Episode 66: Dennis Jaffe on Governance, Legacy, and the Family Business Enterprise

Dennis Jaffe — organizational psychologist, senior research fellow at Banyan Global, and one of the founding voices in family enterprise consulting — joins R. Adam Smith to explore why succession so often stalls between intention and execution. Drawing on decades of work with global families and his recent collaboration with J.P. Morgan Wealth Management, Dennis reframes succession not as a single decision but as a multigenerational system built on reflection, alignment, and shared purpose. The conversation covers limiting assumptions that block action, the governance structures that hold family business enterprise together across generations, and what families truly risk when they delay.00:00 Welcome & Guest Introduction03:14 Dennis Jaffe's Opening Remarks04:01 Why Families Delay Succession06:35 Redefining Succession as a System08:40 The Power of Reflection & Mindset10:27 Succession at Scale — Large Transactions13:08 The Five-Step Succession Framework16:43 Family Governance & Wealth Complexity19:49 Selling the Family Business23:20 Next Gen Buyouts & Succession Limits26:07 Legacy, Purpose, and Long-Term Vision29:15 The Costs of Waiting31:14 Closing Thoughts & Where to Find Dennis