Paul Martin's Business Update - October 16th

Creating lists of the Top 10 Whatever are great for attracting attention in the social media world but here's one with a twist.

With tongue firmly planted in his cheek, Canada’s leading expert on family owned business Tom Deans has come with his suggestions to shorten the life of your family-owned enterprise.

We don’t have time to go through them all but they are – sadly – all too obvious. Number 1 – invite your children into the business as soon as they can walk. It’s free labor and then promise them that one day this will all be theirs.

#4 – Don’t let them work outside the family business…it will only instill confidence and diverse skill sets.

#7 – Always tell non-family employees that there are two sets of rules – one for blood and one for outsiders. Kids showing up at 11 and leaving at 2 is OK.

And #10 – never write a will. Let the kids duke it out in court.

Although he’s from Toronto, Deans is a regularly-featured and popular speaker in Saskatchewan, offering insights for family-owned businesses in planning for exiting or succession.

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