Podcasts about tom deans

In 'The Happy Inheritor' Tom Deans explains why some inheritances don't end well and how to avoid that. Tom joins us to walk us through the successful transfer of wealth between generations.

Jeffrey Mosher welcomed three guests promoting an upcoming anchor event set for September 23rd, and tied into a Six-Day-Project. Business owners and business leaders looking to make a significant impact on their companies, families and communities are invited to a special event, Anchored, on September 23 in Detroit. This free event supports the Detroit nonprofit, Life Remodeled. With me today are: · Michael Fencil: Host of the event/ Mercury Sound & Lighting, Wixom, MI, Michael will talk about the event in beginning and end on how to register. · Chris Lambert: Founder/CEO of Life Remodeled, Detroit, MI, Chris will talk about the non-profit Life Remodeled. a Detroit-based nonprofit dedicated to city-wide transformation through neighborhood revitalization. · Dr. Tom Deans: Keynote speaker/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, Orangeville, Ontario, Canada, He also wrote another international best-seller, Willing Wisdom and his third book, The Happy Inheritor. Dr. Deans will give us a preview for his planned remarks. QUESTIONS: The special FREE one-time event is being held September 23 in Detroit for business owners and business leaders. The purpose is to support Life Remodeled, a nonprofit in Detroit and also provide inspiration for business professionals' growth. There will be 3 keynote speakers and author Dr. Deans who is with us is one of the speakers. To MICHAEL FENCIL, representing Mercury Sound & Lighting who is hosting the event. · Michael, tell us about this special event and who should come? · What should business owners and business leaders have a couple reasons to attend? Tell us about them. · Why is it being held? To CHRIS LAMBERT/Founder & CEO of Life Remodeled · Chris, for those who are unfamiliar with Life Remodeled, tell us about your mission and what you do? · I understand you have a special event coming up on the day of this event called the Six Day Project from September 23-28. What is the event about? JEFFREY/transition · There will be Three Key Note Speakers: Michael Komara: will unpack the key principles from his book, Unlimited Upside, detailing his seven F's that can help make your personal life and professional life soar! Mark Ostach, who is from Clarkston: Mark just released The Walk Forward Journal, written with his wife. Ostach will show how movement and journaling can ignite the reflection needed for emotional healing and spiritual growth. The practices he will discuss can positively impact not just you, but your family, your community and your business. AND Dr. Tom Deans. · DR. DEANS, there's a lot to running a family business. I understand you will talk about one the most challenging questions a family business owner and their family will face about money, the business and the estate. Please give us a reader's digest version. · Why is it a message every business owner needs to hear? JEFFREY: WRAP UP Great information about a special event set to be held Monday, September 23, 4:00-7:00 pm Durfee Innovation Society 2470 Collingwood Street Detroit · Michael, how can people register to attend this free event? MICHAEL: Event registration OR Mercury Sounds & Lighting: 734-507-1177, michael@mercurysl.com

In this episode, Justin sits down with Dr. Tom Deans, a renowned speaker and author on the subject of family business transitions. They discuss the complexities of passing down family businesses, the importance of selling businesses at full market value, and the pitfalls of keeping wealth concentrated in a single, illiquid asset. Dr. Deans shares his personal journey and the lessons he has learned from running and selling multiple family businesses.  Learn more about The Value Growth Academy: https://thevaluegrowthacademy.com/learn-more ThomasWilliamsDeans.com

Dr. Tom Deans is the author of three books on the subject of familywealth transfers. His first book, Every Family's Business: 12Common Sense Questions to Protect Your Wealth, remains thebest-selling family business book of all-time and was selected by TheNew York Times as one of the top-ten books business owners shouldread. The book has sold more than 1.5 million copies worldwide. His second book, Willing Wisdom: Seven Questions SuccessfulFamilies Ask, reached #2 on the Globe and Mail's best-sellers List.The book has received critical acclaim for its controversialexplanation of why 15 million Canadians do not have a legal will.Willing Wisdom continues to stir debate on the merits of disclosing awill with intended beneficiaries. In May 2024, Dr. Deans released The Happy Inheritor: HowSuccessful Families Prepare Heirs and Transfer Wealth, the thirdand final book in his Family Wealth Trilogy. The book examines how many successful families transfer wealthwith the help of their advisor through the use of facilitated familymeetings to bring predictability and transparency to their estate plans.For families who struggle with this process, the book offers insightsinto why. This ground-breaking book reinforces the importance offamily philanthropy in preparing the next generation for the $300million that is inherited every day by Canadians. Having delivered more than 2000 speeches in 28 countries, he isregarded as the preeminent thought-leader on the subject of inter-generational wealth transfers. With his family selling businesses for more than $100 million, prepareto unlearn everything you thought you knew about transitioning familywealth. Deans is a graduate Mount Allison University, McMaster Universityand earned a Ph.D. from the University of Warwick in England. His books and speeches aren't just about money and clever taxplans. They're about giving people the confidence, inspiration andthe tools to begin important family conversations about the last taboo– money. To learn more about Dr. Deans and his books, visithttps://www.thomaswilliamdeans.com/.

