Finishing Touches: How to Maximize Value and Strategize Your Business Transition
Intergenerational Wealth & Family Business with Dr. Tom Deans
January 18, 2024
Dr. Tom Deans, an intergenerational wealth expert and bestselling author, discusses the fascinating world of intergenerational wealth, family business, and succession planning. He emphasizes the importance of selling the business to the next generation rather than gifting it, as it ensures that the children are truly capable and committed to running the business. Dr. Deans introduces the Willing Wisdom Index, a digital tool that helps business owners assess the gaps in their succession and estate plans. He also highlights the need for preparation and mentoring of the next generation and the potential benefits of bringing in outside leadership. The conversation concludes with a discussion on the challenges of managing non-family members in a family business.

 Key Points From This Episode:

 03:08 Shift in Perspective on Family Business Succession

07:33 The Willing Wisdom Index

08:44 Selling the Business to the Next Generation

10:29 Preparation of the Next Generation

12:32 Bringing in Outside Leadership

14:16 Challenges with Non-Family Members in the Business