Most, if not all, business owners have been approached by at least one of their advisors with the ever-popular question, “What would happen to your business if you died or became disabled?” Few business owners fail to recognize this question for the thinly-veiled pitch to buy insurance that it is. Our goal is not to […]
May 10, 2022
Success is rarely linear. As a business owner, it’s important to both acknowledge that fact and create plans that can provide short-term results while having long-term impacts. Today, we’ll show you four areas in which strong planning and realistic goals can position you to achieve more success in the coming year. 1. Building strong management […]
April 26, 2022
Successful businesses require many types of employees to succeed. But it’s vital to know which employees are key employees, which are important employees, and how to properly motivate the latter group. Today, we’ll share a process to help you motivate important employees who aren’t key employees. Key Employees vs. Important Employees You likely have more […]
April 26, 2022
The strongest businesses often have written plans for how to address unexpected events and mitigate risk, known as business continuity instructions. Their owners ask questions like, “What happens if a co-owner or I die?”, “How do we protect key employees from competitors?”, and “How do we address interruptions in our supply chain?” Here are three […]
April 11, 2022
It’s interesting how many times what I do is confused with a Business Broker. People hear Exit Planner and they assume I help them sell their business. Well, I do and I don’t. In this 4 minute video, I break down exactly what Exit Planning is and why it’s vital to your successful transition out […]
April 4, 2022
The Exit Planning process should begin by determining your goals and objectives such as: The income you and your family will need after you leave the business; and Who you wish to transfer the business to — whether it is children, key employees or others. And, Exit Planning involves the determination of business value and […]
March 22, 2022
When you set about starting your business, you likely had big goals and expansive dreams about its success. Whether success meant having an impact on your community, making as much money as possible, or something else, you probably wanted your business to become the ideal firm in your market. As you build your business toward […]
March 21, 2022
A longstanding mantra for successful business planning is to create specific goals. However, there is such a thing as being overly specific in your goals to the detriment of other things that matter to you. I want to talk about how adding fuzziness to specific goals can make your business planning strategies more fulfilling.
March 7, 2022
The most basic characteristic of a successful plan is that it is communicated clearly by the employer and understood thoroughly by the employee. Therefore, successful plans are in writing and are based on standards that can be determined. To be successful, employees know that the plan exists and how it works. Plans are explained to employees in face-to-face meetings, often with the owner’s advisors present to answer any questions.
March 1, 2022
Running a successful business is complex per se. Adding the element of “family” to a business often creates more complexities, especially as the business grows. Lifelong family bonds and expectations can run headlong into business realities and needs.
February 22, 2022