In this week's episode of Built to Sell Radio, we are joined by Tom Deans, a renowned expert on family business transitions and the author of the trilogy, Every Family's Business, Willing Wisdom, and The Happy Inheritor. Drawing from his extensive experience, Tom shares invaluable strategies to help you navigate the complexities of selling a family business. 

In this episode, Aileen Miziolek talks with bestselling author and award-winning speaker, Dr. Thomas Deans, about the impact of mental health on intergenerational wealth transfers and how it led him to write his new book, The Happy Inheritor: How Successful Families Prepare Heirs and Transfer Wealth. Welcome to Let's Talk Family Enterprise, a podcast that explores the ideas, concepts, and models that best serve Family Enterprise Advisors in supporting their clients. All views, information, and opinions expressed during this podcast are solely those of the individuals involved and do not necessarily represent those of Family Enterprise Canada.   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.   You can learn more about Tom Deans on his website and LinkedIn.   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.   If you enjoyed today's episode, you can subscribe to Let's Talk Family Enterprise on Spotify, Apple Podcasts, and other podcast apps. Please remember to share this episode with family, friends, and colleagues. Share your thoughts with us at fea@familyenterprise.ca.   Mentioned in this episode The Happy Inheritor: How Successful Families Prepare Heirs and Transition Wealth, by Dr. Thomas William Deans   More about Family Enterprise Canada Family Enterprise Canada FEC on Facebook FEC on Twitter FEC on LinkedIn

The complexities of passing on a legacy and managing family dynamics can be overwhelming, especially for first-generation business owners. As their advisor, how can you help prepare their heirs and transition wealth smoothly? Find out as Duncan MacPherson speaks with Tom Deans, Ph.D., intergenerational wealth expert, speaker, and best-selling author of “Every Family's Business” and … Continue reading Transitioning Next-Gen Wealth with Tom Deans (Ep. 56) →

In this episode, Patti Durand and Tom Deans address incorrect assumptions people make about estate planning and why having a current, well-considered will is a critical part of any transition. 

Do you know what's keeping your clients up at night? For a lot of them, it is this question, what happens to their hard-earned wealth when they pass away? In other words, it's the absence of an estate plan. In this episode, Duncan MacPherson speaks with Julia Norman, associate lawyer at Pushor Mitchell LLP, and … Continue reading How To Fulfill Your Clients' Deepest Estate Planning Needs with Julia Norman and Tom Deans, Ph.D. (Ep. 20) →

Many business owners eventually come to the point where they will be moving on from the business they passionately built over the years, and having a good exit strategy will help them navigate this important and intimate event in their journey of entrepreneurship. This week on Grow Money Business, we have a distinguished guest, Scott Snider, the President and the co-owner of the Exit Planning Institute (EPI). Scott is an industry leader, growth expert, and entrepreneur. Throughout the episode, he discusses how he assists company owners in developing substantial businesses while also aligning their own financial objectives and personal purposes. He also explains several vital factors that every business owner should consider when exiting their company. [03:26] Current Role – Scott talks about his current role and how he helps businesses with exit planning. [06:40] Perfect Exit - Scott shares his insights about the perfect exit to a business owner who is about to do so in a few years. [10:23] Emotional Hurdles - Scott expresses his thoughts on managing psychology and people's emotional hurdles along the business exit process. [14:12] CEPA - CEPA is an acronym for Certified Exit Planning Advisor. Scott gives a brief explanation for the entire CEPA process. [18:54] Exit Strategy for Young Entrepreneurs - Scott leaves a message to all the young business owners out there. [20:21] Scott's Story- Scott emphasizes the significance of not letting your business define you while sharing his story and takeaways from his past experience. [29:35] Family Business – Explaining the nature of the family business, Scott shares how he and his father work together in their family business. [41:43] Vision - CEPA is suitable for any advisor who wants to learn how to help an owner position their company for a successful and significant exit. Scott broadly talks about the vision of the Exit Planning Institute. [47:43] Future Plans - Having explained the concept of the wealth gap, Scott explains the future plans for his business. [53:33] Research Findings -Scott shares details about one of his recent researches and exciting factors they discovered through it. Resources Connect With Scott: LinkedIn: linkedin.com/in/scott-snider-epi/ Website: exit-planning-institute.org Facebook : facebook.com/exitplanninginstitute/ Instagram: instagram.com/exitplanninginstitute/ Mentioned in the Episode: Certified Exit Planning Advisor: exit-planning-institute.org/program/certified-exit-planning-advisor/ Owner Readiness: exit-planning-institute.org/state-of-owner-readiness/ Every Family's Business by Tom Deans: https://everyfamiliesbusiness.com/book/ Traction by Gino Wickman: https://www.audible.com/pd/Traction-Audiobook/B00A9ZO7T6

In this episode of ‘Conversations on Wealth', host Sarah Widmeyer speaks with Tom Deans, an intergenerational wealth expert, about the importance of completing a will and engaging with your family in the process to take the fear out of writing it.

