Family Business Owners: 12 Questions You Need To Answer

Thomas William Deans, PhD, is a best-selling author and globally recognized expert on family business succession and intergenerational wealth transfer, helping families and business owners navigate ownership transitions and long-term wealth planning. He has delivered more than 2,000 keynote presentations worldwide. Dr. Deans is the author of Every Family's Business, Willing Wisdom, and The Happy Inheritor, books that guide families, advisors, and leaders through business exits, estate planning, and preserving family wealth. In this episode… Building and transitioning a business requires more than strong operations and financial performance. Owners should also consider how ownership, wealth, and leadership will evolve over time. What steps can business owners take to create a successful exit and prepare for the future? Family business succession and intergenerational wealth transfer expert Dr. Tom Deans explains that ownership succession and management succession are separate issues; preparing someone to run a company does not automatically mean they are prepared to own it. Business owners shouldn't simply give a company to the next generation, but instead have honest conversations about whether heirs are willing and able to invest their own capital and take on ownership responsibility. Dr. Deans also highlights the importance of family meetings and advisors in creating a plan that protects both the business and family wealth. Smooth transitions require clarity, preparation, and intentional decision-making. In this episode of Growth + Exit, Heather Bennett chats with Thomas William Deans, PhD, best-selling author and family business succession expert, about creating a business transition strategy. Dr. Deans discusses why owners should build with the end in mind, why the next generation must be prepared for ownership responsibility, and how thoughtful planning can protect family wealth. He also shares lessons from selling his own family business.