pornn

How To Define Your Vision - First Comes Confusion, Then Comes Clarity

Last week, we began talking with a client who is just beginning the succession planning process.  His comments were telling:  “We have been talking about this for years; and until now, we’ve managed to avoid dealing with some of these questions.  We did not like pushing ourselves so far out of our comfort zones.  It was uncomfortable; it was disorienting; it was confusing.  Last week, it all began to come together; and now, we wonder why we waited so long.”

Continue reading
1226 Hits

Successors - 7 Tips for Taking Over the Reins

Every organization goes through some form of transition.  At computer giant HP, the hook has been used twice within the past ten years on leaders who seemed ready but somehow managed to snatch defeat from the jaws of their personal victories.  How can you avoid having something like that happen in your own organization?

The answer comes from what might first seem to be an unlikely source.  In 2006, the World Health Organization began using surgical checklists to better manage the risks associated with surgical procedures.  Looking outside their own medical fields, the WHO team borrowed some of the best practices used in the aviation industry.

Continue reading
1460 Hits

Successor Development: 5 Key Indicators for Evaluating a Successor

Once there are available successor candidates, business owners should take a less instinctive approach to selecting a successor from the candidates by evaluating some key traits. We refer to these traits as the 5 Cs: Character, Confidence, Capability, Competence, and Community.

Continue reading
1246 Hits

Successor Development: There Has to Be One Available

Business owners frequently select their successors with an intuitive approach, or based on experience-informed “gut” feel. Most of the time they’re pretty good at it, but when it comes to evaluating a successor for a family business, the family relationship dynamic inevitably clouds a business owners evaluation. There are emotional entanglements that get in the way of their well-grounded intuition. So to help business owners be less instinctive and more intentional and consciously competent in selecting a successor, there are some key indicators to look for in identifying a successor for your business.

Continue reading
1290 Hits

Wipe Out Enablement Attitudes - Rights Versus Responsibilities

No matter where you stand on the immigration law, one thing is painstakingly clear. Our country is obsessed with protecting everyone’s rights with little to no concern for their responsibilities. Somehow we seem to suffer from affluence guilt that leads us to feel it is our responsibility to take care of everyone on the planet, and perhaps more accurately, that everyone on the planet has a right to be cared for by the U.S. 

Continue reading
1451 Hits

Move Beyond Your Limits - The Imaginary Power of "What If"

Last Saturday, four of us took in “Letters to Juliet”.  It turned out to be much better than I had expected; and a few of the lines reminded me how powerful two simple words can become when they are placed right next to each other.  As the title suggests, those words are “what” and “if”.

For the moment, clear your mind (and your heart) of everything except those two words.  Use them to begin a string of sentences.  The sentences can range from the ridiculous to the sublime.  Here’s what I mean:

Continue reading
1252 Hits

Why Do You Have to Market Business Succession to the Family?

How much cash does your business invest in marketing?  No, not marketing to your customer base.  I mean how much do you spend on marketing to your employees and to your family. If your answer is anywhere from “Where did you buy that tobacco?”  to “Nothing.”, then you need not be surprised if your employees and your family members are somewhat less than engaged in your succession dream.

Continue reading
1199 Hits

Can You Be Too Optimistic for Your Own Good?

What do you think?  Can you be so optimistic that you are completely out of touch with reality?  Can you believe so strongly in your own dreams and ambitions for yourself, your family, and your business that you just do not “get it”?

Just a few days ago, I discovered that one of Frank Sinatra’s trademark songs from a few decades ago is now a ringtone for cell phones.  Written by Sammy Cahn and Jimmy Van Heusen, “High Hopes” is all about the need to believe you can overcome great odds against success. 

Continue reading
1113 Hits

How to Inspire Your Family With Your Succession Planning Goals

A classmate named “Howie” had a signature response to almost every exhortation that was meant to move him from one course of actions to another.  No matter how gifted the speaker or the written communication, Howie could be counted on to raise a simple question:  “And I should care because . . . ?”

We often believe that the power of what we say and/or do has the immediate impact of creating a compelling interest to do, buy, or follow.  When it does not, we generally think that others “just don’t get it.”  That is probably true.  But why do they “not get it”?

Continue reading
1165 Hits

What Is a Family Business?

I have always believed that family has a built in advantage in business. From my perspective the natural behavior of family provides both governance and teamwork benefits. Unfortunately some families leverage their natural behaviors better than others. The wide variation of performance among family businesses brings up the question, “What makes some family businesses better than others?”

Continue reading
1238 Hits

I've Sold My Business, Aren't I Done With Succession Planning?

Recently I was invited to speak to a group of successful business owners about the various aspects of succession planning (what I refer to as the Succession Matrix). The Succession Matrix consists of ten interdependent factors that business owners must successfully address to improve the odds that their business will successfully make the transition to and through the next generation of owners and managers. Addressing these factors is important regardless of whether you plan to sell your business or plan to keep it in the family. Often times these critical factors are ignored and unfortunately result in the business becoming another casualty.

Continue reading
1290 Hits

Successor Development - How Good is Good Enough?

I was recently in a meeting with a son of a business owner, who was the identified 3rd generation successor leader to his family’s business. We were talking about some communication challenges he was having with his dad. His dad is a larger than life kind of guy, one whose shoes are hard to fill.  So, I asked, “What seems to be causing the difficulties?”

Continue reading
1363 Hits

Is Your Family a Liability to Business Value?

“We want you to be part of our family” is the common accolade. “We want to think of you as one of our children and we hope you feel the same. Make yourself at home and we will treat you like one of our own.”

To be considered a part of the family is a compliment in any social setting. You have standing. You can be counted upon and you can expect the benefit of the doubt. The more perceived social, political or financial power imputed to a family, the greater the compliment. Within the family business realm, being told you are a member of the family generally creates an immediate feeling of prestige reflective of the depth and breadth of the family’s business.

Continue reading
1663 Hits

Aging Parents? What is Guardianship and Why You Should Do Everything to Avoid It

Many of us have moved from home and have ageing parents at a distance. This distance does not impact our love or concern. We stand ready to fly in and provide care and attention in the event of the inevitable needs or challenges associated with ageing.  Beware of vermin lying in wait for good intended children endeavoring to attend to parents at a distance!  Specifically, as I have personally experienced over the last six years with my Mom and Dad several states away in N. C. from which hopefully you can avoid problems associated with long distance guardianship or probate. 

Continue reading
1351 Hits

What You Should Know About a Long Distance Probate

The challenges and opportunities of careers have moved many of us away from home. Many of us continue to enjoy going back for a dose of that unconditional parental love and to hang with old friends.  However over time, we become aliens in our home towns unable to relate to an environment that does not seem to keep up with time. Furthermore, as many of us have learned, there are challenges associated with attending to ageing parents from a distance.

Continue reading
1530 Hits

Dream for Success - How to Turn Your Dreams Into Successes

In my last post, I told you that I have a unique advantage of working with the leaders of America. I also have the unique opportunity of working with their successors. One of the hardest things to do in this environment is convey the years of experience and the intuitive business sense of a current leader to the next generation.  So, I try to learn from these leaders to determine what it is that they have that can help the younger generation bridge the gap of inexperience. The first essential for success that I shared in the first post is that they take personal responsibility.

Continue reading
1407 Hits

Personal Responsiblitily - How Successful People Leverage This Characteristic

Conveying the seemingly intuitive business sense that comes from years of experience is a leadership trait that cannot be had by any other method than experience.  Closely related to the gaining of experience is that business leaders have learned to take initiative.  Without initiative they would not have learned some tough lessons along the way that, in essence, is what experience is all about.

Continue reading
1508 Hits

Family Business Issues: Love, Tough Love and Letting Go

“Loyd I have tried tough love and it did not work.”

Such was the frustrated, emotional exclamation of an 83 year old business owner trying to deal with a 58 year old son who was apparently acting like a teenager. According to the explanation, irrespective of pleads by his parents who were technically in control of the business, the son would spend from the family’s business on his personal desires and wants. Based upon the dad’s description, the son stepped across the line one day and could not tell the difference between the reasonable and the ridiculous.

Continue reading
1419 Hits

Stumped By Succession Issues - The Succession Matrix Will Help You Find Your Way Out

Two weeks ago I received a phone call from a business reporter who writes mostly for and about one specific industry.  The reporter reads the blogs that my partners and I write, which are about succession planning; and he/she wanted to talk with one or more of us for background information on a story being written about succession planning for families in the industry.

After the usual exchange of pleasantries, we got to the article.  The first question was really quite typical:  How much succession planning experience do you have in this industry (i.e., how many industry clients)?  In a way, this is simply a variation on the wicked queen’s “Mirror, mirror on the wall” question from the Snow White fairy tale.

Continue reading
964 Hits

Make Sure What You Have Is What You Need - The Importance of Reviewing Your Planning

You may have heard the saying “the only thing that remains the same is change,” and that is especially true when it comes to planning for the future of your business.  My partners and I are constantly reminding clients that change will be a constant in their succession planning environment especially as it relates to their feelings, finances, family and federal tax laws. As these changes occur, reviewing and updating various aspects of your planning is imperative. While at times this can appear to be inconvenient, it will ensure you maintain proper alignment and ultimately increase the probability your succession plan will succeed.

Continue reading
1289 Hits