

Episode 27: Why Selling - Not Gifting - Is Key to Family Enterprise Continuity with Tom Deans
Aug 6, 2024
38:29
R. Adam Smith welcomes Tom Deans, international best-selling author and global authority on family wealth transfers. Drawing from his groundbreaking book "Every Family's Business" (with over 1 million copies sold in 100+ countries), Deans challenges conventional wisdom about family business succession planning. He presents a compelling case for selling family businesses to the next generation at full market value rather than gifting them - a philosophy developed through his own family's successful multi-generational experiences. The conversation explores why family enterprises often fail when gifted, how successful family wealth office structures can better preserve capital across generations, and why legacy should be understood as the family itself rather than the business. Deans provides practical insights into facilitating crucial family conversations about business transitions, emphasizing that concentrating wealth in one illiquid asset for multiple generations is often financially unsound despite emotional attachments.