New Book offers Blueprint to Protect Money and Legacy
TORONTO, July 8 /CNW/ - According to the US Federal Reserve, 90% of all
North American businesses are family owned. Over the next 30 years, an
unprecedented number of those 24 million family businesses, worth more than
$10 trillion, will transfer to the next of kin when the owners retire or die.
But author and business legacy expert Thomas William Deans warns that much of
that family business wealth will be destroyed by a failure to plan for this
historic wealth event.
"If current patterns continue, only 30% of family businesses will pass
ownership to the second generation and only 3% will pass control to the third
generation," said Deans. "Some will sell, but many of these family businesses
will simply close their doors or go bankrupt."
In his book Every Family's Business, Deans confirms, in a story-telling
approach, that it is due to a lack of proper wealth creation and preservation
planning. "Simply 'gifting' businesses to the next generation is one of the
biggest mistakes families can make," he said.
Deans, PhD and founder of Détente Financial Corp., was president of a
large family business for almost a decade and grew up watching his father and
grandfather run their family firms, which all together, sold for over
Deans' book 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 emotionally complex and difficult questions for families to address.
"Silence is the great destroyer of wealth in a family business," he said.
"Once these questions are completed and re-visited, the business is poised for
success - the air is clear as to who, when, and how the business will be owned
The book delves further to explore the issues around family dynamics and
why so many family businesses let their wealth and their domestic
Détente Financial Corp specializes in teaching family business wealth
strategies through seminars sponsored by professional and financial service
providers. For more information visit www.ProtectingFamilyBusinessWealth.com.
Soft cover - 139 pages $19.95 - ISBN: 978-0-9808910-0-3
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