Spencer Burke - The St Louis Trust Company Multi-Family Office [The Business of Family Podcast]

www.businessoffamily.net

Spencer is a Principal with The St. Louis Trust Company, a multi-family office for over 50 families in the United States managing in excess of US $10 billion, where he heads the Family Business Advisory Practice. Spencer is also an Adjunct Lecturer in Family Business at the Olin Business School at Washington University in St. Louis.

Key Takeaways:

  • The key characteristic shared by enduring companies whether family business or not is "Total Control by One Person”
  • In most families where there are issues, how the socio-emotional wealth is getting shared is just as prominent as how the money is being shared.
  • One of the number one keys to family business success is "Set the policies for the future when there are no names attached to them".
  • The matriarch of the family is usually the keeper of family harmony, the patriarch of the family is usually the keeper of running the great business, but the patriarch more often than not, does not have the power in that family.

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