Business
Last episode we talked about the need for good governance structures and where family businesses should start. This week we’re focusing on the upsides of good governance – the advantages it can bring to a family business.Key questions raised in this episode:[0:48] This episode we are focusing on the positives from governance, with that in mind, can you talk about how governance and ‘purpose’ interact for family businesses?[2:00] Presumably this ‘purpose’ should run through the DNA of a family business – what does this look like in practice?[3:40] What are the risks of not having that sense of shared purpose?[4:58] How does a family decide on the purpose of a business? What are the best ways to embed it in the governance structure?[6:30] What is good practice in terms of family meetings? How important are they?[8:15] How do the most successful family businesses collaborate?You can read the full Family Business Survey here: https://bit.ly/3kuu3yQSOCIAL MEDIA:Twitter - @SmithWilliamsonLinkedIn - @Smith&WilliamsonCREDITS:Hosts: Rupert Phelps, Cherry ReynardProducer: https://www.linkedin.com/in/laura-burrows-99256b82/Laura BurrowsGET IN TOUCH:Have any feedback? We're listening, email us at: podcast@smithandwilliamson.comWant to know more about our Family Wealth Services and how we can help you? Head here for more info: https://bit.ly/2O09WfKView all episodes for the Family Wealth show here: https://bit.ly/2Ow4O3msmithandwilliamson.com This episode was recorded on 03/03/2021 This S&W The Pulse podcast is of a general nature and is not a substitute for professional advice. No responsibility can be accepted for the consequences of any action taken or refrained from as a result of what is said. The views expressed are not necessarily those of the presenter or of Smith & Williamson or any of its affiliates. No reproduction of this podcast may be made in whole or in part for professional or recreational purposes. No action should be taken based on this podcast and we accept no liability if we change your views on any of the subjects mentioned.Smith & Williamson LLP Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. A member of Nexia International.Smith & Williamson Investment Management LLP Authorised and regulated by the Financial Conduct Authority. Registered No 580531The Financial Conduct Authority does not regulate all of the products and services referred to in this document, including Tax, Assurance and Business Services