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Webcast Replay: Turning Investment and Planning Roadblocks into Roadmaps

Webcast Replay: Turning Investment and Planning Roadblocks into Roadmaps
 

 

 

 

Turning Investment Roadblocks into Roadmaps

Click Here to Access Replay of Webcast 

Hosted by The Rawls Group - Business Succession Planners and Bernstein Private Wealth Management.

Entrepreneurs we meet often struggle with turning their vision into reality. Market fluctuations, cash flow, capital expenditures, family, ability to recruit and retain top talent, and a litany of other influences quickly take the business off course. Common questions we hear are:

  • How do I overcome roadblocks to grow my business and increase value?  
  • How can I feed the golden goose while also building personal wealth independent from the business?
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As Seen in Multi Unit Franchisee - Family Business Perspective Matters

As Seen in Multi Unit Franchisee - Family Business Perspective Matters

An owner's perspective about the purpose and who the business serves directly impacts culture, ability to recruit and retain good people, and drive performance - all of which influences customer perceptions, revenue, and profits. In the franchise industry, often times, multi-unit franchisees do not intuitively view themselves as a family business owner. This misperception can and does have an impact on overall business success, sustainability, and value

Read the complete article on the Multi Unit Franchisee website

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As Seen in Multi Unit Franchisee - Strategic Planning Creates Exciting Future

As Seen in Multi Unit Franchisee - Strategic Planning Creates Exciting Future

Some things in life are actually fun to plan - weddings, vacations, and special celebratory events. The planning that goes into the event usually leads to a happy outcome, even when there are bumps along the way.

Business Planning, however, usually gets a bad rap. Mention business planning to a multi-unit franchisee entrepreneur or a fast moving, high-energy executive and watch their eyes begin to gloss over. So how do we make business planning fun, exciting, and worthwhile for those involved?

Read the complete article on the Multi Unit Franchisee website

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As Seen in Multi-Unit Franchisee - True Business Success Requires Liquidity

As Seen in Multi-Unit Franchisee - True Business Success Requires Liquidity

Everyone feels the liquidity pinch some time or another. Growth, acquisitions, internal investments, taxes, and bonuses take capital and drain liquidity. With all of these needs using up your cash, it can be hard to set some aside for a rainy day, but that's just what you should be doing to ensure the future success of your business, says Champ Rawls.

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As Seen in Digital Dealer Magazine - Setting Your Business and Family up for Continued Growth, Now and in the Future

As Seen in Digital Dealer Magazine - Setting Your Business and Family up for Continued Growth, Now and in the Future

Do you have a vision for your business but are unsure how to get there, or feel like issues keep getting in the way? Jeff Bannon discusses the Succession Matrix as a tool to build business value and achieve your goals.

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637 Hits

As Seen in Digital Dealer Magazine - Protecting Your Profits From The Unknown

As Seen in Digital Dealer Magazine - Protecting Your Profits From The Unknown

Great article by Jeff Faulkner in Dealer Magazine. How to protect your business, and even see it thrive, during the inevitable next economic downturn. Spoiler: succession planning is key!

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729 Hits

What's The Purpose Of Your Success?

Succession is dependent upon success. Therefore, mediocrity is not a succession option. In order for you to have confidence your successors can survive the predictable distractions, issues and problems associated with the transfer of ownership and management control your business must perform above benchmark to assure that there is adequate margin for a dip in productivity.

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1048 Hits

Operating Your Business Like it’s Always For Sale

In early October, Berkshire Hathaway announced it had agreed to buy Van Tuyl Group, the nation’s largest privately held auto dealership group. Warren Buffet, having dipped his toes into the automotive industry by taking a stake in GM, sees the opportunity to replicate Van Tuyl’s success by consolidating dealership groups throughout the Sunbelt.

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1756 Hits

Bulk Up and Charge Up - How Vacation Can Reveal Your Business' Bench Strength

I recently wrote an article about managing one’s business as if it were always for sale. One of the key points was getting management proficient at running the business successfully in the owner’s absence. But what about management’s absence?

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1780 Hits

How to Create a Culture of Excellence – Are your Processes Aligned with Your Purpose?

It is absolutely imperative that the sales and services your team provides be aligned around a common purpose. Your purpose, or the purpose of each department of your organization, needs to be well defined as it will determine how they go about problem solving, accomplishing daily tasks and long-term goals. When it’s all said and done, it’s what we actually do that matters, not what we say we do. How you do things will define your reputation in the community. One of the most common disconnects in any organization is between purpose and procedure, or between what we say we do and how we go about doing it. 

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1361 Hits

Living in Dad's Shadow - When Kin Can Cash In

"I love coming to work every day!” exclaimed the 81- year old dealer. No doubt and he definitely still had plenty of gas left in his tank! Energetic and mentally sharp, his idea of “retirement” was to come in to work at 10:00 a.m. (“but I stay at least until 5:00 p.m.”). As the founder of his dealership empire, he was extremely proud of what he had accomplished and still felt he could contribute and run the business if he had to. So what’s the problem? 

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Tips for Approaching Succession Planning with Your Franchisor

A few years ago I encountered a franchisee who had successfully transferred more than $2 million of business value to his children by taking advantage of available minority discounts in conjunction with depressed goodwill and depressed real estate values — a brilliant estate planning move. The only problem was that he had not received permission from his franchisor as stipulated in the franchise agreement.

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How to Attract and Retain High Performers for Your Business

  • Do you have key employees who are telling you they want a piece of the action – an ownership interest in the dealership? 
  • Do you have key employees whom you want to retain in the dealership over the long term? 
  • Do you have highly compensated employees who are getting killed income tax-wise and want to know what you can do to help? 
  • Are you looking for ways to create greater incentives for your key employees? 

If you answered yes to any of the above questions, then you should consider utilizing some type of non-qualified deferred compensation plan(s) in your dealership. The Fortune 500 companies have been using NQDC plans for years to attract and retain their key employees and so should you. 

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1598 Hits

How to Use Your Business Processes to Build a Solid Reputation

A client and I were walking back to my car when she asked, “When should we start to get concerned about our business reputation?” After a few seconds of thought, I answered “Well, if you wait until you have one, it could be too late. So I suppose the best time to be concerned about your reputation is before you actually have one. Then you still have time to help shape it rather than recover from it.”

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1323 Hits

Business Growth - Why Determining the Underlying Motivation is Critical to Success

I was interviewing the 4th generation son of a business owner recently and asked about his vision for the company. He described a very aggressive vision for growth through acquisitions and diversification into other locations and channels. This kid has been in the family business all of two years! The business has afforded him a very lucrative and flexible job during difficult economic conditions. Having never even been responsible for running a department within the business, I found this vision astounding. 

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1529 Hits

Succession Planning and Business Growth

“What are your goals?” is the common question I present to clients and prospects. 

“We want to grow,” is the common response I get from dealers who have found a way to make decent money in indecent times. And as though we were talking about buying filters for an air conditioner, they continue with, “and we would like to pick up a couple, three maybe four more dealerships. We know the management formula; all we need are the deals.”  

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1947 Hits

6 Steps For Engraining the Succession Planning Mindset Into Business Habits

As a Certified Succession Planner™, I have the great privilege of talking with business owners, family members, family member employees, and key managers in those businesses.  In one of my most recent sessions, one of the participants asked, "How do you form the habit of thinking about succession and taking action to make sure that it happens?"

That really is a good question. We see later generation leaders vowing that what happened to them will not happen to their spouses, children, or key managers.   Even with the best of intentions, however, we still seem to set ourselves up to repeat history.

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2649 Hits

Management and Performance - That "Oh So Enticing" Spirit of Healthy Internal Competition

On more than one occasion, a client has openly crowed about the “healthy competition” that goes on within the company.  You can hear their jaws drop when I respond “Gee, that’s too bad.”  You see, I don’t know that I’ve ever seen healthy internal competition; so, from my perspective, that concept is just as much an oxymoron as “family business”.  Perhaps Walt Kelly, who wrote the famous and well read comic strip “Pogo”, summed it up best in an often quoted frame:  “We have met the enemy, and he is us.”

Many successful business owners and leaders are competitive spirits, confident risk takers, creative and innovative people who believe that employee engagement in the business – family or otherwise – and personal respect are rewards that must be won.  As a result, they set up incentives, rewards, promotions and other forms of personal and professional advancement so that there can only be a few winners – possibly as few as one – and multiple losers.  All of this effort is made to honor the rationalized belief that “Healthy competition is good for us.”

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1325 Hits

What $180,000 Will and Won't Buy You - Evaluating Family Successors

This past week I was with an auto dealer client, and we spent some time evaluating the progress of one of his children in the family business. It quickly became apparent that this heir doesn’t know his way to the bottom line of the financial statement. In the car business, razor thin profit margins are the norm. In fact, in a well-run store, for every one dollar that comes in, only about three cents finds its way to the bottom line. That’s a remarkable statistic, but even in other industries where the margins are higher, a deep understanding of how much makes its way to the bottom line should be drilled into the heads of all employees, especially family members seeking to take over someday.

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1330 Hits

US Debt Downgraded: What do I do now? By Dan Thill

On Friday, August 5, the United States’ debt was downgraded from the highest rating of AAA to AA+ by Standard & Poor’s (S&P). The downgrade was announced after the market closed on Friday. Stocks had already been under pressure and as a result of the downgrade and investors being overwhelmed by the numerous opinions of talking heads over the weekend, the following Monday experienced investors exiting the market en masse. Subsequently, equity markets came under heavy pressure and unease mounted about the strength of our economy.

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811 Hits