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April 1, 2011

What business awards should be celebrated?

Awards for business are coveted by many but Tom Deans has a problem with CAFE and the way they celebrate the longevity of a family business. Tom thinks that is giving the worst possible message to family businesses. Even worse, Tom says,
"These awards are like stabs through the heart of family business owners"
Here's more of Tom's view:

It’s time for family business organizations to celebrate something more interesting, positive and inclusive and give awards that put multi-generational wealth creation on an equal footing with multi-generational wealth preservation. And if family business institutions don’t want to go down this road then maybe it’s high time that the M&A industry supported its own set of family business awards.
Here’s my list of new awards for everyone to consider.
  1. Liquidity Event of the Year – Inside Sale: Awarded to a business owner who works with his or her children to sell their business inside the family. (I don’t call this multi-generational – I call this a fresh start based on risked capital).
  2. Liquidity Event of the Year – Outside Sale: Awarded to a business owner who works with his or her children to sell their business outside the family.
  3. Redeployment of Family Capital Award: Granted to the family that reinvents itself by helping the next generation pursue businesses they’re really passionate about.
  4. Family Business Philanthropy Award: For the business owner who works with his or her family to use the proceeds of their life’s work to fund extraordinary good works to benefit their community, country and planet.

Read more at Tom Deans Every Family's Business
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