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As Seen in Multi-Unit Franchisee Report - Positional Versus Inspirational Leadership: Where Do You Fall?

As Seen in Multi-Unit Franchisee Report - Positional Versus Inspirational Leadership: Where Do You Fall?

Leadership influences others' choices, priorities, and behavior. Historically, the ability to leverage power and position has been the models of what some would consider great leaders. As our industry evolves due to technological advancements, changing consumer behavior, and demographic shifts, position and power fall short in inspiring good people. There are too many competitors recruiting for good talent, whether it be hourly or senior level leadership positions, which is making it harder for you to retain movers and shakers in your organization. As a result, it's imperative to foster an environment where your people are inspired, respected, and empowered, making them to want to stick around. Power and position may create compliance in your organization but it will also create challenges in nurturing a sense of buy-in amongst your people to your organization's mission and vision. This can demotivate employee loyalty and their drive to go above and beyond the call of duty.

If you asked your employees and those around you to identify your leadership style, how would they answer? Would you be defined as someone that is comfortable managing with authority? Perhaps you are viewed as using strong discipline to motivate performance, or adversely, would you be viewed as being informative, empowering, and passionate? And if you were being very honest with yourself, would you be surprised by your employees' perception of you?

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As Seen in Multi-Unit Franchisee Report - The Critical Difference Between Effective and Ineffective Leadership

As Seen in Multi-Unit Franchisee Report - The Critical Difference Between Effective and Ineffective Leadership

Whether you're running your first and only location or multiple locations, leadership is all about the use of power and influence to produce results. Power and influence are also the keys to effective leadership. Power comes from the organizational chart - can you make people comply with your directives? (sometimes called accountability); and influence comes from inside the person - do you have what it takes to get people to commit to your dreams? (sometimes called dependability). How well and how often you choose between those two styles usually determines your effectiveness as a leader.

Knowing how to balance and when to use these two keys is critical. If you've populated your employee base with people who currently lack the behavior, attitudes, skills, knowledge, experience, and talent to meet your expectations then you will more than likely find yourself believing that the local unemployment index is too low and that someone else must have all the good people who live and work in your business communities. As a result, you may find yourself relying almost exclusively on power and accountability as a way of forcing your staff to comply with your directives to get even a close approximation of the results you want in terms of productivity and profitability.

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As Seen in NCM Institute - Generational Tensions: 4 Barriers to Automotive Leadership

As Seen in NCM Institute - Generational Tensions: 4 Barriers to Automotive Leadership

Ensuring the future success and sustainability of a dealership is not based solely on operational knowledge and efficiencies. In addition to creating robust processes, identifying and developing future leaders is critical to building sustainable dealership value. But first, you must overcome the leadership barriers that sabotage your goals..

In the past, when someone took on the position of “dealer,” it was assumed employees would fall in line and follow the owner’s lead. Today, with up to five generations working together at the same dealership, this expectation doesn’t hold true. Instead, good people check out or leave after a transition in leadership if they don’t feel respected for their contributions and see opportunities for growth.

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As Seen in Multi-Unit Franchisee Report - Managing The Changes That Come With Multi-Unit Growth

As Seen in Multi-Unit Franchisee Report - Managing The Changes That Come With Multi-Unit Growth

Growth is not only about driving more profit, it's also about building a portfolio of locations, and to many, a diversity of brands. In the beginning, it is very easy to devote all your time to the first location. But before you know it you are on to your second. You find you are able to split your time between the two and still run the operations as you wish. It's when you move into the third, fourth, and so on that you start to notice a change. Multiple locations for franchisees offer extreme opportunity, but without a growth plan, multi-unit and multi-brand ownership creates challenges to performance.

One of the biggest challenges is analyzing how you sustain growth, while also looking for continued expansion without killing yourself trying to be everything to every location, brand, or business unit. Regardless of the size or diversity of your business, when you look at your strategic plan in terms of where you would like to be, there are key questions that need answering to ensure you can support, sustain, and continue to grow.

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As Seen in Multi-Unit Franchisee Report - Reputation Management On The Local Level

As Seen in Multi-Unit Franchisee Report - Reputation Management On The Local Level

Like all businesses, the franchise world is full of opportunities and potential land mines. If you entered the franchise world for the same reasons I did, you were probably looking for something in your area of interest that met several criteria: brand recognition; proven market; franchisee friendly policies; and processes, services, or products that could be easily replicated once you paid your fees and had access to the brand's secrets. After all, isn't replicating the proven easier than starting alone from scratch?