When it comes to continuity and succession planning, family investment legacy, and all of the dynastic realities that come about when money goes into motion, business owners need a plan—and they need an expert to help them develop that plan. In this podcast, Duncan is joined by special guest Tom Deans, Ph.D., intergenerational wealth expert, … Continue reading How to Attract Business Owners With Tom Deans, Ph.D. →

Over 50% of Canadians either do not have a will, or it is outdated. Most of us don't like to talk about death, but failing to plan for it can lead to a lot of chaos and anger for the loved ones we leave behind. In this episode, Richard and Matt are joined by Tom Deans the author of "Willing Wisdom - 7 Questions Successful Families Ask." We discuss a refreshing new way to address family estate planning through a collaborative process between beneficiaries and the intentions and values of your legacy. Click the link below to complete your own Willing Wisdom Index. Welcome to the Willing Wisdom Index | Willing Wisdom

The pandemic has given us all the time and perspective to consider how we would like to plan our will and estate. More than 50% of Canadians do not have a will and a staggering 80% of Canadians who do have a will, have badly outdated documents. What are the top mistakes and practical remedies? Joining us is #1 all-time best-selling family business author Dr. Tom Deans and David Barnsdale. David is a Certified Financial Planner with The Barnsdale & Hussain Wealth Management Group of RBC Dominion Securities. Dr. Tom Deans is currently the President of Détente Financial Press, which specializes in offering advanced executive training for financial institutions, charities, as well as legal and accounting firms.

The pandemic has given us all the time and perspective to consider how we will transition our business. Prepare to unlearn everything you thought you knew about transitioning your business as we discuss exit planning for business owners. Joining us is #1 all-time best-selling family business author Dr. Tom Deans and David Barnsdale. David is a Certified Financial Planner with The Barnsdale & Hussain Wealth Management Group of RBC Dominion Securities.  Dr. Tom Deans is currently the President of Détente Financial Press, which specializes in offering advanced executive training for financial institutions, charities, as well as legal and accounting firms.

We learn how to prepare a will and plan an estate during a pandemic with financial planners David Barnsdale and Dr. Tom Deans. We also discuss why email marketing is a crucial part of your business strategy with the small social company Catherine Colasimone. We get an overview on a reimagined new normal with Peter Hall and Brad Butt gives us our political update. But first: With vaccination rates rising, will they become mandatory? KMB Law labor lawyer Jonathan Borrelli shares his insight.

125 million American and Canadian Citizens over the age of 18 do not have a legal will. On this episode, listen to Tom Deans as he explains why you need to ensure that you are not part of that statistic. Tom advocates making one of the most secretive documents in one’s life into a collective work of art. You will learn to think of the creation of your will as an opportunity to share what is most important to you with those who are most important to you. For more on this visit: willingwisdom.com

Every Family’s Business challenges the idea that successful family businesses must keep family issues and business issues separate. Tom believes this separation is impossible and that most family businesses are set up from the beginning to fail because they attempt it. Tom offers a compelling argument for why families should be clear about when they will sell the business and to whom. Families that are upfront and realistic about their goals for transitioning ownership of the company can avoid family conflict. In this episode, Tracy and Tom chat about: Tom shares his personal and professional experience in the family business arena and why he is so passionate about the subject. His family has an incredible story of how three generations have founded, operated, and sold their private and publicly traded companies for a combined value exceeding $100 million. We chat about how business owners and farmers look at their family farm incorrectly. We tend to look at it as our legacy or "our baby" when it should be viewed as a vehicle to create and transfer wealth to the next generation. We chat about how mindlessly passing the farm down from generation to generation plays into the shirt sleeves to shirt sleeves phenomena. Multi-generation farms generate a lot of pride and place a lot of pressure on farm children. Often farm children are pressured into staying on the farm when they would rather be doing anything else. Love the farm and want to stay? Tom has a unique standpoint on transferring the farm to the next generation and how it should be done.  Tune in to find out more. …………………………. Make sure to grab a copy of Tom's book today http://vlt.me/.2zce7 or Enter to win your copy. Sign up to become an Impact Farming Insider. Why? First off, you will be the first to receive notifications about new episodes. Secondly, our Insiders are automatically entered to win all contests and giveaways. For the fall books series we are really stepping it up and we will be giving away copies of books from every author that we interview. ENTER HERE TO WIN A COPY https://www.farmmarketer.com/impact_farming_show/sign-up 

