Episode Details

The complexities of passing on a legacy and managing family dynamics can be overwhelming, especially for first-generation business owners.

As their advisor, how can you help prepare their heirs and transition wealth smoothly?

Find out as Duncan MacPherson speaks with Tom Deans, Ph.D., intergenerational wealth expert, speaker, and best-selling author of “Every Family’s Business” and “Willing Wisdom.” They explore how advisors can improve client retention and referrals by addressing one of the biggest unmet needs of self-made first-generation business owners and professionals — continuity and succession planning.

They discuss:

• Major challenges faced by business owners during succession planning
• How advisors can set the stage for successful wealth transfer
• Why multi-generational family meetings (with the advisor present) can be incredibly powerful and revealing
• Strategies for addressing complex family dynamics
• A sneak peek into Tom’s upcoming book: The Happy Inheritor
• And more

Resources:

• “Every Family’s Business” by Tom Deans, Ph.D.
• “Willing Wisdom” by Tom Deans, Ph.D.
• How To Fulfill Your Clients’ Deepest Estate Planning Needs with Julia Norman and Tom Deans, Ph.D. (Ep. 20)
• “The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It” by Michael E. Gerber
• “The Power Point” by Michael E. Gerber
• “Entitlemania: How Not to Spoil Your Kid