Reviews for Every Family's Business

The average rating for Every Family's Business based on 2 reviews is 2.5 stars.

Review # 1 was written on 2019-02-11 00:00:00 Douglas B Robbins 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?

Review # 2 was written on 2020-06-08 00:00:00 Martin Beckford 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.