In some ways, a franchise is a sail that pulls us along until we really know what we are doing and where we are going. Certainly, there are some tradeoffs, like giving up some control that non-franchisees have over their businesses. And many times, the level of influence you'd like to have over the business is just not possible because you do not hold the authority that comes with a privately held business operation. As a result, logos, color schemes, promotional materials, and menus become someone else's sphere of influence.

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As Seen in Multi-Unit Franchisee - Mapping Out The Road To Success

As Seen in Multi-Unit Franchisee - Mapping Out The Road To Success

The only thing that we can rely on to be constant is change. The political environment is forcing rapid change like we've never seen before. No question that technology continues to evolve in a way that forces us to embrace it or simply get left behind. Demographics are changing with a record number of Boomers who are set to retire in the next few years, causing anxiety for many about who may be their future leader..

A change in leadership brings with it, a distinct change in style. Everyone is unique with their own personality type that impacts inter-office relationship dynamics, how departments operate, as well as how the organization goes to market. There are differences in tastes, motivators, expectations of employees, and even what one views as success or failure. These changes in styles and leadership are going to become more abundant as newer generations develop and move into leadership roles in the workplace.

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As Seen in Multi-Unit Franchisee - A Trump Effect On Your Estate Taxes?

As Seen in Multi-Unit Franchisee - A Trump Effect On Your Estate Taxes?

While it is still way too early to know what the Trump administration is going to do to change the federal estate tax laws, we do know President Trump stated on the campaign trail that he will eliminate estate taxes and we also know how Congress has acted in the past. So let's have a little fun speculating and assuming.

When it comes to the estate tax issue, Republicans claim they are against this tax and Democrats favor it. However, the largest reduction of estate taxes occurred in 2011 under President Obama. During this time, the estate tax laws were amended to increase the exemption per person to $5,000,000 including an annual escalator of the exemption based on inflation. As a result, in 2017, the estate tax exemption has increased to $5,490,000 per person or almost $11M per married couple. Due to the amendments in 2011, the estate taxes today are the lowest ever and affect less Americans than ever before, approximately 0.5 percent of the population. Politically this has been a tough out, since it doesn't affect most voters. Nevertheless, if your estate will have to pay estate taxes, you'd just as soon not.

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As Seen in Multi-Unit Franchisee - Moving From Planning To Executing

As Seen in Multi-Unit Franchisee - Moving From Planning To Executing

No one really knows the outcome of anything and we are seeing that play out in our country’s current political stage. Too often this keeps us from strategically planning for where we want our business to go and what we want from it in the future. However, the unknowns and the unpredictable should not keep us from looking forward, rather, they enforce the need to constantly be planning strategically towards your goals and vision.

We use excuses such as “the unknowns” to stop us from executing plans. Or believe that because we cannot predict something, we cannot guarantee if we will be successful or not. However, not planning and not executing means that we are in limbo, which means the odds of accomplishing great things are pretty bleak. Strategic planning guarantees that you place your franchise business in the position of being agile and flexible when the unknowns and the unpredictable hits. This is a much better alternative than yo-yoing with the market and political changes over which we have no control.

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As Seen in Multi-Unit Franchisee - Prepare For The Future With Strategic Planning

As Seen in Multi-Unit Franchisee - Prepare For The Future With Strategic Planning

2016 was a challenging year. Between proposed legislation impacting family gifting (IRS 2704), the DOL legislation impacting overtime, and the political uncertainty of the election, it is surprising that all our heads have not spun off our bodies. One of the biggest pain points of 2016 that could leave a lasting burn into 2017 is all the speculation around proposed legislations. Many of you last year were likely either chewing on your fingers with panic or moving towards action to button up your estate plans and shoring up HR policies. Now, after all that work, we find ourselves with a new party in office. That could mean that much of the proposed legislation could be reversed, may not go into effect, or may not go into effect to the extent you had planned.

So now what? If you have pro-actively engaged in planning, take a sigh of relief. You are likely in a strong position to adjust to whatever 2017 may (and will) throw at you. It is no secret that we are huge proponents of strategic planning, specifically the kind where you have integrated the plan into your culture, tied performance criteria to achieving the plan, and are actively reviewing your trajectory compared to available resources. We believe it keeps you agile and in the ready position to tackle whatever may be thrown at you – economic, political, regulatory, recruitment and retention, process/procedure - you name it.

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As Seen in Multi-Unit Franchisee - Get Ready For The Next Four Years Now

As Seen in Multi-Unit Franchisee - Get Ready For The Next Four Years Now

The election is over and the 45th president of the United States will be sworn into office this week. Regardless of your political affiliation, a dynamic shift is upon us. We are transitioning from eight years of Democratic policy to a new era of Republican leadership. In addition to the change in party lines, we will have the first president in office that is one of the most recognized business names in the world and promises to run the government more like a business.

