Show Notes
In this look at the Four Noble Truths, we turn to the most practical element — the path forward. The Fourth Noble Truth teaches that if we want to reduce suffering and build a more peaceful life, we need to develop certain skills. These are not abstract ideas, but habits of mind and behaviour that can be cultivated through deliberate effort. This is what the Buddha’s Eightfold Path offers.
Each part of the Eightfold Path begins with the word “Right.” Here, “Right” is best understood as skilful or wise — not moralistic or correct in an absolute sense. These eight areas are:
Right Understanding Right Intentions or Thought Right Speech or Communication Right Actions Right Livelihood Right Effort Right Mindfulness Right Concentration or Focus
Together, they offer a practical framework for living with greater awareness, integrity and clarity — qualities that matter just as much in business and family life as they do in personal reflection.
To learn more about The Path, our unique programme for individuals and families in business, visit:
https://familybusinesspartnership.com/thepath/
If you would like to speak with us or ask any questions, feel free to email me at [email protected] Mentioned in this episode: The Path If you would like to find out more about the Guided and Self-Guided versions of The Path, please head to https://familybusinesspartnership.com/thepath
More from The Family Business Podcast
Summary In this intimate conversation, Sharon Foulston shares her profound journey through wealth, loss, and the search for identity. Her story resonates deeply, especially for those who have experienced the complexities of sudden wealth and the emotional turmoil that can accompany it. The Impact of Sudden Wealth Sharon's life changed dramatically at the tender age of 10 when her father's successful business made them millionaires overnight. Moving from a cozy housing estate to a mansion in the countryside, she became acutely aware of the lifestyle changes that wealth brought. However, the transition wasn't entirely positive. Tragedy then struck when Sharon's father died unexpectedly in a motor racing accident on her first day at university. This loss not only shattered her family unit but also left lasting scars on her identity In this episode, we delve into the complex interplay of wealth, identity, and loss. Sharon’s insights offer valuable lessons for anyone navigating the challenges of family dynamics in the face of sudden wealth or loss. Key Topics
The Great Survivors: What Britain's Oldest Family Businesses Can Teach Us, with Nigel Cope Russ is joined by Nigel Cope, former City Editor of The Independent and long-serving communications lead at a FTSE 100 company, to discuss his new book, The Great Survivors. Nigel visited twelve of the UK's longest-standing family businesses, speaking to family members across generations and non-family staff, to understand how they have lasted a century or more and what the rest of the business world might learn from them. In this episode: Why family businesses, despite numbering around five million and employing some fifteen million people in the UK, remain underreported and underappreciated (02:00) How sector-based representation and a preference for keeping a low profile keep the family business model out of the national conversation (05:13) The inheritance tax changes and why the "farmers' tax" framing missed the wider family business impact (07:21) The case for more family business ambassadors, and the idea of being "1-0 up before you start" in communications (13:43) How the twelve businesses were chosen: at least 100 years old, fourth generation or beyond, and a spread of sectors, sizes and regions (20:58) Challenging the myth of the sleepy family firm, with examples of innovation from Barbour, Stephen Walters and Berry Bros. & Rudd (27:02) Common traits: intergenerational thinking, cautious finance, deep community roots and a broader definition of success (31:17) Proximity of ownership, visible owners and the stability it creates for employees and communities (33:54) What family businesses could contribute to the debate on growth "in every postcode" (42:43)
Living Your Values With Dr Dennis Jaffe and Dr Cynthia Scott What if your family's values are not the tidy list on the wall, but something far messier and far more powerful? In this episode, Russ sits down with Dr Dennis Jaffe and Dr Cynthia Scott, married co-authors of Living Your Values, the follow-up to their groundbreaking 1993 work on values in families and organisations. Between them they bring decades of research into resilience, culture change, and what actually holds hundred-year family businesses together. The conversation gets straight to the point Dennis and Cynthia have built their careers on: values are not words, they are actions. A word like "respect" or "integrity" on a poster tells you nothing until someone can point to a story that shows what it actually looks like in practice. Highlights include: Why Dennis's research into hundred-year, multi-generational family businesses found one answer, far above any other, for what kept them together The difference between legacy values, current values, espoused values and aspirational values, and why families so often confuse them Why picking five values "out of a hat" is the least effective route any family or organisation can take The personal values pyramid: why understanding your own values has to come before a family can agree on shared ones How storytelling, not word lists, is what makes values genuinely stick across generations Why healthy families do not need identical values, and how diversity within a family can be a source of strength rather than division What it really means to be a "values champion", and why that question produces far richer conversations than simply asking "what are our values?"
We're Back A short one from Russ It's been about nine or ten months since the last episode, and Russ is putting his hand up to that. No excuses, just a quick reintroduction to let you know the Family Business Podcast is coming back. In this brief trailer episode, Russ shares: A candid acknowledgement of the gap, and why now felt like the right time to restart The plan going forward: a new episode roughly every couple of weeks A preview of what's coming, starting with an interview with Dr Dennis Jaffe and Dr Cynthia Scott, authors of Living Your Values A request: if you haven't already, hit subscribe and leave a five-star review. It genuinely helps the show reach more families who need it
A Conversation with Jay Hughes and Martin Stepek This episode is one of the most profound and far-reaching conversations we have ever shared on The Family Business Podcast. Joined by the legendary James E. Hughes Jr. and my colleague Martin Stepek, we explore the idea that wealth, at its deepest level, has always meant wellbeing, and that wellbeing itself is a powerful form of wealth. What follows is a conversation that ranges widely yet remains grounded and practical. We delve into the origins of the word wealth, the anthropology of thriving families, the nature of aspiration and spiritual capital, and the lived realities of generational transition. Jay brings six decades of experience advising families worldwide, while Martin offers a deeply personal perspective from growing up in a complex multigenerational enterprise. Together, the conversation becomes a rare blend of wisdom, honesty, and humanity. Across the hour, we discuss themes that lie at the heart of flourishing family enterprises: