Companies with significant family ownership generate roughly 70% of global economic output and 60% of the world’s jobs. However, only three in 10 survive to a second generation. In this episode of Goldman Sachs Exchanges, FX de Mallmann, chairman of Goldman Sachs EMEA and chairman of Investment Banking, and Tucker York, chairman of global Wealth Management, discuss why succession is so difficult, how enduring enterprises structure governance, and the mindset shift required after a sale or IPO. Key Takeaways Succession is a two-part decision: Founders must separate management continuity from asset ownership transfer. This process yields the best results when initiated early and built with operational flexibility. There are multiple paths to business success: Company success has come from both founders who diversified ownership and brought in professional management, and founders who kept the business family-controlled and managed. Wealth creation demands a mindset shift: Through a sale or IPO, founders go from operating a concentrated business to holding liquid wealth and trying to understand what to do with this. For more insights, read Goldman Sachs’ new report, Honoring Legacy and Positioning for the Future: A Modern Playbook for Family-Owned Businesses. Date of recording: September 8, 2026 The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment, legal, or tax advice, a recommendation from any Goldman Sachs entity to take any particular action or be used as a basis for any other investment decision, or an offer or solicitation to purchase or sell any securities or financial products. Any forward-looking statements, case studies, computations or examples set forth herein are for illustrative purposes only. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any sponsorship, affiliation, endorsement, ownership or license rights between any such company and Goldman Sachs. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. © 2026 Goldman Sachs. Learn more about your ad choices. Visit megaphone.fm/adchoices

How Family Businesses Should Plan for Generational Success

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Companies with significant family ownership generate roughly 70% of global economic output and 60% of the world’s jobs. However, only three in 10 survive to a second generation. In this episode of Goldman Sachs Exchanges, FX de Mallmann, chairman of Goldman Sachs EMEA and chairman of Investment Banking, and Tucker York, chairman of global Wealth Management, discuss why succession is so difficult, how enduring enterprises structure governance, and the mindset shift required after a sale or IPO.   Key Takeaways      Succession is a two-part decision: Founders must separate management continuity from asset ownership transfer. This process yields the best results when initiated early and built with operational flexibility.     There are multiple paths to business success: Company success has come from both founders who diversified ownership and brought in professional management, and founders who kept the business family-controlled and managed.      Wealth creation demands a mindset shift: Through a sale or IPO, founders go from operating a concentrated business to holding liquid wealth and trying to understand what to do with this.     For more insights, read Goldman Sachs’ new report, Honoring Legacy and Positioning for the Future: A Modern Playbook for Family-Owned Businesses.   Date of recording: September 8, 2026  The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment, legal, or tax advice, a recommendation from any Goldman Sachs entity to take any particular action or be used as a basis for any other investment decision, or an offer or solicitation to purchase or sell any securities or financial products. Any forward-looking statements, case studies, computations or examples set forth herein are for illustrative purposes only. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any sponsorship, affiliation, endorsement, ownership or license rights between any such company and Goldman Sachs. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs.   A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript.   © 2026 Goldman Sachs.   Learn more about your ad choices. Visit megaphone.fm/adchoices

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