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

by Thomas William Deans, Grant Robinson (Foreword)

Every Family's Business chronicals the journey of two people who meet on a flight to Barbados. Both disover that they work in family businesses and proceed to share their successes and failures. One character reveals 12 questions that have been passed down through four generations of his family --questions that have shaped their approach to succession planning. Entertaining and informative, Every Family's Business helps families break the ice and gets them thinking and talking about the future if their family firm. A bestsellling novel sure to leave families in business together thinking differently about what's really important. A book that gives families a method for coming together to plan using sound business principles, love and mutual respect.

Genres: Business

139 pages, Paperback

First published January 31, 2009

Reviews

[Zahwil Dossa · Rating 2 out of 5]

The author, Thomas Deans, was the speaker at a presentation I attended. Afterward he gave the attendees copies of both his books, "Every Family's Business" and "Willing Wisdom".

I enjoyed listening to the presentation, although it was mainly on his other book, Willing Wisdom.

"Every Family's Business" conveys the idea that few businesses endure, so it's healthy to view yours in a purely economic sense rather than as existing to secure the employment of family members or as the "birthright" of the next generation.

I lived a family business for a few years, and although we talked often about selling it and did sell it 3 years after I joined, I can appreciate that many other families aren't having those conversations.

The air of secrecy that forms over the future of the business is highly destructive of families. This is illustrated through a fictional character John who has just sold his business and walked away from a $5 million earn-out because his son did not fulfill a condition to remain with the business for the agreed term post-sale.

John and his son weren't asking and answering the "12 common sense questions to protect your wealth" contained in the book, and John's family was dysfunctional as a result.

The questions are designed to motivate conversations around how each family member sees the future of the business, the sale/purchase of stock internally or externally, how the family members will be compensated in the event of a sale, an annual valuation and SWOT analysis of the business, and the need to have up-to-date job descriptions for all family members and to conduct annual reviews of their performance.

Family businesses are fraught with thorny issues, such as the roles and responsibilities of family members, the need for tough conversations, parsing out the compensation due to managers from that due to shareholders, and the background noise created by siblings and spouses.

Deans doesn't offer answers, but moves things in the right direction by encouraging frank and honest dialogue.

The reason for my low rating is that I found the writing style and narrative very cheesy and as short as the book is at 127 pages, the message could've been said a lot more concisely.

But, then again, who can fault Deans for trying to build his own family's wealth?

[kyphamus · Rating 3 out of 5]

Good common sense advice on how to preserve wealth and maintain family relationships during the process. I did not love the narrative style, but it is a different approach than most business books. It is a quick read.

[Leonardo Etcheto · Rating 5 out of 5]

The framing story is a bit goofy, but it does the job. The ideas are very good for those of us in Family Business. Went through all the questions with my father and we will be doing it yearly. Helps to reframe our strategy and make sure everyone is clear on what we are trying to do.

[Wael · Rating 2 out of 5]

It starts off interesting enough, until you realize that the author is wasting your time. It should probably be half it's length, at most. 90% of the book is building up to the questions, which, when presented, turn out to be underwhelming. Read quickly.

[Joshua Cheifetz · Rating 5 out of 5]

A lot of food for thought and common sense ways to look at your business

[Samantha · Rating 3 out of 5]

The topics are important, but the writing style was not good. Overall the book was useful but could have been 40 pages, not 127.

[Laranda · Rating 4 out of 5]

Some good tips on family business, will have to see how they play out when we use them in our family.

[Ed · Rating 3 out of 5]

The book had a lot of solid and helpful advice. However, it was long and verbose.

A simple one-pager resource for it would be helpful.
The 12 Questions are truly valuable.

[Norm · Rating 5 out of 5]

a fun nononsese book. good story which provides a meaningful message of importance. th process of taking emotion out of business, especially family business. the legacy must be defined by the parents. the book lays out 12 questions family business should ask themselves every year. this process will endure the right legacy is left to maximize family success.

[Mike Reilly · Rating 4 out of 5]

This is a must read to every owner of a family business. While the narrative is a little "cheesy", it gives a clear strategy for the type of dialogue that needs to occur between business owners and their children in the years leading up to a transition. Like any relationship, assuming the other person does or doesn't want something often leads to misunderstandings. In business, these misunderstandings can cost thousands (or millions) of dollars.

Deans outlines 12 questions that need to be asked as part of an annual review. The responses by both owners and children determine the readiness of the business for sale, whether the purchase comes in the form of a share buy-out from the child, a competitor or investor.

I will be providing copies of this book to all my family business owner clients. I'm confident that reading will help them in any of the financial business planning we do.

[Marc Dorval · Rating 3 out of 5]

Not a bad book. The main value is in those 12 questions. The lengthy conversation between the two characters is a bit of a bore, though.

[James Solano · Rating 3 out of 5]

interesting, don't know if i agree with all of it but it does present a pretty compelling view on the purpose of a family business.

[Champ T. · Rating 3 out of 5]

Very cheesy but some insights into family business.