Family Business Audiocast

R. Adam Smith
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The Family Business Audiocast series is a premier podcast that brings together the foremost experts from the global family office and business ecosystem. The series has quickly become one of the leading global podcasts in its field, reaching hundreds of thousands of listeners and subscribers worldwide. Each episode offers an exclusive deep dive into the inner workings of family businesses and single-family offices, exploring key topics such as governance, culture, corporate strategy, growth, and mission alignment. Our conversation covers the experiences with, and the importance of, high-quality advisors, investors, partners, governance, and essential resources and vendors for family boards and owners.  Founded 2022™ Created, Produced, and Owned by R. Adam Smith

  1. Aug 6

    Episode 71: Rebecca Gooch on Succession Planning and the Family Enterprise Boom

    R. Adam Smith is joined by Dr. Rebecca Gooch, Global Head of Insights at Deloitte Private, for a data-rich look at the modern family enterprise. Rebecca shares research on the rapid growth of single family offices worldwide, the revenue outperformance of family businesses versus non-family peers, and the generational transition now reshaping succession planning across the industry. The conversation also covers technology adoption, AI, and the rising cybersecurity risks facing family offices and family businesses alike. Rebecca offers a global perspective on how sophisticated families are building governance structures, human capital strategies, and long-term thinking to protect wealth across generations.00:00 Welcome and episode introduction01:17 Introducing Rebecca Gooch of Deloitte Private02:53 The rapid rise of the modern family office04:20 Regional breakdown of family office growth04:50 Family office AUM projected to hit $5.4 trillion07:37 Family businesses make up 22% of global firms08:39 Family business revenue growth versus non-family firms09:33 Why long-term thinking drives outperformance12:08 Succession dynamics and culture across Asia14:44 The generational wealth transition underway15:40 Why 41% of families lack a succession plan18:25 CEO age and the coming leadership shakeup19:16 Private equity, IPOs, and sales as succession options20:17 Deloitte's family office and family business research series22:29 Technology adoption inside family offices23:32 AI adoption rates in family businesses24:40 Cybersecurity risk facing family offices26:18 What a cyber attack actually looks like27:23 Family business exposure to cyber attacks29:31 Encrypted data storage and vendor safeguards32:01 Rebecca's favorite part of her work

  2. Jul 22

    Episode 70: Rethinking the Family CIO Role for the Modern Family Enterprise

    This episode of the Family Business Audiocast brings together three veteran advisors to rethink the traditional Chief Investment Officer role inside family enterprises. Jane Siebels, a longtime advisor to family enterprises across capital markets and alternative investments, joins Christian Bühring-Uhle and Hans-Kristian Hoejsgaard of AVS Advisors to unpack how illiquidity, misaligned incentives, and deal-driven compensation can quietly erode a CIO's independence. The conversation moves through governance structures, succession planning, and the human capital search for judgment and courage, arguing that the best family office leaders act less like allocators and more like trusted counsel. It's a candid look at what family wealth office management and family estate planning require when legacy, not just alpha, is the real goal.00:00 Welcome to the Family Business Audiocast01:13 Rethinking the family CIO role today01:58 Guest backgrounds in family capital governance03:37 The traditional CIO model is changing04:55 Jane on private equity and illiquidity risk05:58 Christian on stewardship over asset allocation07:27 Governance structures around CIO incentives08:06 The deal junkie syndrome in CIOs09:53 When strategy stops leading investment11:16 Family responsibility to set clear objectives12:41 Illiquid vehicles and zero dry powder14:13 Quick guest introductions and firm backgrounds15:31 Long-term wealth creation versus short-term alpha17:02 Motivating CIOs without short-term bonuses19:35 Comparing CIO roles in the US and Europe20:42 Introducing the CIO consigliere concept22:30 Balancing long-term strategy with daily operations23:38 Structuring layered incentives across asset types24:18 Judgment, resilience, and low-ego leadership25:30 Human judgment in complex private transactions26:51 Backgrounds that build elite family office judgment28:12 Why courage is the rarest trait in advisors29:45 Emotional intelligence and the truth-teller role30:52 Coaching the next generation through transition31:35 Capital as a subset of wealth, not all of it32:21 How to actually identify emotional intelligence33:58 A real family example of funding with KPIs35:32 Self-awareness as the top hiring signal36:20 Bringing outside expertise into family offices37:13 What each guest loves about the work

  3. Jul 8

    Episode 69: Josh Baron on the Six Forces That Break a Family Business Enterprise

    Josh Baron, Senior Lecturer at Harvard Business School and co-founder of Banyan Global Family Business Advisors, joins R. Adam Smith to explore why the field has moved beyond succession planning toward something broader. Baron argues that ownership, not inheritance, is the most powerful force in business, and that capable owners look very different depending on whether they operate, govern, or invest. He walks through his four room model for healthy governance, the purpose gap that opens after a liquidity event, and the six forces that pull successful families apart. A practical conversation on the kind of family office management and culture that endures across generations.00:00 Welcome to the Audiocast01:06 Introducing Josh Baron02:46 Beyond the old succession model04:45 The three roles of owners06:30 Why inheritance doesn't make owners12:40 Healthy governance and the four rooms16:24 The rise of the business family17:40 The purpose gap after a sale20:00 How the advisor ecosystem grew21:30 The six forces that break families24:50 What's predictable about breakdowns26:40 Good practices most families skip27:20 The five Cs that define survivors30:36 Building a culture of curiosity32:00 Closing thoughts on continuity

  4. Jun 24

    Episode 68: Tom McCullough on Family Estate Planning and the Five Pillars of Wealth

    Tom McCullough, founder and Chairman of Northwood Family Office, joins R. Adam Smith to unpack what a full-service family office actually does and why so few families know where to begin. Drawing on four decades in wealth management, McCullough lays out the five pillars of family office services, planning, investment management, governance, family wellbeing, and administration, and makes the case that wealthy families aren't under-advised but under-integrated. The conversation moves from the founding story of Northwood to the rise of the integrated advisor, the goals-first approach to investing, and a candid reflection on legacy and succession.

  5. Jun 10

    Episode 67: Raising Stewards of Wealth — Susan Schoenfeld on Family Enterprise

    Susan R. Schoenfeld, JD, LLM, CPA, MBA, CEO and founder of Wealth Legacy Advisors, joins R. Adam Smith to explore the human dimensions of multigenerational wealth. Drawing on a career that spans tax law, trust administration, and service as a family ambassador at a $600 million single family office, Susan discusses how families can build governance structures, develop next gen leaders, and navigate the emotional undercurrents that surface around major transactions. From crafting a family enterprise narrative to facilitating consensus through her "good enough" philosophy, Susan makes the case that family estate planning is ultimately about values, stewardship, and preparing the next generation to lead with purpose.

  6. May 27

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

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

  7. May 13

    Episode 65: Stephan Gerwert on Family Wealth, Succession Planning, and the German Family Enterprise Ecosystem

    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

  8. Apr 29

    Episode 64: Luke Jernagan on Building Family Office Services That Go Beyond the Balance Sheet

    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

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About

The Family Business Audiocast series is a premier podcast that brings together the foremost experts from the global family office and business ecosystem. The series has quickly become one of the leading global podcasts in its field, reaching hundreds of thousands of listeners and subscribers worldwide. Each episode offers an exclusive deep dive into the inner workings of family businesses and single-family offices, exploring key topics such as governance, culture, corporate strategy, growth, and mission alignment. Our conversation covers the experiences with, and the importance of, high-quality advisors, investors, partners, governance, and essential resources and vendors for family boards and owners.  Founded 2022™ Created, Produced, and Owned by R. Adam Smith

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