Episode 61: Philip Marcovici on Why Family Enterprise Fails Across Generations

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 Introduction
02:22 Career Background & Baker McKenzie Years
03:16 Culture, Governance & Global Family Patterns
05:31 Family Enterprise: Long-Term Vision Planning
08:30 Advisors, Education & Asking Better Questions
10:45 Governance Structures & Legal Frameworks
15:54 Using a Governance Entity Across Structures
16:50 Tax Systems, Non-Dom Reform & the UK Example
20:53 Corporate Tax, Family Wealth & Economic Impact
23:41 Regenerative Wealth & the Family Enterprise Role in Society
26:00 Internal vs. External Sustainability: Bridging the Silos
30:13 Tax, Branding & Wealth's Obligation to Society
32:58 Emotional Intelligence & Next-Gen Succession
37:19 Closing Reflections & Sign-Off