Succession Planning- Hot Topic for Saskatoon Business Leaders
Last Thursday July 14, the members of my coaching group and invited guests were treated to a terrific workshop featuring Dr. Tom Deans, on the subject of Exiting Your Business. And judging by the turnout, and the buzz in the room, this topic really resonated with this audience of business leaders, who are clearly concerned with what they might leave behind when they exit business, as they inevitably will.
Dr. Deans is the author of “Every Family’s Business“, a must read for anyone serious about protecting their wealth, securing their retirement and building an inspiring legacy. In his laid-back and engaging style, Deans very convincingly made the case that businesses are temporary economic organizations always moving toward obsolescence, and that the key to preserving generational wealth means abandoning the longevity of a business as the fundamental goal. This means rethinking the basic tenets of succession planning, including recognizing that gifting a business has the potential to destroy wealth and families with blinding speed.
Deans says, “Whether your business is big or small, close your eyes and ask yourself, “if something were to happen to me today, who would own and manage my business tomorrow?”. If the answer to that question conjures up a mental picture that is unclear or disturbing, Every Family’s Business is a must read for you. It will surely bring you piece of mind and help you develop a clear plan to protect your wealth, your family and your legacy. This is especially important if you need your business to fund your retirement.”
For more information and to order your own copy of the book, go to www.ThomasWilliamDeans.com .