In this episode of The Legacy Lounge, we sit down with Dr. Jeremy Lurey, organizational psychologist and founder of Family Legacy First, who tackles the most challenging problems facing wealthy families: succession, communication breakdowns, and preserving harmony across generations.

Dr. Lurey reveals a sobering reality: only one in three family businesses survives to the second generation, and just 3% reach a fourth generation. The failure isn't about business strategy or markets. It's about unresolved family dynamics that wealth advisors aren't trained to address. Through real client stories, he exposes the patterns that destroy legacies: founders who can't let go, siblings who stop speaking over perceived inequities, and next generations kept entirely in the dark about wealth and expectations.

He explains why 87% of business-owning families never actually discuss wealth with their children, how to distinguish between "equal" and "fair" in estate planning, and what to do when one family member is draining everyone else's inheritance. Dr. Lurey demystifies his process for conducting family retreats that actually work, structured meetings blending legacy conversations, financial literacy, and genuine connection, and tackles uncomfortable questions most advisors avoid about succession timing, sibling dynamics, and preventing multigenerational feuds.

He also shares his own family's journey, including his father's near-death experience that finally forced their wealth conversation, and why knowing his inheritance brought peace of mind rather than complacency. His insights on family governance, teaching financial literacy to rising generations, and preserving family harmony make this essential viewing for business owners planning succession and wealth creators concerned about the next generation.