Family Business Audiocast

Stephan Gerwert, Head of Family Office Services at PwC Deutschland, joins R. Adam Smith for a wide-ranging conversation on what it takes to build and sustain a modern family office — particularly within Germany's uniquely secretive ultra-high-net-worth landscape. Stephan draws on a career that spans big-bank wealth management, leading a Swiss single-family office, and co-founding a fintech platform to offer a genuinely holistic perspective. Topics include building governance from scratch using RACI frameworks, the growing importance of family succession planning, Germany's conservative capital allocation habits, cybersecurity threats facing affluent families, and the collaborative opportunity — still largely untapped — among Europe's most powerful entrepreneurial dynasties.00:00 Welcome & Introduction01:36 Guest Introduction: Stephan Gerwert and PwC Deutschland03:17 PwC Germany as an Independent, Holistic Family Advisor05:06 Stephan's Career Path07:31 Advisory Philosophy: Starting with Family Vision09:52 Building Governance from Scratch11:23 The Family Capital Ecosystem and Scaling Trends14:56 European Family Dynasties Reinvesting as Business Platforms16:00 Germany's Secretive Family Office Culture vs. the US18:29 Proactive PR and Brand Ownership for Prominent Families19:26 Germany's Economic Headwinds and Family Business Succession24:01 German Family Business Statistics and Cash Allocation26:03 Low Equity Ownership and Long-Term Implications28:06 Holistic Wealth Reporting and Technology29:56 Cybersecurity Threats Facing Ultra-High-Net-Worth Families32:39 Closing Reflections on Stewardship and Legacy

Luke Jernagan, Director of Family Learning and Culture at Matter Family Office, joins R. Adam Smith for a conversation about the relational and human dimensions of managing multi-generational wealth. Luke traces his unusual path from Episcopal ministry to family advisory work, and describes how Matter structures its engagement model around communication, shared values, and generational learning — the elements he believes sustain a healthy family enterprise over time. He covers the firm's recent merger with IWP in Denver, the philosophy behind permanent capital ownership, next-gen wealth preparedness, and how families can build a living legacy that outlasts the sale of any single business.00:00 Welcome and host introduction 01:07 Introducing Luke Jernagan and Matter Family Office 02:36 Matter's service model and family office services 04:09 Luke's path from Episcopal ministry to family advisory 07:07 What distinguishes Matter's culture and ownership structure 09:50 Communication as the foundation of family enterprise 12:30 Concentrated wealth and preparing families for a sale 15:09 Next-gen readiness and whole-family education 17:21 Human capital, Barry Wehmiller, and Kathy Lintz's vision 20:58 Trends in ultra-high-net-worth families and the industry 25:41 Stewardship curriculum and next-gen engagement 28:34 Redefining legacy beyond the family business 31:05 Closing reflections and a note on St. Louis

Amy Griman — founder of Delta Creative Group and former global president of the BMO Family Office — joins R. Adam Smith to explore what she calls the readiness gap: the distance between technically sound estate and governance structures and a family's actual preparedness to act on them. Drawing on more than 30 years at the intersection of trust law, family office services, and human capital, Amy unpacks how communication breakdowns, undefined decision-making architecture, and generational misalignment can unravel even the most sophisticated plans. The conversation spans succession, legacy, the Canadian versus U.S. wealth landscape, and how culture must inform governance — not the other way around.00:00 Welcome & Amy Griman Introduction01:53 Founding Delta Creative Group03:54 Trust & Estate Settlement: Early Career Lessons06:13 M&A, Liquidity Events & Readiness for Day Two08:48 Decision Architecture: Boards, Councils, and Charters10:46 Stress Testing Governance & Communication Cadence14:53 BMO Family Office: Platform, Culture & Client Experience17:14 Boutique vs. Institutional Advisory Models18:09 Family Culture, History, and the Ownership of Story22:36 Canadian Wealth Landscape vs. U.S. Market Dynamics24:28 Fusing Governance with Culture: G1 to G2 Transitions29:11 Defining Legacy: The Why Behind the Wealth30:10 Closing Reflections & Sign-Off