Financial advising isn’t just about what an individual should do with their money while they’re still alive. It’s also about their family and what happens to wealth after an individual passes away. Wills, estate planning, powers of attorney, and healthcare directives are all important things that a financial advisor’s clients should be thinking about, and that means that financial advisors need to think about them as well. Today’s guest is Tom Deans. Tom is a professional speaker and the author of two best-selling books that deal with the intergenerational transition of family wealth: Every Family’s Business and Willing Wisdom. Listen to the episode to hear what Tom has to say about why there’s an estate planning gap, how advisors can fill that gap, and what kind of effect the COVID-19 crisis has had on the subject of estate planning. Topics Discussed in This Episode: How Tom became focused on the issue of estate planning (3:37) Why Canada has an intergenerational wealth issue (6:10) How advisors can fill the estate planning gap and provide advice to their high net-worth clients (12:01) What Tom has noticed about the culture of families that transfer wealth successfully (15:16) What is The Willing Wisdom Index (23:09) Whether there are any trends over the last few months related to COVID-19 (26:57) Links and Resources: For a free software trial: Sales@willingwisdom.com Call Tom: (519) 938-2069 Willing Wisdom Quotes From the Show: “Estate planning isn’t just about answering the question ‘Who gets my stuff when I’m dead?’ There’s a whole part of estate planning that’s very much about the living.” “A will is like an MRI for a doctor - the will and a conversation about a will reveals everything.” “Wealth has always been about family and family relationships.” Tom provides a unique perspective from outside of the traditional financial planning industry at how advisors can grow into an untraditional niche. His many successes in publicizing the issues facing intergenerational wealth position him to provide insight to all advisors on how they can grow their business by opening discussions on estate planning with their clients. Below, we will be discussing three key ideas from today’s episode:

On this show, Ed had an opportunity to visit Tom Deans who is a wealth of knowledge. Tom Deans is the author of Willing Wisdom and Every Family’s Business. Tom is probably the foremost thought leader on family businesses and the unique dynamic associated with it. Having a podcast is one of those things where you get an opportunity to visit with people that are way over your pay grade and Tom was one of those guys to Ed as he has been following his work for a long time. Tom has so many good value nuggets to share in this episode. Enjoy this conversation with Tom Deans! ************ For past guests, please visit: https://www.defendersofbusinessvalue.com/dbv-podcast/ Sign up for the Legacy Exit newsletter here For show notes, go to: https://www.defendersofbusinessvalue.com/e048/   Follow Ed: Connect on LinkedIn: https://www.linkedin.com/in/edmysogland/ Twitter: twitter.com/edmyso Instagram:instagram.com/defendersofbusinessvalue Facebook:facebook.com/bvdefenders

Award-winning speaker and Globe and Mail best-selling author and international speaker Dr. Tom Deans believes that the unprecedented wealth transfer in Canada of $1 trillion will transform lives, culture, and the nation itself. Thought-provoking and contrarian, Deans is the author of Every Family’s Business, […] The post Tom Deans on the Importance of Estate Planning and How to Have These Conversations With Clients appeared first on Becoming Referable.

Today’s #RealagRadio features the top ag news of the day, a product spotlight on the TruFlex trait’s fit for #Cdnag, and Tom Deans with top succession planning tips. Listen to @RURALRADIO147 at 4:30 Eastern/2:30 Mountain! #westcdnag #ontag Top ag news stories of the day with host Shaun Haney; Andrew Chisholm of Bayer CropScience, with a... Read More

Today’s #RealagRadio features the top ag news of the day, a product spotlight on the TruFlex trait’s fit for #Cdnag, and Tom Deans with top succession planning tips. Listen to @RURALRADIO147 at 4:30 Eastern/2:30 Mountain! #westcdnag #ontag Top ag news stories of the day with host Shaun Haney; Andrew Chisholm of Bayer CropScience, with a... Read More

Join Duncan MacPherson and Tom Deans, Best Selling Author of Every Families Business, in this in-depth podcast. Tom and Duncan discuss a proven approach to attracting first generation affluent business owners and how to get their families down from the summit successfully. Tom's book Every Family's Business has been selected by prominent New York Times business blogger Josh Patrick as one of 10 books that every business owner should read. The books on the list detail how to ensure success, manage crisis, and, in the case of Every Family's Business, determine the best exit strategy. Much of this podcast centers around the concepts and strategies pulled from this book This podcast on demand was recorded live on April 22nd, 2020. Click here for iTunes Click here for Google Play

Join Duncan MacPherson and Tom Deans, Best Selling Author of Every Families Business, in this in-depth podcast. Tom and Duncan discuss a proven approach to attracting first generation affluent business owners and how to get their families down from the summit successfully. Tom's book Every Family's Business has been selected by prominent New York Times business blogger Josh Patrick as one of 10 books that every business owner should read. The books on the list detail how to ensure success, manage crisis, and, in the case of Every Family's Business, determine the best exit strategy. Much of this podcast centers around the concepts and strategies pulled from this book This podcast on demand was recorded live on April 22nd, 2020. Click here for iTunes Click here for Google Play

Tracy interviewed Dr. Tom Deans at the FCC Young Farmer Summit in Winnipeg after he gave his presentation about transitioning the family farm to a group of eager young farmers. To open the discussion, Tracy asked Tom what farmers were doing wrong when it comes to farm transition. “I think what farmers are doing wrong when it comes to transitioning the farm is….they are doing nothing,” he conceded. Tom confidently stated that he believes that silence is the great destroyer of the Canadian family farm. He then went on to say that it’s not the farm families that talk about the farm transition or the ones that have annual meetings with their farm advisors present. These farms are the ones that successfully transition the farm. It’s the farmers that are so overwhelmed by the complexity, the emotional tug on the heart strings, and the preservation of the legacy. These are the ones that wrap the discussion in silence and end up destroying their wealth and family relationships. These are the farms that do not transition. Tom’s opening statement was incredibly powerful, and it led to a powerful conversation about the challenges that surround transitioning the family farm. If you farm with family, this episode is for you! Tune in now…

