enough to build a legacy for generations.
Our latest podcast with Antony R Contrucci is a fantastic example of a family enterprise that started small and has slowly evolved into a comprehensive suite of governance practices stewarding in their 6th generation.
The Schrage family have a:
  • Family Book,
  • Family Psychologist,
  • Family Constitution,
  • Family Vision & Values,
  • Family Assemblies, and even a
  • Family Museum.
Listen in to understand how and why each of these tools have been applied to keep the family and the wealth together for generations.

Opportunity Coming This Week!
Look out for another email this week with the opportunity to join me and a small group of business families on a new project launching in ~May/June this year.
If you’ve enjoyed my work with The Business of Family so far, you won’t want to miss what we’re working on next. Spaces are strictly limited so please act quickly when it’s announced.
Latest Podcasts
Anthony R Contrucci - A 5th Generation Member of the Schrage Family, Owners of the 126 Year Old Centier Bank
James (Jay) E. Hughes, Jr. - Family Wealth: Keeping It in the Family
Interesting Links
Children of Famous Fashion Brands Are Going Their Own Ways
Do I Need a Family Office? A Guide for the Rich and Not So Famous
Family Business Is a Blood Sport. Here's How to Avoid the Pitfalls.
Stay in touch
Mike Boyd is an Australian Entrepreneur, CEO and Investor, stewarding a group of private companies over the very long term.
He hosts  The Business of Family Podcast and is an active member of YPO. Hit reply, or say hi on Twitter.
Did you enjoy this issue?
Mike Boyd

I'm inspired by multi-generational businesses and the families who steward them. Join me as I learn how some of the world's most interesting families share values, knowledge, resources, and wealth with the next generation.

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