Kelly Pollock, CEO of the Burgess Family Foundation, and Betsy Cohen, philanthropic futurist and founder of FutureGood, join R. Adam Smith for a wide-ranging conversation on strategic philanthropy, community impact, and the evolving role of family enterprise in shaping long-term social change. Drawing on decades of experience in nonprofit leadership, trust banking, and futurism, Kelly and Betsy explore how family foundations can deepen community relationships, navigate generational transitions, and move from transactional giving to sustained impact. The conversation also touches on AI's emerging role in the nonprofit sector, the diverging philanthropic priorities of G1 and G2, and what it means to be a builder — not just a buyer — in your community.00:00 Welcome, Introductions & Guest Backgrounds02:01 The Burgess Family Foundation: Mission and Structure03:04 FutureGood: Philanthropic Futurism Explained04:19 Kelly's Path from COCA to Family Foundation CEO06:07 Betsy's Journey from Corporate Futurist to Philanthropic Advisor08:10 Translating Family Passion into Strategic Philanthropic Investment10:31 St. Louis Philanthropy: Depth of Community and Collaboration12:11 Collaborative Funding Initiatives Across the Region15:51 FutureProof: Bringing Nonprofits Together for Shared Planning16:35 Next Gen Engagement Inside the Burgess Family Foundation18:29 G1 vs. G2 Philanthropic Priorities and the Generational Shift20:53 Scale of Family Office Philanthropy: Data and Trends24:50 Unlocking Capital Beyond Grant Making26:37 Innovation, Risk Capital, and Scenario Planning in Philanthropy29:02 AI's Impact on Nonprofits and Family Foundations31:09 Next Gen Leadership and Being a Student of the Work35:07 Closing Reflections: Buyers vs. Builders

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

James Rosebush — Reagan White House veteran, author, and family office advisor — draws direct lines between presidential leadership and multigenerational stewardship. Having worked alongside Reagan as Chief of Staff to the First Lady, Rosebush witnessed firsthand how indifference to public opinion, deep spiritual conviction, and a relentless drive to understand "what is really going on" shaped one of history's most consequential presidencies. He translates those lessons into the realities of family enterprise: the complexity of working with difficult wealth creators, the emotional demands placed on advisors, and why integrity compounds over time just as capital does. 

Emily Balentine Barbour, Partner and Head of Client Engagement and Family Legacy at Balentine, shares her unique perspective as a third-generation member of an Atlanta-based wealth management firm. The conversation explores Balentine's journey from sale to major bank during the financial crisis back to independence in 2010, now managing $8.5 billion under advisement. Emily discusses the evolution of wealth management beyond investment performance to encompass family legacy planning, the importance of engaging spouses and next generations for retention, and how AI enhances client relationships. She emphasizes that modern family financial planning requires integrating values with financial strategy while maintaining independence from private equity pressures.

Jeremy Cheng, Principal at Lansberg Gersick Advisors, shares his approach to building learning capacity for enterprise families across Asia and beyond. Broadcasting from Hong Kong, Jeremy discusses the evolution of family business enterprise education, the importance of continuous curriculum development, and how families can embrace portfolio thinking for rising generations. He explores cultural differences between Eastern and Western approaches to family wealth office management, the role of emotional intelligence in mentorship programs, and why allowing the next generation to reinterpret legacy is essential for long-term continuity and individual freedom.00:00 Introduction to Jeremy Cheng 02:05 Journey into family enterprise advisory 04:22 Evolution of learning systems 05:07 Research and generational transitions 07:00 Gaps in family enterprise education 08:00 Curriculum development essentials 10:15 Core competencies across generations 12:30 Portfolio thinking in Asia markets 14:45 Thailand and Philippines comparisons 17:00 Rising generation venture development 19:20 Owner versus governor role clarity 22:31 Expectations and emotional intelligence 23:15 Mentorship program implementation 26:40 Governance and power dynamics 27:10 Reinterpreting legacy for freedom 29:02 Closing thoughts on continuity