So now what do we do to prepare for any changes in the business climate? Put your pen to paper and get moving on your strategic plan. This means that if you have not yet established a plan for your business, you can consider the priority here to be that of critical. If you have a strategic plan in place but have not looked at it in the last three to five years, you are not getting off easy. Understand that what we have grown used to in the last eight years in terms of policy, legislation, business structure, and taxation, are all likely to change. This also means that any planning you have done as it relates to the prior administration, probably will need to be revisited and adjusted accordingly.

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As Seen in Multi-Unit Franchisee Report - People Are Our Competitive Advantage

As Seen in Multi-Unit Franchisee Report - People Are Our Competitive Advantage

Competition in business is what helps to keep us focused on strategic growth. However, in today's landscape, competition is bigger, stronger, wider, and more present than ever. Innovations in technology give your customers access to similar products and services from companies that are not located in their geographic footprint. With a click of a button, an order can be placed, shipped, and received to a buyer that should have been yours.

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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 Digital Dealer Magazine - Where Do You Fall in Your Dealership – Flintstones or Jetsons?

As Seen in Digital Dealer Magazine - Where Do You Fall in Your Dealership – Flintstones or Jetsons?

Think back to 2006. Think specifically about how technology has influenced our everyday lives. Do you remember what the business environment was like?

In the last 10 years we have grown used to having immediate access to information, and absorbing everything digitally in the moment. But when you look at the timeline of technological advances, it is shocking to realize that it has only been nine years, (yes, I said nine!), since the iPhone was released, revolutionizing the way we interact and find information. Even more of a shocker is that it was not until 2010 (only SIX years ago) that Apple released their first iPad, moving consumers from digital readers, to full functioning tablets. Now think, how prevalent are phones and tablets in our daily business and personal lives now? How have these devices changed the way you and your team conduct business? How does it impact the way your customers find and interact with you?

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As Seen in Multi-Unit Franchisee Report - Achieving Sustainable Excellence in Your Business

As Seen in Multi-Unit Franchisee Report - Achieving Sustainable Excellence in Your Business

Multi-unit franchisee businesses, regardless of the concept, location, or size, all strive to build value, create longevity, and generate success. Ultimately, with value, longevity and success, the world is your oyster. No matter your short or long term vision, whether it be a high value sale or transfer to a key manager(s) or family.

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As Seen in Multi-Unit Franchisee Report - Technology And The Multi-Unit Operator

As Seen in Multi-Unit Franchisee Report - Technology And The Multi-Unit Operator

How often do you conduct business via your cell phone? And when was the last time you took a picture with a traditional camera? Technology has developed so today, that our phone has become our constant companion fulfilling a variety of needs. If you had to guess when the first camera phone was released, would you know? I was surprised too, it was 2002; and it was one of those flip phones. Today, in addition to taking pictures, we can stream live video, and even see the person with whom we are talking, in the moment! The reality check here is that although the introduction of the camera phone was impressive at the time, it was a very small step to introducing a new way to communicate.

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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?

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Case Study – 50/50 Partnerships Impact Business Decisions

Industry: Franchise

Company Overview: First generation, multi-unit and multi-brand business across several state lines

Challenge: 50/50 first generation business owners. One partner actively involved in the day to day operations, while the other has become less active, yet very much involved in overall business decisions.

Second generation family members and a few “friends of the family” are becoming interested in the business. The partners have different opinions about the strategic direction of the business, compensation plans based upon their contributions, and the appropriate way to integrate and develop family member employees in the business. Partner conflict is impacting teamwork and performance.

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Case Study – Right People Drive Performance

Industry: Franchise

Company Overview: First generation, multi-unit franchise business, two partners with locations in multiple states and a diversity of brands

Challenge: First generation business owners, needing to recruit and retain key employees to build leadership bench strength. The owners have always simply hired to fill positions and were experiencing continual turnover, which was not only costing money, but also preventing the company from growing due to lack of leadership in key roles.

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Estate Taxation – Why Should I Be Concerned? By Denise Ware

The inflation-adjusted 2016 estate and gift tax exemption limits are set at $5.45 million per individual or $10.9 million per couple. This means that if you are a single business owner, you can leave up to $5.45 million to heirs and pay no federal estate or gift tax. Likewise, if you are married you can leave up to $10.9 million to heirs with no federal or estate gift tax penalty.

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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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