Family businesses are the oldest and most frequent business ownership model in the world. By nature, they have to be both nimble and dynamic to survive. In this podcast, David and Kim Harland discuss the changes they are noting in the family business sector and what proactive family businesses, and their advisers, are doing to benefit from those changes.
David Harland FCPA (FPS) is the Executive Chairman of FINH and is a leader in the family business advisory field. He provides family business clients with expert advice on such challenges as succession and transition planning, family governance strategies, raising liquidity and sourcing capital.
Kim Harland is the Managing Director of Insights, a provider of customised online resources to family business. The Insights team understand that specialised tools and information play a vital role in managing family businesses risks and improving the longevity, growth and most importantly, the sustainability of each and every family business.
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2:26 – what is a family business?
4:40 – examples of family businesses from around the globe
6:50 – five common characteristics of a family business
10:25 – challenges that commonly occur in family business
11:50 – how are family businesses changing?
17:20 – what are smart family businesses doing to plan for the future?
21:55 – succession planning for family businesses
23.30 – if a family business has survived for 50 years what would you advise them to do?