During the summer, business owners should catch a break and think about their goals as they rest and recharge. Planning for future success requires knowing what you are doing well, as well as where you are struggling. Today, we’ll show you three categories you can review-strategic performance, tactical performance, and financial performance-and some questions you may want to answer. We… Read More
“I never worry about action, only inaction” – Winston Churchill Churchill might very well have been the “un-procrastinator”. Although he was plagued by doubts many times in his career, he never let such doubts interfere with the need to make a decision based upon the best available information. He made his share of mistakes, but he also realized that failure… Read More
Who Needs an Advisory Board? Small businesses – say with less than 100 employees and $20 million in sales – often have trouble managing complex transactions. Large companies have an active Board of Directors from which to receive advice, approve major decisions, and exercise a fiduciary responsibility toward the shareholders. When the CEO of such companies is making an important… Read More
Family-owned businesses are the lifeblood of the US economy so family-owned business succession plans are not a luxury but a necessity. Consider the following: Over 50% of the current working population in the United States works in a small business. (Forbes, September 2013) 57% of small business owners are over the age of 50.(Guidant Financial, 2019) 43% of family business… Read More
Building a successful business requires planning. Whether the businesses provides products, services, or ideas, it likely took years of refinement, study, and analysis to determine the best business model. A similar effort is required for successful Exit Planning. Exiting But Not Retiring Some business owners don’t have sufficient financial and business resources to retire fully. They might need to continue… Read More
With the New Year upon us, business owners are thinking about goals for the coming year. These will surely include business growth and profitability. One of the longer term goals most commonly shared by owners is to successfully exit their businesses over the next 10 years. Most business owners have a sense of how much longer they want to remain… Read More
Does the prospect of putting your business up for sale give you the willies? Having prospective buyers wade through the intimate details of your business operations not for you? Then, you have probably given thought to selling your business to insiders, an idea that can pose its own challenges. Looking Inside – Problems with Selling to Current Employees (1) Insiders… Read More
As a business owner, you likely have plenty on your plate. You have a business to run, perhaps a family to care for, and many other responsibilities that require your time. So, why should you consider Exit Planning? Whether you’re thinking about exiting your business soon or expect to stay in your business for many years, Exit Planning can have… Read More
In all likelihood, you are absolutely critical to the success of your business. Without you, there is no business and no business value. We want to fix that. With a little luck and a lot of hard work, we can help you become an Inconsequential Owner. Having said that, perhaps a bit of explanation is in order. All owners understand… Read More
Or to put it another way, what do you lose when you don’t plan sufficiently for the exit from your business, which is probably among the most significant financial and emotional transactions of your lifetime? Here are a few benefits to having a well designed Exit Plan: Exit Plan = Peace of Mind Who is the best successor owner of… Read More