Summary:In the 2nd episode of Financial Planning for Canadian Business Owners, Jason Pereira, award-winning financial planner, university lecturer, writer, and host of the podcast Fintech Impact, welcomes Dr. Tom Deans, estate and family succession planning expert and author of NY Times Bestseller Every Family's Business, to talk about how to handle exit planning with your business, especially when family succession is involved. Episode Highlights: ● 01:29: – Tom shares his background and how he ended up working in his family's business. ● 03:20: – Only 20% of business owners sell their business. ● 03:40: – Tom's fundamental idea is that you shouldn't gift your business to your children, but sell it to them at full market value. ● 06:00: – It's impractical and damaging to teach your kids to expect that the only way they'll have control over their finances and relationship to the family business is to wait for their parents to die. ● 08:40: – Every time Tom hears a story of family business drama across industries and around the world, he has heard it before; these are universal patterns. ● 10:09: – Gifting voting shares to the next generation makes it difficult for them to innovate inside the business; because they didn't pay for it, they don't feel they have the authentic permission to change or alter it but instead preserve it. ● 11:45: – Shift your perspective from preserving the business itself to preserving wealth. ● 13:15: – Very successful dynastic families like the Rockefellers taught their children about risk taking, the successes and failures, and to love business broadly instead of loving their family's specific business. ● 16:15: – Question 1: What does our family business look like in 5 years? ● 18:12: – Question 2: Are you interested in selling your stock? If yes, to whom? ● 19:43: – Because people are living longer, succession planning is just getting delayed. ● 22:06: – Question 3: Are you interested in buying stock and acquiring control, yes or no? ● 22:42: – Question 4: Do you understand and agree that in order to maximize shareholder value, this business can be sold to a third party at any time? ● 25:30: – People think their business is their legacy, but people don't even know the name of who founded Coca-Cola. ● 26:36: – Question 5: I agree that within 60 days I will put in place special compensation for my child/key employee in the event that the business is sold in the next 5 years. ● 28:42: – Question 6: As a fundamental principle, I understand that from time to time, people receive unsolicited offers from a third party to acquire the business. These offers will be considered and accepted at the discretion of the controlling shareholder. ● 29:47: – Question 7: In preparation for the annual update of this blueprint, I will arrange for an updated valuation of the business and calculate whether there is an appropriate amount of insurance in place. I will furnish evidence that this has been done, and the estate taxes will not impair the ability of this corporation to function after my death. ● 32:00: – When a business fails after children inherit it, we all rush to judgment and blame the next generation, when really it was the responsibility of the business owner to establish a transition plan. ● 35:27: – Question 8: What are at least three items in each of the following four categories that could affect the health of your business for the next five years? Strengths, Weaknesses, Opportunities, and Threats. ● 36:26: – Question 9: To secure our future prosperity together, should we either A) continue to run the business and invest more money into our company, or B) practically pursue the sale of our company? ● 38:22: – Question 10: Within 60 days of completing this blueprint, you will complete a salary and bonus compensation review. ● 38:35: – Many business owners will complete a salary review for everyone but their children, and they're just as often underpaid and exploited as they are overpaid. ● 40:30: – Question 11: I agree to conduct an annual performance review. ● 40:48: – Even your children need performance reviews in order to feel ownership over the business. ● 41:25: – Question 12: Within 60 days of completing this blueprint, I will present an up to date job description to all family members/key employees working in the business that clearly describes their duties and responsibilities. ● 43:10: – When selling a business, the buyer often wants things like organizational charts and job descriptions, and the only way you'll get top dollar on the sale of your business is if you have those things ready. ● 43:43: – In business, you really make your money on your way out, not along the way. 3 Key Points 1. Not everyone wants to take over their family's business, so these questions are designed to make sure you have both a willing seller and a willing buyer. 2. The responsibility for a smooth, successful transition is on the business owner, not their children. 3. Treating your children like fully valued employees is crucial for their long-term involvement and dedication to the company. Tweetable Quotes: ● “What happens is the previous generation designs, quite unwittingly, the business to fail in the hands of the next generation. It's not their desire, but gifting the voting shares makes it very difficult for the next generation to innovate inside the business.” –Tom Deans ● “The next gen, when they have their own ideas, and many of those visions for the five years are in contrast with the controlling shareholder, the parent, that's not a problem, that's an opportunity.” –Tom Deans ● “Starting from a pool of thousands of resumes, you're telling me in a family business, from a pool of two kids, the statistical likelihood that you're gonna find the best CEO for that business?” –Tom Deans Resources Mentioned: ● Website – Jason Pereira's Website ● Facebook – Jason Pereira's Facebook ● LinkedIn – Jason Pereira's LinkedIn ● Every Family's Business by Dr. Tom DeansFull Transcript See acast.com/privacy for privacy and opt-out information.

