Family Business Audiocast

R. Adam Smith welcomes Kristi Daeda, CEO of The Family Business Consulting Group, to discuss the nuances of family business governance and succession planning. Drawing on insights from her 30 years of experience, Kristi shares how family enterprise leaders can build durable relationships and decision-making structures that withstand generational transitions. She emphasizes that effective family governance requires more than just policies and structures—it demands ongoing conversations that build alignment and create clear roles. The discussion explores how families can prepare next-generation leaders, integrate non-family executives, and navigate the emotional challenges of letting go during business transitions, while maintaining family financial planning objectives and preserving legacy across generations.

R. Adam Smith welcomes Dr. Kirby Rosplock, founder of Tamarind Partners and Tamarind Learning, to discuss the educational gaps facing family enterprises. With over 20 years of experience, Kirby shares insights on how her educational platform addresses crucial knowledge deficits in trust beneficiaries and next-generation family members. The conversation explores how family financial planning education impacts wealth transfer success, with Kirby noting that 90% of wealth transfer failures stem from inadequate communication and education—not technical planning. She offers practical guidance on navigating liquidity events, choosing between single and multi-family office structures, and building lasting family legacy through intentional learning.

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.

R. Adam Smith welcomes Ilya Strebulaev, tenured professor of finance and private equity at Stanford Graduate School of Business and founder/director of the Stanford GSB Venture Capital Initiative. Celebrating 20 years at Stanford, Strebulaev shares insights from his extensive research and teaching experience in venture capital and entrepreneurial finance. The conversation explores his recently published book "The Venture Mindset" and how its principles can be applied within the family business enterprise context. Strebulaev emphasizes the importance of flexibility over rigid commitment, the power of interdisciplinary collaboration, and the necessity of embracing failure while pursuing innovation. He provides valuable perspectives on portfolio construction for family wealth offices, fund manager selection strategies, and the unique position family investment offices hold in the venture capital ecosystem to capitalize on higher risk-adjusted returns through illiquid assets.

R. Adam Smith welcomes Emily Bouchard and Jim Benedict from PNC Private Bank Hawthorn for an insightful discussion on guiding ultra-high-net-worth families through business transitions. As leaders in family enterprise advisory, they share complementary perspectives on the multifaceted challenges families face before, during, and after selling a business. The conversation explores crucial pre-sale considerations including family dynamics, wealth structure, and emotional preparation along with effective governance models for family wealth office transitions. Bouchard, who leads the Institute for Family Business Success, emphasizes the importance of preserving family identity beyond the business, while Benedict provides strategic insights on recapitalization alternatives, tax considerations, and mechanisms for sustaining family harmony through structural planning. Their holistic approach demonstrates how financial planning must integrate with family financial planning to maintain legacy and purpose across generations.

R. Adam Smith welcomes Karen Costa, National Leader of the Family Office Advisory Center for RSM US. With over 20 years of tax consulting experience, Costa shares valuable insights on the evolution of family wealth office services and explores the holistic approach needed for effective family financial planning. The conversation honors her colleague Tony Wood's legacy while examining the intricacies of multi-family office structures, tax strategies for family enterprises, and the importance of women's leadership in the family business ecosystem. Costa emphasizes the need for advisors to deeply understand client goals before implementing tax strategies and discusses how RSM's global capabilities serve increasingly international family office management needs.

In this episode of The Family Business Audiocast, host R. Adam Smith welcomes Elizabeth Bagger (founder of Avante) and Lena Chihab (manager of FBN Levant) to discuss family business governance across global contexts. The experts explore the primary challenges family businesses face when establishing effective governance structures, highlighting family dynamics, intergenerational communication, and conflict resolution mechanisms as universal concerns. Bagger emphasizes how family dynamics often undermine even well-designed governance frameworks, while Chihab provides regional insights from the Middle East. The conversation examines the delicate balance between preserving legacy and fostering innovation, the increasing role of women in family wealth office leadership, and how family constitutions can serve as educational tools for next-generation engagement rather than mere control documents.