David Werdiger returns to discuss his Power of Pause Institute and the concept of time as a critical leadership asset. Drawing from his experience as a second-generation family business enterprise member and decades advising high net worth families, David explores how family enterprise leaders can create clarity through intentional pause rather than constant urgency. The conversation covers stewardship principles learned from nonprofit boards, the importance of manufactured adversity in rising generation education, and navigating binary decisions like selling versus keeping family assets. David emphasizes that family wealth office governance thrives when leaders balance strategic clarity with relational awareness and treat time as their most valuable resource.00:00 Introduction to David Werdiger 01:57 Origins of the Power of Pause 04:03 Second-generation business experience 06:07 Time as a leadership resource 08:00 Leadership styles and patience 10:15 The pause practice framework 12:30 Technology and intentional time 14:45 Decision making under pressure 16:52 Rising generation preparation 20:29 Manufactured adversity concept 22:45 Binary decisions in transitions 24:49 Learning to be good owners 26:33 Making every day intentional

Dr. Jan-Philipp Ahrens, leading scholar at the University of Mannheim, discusses his groundbreaking research at the intersection of family enterprise, artificial intelligence, and sustainability. As a fifth-generation family business successor, Jan brings personal insight to his academic work leading an interdisciplinary research group that combines data science with traditional business research. The conversation explores how family businesses navigate succession, governance, and digital transformation while maintaining their unique values. Jan introduces his intelligent entity view theory, examining how family wealth office structures and organizational memory influence innovation and sustainability outcomes in an evolving global economy. 00:00 Introduction to Dr. Jan-Philipp Ahrens 02:00 The interdisciplinary research group 03:30 Research focus on sustainability and AI 05:00 Fifth-generation family business experience 08:00 Personal journey through crisis management 12:00 Academic research methodology approach 15:30 Big data and AI in business research 18:00 Sustainability challenges for firms 21:00 Family office management and governance structures 24:00 Innovation and digital transformation 27:30 Female leadership and board diversity 30:00 The intelligent entity view theory 34:00 Organizational memory and routines 36:00 Future of AI integration in firms

 Suzanne Gyorgy, Partner at Emigrant Bank Fine Art Finance, shares her expertise on the intersection of art and wealth management. With over 35 years of experience advising collectors and institutions, Suzanne explores how family wealth office strategies incorporate art as an asset class. The conversation covers art finance fundamentals, leveraging collections for liquidity without selling, and the evolution of collecting across generations. Suzanne discusses family estate planning considerations for collectors, the growing presence of women in the market, and how Emigrant's integrated approach combines advisory, appraisals, and financing services to support families worldwide.  00:00 Introduction to Suzanne Gyorgy 02:09 Core services at Emigrant Fine Art Finance 04:21 Working with family office management structures 06:19 Evolution of art finance and lending 07:37 Leveraging collections for family financial planning 09:53 Art as collateral and succession considerations 13:04 Regulatory landscape and appraisal standards 16:07 Women collectors shaping the market 19:13 Digital transformation in art acquisition 23:20 Viewing art online versus in person 25:16 Next generation collectors and trends 27:47 Liquidity management for family estate planning 28:50 New artists and accessible price points 30:32 Final thoughts on collecting and wealth 31:35 Closing remarks 

John Koeppel, partner at Lippes Mathias LLP and leader of their private equity and independent sponsor practice, joins host R. Adam Smith to explore how independent sponsors are transforming direct deal making. With over 250 transactions closed, Koeppel shares insights on why family investment office structures are increasingly backing fundless sponsors, the strategic advantages of flexible deal structuring, and the critical dynamics between sellers, sponsors, and capital partners. The conversation covers QSBS tax benefits, succession planning for family enterprise transitions, and the essential mentorship role legal advisors play in navigating complex lower middle market transactions. 00:00 - Welcome and introductions 02:17 - John's practice and client base 04:41 - Flexibility in deal structuring 06:09 - Direct deal making expansion 08:54 - Operating expertise and value 10:20 - Deal sourcing strategies 12:53 - Structure and economics 14:40 - GP commitment expectations 16:56 - Post-closing governance 18:59 - Deal timelines 20:42 - Seller rollover equity 22:29 - Exit considerations 24:35 - Common challenges 27:18 - Industry activity levels 29:27 - Seller relationship importance 31:00 - Three-party dynamics 33:22 - Mentorship and persistence 35:35 - Final thoughts and closing