Dr.Tom Deans is an Entrepreneur and the author of “Every Family's Business: 12 Common Sense Questions to Protect Your Wealth”, a book that has sold more than a million copies in more than 100 countries and been selected by the New York Times as one of the top ten books that business owners should read.…Continue reading ➞ Dr. Tom Deans, CEO and Author, Why Silence is Killing Family Business Succession Planning – Episode 84The post Dr. Tom Deans, CEO and Author, Why Silence is Killing Family Business Succession Planning – Episode 84 first appeared on Mike Malatesta.

Dr.Tom Deans is an Entrepreneur and the author of “Every Family’s Business: 12 Common Sense Questions to Protect Your Wealth”, a book that has sold more than a million copies in more than 100 countries and been selected by the New York Times as one of the top ten books that business owners should read.…Continue reading ➞ Dr. Tom Deans, CEO and Author, Why Silence is Killing Family Business Succession Planning – Episode 84

Summary:In this 95th episode of Fintech Impact, Jason Pereira, award-winning financial planner, university lecturer, writer, and host welcomes Thomas William Deans, founder of the Willing Wisdom Index and author of Every Family’s Business, about how his tool helps both clients and advisors improve outcomes. Episode Highlights: ● 00:43: – The Willing Wisdom Index is a client advising tool used as a conversation starter. ● 01:34: – 80% of inherited money is taken to a new financial advisor because no one reaches out to the surviving family. ● 03:00: – His main message in his book Every Family’s Business is that you shouldn’t gift your family business to your kids; they should have to risk their own financial capital to buy it. ● 03:42: – Family business owners are less likely to have a will. ● 05:48: – Leaving your estate in disarray when you die can create so much future resentment from surviving family. ● 06:22: – Half of all financial advisors don’t have their own will, or financial succession planners without their own financial succession plan. ● 08:13: – Using the Willing Wisdom Index gives you a checklist to go through, and then provides you with your to-do list to work on with your financial advisor and takes about 8 minutes. ● 11:09: – The advisor should have copies of all the documents so that when a client gives instruction, you can make sure it isn’t conflicting or nullifying other documents. ● 11:53: – The risk of problems arising increases with older clients who may have some level of dementia, so not only do the clients need to be protected, but there are obvious business liability issues as well. ● 13:41: – Advisors get better results when there is transparency with the clients and they share their report from the Willing Wisdom Index with their clients. ● 14:30: – Using the tool isn’t about getting a perfect will immediately but about gaining confidence and comfort with the subject in order to be able to revisit it each year. ● 16:20: – The Index makes recommendations to increase your score, like ensuring the client has a lawyer, power of attorney documents, a healthcare directive, etc. ● 17:15: – Advisors should be having family meetings so they get to know the spouses and children money is being left to in wills. ● 18:02: – Even the children with average wealth who are seen as unprofitable clients are the future big ticket clients because they are the ones who will end up with the inherited wealth. ● 19:30: – The Index serves as a prospecting tool as well because you can simply share the link for those who are curious. ● 20:50: – When advisors say they’re looking for clients with high net worth, Tom asks what they’re doing to attract families. ● 23:06: – It is much harder to disregard someone’s wishes when they have told you directly, face-to-face, in a family meeting, than it is to ignore a piece of paper. ● 24:58: – Tom wishes more advisors had the confidence to do their own estate planning. ● 28:26: – Tom suspects that people with a will tend to live longer because of reduced stress, contradicting the superstition that it hastens death. ● 30:56: – Success in the industry tends to be measured by production not client outcome or retention. 3 Key Points 1. Client retention is achieved through referring family members, which will happen organically through the process of estate planning. 2. Advisors can improve client relations through transparency and personal stories of following their own advice. 3. Having difficult conversations now has massive payoff later when you’re dealing with the death of a loved one. Tweetable Quotes: ● “I love the advisors who are in the business of succession planning with their clients yet they have no succession plan of their own. It’s like, do you go to a chef who doesn’t eat his own cooking?” –Tom Deans ● “It’s one thing to hear it on a piece of paper from a lawyer, it’s something else entirely for us to sit down and for them to hear from mom and dad directly. It’s a lot harder to disregard that wish when it’s told to you.” –Tom Deans Resources Mentioned: ● Facebook – Jason Pereira’s Facebook ● LinkedIn – Jason Pereira’s LinkedIn ● FintechImpact.co – Website for Fintech Impact ● https://willingwisdom.com/ ● Tom Deans: Twitter, Linkedin, YouTube See acast.com/privacy for privacy and opt-out information.

