Comments on: Book Review: Every Family’s Business http://www.milliondollarjourney.com/book-review-every-familys-business.htm Building Wealth through Saving and Investing Sat, 13 Mar 2010 19:08:18 -0500 http://wordpress.org/?v=abc hourly 1 By: Best of Million Dollar Journey: April 2008 | Million Dollar Journey http://www.milliondollarjourney.com/book-review-every-familys-business.htm/comment-page-1#comment-34124 Best of Million Dollar Journey: April 2008 | Million Dollar Journey Sun, 04 May 2008 20:48:43 +0000 http://www.milliondollarjourney.com/book-review-every-familys-business.htm#comment-34124 [...] for the top commentator of the month.  For April, we offered a free copy of the book "Every Family's Business" to the one who commented the most.  The winner is the controversial and talkative [...]

[...] for the top commentator of the month.  For April, we offered a free copy of the book "Every Family's Business" to the one who commented the most.  The winner is the controversial and talkative [...]

]]> By: The Restaurant Blogger and Winners of Book Giveaway | Million Dollar Journey http://www.milliondollarjourney.com/book-review-every-familys-business.htm/comment-page-1#comment-30798 The Restaurant Blogger and Winners of Book Giveaway | Million Dollar Journey Fri, 11 Apr 2008 09:31:17 +0000 http://www.milliondollarjourney.com/book-review-every-familys-business.htm#comment-30798 [...] reviewed the book "Every Family's Business" which turned out to be one of the better books I've read this year.  We typically [...]

[...] reviewed the book "Every Family's Business" which turned out to be one of the better books I've read this year.  We typically [...]

]]> By: Mint and Motley Fool Get Together @ The Roundup http://www.milliondollarjourney.com/book-review-every-familys-business.htm/comment-page-1#comment-30348 Mint and Motley Fool Get Together @ The Roundup Sun, 06 Apr 2008 16:10:25 +0000 http://www.milliondollarjourney.com/book-review-every-familys-business.htm#comment-30348 [...] Dollar Journey: Frugal Trader writes a review on the book: Every Family’s Business. The book tackles the main issues of family business succession and wealth transfer across [...]

[...] Dollar Journey: Frugal Trader writes a review on the book: Every Family’s Business. The book tackles the main issues of family business succession and wealth transfer across [...]

]]> By: This and That http://www.milliondollarjourney.com/book-review-every-familys-business.htm/comment-page-1#comment-30090 This and That Fri, 04 Apr 2008 10:31:02 +0000 http://www.milliondollarjourney.com/book-review-every-familys-business.htm#comment-30090 [...] Dollar Journey reviewed Every Family’s Business and is giving away copies of the [...]

[...] Dollar Journey reviewed Every Family’s Business and is giving away copies of the [...]

]]> By: Brad T http://www.milliondollarjourney.com/book-review-every-familys-business.htm/comment-page-1#comment-30065 Brad T Thu, 03 Apr 2008 20:04:17 +0000 http://www.milliondollarjourney.com/book-review-every-familys-business.htm#comment-30065 My parents are literally in the process of selling their farm. They are both retired with teacher's pensions, and neither my sister or I have the aptitude and/or desire to take over. They are taking the money and buying some true liability objects (like trucks and cars), but the majority of the money has gone to purchase a year-round cottage on a lake in Ontario. My sister lives nearby but I live out-of-province. So in terms of business succession, the profit is being taken out, however any "transfer of wealth" built up in the business will occur when they pass on. In the comments here it is mentioned that the author recommends "Have a plan to sell the company to reap maximum profit and pass the cash on later if you wish." Does he touch on wills/estate planning? My parents are literally in the process of selling their farm. They are both retired with teacher’s pensions, and neither my sister or I have the aptitude and/or desire to take over. They are taking the money and buying some true liability objects (like trucks and cars), but the majority of the money has gone to purchase a year-round cottage on a lake in Ontario. My sister lives nearby but I live out-of-province. So in terms of business succession, the profit is being taken out, however any “transfer of wealth” built up in the business will occur when they pass on.

In the comments here it is mentioned that the author recommends “Have a plan to sell the company to reap maximum profit and pass the cash on later if you wish.” Does he touch on wills/estate planning?

]]> By: Book Giveaway: Every Family’s Business | Million Dollar Journey http://www.milliondollarjourney.com/book-review-every-familys-business.htm/comment-page-1#comment-30024 Book Giveaway: Every Family’s Business | Million Dollar Journey Thu, 03 Apr 2008 10:15:55 +0000 http://www.milliondollarjourney.com/book-review-every-familys-business.htm#comment-30024 [...] April 2008 FrugalTrader07:00 amAdd comment Permalink As promised during the book review,  Dr. Thomas William Dean has generously offered to give away 5 copies of his popular book: Every Faimly's Business: A Blueprint for Protecting Family Business Wealth. [...]

[...] April 2008 FrugalTrader07:00 amAdd comment Permalink As promised during the book review,  Dr. Thomas William Dean has generously offered to give away 5 copies of his popular book: Every Faimly's Business: A Blueprint for Protecting Family Business Wealth. [...]

