Deans' book focusses on succession planning -- developing a plan for passing a family-owned business from one generation to the next; in some cases, he even suggests that the business isn't what should be passed on, rather the wealth. He says family businesses are too often focussed on a longevity-based legacy; the continued existence of the same business under the same banner is the goal, regardless of market conditions or sound wealth investment. This focus can "destroy their generational wealth."

Mistake one is giving the business away to the kids. Hard-hearted as it may sound, Deans advocates selling the business at market rates. This accomplishes a couple of things. The business is no longer a gift, which spares the new owner any guilt if the business plan changes or interest wanes and the assets are sold. Perhaps more importantly, it challenges the new generation to demonstrate interest and capability. The aspiring entrepreneur doesn't fall into the family biz; rather, she has to develop her own credentials, establish a credit rating and business plan, and have passion and drive independent of parental dreams. Giving the business away risks the opposite: an uninterested, possibly unqualified owner doing business the way it's always been done, inflexible to changing conditions or the need to move assets elsewhere.

The second mistake many families make is not having a way to start a conversation about succession, says Deans. Parents think the business will be sold to their kids, while kids think the business should be a gift, and "a lot of suffering" can be the outcome. Less than half of family firms have succession plans, according to the Canadian Federation of Independent Businesses, says Deans.

In keeping with the failure of some family businesses to focus on wealth generation, rather than longevity, too many lack a "SWOT" analysis, which Deans describes as a detailed awareness of strengths, weaknesses, opportunities and threats. Doing this kind of analysis can help families broaden their idea of a legacy, from surviving decade after decade to using financial resources on other kinds of legacies, whether it's donations to charity, educating their kids or other options.

The author, who lives in Hockley Valley with his wife and two kids, thinks his book's message is timely. Boomers turned 60 this year, he says, and those who own businesses may be asking themselves, "What's my exit strategy?" Their wealth is also more precarious than they may think. Deans says most family businesses keep their wealth in the business, rather than investing it with any eye towards maximum returns. In essence, it's the same as an investor who only buys the stock of one company, rather than holding, say, mutual funds: all of the eggs are in one basket.

The book is self-published. The author, who has a Ph.D. from the University of Warwickshire and was the president of Symplastics, a company founded by his father, says self-publishing has been easy. It's given him control over the project, he says, including the ability to bring the book to market quickly. He credits David Chilton, author of the self-published success The Wealthy Barber, with giving him advice. Deans says his new business venture, D?tente Financial Corporation -- the vehicle formed to publish his book -- is focussed on teaching sound succession strategies to family business owners as well as wealth managers.