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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.
Takeaways:
- Selling the business to the next generation ensures that the children are truly capable and committed to running the business.
- The Willing Wisdom Index is a digital tool that helps business owners assess the gaps in their succession and estate plans.
- Preparation and mentoring of the next generation are crucial for a successful business transition.
- Bringing in outside leadership can provide expertise and neutrality in managing the 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
Links:
Tom Deans on LinkedIn
Willing Wisdom
Vincent Mastrovito on LinkedIn
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