Henry Brandts-Giesen, global co-chair of Dentons' high net worth group, explores the rapid evolution of private wealth in Asia and the professionalization of family office services. The conversation examines Singapore's emergence as a global wealth hub, the complexities of intergenerational transitions, and the critical role of governance in sustainable family wealth management. Brandts-Giesen shares insights on moving from founder-directed models to democratized decision-making structures, emphasizing the importance of human capital alongside financial capital. The discussion addresses philanthropy, social license, and how technology enables more sophisticated family enterprise operations across borders.00:00 - Introduction to Henry Brandts-Giesen and Dentons02:16 - Asia's wealth transformation and Singapore's rise as a hub05:38 - Generational transitions and family office management evolution09:12 - Professionalizing family wealth and governance systems12:46 - Redefining next generation succession planning15:41 - Family capital beyond financial metrics18:00 - Fundamental questions of governance and decision-making21:28 - Philanthropy, impact, and social license for family wealth office structures23:53 - Technology and the future of family business enterprise26:19 - The human element in wealth advisory28:00 - Closing remarks

Dr. Karen McNeill brings her unique expertise in history and culture to the world of multi-generational wealth advising. As founder of Verdandi and Associates and Dean of Family Stories at the Purposeful Planning Institute, she reveals how family narratives serve as strategic assets for family enterprise continuity. Karen discusses her research into women and philanthropy, highlighting figures like Phoebe Hearst who balanced significant charitable impact with savvy investing. She offers practical frameworks for integrating storytelling into family financial planning, governance, and next-generation engagement, demonstrating how shared narratives create coherence and flourishing across generations.00:00 Introduction and welcome 01:55 Karen McNeill's background in history and family wealth advising 03:19 The power of family stories as strategic assets 06:44 Best practices for documenting and preserving family narratives 10:53 Digital tools and platforms for family archives 13:02 The intersection of culture and corporate environment 15:51 Women's historical role in philanthropy 19:51 Using philanthropy to bridge generations 24:53 Expanding philanthropy's impact in America 27:19 The concept of flourishing in multi-generational families 30:19 Untapped potential of family narratives 32:33 Closing remarks

On Episode 51 of the Family Business Audiocast, R. Adam Smith welcomes Rick Holton, a seasoned family business leader, investor, and advisor whose career spans operating companies, venture capital, and private equity. As President of Holton Companies, Rick has guided a multi-generational enterprise while also fostering growth for early-stage and middle-market businesses.In this conversation, Rick reflects on his experience at the helm of a family business, where he has balanced legacy stewardship with innovation and growth. He speaks candidly about the challenges and opportunities of sustaining an enterprise across generations, and the importance of creating environments where like-minded leaders can exchange ideas and support one another.Drawing on his years as both an operator and investor, Rick shares practical lessons on leadership, strategy, and the power of trusted networks. His perspective underscores the value of aligning vision and execution—not just within a family business, but also in the communities of entrepreneurs and executives he has helped build.

On Episode 50 of the Family Business Audiocast, R. Adam Smith welcomes Jennifer East, Founder of ONIDA Family Advisors and a globally recognized advisor to family enterprises and family offices. With two decades of experience guiding multigenerational families across Europe, the Middle East, and North America, Jennifer has built a reputation for helping family businesses strengthen governance, align across generations, and prepare rising leaders to steward both assets and values. In this conversation, Jennifer draws on her unique perspective as a second‑generation leader in her own family’s Canadian hospitality business and as co‑steward of Class Afloat, a mission‑driven school at sea with a forty‑year legacy of experiential education. She shares powerful insights on defining shared purpose, designing family governance frameworks that reflect family complexity, and equipping next‑gen members to balance individual aspirations with collective goals. A Fellow of the Family Firm Institute and Chair of Campden Wealth’s European Family Office Forum, Jennifer offers a rare blend of lived experience and professional expertise—illuminating how families can thrive together across generations.

