Only 10% of family businesses
are successfully passed on to the third generation.
Fourth generation business owner,
Thomas Deans shared his technique for
beating the succession blues
in October’s MoneySense Magazine.
When it came time for succession,
his father and grandfather
sold their businesses at market value.
Knowing the family business is always up for sale,
means no assumptions of ownership
or perma-positions held.
Children are free to make their own career decisions.
It also eliminates family tension.
“When all family members
understand there is no family discount on shares,
there’s nothing to be jealous of.”