Common Mistakes During Family Business Estate Planning | The Family Biz Show Ep. 128

About this episode

This episode discusses common mistakes in family business estate planning and challenges prevalent assumptions about wealth transfer.

What if the biggest threat to your family business legacy isn't taxes, markets, or competition… but the way your estate plan was designed? This episode challenges one of the most accepted beliefs in family wealth: that family businesses inevitably fail by the third generation. "Why does it feel harder to talk about wealth with my kids than it does to build the business?" "How do I prepare the next generation without losing control?" "What if my estate plan is protecting the money… but hurting the family?" "Why do successful business leaders struggle with family transitions?" This conversation gives you the answer. In this powerful discussion, wealth psychologist Jim Grubman joins Michael Palumbos to unpack the hidden mistakes many families make during estate planning and generational transition. Together, they explore how fear-based planning models often create rigidity, conflict, and emotional distance inside successful family enterprises. Rather than focusing only on protecting assets, Jim explains why families must learn to adapt, communicate, educate, and evolve if they want wealth and relationships to survive together across generations. Jim Grubman is an internationally…

People in this episode

Host: Michael Palumbos

Guest: Jim Grubman

Topics covered

• family business
• estate planning
• wealth transfer
• multi-generational planning
• emotional aspects of planning
• common mistakes

Keywords

• estate planning
• family business
• wealth transfer
• emotional planning
• generational decline
• 70% myth

Mentioned in this episode

Books & works: Wealth 3.0

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