On Episode 49 of the Family Business Audiocast, R. Adam Smith sits down with Dr. Kimberly Eddleston, Schulze Distinguished Professor of Entrepreneurship and Montoni Research Fellow at Northeastern University’s D’Amore‑McKim School of Business, as well as a Research Fellow with Cornell’s Smith Family Business Initiative. Named in Stanford University’s top 2% of scientists and one of Family Capital’s top 25 family enterprise academics, Kim has dedicated her career to understanding how family dynamics can spark—and sometimes stifle—innovation within family firms.In this episode, Professor Eddleston reveals her most compelling research on turning family ties into a strategic advantage: crafting family business governance frameworks that evolve with each generation, embedding creative problem‑solving into everyday culture, and leveraging human capital to drive long‑term value. Drawing on examples from her own family’s ventures in real estate, construction, business services, and hospitality, she offers practical insights for next‑gen leaders and seasoned executives alike—showing how to harness family relationships not just as a resource, but as the very engine of a family enterprise.

 On Episode 48 of the Family Business Audiocast, R. Adam Smith welcomes Roger Vincent, founder and Chief Investment Officer of Summation Capital, a new investment firm delivering endowment-style access to private equity for family wealth offices, multi-generational family businesses, and mission-driven investors. With decades of experience in private markets, Roger previously led Cornell University's $10 billion private equity portfolio, earning top-quartile performance through deep partnerships with leading GPs. In this episode, Roger unpacks the philosophy behind Summation — how he brings institutional discipline to family enterprises and family offices seeking long-term returns that preserve and grow family wealth across generations. He shares insights on alpha generation, strategic alignment, and why culture and human capital sit at the heart of private equity success for family businesses and multi-generational family enterprises alike. 

 On Episode 47 of the Family Business Audiocast, R. Adam Smith welcomes David W. Burleigh, esteemed family business expert, fiduciary, and author of Take Ownership of What You Own: Build Your Confidence to Navigate the World of Trusts and Family Enterprise. An attorney by training, David has spent his career helping multi-generational family businesses structure ownership—not just what they own, but how—through trusts, LLCs, corporations, and partnerships managing private businesses, real estate, investment portfolios, and legacy property. David brings a rare mix of technical acumen and deep understanding of family dynamics in family enterprises. David dives into the mechanics of ownership design—how legal structures influence control, succession, and unity within families managing family wealth. David's insights illuminate how thoughtful ownership frameworks build confidence, clarity, and continuity across generations for family businesses navigating estate planning and wealth preservation. 

 On Episode 46 of the Family Business Audiocast, R. Adam Smith welcomes Laura Nanette Gambineri-Giese, LL.M. TEP, founder of Trusted Governance and expert in cross-border family estate planning, Private Placement Life Insurance (PPLI), and family governance. Drawing on her experience with internationally active family enterprises, Laura shares insights on combining technical family wealth structuring with the interpersonal dynamics of decision-making, succession, and continuity in multi-generational family businesses. She covers values-based planning frameworks, key risks in cross-border family financial planning, and the need to revisit governance as laws and family needs change. The episode also highlights how rising-generation leaders are reshaping legacy with a focus on meaning and sustainability. Whether you're an advisor, family office leader, next-gen stakeholder, or interested in family business, this episode offers a look at preserving both family wealth and unity across generations. 

 On this episode of the Family Business Audiocast, R. Adam Smith welcomes two of the world's foremost experts in family enterprise research: Luis Gomez-Mejia and Ignacio Requejo. Together, they explore the often-misunderstood dynamics of family business ownership, from the foundational role of socioemotional wealth to the ways family control affects decision-making, family office management, and long-term resilience. Drawing from decades of globally recognized research, including empirical studies on succession, legacy, and control trade-offs, Luis and Ignacio offer a deeply informed conversation on why family businesses behave differently and how those differences can be a source of strength. From olive oil cooperatives in Spain to publicly listed multi-generational family businesses, this conversation redefines what makes family enterprises sustainable in an increasingly complex world of family wealth preservation and family growth. 

R. Adam Smith hosts Shelley Forsythe, Director and Family Office Lead at BMO Private Wealth. With extensive experience in family governance, Shelley advises multi-generational families on building resilient structures that balance business priorities with family harmony. She discusses how BMO's platform integrates family office services with wealth management, serving over 700 families globally. Shelley shares insights on successful advisor collaboration, creating flexible roadmaps for legacy planning, and preparing families for business succession. She emphasizes that communication is the foundation of successful family wealth succession planning, requiring ongoing practice rather than one-time discussions.

