Every Family's Business

Download or read book Every Family's Business written by Thomas William Deans and published by Detente Financial Press. This book was released on 2008-01-01 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gifting businesses to your family is the number one destroyer of family relationships and wealth. Every Family's Business, offers a completely new view of succession planning. Over 90% of all American businesses are family owned and over the next 30 years, an unprecedented number of these 24 million family businesses worth more than $10 trillion, will transfer to the next of kin when the owners retire or die. But Every Family's Business warns that much of this family business wealth will be destroyed by a failure to plan for this historic wealth event. Every Family's Business offers a candid, common sense method for family businesses to begin their own succession plan through the aid of 12 questions which may be the most complex and difficult questions for families to address. Silence is the great destroyeer of wealth in a family business. Every family's Business is guaranteed to get family's thinking, talking and smiling about the future of their business. After addresing the 12 questions, the air will be clear as to who, when and how the business wil be owned and operated in the future -- the family succession plan will be born. The book goes further to explore the issue of why so many family businesses let their wealth and family relationships deteriorate. The book clearly shows why gifting businesses to the next generation is one of the biggest mistakes families can make. Understanding that every business has a life cycle -- understanding where every family business is in that life cycle is the key to preserving wealth and family relationships. More than half of all American family businesses have no formal succession plan. A book for the whole family to read, Every Family's Business, will help families come together and collobrate on their succession plan together. Once completed, families with a formal succession plan, stand a much better chance of protecting their generational wealth and celebrate the deep joy and satisfaction that only families in business together can experience.