Episode 61: Philip Marcovici on Why Family Enterprise Fails Across Generations

Philip Marcovici — international tax lawyer, author, and advisor to ultra-high-net-worth families — joins R. Adam Smith to explore what it takes for a family enterprise to endure across generations. Drawing on decades of advising families across Asia, Europe, and beyond, Philip challenges the assumption that culture determines planning outcomes, arguing that wealth's destructive potential is universal. The conversation spans governance structures, the role of advisors, next-generation stewardship, tax system reform, and the concept of regenerative wealth — connecting the internal health of a family enterprise to its obligations and impact in the wider world.00:00 Welcome & Philip Marcovici Introduction02:22 Career Background & Baker McKenzie Years03:16 Culture, Governance & Global Family Patterns05:31 Family Enterprise: Long-Term Vision Planning08:30 Advisors, Education & Asking Better Questions10:45 Governance Structures & Legal Frameworks15:54 Using a Governance Entity Across Structures16:50 Tax Systems, Non-Dom Reform & the UK Example20:53 Corporate Tax, Family Wealth & Economic Impact23:41 Regenerative Wealth & the Family Enterprise Role in Society26:00 Internal vs. External Sustainability: Bridging the Silos30:13 Tax, Branding & Wealth's Obligation to Society32:58 Emotional Intelligence & Next-Gen Succession37:19 Closing Reflections & Sign-Off