With Spring finally here and the start of Baseball, as a business owner, take the time to remember the importance of starting anew when it comes to you and the future of your business. Take the time this season to think about the direction of your...
Many businesses are family-run, second-generation businesses, with some who have beaten the odds and carried into a 3rd or 4th generation. Not a small feat to accomplish, and many would say the climb to get there was challenging, but with proper planning, it can be done....
Knowing who you are & what you want to do with your life is a critical part of becoming independent from your business which makes creating a Life Plan for yourself one of the 4 Cornerstones. Being able to derive emotional satisfaction from activities that...
In 2015, as a Business Owner, make it your goal to build a company which at some point will successfully become independent of your daily management. A critical aspect of this process is an open dialogue with all those involved or related to your business. Focus...
10. Boomer Owners can stay and still be free...
The long-term success of your business will be greatly impacted by your ability to recruit and retain the next generation of business managers/owners to your company. The majority of closely held business owners are baby boomers between the ages of 50 and 70. The total baby-boom...
One of the four business exit planning cornerstones, Contingency Planning has to answer the question “How will the business succeed if something suddenly happened to the Owner and that Owner does not return to the business tomorrow?” It is nice to have a long term...
One of the goals of Succession/Exit Planning is for an Owner to become emotionally independent from their business. There is an emotional, powerful connection that an Owner has to their business, a business which they created & have built over their lives. Thinking that this...
One of the first questions any buyer of a business will ask is “How dependent is this business on its current owner for its success?” By creating a business that can operate successfully without its owner, you create a business that is even more attractive...
You don’t have to leave.?One benefit of succession planning is that an owner is working to build a business to succeed without his or her daily involvement. It’s based on what an owner wants to achieve. Perhaps you have a vision of leaving your business completely...