The Modern Family Office: Building a Business That Lasts with Josh Baron

Josh Baron is a co-founder and Partner at BanyanGlobal. For the last decade, he has worked closely with families who own assets together, such as operating companies, family foundations, and family offices. Josh is a Visiting Lecturer in Executive Education at Harvard Business School and Co-Author of Harvard Business Review's Family Business Handbook.[00:01 - 12:12] "Building a Family Business That Lasts: Exploring Nature vs. Nurture Family businesses are either really good or bad, and there are both extremes in the world1/3 of the S&P 500 are publicly traded but privately controlledOwnership is the most important and least discussed the idea in businessFamily businesses have seen an increase in interest and have become their asset class [12:13 - 30:13] Exploring the Dynamics of Family Businesses and Family OfficesThere are similarities between family businesses and family offices, but there are also differences that need to be addressedIntentionality is key when creating a family office Family offices should have a multi-generational time horizon[30:14 - 37:29] Navigating Conflict and Market Volatility: How Family Businesses Can Thrive During Difficult TimesThe notion that wealth dissipates quickly over generations is unsupported by evidenceMost businesses do not last for 100 years, regardless of family involvementConflict can be both destructive and constructive; it is important to find a balance between the twoFamily businesses tend to have more conservative balance sheets[37:30 - 38:56] Closing SegmentQuotes:"Family businesses are never neutral. They're either really good or really bad." - Josh Baron“Success is the result of doing the right thing year in, year out, not from cutting any corners.” - Josh BaronConnect with Josh:https://www.linkedin.com/in/joshbaron/https://banyan.global/Connect with me:https://www.linkedin.com/in/brian-c-adams/ (LinkedIn)LIKE, SUBSCRIBE, AND LEAVE US A REVIEW on Apple Podcasts, Spotify, Google Podcasts, or whatever platform you listen on. Thank you for tuning in and Stay Tuned for the Next Episode COMING SOON! Hosted on Acast. See acast.com/privacy for more information.