]]> By: DAvid http://www.milliondollarjourney.com/book-review-every-familys-business.htm/comment-page-1#comment-29910 DAvid Wed, 02 Apr 2008 01:27:10 +0000 http://www.milliondollarjourney.com/book-review-every-familys-business.htm#comment-29910 Another challenge can be that the business has grown to the point where only a larger corporation can afford to effect a purchase. IF there are a number of siblings, there may be a need (or moral obligation) for the transferee to buy out the other sibs, or the parents. If the value of the business is too great, the capital may not be available to effect a transfer in this manner. Thus, the business may be better to be sold, and the profits distributed. DAvid Another challenge can be that the business has grown to the point where only a larger corporation can afford to effect a purchase. IF there are a number of siblings, there may be a need (or moral obligation) for the transferee to buy out the other sibs, or the parents. If the value of the business is too great, the capital may not be available to effect a transfer in this manner. Thus, the business may be better to be sold, and the profits distributed.

DAvid

]]> By: Nicolas http://www.milliondollarjourney.com/book-review-every-familys-business.htm/comment-page-1#comment-29897 Nicolas Tue, 01 Apr 2008 19:05:35 +0000 http://www.milliondollarjourney.com/book-review-every-familys-business.htm#comment-29897 "Could family business succession be that poorly handled?" I agree with MikeG, kids just might not want to do the same as mom and dad. Nevertheless, it's true that a business transfert is always a delicate issue which needs a lot of planning. “Could family business succession be that poorly handled?”

I agree with MikeG, kids just might not want to do the same as mom and dad.

Nevertheless, it’s true that a business transfert is always a delicate issue which needs a lot of planning.

]]> By: MikeG http://www.milliondollarjourney.com/book-review-every-familys-business.htm/comment-page-1#comment-29882 MikeG Tue, 01 Apr 2008 15:27:34 +0000 http://www.milliondollarjourney.com/book-review-every-familys-business.htm#comment-29882 It makes sense that business succession is so hard, If I love computers and start a company based on computers and want to pass it along in my family, I need to have a child(family member) who likes computing roughly as much as I did. A long time ago when we had like 6 kids (or more!) there was probably a decent chance that at least one of our children would be interested. Now we have like 1.5 kids so its less likely that our child will even be interested in the family business, let alone apt for the business. -MikeG It makes sense that business succession is so hard, If I love computers and start a company based on computers and want to pass it along in my family, I need to have a child(family member) who likes computing roughly as much as I did. A long time ago when we had like 6 kids (or more!) there was probably a decent chance that at least one of our children would be interested. Now we have like 1.5 kids so its less likely that our child will even be interested in the family business, let alone apt for the business.

-MikeG

]]> By: Nate http://www.milliondollarjourney.com/book-review-every-familys-business.htm/comment-page-1#comment-29876 Nate Tue, 01 Apr 2008 14:17:36 +0000 http://www.milliondollarjourney.com/book-review-every-familys-business.htm#comment-29876 Interesting book. Facing some family business issues at the moment on both my side and my wives. Interesting book. Facing some family business issues at the moment on both my side and my wives.

]]> By: Dividend growth investor http://www.milliondollarjourney.com/book-review-every-familys-business.htm/comment-page-1#comment-29875 Dividend growth investor Tue, 01 Apr 2008 14:13:22 +0000 http://www.milliondollarjourney.com/book-review-every-familys-business.htm#comment-29875 This does sound like an interesting book. When I become richer, the lessons from it would far exceed the books price. This does sound like an interesting book. When I become richer, the lessons from it would far exceed the books price.

]]> By: FrugalTrader http://www.milliondollarjourney.com/book-review-every-familys-business.htm/comment-page-1#comment-29872 FrugalTrader Tue, 01 Apr 2008 13:56:39 +0000 http://www.milliondollarjourney.com/book-review-every-familys-business.htm#comment-29872 I had the same impression. It doesn't have the "sex appeal" of rich dad or other big names, but I highly recommend family business owners to read this. I had the same impression. It doesn’t have the “sex appeal” of rich dad or other big names, but I highly recommend family business owners to read this.

]]> By: Dividends4Life http://www.milliondollarjourney.com/book-review-every-familys-business.htm/comment-page-1#comment-29870 Dividends4Life Tue, 01 Apr 2008 13:50:58 +0000 http://www.milliondollarjourney.com/book-review-every-familys-business.htm#comment-29870 Based on the title it is not a book i would normally pick up. Reading your review it does sound interesting. Best Wishes, D4L Based on the title it is not a book i would normally pick up. Reading your review it does sound interesting.

Best Wishes,
D4L

]]> By: FrugalTrader http://www.milliondollarjourney.com/book-review-every-familys-business.htm/comment-page-1#comment-29864 FrugalTrader Tue, 01 Apr 2008 12:14:57 +0000 http://www.milliondollarjourney.com/book-review-every-familys-business.htm#comment-29864 FB, that's exactly what the author recommends. Have a proper exit strategy for the company before children get involved. Have a plan to sell the company to reap maximum profit and pass the cash on later if you wish. FB, that’s exactly what the author recommends. Have a proper exit strategy for the company before children get involved. Have a plan to sell the company to reap maximum profit and pass the cash on later if you wish.

]]> By: The Financial Blogger http://www.milliondollarjourney.com/book-review-every-familys-business.htm/comment-page-1#comment-29856 The Financial Blogger Tue, 01 Apr 2008 10:32:46 +0000 http://www.milliondollarjourney.com/book-review-every-familys-business.htm#comment-29856 I guess that sometimes, it would be better (and more profitable) to sell the company so you can leave money to your family member once you pass away. Even huge companies have the same problem. Just look at what is going on with Quebecor and Quebecor World... I guess that sometimes, it would be better (and more profitable) to sell the company so you can leave money to your family member once you pass away.

Even huge companies have the same problem. Just look at what is going on with Quebecor and Quebecor World…

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