This week on the The Family Business Audiocast, host R. Adam Smith welcomes back Richard Wolkowitz, founder of Xylogenesis and trusted family enterprise advisor. Wolkowitz breaks down nine critical differences between founder mentality and family mentality that impact family business succession. The conversation explores how governance structures can bridge these differences, the evolution of entrepreneurial thinking across generations, and strategies for empowering next-gen family members. Wolkowitz emphasizes that "healthy generational continuity" requires understanding each family member's unique strengths rather than expecting them to be carbon copies of the founder.

Adrienne Penta and Lane McDonald from SCS Financial Services join host R. Adam Smith to discuss the complex interplay between family wealth management, next-generation preparation, and legacy building. Adrienne shares insights on using philanthropy as a gateway for meaningful family conversations about wealth purpose, while Lane explores how emotional detachment in investing yields better outcomes. Both experts emphasize the critical importance of outsourcing alternative investments for family offices under $5 billion and building comprehensive values-based planning that connects wealth decisions to family purpose. The conversation highlights practical approaches to next-gen engagement and the essential balance between providing guidance and allowing independence.

R. Adam Smith welcomes Octavian Pilati, an investor, strategist, and founder of The Anti-Fragile Family consultancy. Born into an Austrian aristocratic family with a millennium of heritage, Octavian shares his unique journey into family enterprise leadership following a crisis. The conversation explores critical aspects of family financial planning in multigenerational contexts, including next-gen leadership preparation, the merit versus entitlement approach, and communication strategies that build trust. Octavian offers valuable insights on family wealth office dynamics, resilience building, and the importance of balancing internal family knowledge with external expertise when navigating transitions and succession planning.

In this fortieth episode of The Family Business Audiocast, R. Adam Smith welcomes Judith Pearson, founder of Precision Brokers and Nomadx. As a recognized leader in fiduciary risk management, Judith shares insights on evolving trust structures and insurance innovations that protect family wealth. The conversation explores private trust companies across different states, the shift in next-generation priorities, and how family financial planning intersects with risk management. Judith draws on her extensive background in D&O liability insurance to explain how trustees and family office services can navigate complex regulatory environments while ensuring proper protection during the upcoming $70 trillion wealth transfer.

R. Adam Smith welcomes Bill Stranberg, second-generation leader and managing partner at Stranberg, a firm specializing in executive search and talent strategy for family-owned businesses. Drawing from his own experience joining his parents' firm in 2013, Stranberg shares insights on the delicate balance between honoring family legacy while pursuing evolution and growth. The conversation explores the unique family enterprise challenges in hiring external leadership, including the critical importance of alignment across family members and the difficulties in transferring power from long-tenured executives. Stranberg emphasizes that successful family financial planning requires addressing both organizational culture and family dynamics when navigating leadership transitions in increasingly complex multi-generational businesses.

R. Adam Smith welcomes Robbie Heeger, founder and CEO of Endaoment, the first blockchain-powered community foundation revolutionizing philanthropy for digital asset holders. Heeger shares how his journey began with a simple quest for tax efficiency when donating cryptocurrency, revealing the gap in the market for donor-advised funds (DAFs) that could accept digital assets. The conversation explores how DAFs serve as accessible entry points for next-generation family members looking to establish their philanthropic identity within the family wealth office structure. Heeger also discusses Endaoment's dual structure as both a technology company and nonprofit, outlining his vision for democratizing philanthropy through blockchain's transparency and community governance capabilities.

R. Adam Smith welcomes economic anthropologist Bridget Kustin of Oxford Saïd Business School and Associate Professor Emanuela Rondi of the University of Bergamo for an insightful academic perspective on family enterprise dynamics. Kustin shares findings from the Ownership Project 2.0, examining how ultra-wealthy families approach impact investment and the disconnect between their self-perception and actual ESG performance. Rondi discusses her research on family business innovation, particularly how intergenerational relationships can drive digital transformation through "reverse mentorship." Together, they explore the complexities of family wealth office structures, succession planning challenges, and how evolving concepts of legacy affect multi-generational family financial planning.

