Every Family's Business: 12 Common Sense Questions to Protect Your Wealth - Book reviews of Every Family's Business: 12 Common Sense Questions to Protect Your Wealth

'Every Family's Business: 12 Common Sense Questions to Protect Your Wealth' book reviews

Review for'Every Family's Business: 12 Common Sense Questions to Protect Your Wealth'

“Every Family's Business: 12 Common Sense Questions to Protect Your Wealth” by Tom Deans, Ph.D., offers a refreshing perspective on the often complex and emotionally charged subject of family businesses. Deans, who is both an experienced business owner and a family business advisor, brings a wealth of knowledge and firsthand experience to the table. His straightforward approach and practical advice make this book an invaluable resource for any family looking to preserve and grow their wealth across generations.

At the heart of the book are 12 key questions that Deans believes every family business should address. These questions are designed to prompt honest and sometimes difficult conversations that are necessary to avoid common pitfalls and ensure the long-term success of the business. What sets this book apart is its emphasis on communication and transparency. Deans argues that many family businesses fail not because of poor business strategies, but because of a lack of open and honest dialogue among family members.

One of the most compelling aspects of “Every Family's Business” is its focus on succession planning. Deans points out that many family businesses do not survive beyond the second generation due to inadequate planning and misaligned expectations. He provides practical advice on how to navigate the often tricky process of handing over the reins to the next generation. This includes discussions on the importance of formal agreements, the role of non-family executives, and the need for ongoing education and development for potential successors.

The book is filled with real-world examples and case studies that illustrate the principles Deans advocates. These stories help to bring the concepts to life and show how they can be applied in different contexts. For instance, Deans shares the story of a family that successfully transitioned their business to the next generation by addressing each of the 12 questions head-on. This case study, along with others, provides a roadmap for families facing similar challenges.

Deans also tackles the often-overlooked issue of wealth distribution. He emphasizes the need for families to have clear and fair policies in place to ensure that wealth is distributed in a way that aligns with the family’s values and goals. This includes discussing the role of philanthropy, the importance of setting up trusts, and the benefits of involving external advisors to provide an objective perspective.

Overall, “Every Family's Business” is a must-read for any family involved in a business together. Deans’ common-sense approach and practical advice make it easy to understand and implement the strategies he recommends. The book is not just about protecting wealth; it’s about fostering healthy family relationships and ensuring that the business can thrive for generations to come. Whether you are a current business owner, a successor, or an advisor, this book offers valuable insights that can help you navigate the complexities of family business dynamics.

In conclusion, Tom Deans has crafted a guide that is both insightful and actionable. “Every Family's Business: 12 Common Sense Questions to Protect Your Wealth” is more than just a book; it’s a roadmap for families who want to build a legacy that lasts. By addressing the hard questions and fostering open communication, families can protect their wealth and ensure their business remains a source of pride and prosperity for generations.

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