In this episode of the Let's Talk Family Enterprise Podcast, Aileen Miziolek talks with bestselling author and award-winning speaker, Dr. Thomas Deans, about mental health impacting intergenerational wealth transfers and how it led him to write his new book, The Happy Inheritor: How Successful Families Prepare Heirs and Transfer Wealth.
Guest bio:
Tom Deans
Dr. Thomas William Deans is the author of the all-time best-selling family business book, Every Family’s Business, listed by The New York Times as One of the Top Ten Books Business Owners Should Read. He followed that book with another international best-seller, Willing Wisdom, and his third book, The Happy Inheritor. He speaks full-time on the international lecture circuit.
Having delivered more than 2000 keynotes in 28 countries on four continents, Dr. Deans has built an international reputation as a thought leader on transitioning family wealth.
Key Takeaways
[:26] Aileen Miziolek welcomes Tom Deans to the podcast and asks him to share what led him to write his latest book, The Happy Inheritor.
[5:12] Dr. Deans shares his frustration around inaction when it comes to succession planning and what personality disorders might have to do with it.
[7:15] The one personality disorder that may spell business success might also cause serious family trouble.
[9:40] Personality disorders are a spectrum, and everyone exhibits some disordered traits.
[12:27] Dr. Deans shares how families can address succession head-on to avoid surprises and some warning signs to watch.
[16:48] What a facilitator can do to help families and why family advisors might want to get them involved early.
[21:00] Family meetings and advisors aren’t only for the centi-millionaires anymore.
[23:08] What cognitive dissonance is and how it paralyzes people’s decision-making process.
[28:00] Succession stress goes both ways and the next generation has a price to pay.
[31:47] Dr. Dean’s advice for advisors.
[36:34] Aileen Miziolek thanks Dr. Tom Deans for sharing so much of his knowledge and closes this episode by reminding listeners to rate and subscribe.
Mentioned in this episode
The Happy Inheritor: How Successful Families Prepare Heirs and Transition Wealth, by Dr. Thomas William Deans