R. Adam Smith welcomes Christina Wing and Maryann Bell of Wingspan Legacy Partners for an illuminating discussion on family enterprise governance and multi-generational wealth stewardship. Christina, who teaches "Demystifying Families in Business" at Harvard Business School, and Maryann bring their extensive experience helping elite families navigate the complexities of succession planning. The conversation explores how governance structures serve as "glue" for family wealth office cohesion, the evolution of board structures, and empowering next-generation family members to create their own legacies while honoring family heritage. Their insights reveal how legacy should be viewed as dynamic and living rather than static preservation.

R. Adam Smith welcomes Bobby Stover, leader of Ernst & Young's Americas Family Enterprise and Family Office Business. Bobby shares his framework of four essential pillars for successful family enterprise longevity: growth strategy, company capitalization, shareholder liquidity, and generational transition strategy. The conversation explores how technology is blurring the lines between single and multi-family office structures, while examining ways family wealth offices balance growth objectives with maintaining legacy. Bobby's expertise helps families navigate succession planning, governance, and wealth preservation challenges.

In this episode, host R. Adam Smith welcomes Brandon Henry, founder of Mosaic Advisors. Brandon shares insights from his work advising first-generation family enterprise owners whose wealth is primarily tied to illiquid assets. The conversation explores the intersection of family wealth office technical planning and the human dynamics that shape family legacy decisions. Brandon's unique "fixed fee" advisory model allows Mosaic to serve as an objective guide through complex family business transitions, especially when different generations have conflicting visions for family assets.

R. Adam Smith hosts an insightful panel discussion with three renowned family business experts: Jason Ma (CEO of ThreeEQ), Emily Bouchard (family wealth transition specialist), and Chelsea Toler (next-gen researcher and Logictry co-founder). This dynamic conversation explores the tensions between generational approaches to family investment, entrepreneurship, and governance. The panelists share practical strategies for fostering effective communication between generations, creating meaningful legacy, and developing sustainable family governance structures. Drawing from their diverse backgrounds working with family enterprises, they offer valuable insights on balancing traditional wealth preservation with next-generation innovation while maintaining family harmony across generations.

R. Adam Smith welcomes Jim Grubman, founder of Family Wealth Consulting and pioneering thought leader in the family business space. With over three decades of experience, Jim discusses his groundbreaking Wealth 3.0 paradigm, which shifts family wealth advising from fear-based strategies toward engagement and resilience. Throughout the conversation, Jim offers profound insights on preparing next-generation family members to develop healthy relationships with wealth, the importance of transparency in family financial planning, and how families can balance honoring tradition while embracing innovation. Drawing from his experience with The Ultra High Net Worth Institute and his book "Strangers in Paradise," Jim examines how legacy can evolve across generations while maintaining core family values.

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 Shaun Parkin, founder of Hall Road Investments, an Australian firm specializing in family office investment governance. Drawing from over 25 years of experience in asset management, Shaun shares insights on how his company helps family offices develop robust investment committee structures and reporting infrastructure. The conversation explores the increasing complexity of alternative investments, the importance of purpose-driven family financial planning, and effective technology solutions for portfolio tracking. Shaun also discusses his Family Office Sherpa platform, which offers valuable resources through a newsletter and podcast for family enterprise leaders navigating investment governance challenges.

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.

In this episode, R. Adam Smith welcomes Valerie Galinskaya, Managing Director and Head of the Merrill Center for Family Wealth. With 18 years of experience helping ultra-high-net-worth families, Valerie shares insights on effective family financial planning strategies and the importance of intentional communication about wealth. She discusses her framework of Five Core Competencies for family wealth management and explains why defining purpose should precede structure and dollar amounts when discussing wealth transfer. The conversation explores how family enterprise governance benefits from clear decision-making processes and how legacy planning extends beyond financial considerations.

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.

In this episode of The Family Business Audiocast, host R. Adam Smith welcomes sports industry veterans Drew Sheinman (Brand Velocity Group) and Brett Johnson (Benevolent Capital). The guests explore how their unique investment platforms are revolutionizing the sports industry through family-focused approaches. Drew shares BVG's innovative "Share the Gains" program, allocating 10% of carried interest to portfolio company employees, while Brett discusses his community-centered developments with Phoenix Rising FC and Rhode Island FC. Both demonstrate how family business enterprise values can transform investment strategies while creating sustainable wealth and community impact.