It isn’t easy to grow a successful business. It’s even harder to let go of one, especially when family is involved, and few people understand this better than Tom Deans. He’s built and sold companies worth over $100 million across three generations and speaks at over 100 events each year. Tom is the author of Every Family's Business: 12 Common Sense Questions to Protect Your Wealth. With over 750,000 copies sold, it’s the bestselling family business book of all time, as well as one of the New York Times’ 10 books every business owner should read. In his new book, Willing Wisdom, he explores the link between money, care, and death with dignity - something we all need to be talking about. Today, Tom joins the podcast to talk about the common issues that tear families apart as they discuss exits and succession planning, how business owners can get over their fears and plan for the next stage of their lives, and why selling your business is never taking the easy way out.   Get the full show notes MarkKravietz.com   Subscribe, Rate & Review the Podcast MarkKravietz.com/subscribe

Dr. Tom Deans and I discuss a topic that is way too common in the business world. Gifted family businesses. This traditional approach to business is still very much alive and well, but Tom is of the opinion it is a practice that needs to die. The author of Every Family’s Business is a firm believer that every business should be sold, including to family members. Tom presents a logical and compelling argument that business owners need to get out of their own way and allow their company to go to market. Buying your family company is a much healthier model that makes sure that the right people own and run the company. Tom defends his position and explains how he came to his opinion. What you will learn: Tom’s professional background. Why the book is considered controversial. The 2 camps that have the strongest resistance to Tom’s message. The typical family business story and what’s wrong with it. Why Tom joined his family business. The importance of family meetings and open conversations. Tom’s goal for the book. How to redefine the term “legacy.” Lessons all aging founders need to take away from Tom’s book. How to discourage family animosity and misunderstanding. Tom’s second book, Willing Wisdom. The conversations every family needs to have regarding the business. How to run a family meeting. Give your family the freedom to be themselves. Takeaways: Sit down with your family and have a family business meeting. Discuss all the financial stuff, all the past and current disagreements, and just try to get to an open and healthy place. For the sake of your family and the business. Links and Resources: GEXP Collaborative Every Family’s Business website Willing Wisdom website About Tom: Tom Deans Ph.D. is the author of Every Family’s Business: 12 Common Sense Questions to Protect Your Wealth, selected by the New York Times as one of the Top Ten Books Business Owners Should Read. With more than a million copies in circulation, Every Family’s Business is the best-selling family business book of all-time. The sequel, Willing Wisdom is also an international best-seller that answers the question “How prepared is your family to inherit?” His research and thought leadership on the subjects of wealth transfers, preparing heirs and family dynamics has made him an in-demand speaker. Since the release of his first book in 2008, Tom has delivered more than 1000 paid speeches in 20 countries. He has also provided advanced training to advisors employed by the world’s largest financial institutions, law firms, and accounting firms. His thought-provoking and contrarian approach to business succession planning and family wealth transitions leave audiences motivated to take action and to work closely with their advisors. Dr. Deans is also the Founder of the Willing Wisdom IndexTM a new digital client engagement tool for advisors to use with prospects and clients to answer the question: “How Prepared is Your Family to Inherit?” The Willing Wisdom Index is offered as a subscription service to advisors who want to build a bridge to the next generation of inheritors. It is also used by advisors as a sales wedge to pry HNW clients from advisors who offer no estate planning support. For more information on the Willing Wisdom IndexTM, visit www.WillingWisdomIndex.com Dr. Deans is a frequent guest commentator on the subjects of business succession planning and intergenerational wealth transfer

Dr. Tom Deans and I discuss a topic that is way too common in the business world. Gifted family businesses. This traditional approach to business is still very much alive and well, but Tom is of the opinion it is a practice that needs to die. The author of Every Family’s Business is a firm believer that every business should be sold, including to family members. Tom presents a logical and compelling argument that business owners need to get out of their own way and allow their company to go to market. Buying your family company is a much healthier model that makes sure that the right people own and run the company. Tom defends his position and explains how he came to his opinion. What you will learn: Tom’s professional background. Why the book is considered controversial. The 2 camps that have the strongest resistance to Tom’s message. The typical family business story and what’s wrong with it. Why Tom joined his family business. The importance of family meetings and open conversations. Tom’s goal for the book. How to redefine the term “legacy.” Lessons all aging founders need to take away from Tom’s book. How to discourage family animosity and misunderstanding. Tom’s second book, Willing Wisdom. The conversations every family needs to have regarding the business. How to run a family meeting. Give your family the freedom to be themselves. Takeaways: Sit down with your family and have a family business meeting. Discuss all the financial stuff, all the past and current disagreements, and just try to get to an open and healthy place. For the sake of your family and the business. Links and Resources: GEXP Collaborative Every Family’s Business website Willing Wisdom website About Tom: Tom Deans Ph.D. is the author of Every Family’s Business: 12 Common Sense Questions to Protect Your Wealth, selected by the New York Times as one of the Top Ten Books Business Owners Should Read. With more than a million copies in circulation, Every Family’s Business is the best-selling family business book of all-time. The sequel, Willing Wisdom is also an international best-seller that answers the question “How prepared is your family to inherit?” His research and thought leadership on the subjects of wealth transfers, preparing heirs and family dynamics has made him an in-demand speaker. Since the release of his first book in 2008, Tom has delivered more than 1000 paid speeches in 20 countries. He has also provided advanced training to advisors employed by the world’s largest financial institutions, law firms, and accounting firms. His thought-provoking and contrarian approach to business succession planning and family wealth transitions leave audiences motivated to take action and to work closely with their advisors. Dr. Deans is also the Founder of the Willing Wisdom IndexTM a new digital client engagement tool for advisors to use with prospects and clients to answer the question: “How Prepared is Your Family to Inherit?” The Willing Wisdom Index is offered as a subscription service to advisors who want to build a bridge to the next generation of inheritors. It is also used by advisors as a sales wedge to pry HNW clients from advisors who offer no estate planning support. For more information on the Willing Wisdom IndexTM, visit www.WillingWisdomIndex.com Dr. Deans is a frequent guest commentator on the subjects of business succession planning and intergenerational wealth transfer

