Today, I am delighted to welcome Dennis Passis, Founder of the Family Wealth Library. He spent nearly 40 years working in his family's business, founded by his father, where he was eventually joined by his son. Dennis is a mediation practitioner, a family business consultant, and a fellow at the Family Firm Institute (FFI).

He is the author of the recently published book Founder Paralysis: A Family Business Fable about a Founder's Loss of Identity. Dennis explains what "founder paralysis" means and tells us about the concept, the book, and the body of work it is based on.

Dennis also talks about the concept of "eldership". He shares what he means by this term, why it is important for families to internalize, and how well he thinks it is being understood and practiced today.

The most fundamental practical tip Dennis suggests to families undergoing transitions and succession is to address the loss the founder is experiencing. He elaborates on this process and how multigenerational families can apply it to successfully address founder paralysis.

Beyond addressing the loss and overcoming the state of paralysis, Dennis points out that it is important to define and develop the next phase of the founder's life, in which he/she can continue to be a highly functioning, productive, and purpose driven individual. He describes how this is best done and goes over some of the pitfalls to avoid and tips to take advantage of.

Enjoy this informative conversation with a veteran of and distinguished practitioner in the family wealth space.