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 Wendy Diamond, Chicago Office Tax Managing Partner and head of the US Family Enterprise platform at Deloitte. With over 25 years of experience advising multi-generational businesses, Diamond shares valuable insights on family office management challenges and strategic growth opportunities in today's complex business environment. The conversation explores key findings from Deloitte's recent family enterprise survey, particularly the perception gap between current and next-generation leadership regarding succession planning. Diamond emphasizes the importance of transparency in leadership transitions, board governance evolution, and strategic talent management. She also discusses how family enterprises are increasingly diversifying their investments through private equity and other asset classes, while simultaneously addressing emerging challenges like cybersecurity and technological transformation in the family business enterprise ecosystem.

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 Dave Specht, Director of the Drucker School Global Family Business Institute and renowned family enterprise advisor. Drawing from his extensive experience at Wells Fargo and as author of "The Family Business Whisperer," Specht shares his expertise on succession planning through his innovative "Five C's" framework - contingency plans, cash flow planning, compensation, communication, and conflict management. The conversation explores how family financial planning must balance technical considerations with emotional intelligence, particularly when navigating business transitions. Specht highlights the importance of implementing advisory boards as stepping stones to more formal governance structures and discusses his collaboration with the James E. Hughes Foundation to redefine wealth as well-being within the family business enterprise ecosystem.

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 milestone episode, R. Adam Smith welcomes Kyle Chapman, President of Barry W. Miller Group, a $3 billion industrial manufacturing conglomerate. Chapman details how his family wealth office evolved from a $20 million company to a global enterprise while maintaining their people-centered leadership philosophy. The conversation explores the unique hybrid private equity model they've developed, their approach to family business enterprise governance, and how they've created a culture where caring for people drives performance. Chapman shares insights on talent attraction, innovation, and preserving legacy across generations in family enterprise.

In the nineteenth episode of The Family Business Audiocast, host R. Adam Smith welcomes Peter Vogel, Director of the Global Family Business Center at IMD Business School and Debiopharm Chair for Family Philanthropy. Vogel discusses his approach as a "pracademic" who bridges rigorous academic research with practical frameworks for family enterprises. He explains how family businesses evolve over generations from single-entity operations into complex enterprise systems with multiple holdings, describing examples of European families with thousands of members and hundreds of business entities. Vogel shares insights from his work creating practical tools like the Family Office Navigator and Family Philanthropy Navigator, emphasizing the importance of intergenerational planning for holistic transformations. The conversation explores global family office hubs, technological challenges facing family enterprises, and the strategic role of philanthropy in wealth transition.

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.

In the seventeenth episode of The Family Business Audiocast, host R. Adam Smith welcomes Jason Ma (founder and CEO of 3EQ) and Michelle Bross (founder of Tresynergy Family Office). Bross shares her journey from real estate entrepreneur to family office founder after a significant liquidity event, describing her innovative three-bucket approach to family wealth management inspired by her children's input: preservation, philanthropy, and alternative investments. Ma discusses his comprehensive framework for mentoring next-generation leaders, emphasizing both vertical goal achievement and horizontal development of mindset and skills. Together, they explore succession planning strategies, impact investing as a tool for next-gen engagement, and the importance of balancing financial returns with meaningful social impact in family enterprise development.

In the sixteenth episode of The Family Business Audiocast, host R. Adam Smith welcomes David Werdiger, a consultant to family businesses and author of "Transition." Drawing from his own experience as a founder who sold his business, Werdiger shares insights on succession planning challenges, particularly the "sticky baton" syndrome where founders struggle to relinquish control. He emphasizes the importance of maintaining entrepreneurial spirit across generations and explains how family wealth office structures can evolve beyond a single business. Werdiger discusses the emotional preparation needed for business exits, arguing that owners must create space between their personal identity and their business to maximize value during transitions. The conversation explores how family enterprises can balance financial returns with socio-emotional wealth and concludes with perspectives on family office investment advantages over institutional investors.