Dr. Tom Deans and I discuss a topic that is way too common in the business world. Gifted family businesses. This traditional approach to business is still very much alive and well, but Tom is of the opinion it is a practice that needs to die. The author of Every Family’s Business is a firm believer that every business should be sold, including to family members. Tom presents a logical and compelling argument that business owners need to get out of their own way and allow their company to go to market. Buying your family company is a much healthier model that makes sure that the right people own and run the company. Tom defends his position and explains how he came to his opinion. What you will learn: Tom’s professional background. Why the book is considered controversial. The 2 camps that have the strongest resistance to Tom’s message. The typical family business story and what’s wrong with it. Why Tom joined his family business. The importance of family meetings and open conversations. Tom’s goal for the book. How to redefine the term “legacy.” Lessons all aging founders need to take away from Tom’s book. How to discourage family animosity and misunderstanding. Tom’s second book, Willing Wisdom. The conversations every family needs to have regarding the business. How to run a family meeting. Give your family the freedom to be themselves. Takeaways: Sit down with your family and have a family business meeting. Discuss all the financial stuff, all the past and current disagreements, and just try to get to an open and healthy place. For the sake of your family and the business. Links and Resources: GEXP Collaborative Every Family’s Business website Willing Wisdom website About Tom: Tom Deans Ph.D. is the author of Every Family’s Business: 12 Common Sense Questions to Protect Your Wealth, selected by the New York Times as one of the Top Ten Books Business Owners Should Read. With more than a million copies in circulation, Every Family’s Business is the best-selling family business book of all-time. The sequel, Willing Wisdom is also an international best-seller that answers the question “How prepared is your family to inherit?” His research and thought leadership on the subjects of wealth transfers, preparing heirs and family dynamics has made him an in-demand speaker. Since the release of his first book in 2008, Tom has delivered more than 1000 paid speeches in 20 countries. He has also provided advanced training to advisors employed by the world’s largest financial institutions, law firms, and accounting firms. His thought-provoking and contrarian approach to business succession planning and family wealth transitions leave audiences motivated to take action and to work closely with their advisors. Dr. Deans is also the Founder of the Willing Wisdom IndexTM a new digital client engagement tool for advisors to use with prospects and clients to answer the question: “How Prepared is Your Family to Inherit?” The Willing Wisdom Index is offered as a subscription service to advisors who want to build a bridge to the next generation of inheritors. It is also used by advisors as a sales wedge to pry HNW clients from advisors who offer no estate planning support. For more information on the Willing Wisdom IndexTM, visit www.WillingWisdomIndex.com Dr. Deans is a frequent guest commentator on the subjects of business succession planning and intergenerational wealth transfer

On this episode Josh speaks with Tom Deans, author of Willing Wisdom.  They discuss the Willing Wisdom Index tool, some big things often overlooked in estate planning, and the importance of family meetings in estate planning.

125 million American and Canadian Citizens over the age of 18 do not have a legal will. On this episode, listen to Tom Deans as he explains why you need to ensure that you are not part of that statistic. Tom advocates making one of the most secretive documents in one’s life into a collective work of art. You will learn to think of the creation of your will as an opportunity to share what is most important to you with those who are most important to you. For more on this visit: willingwisdom.com

This episode Josh interviews Tom Deans, who has spent his life in and around private businesses. In his first book, Tom questions common wisdom about whether it is wise to give the family business to your children instead of having them buy it.  Tom is here though to discuss his second book, which talks about the need for families to have deep conversations about the wishes of elders when it comes to estate planning. We learn why having an annual family meeting leads to healthy family relationsships that last for generations.

125 million American and Canadian Citizens over the age of 18 do not have a legal will. Listen to Tom Deans as he explains why you need to ensure that you are not part of that statistic.  Tom advocates making one of the most secretive documents in one’s life into a collective work of art.  You will learn to think of the creation of your will as an opportunity to share what is most important to you with those who are most important to you. 

Wills, why we don't have them and why we need them. Emily Bouchard and Doctor Tom Deans discuss the author's book "Willing Wisdom".

An Inheritor's Dilemma. WATCH AT: YouTube.com/SylviaGlobal

Tom Deans Ph.D. is the author of Every Family's Business: 12 Common Sense Questions to Protect Your Wealth and Willing Wisdom: 7 Questions to Ask Before Your Die. With more than 250,000 copies in circulation, Every Family's Business is the best-selling family business book of all-time. His new book, Willing Wisdom has already received critical … Continue reading Tom Deans Ph.D. – Author of two international best-seller books, Every Family's Business and Willing Wisdom →