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Developing Your First Round Draft Pick

Your family business is like a professional sports franchise: You are the owner and your successor is a first rounder. The future of the organization depends on you and your team’s ability to properly develop your first round pick.

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Are You Missing Out on the Successor Right In Front of You?

 "Loyd, thank you for coming to see me. Please sit down," Mr. John Doe, the elderly but fit gentleman, offered as we settled into his office. Settling back into his chair, he continued. "My accountant attended one of your succession planning seminars and suggested we talk. We have three dealerships. I have a son who is pretending to run our stores. I also have a daughter and a son-in-law who work here. I own 35% but 51% of the voting stock. I don't know what to do," he continued apparently relieved to have someone to speak to. "My son will not listen to me. And unfortunately he is the only capable family member. I doubt he works 40 hours a week; he says he works from home. I know he trains for marathons, coaches his son’s baseball team and never misses a school meeting. Meanwhile, the businesses underperform. When I threaten to fire him he just smiles and says do what you have to do. My son-in-law wants me to appoint him the Dealer but he's had some issues with drugs," he offered with a conciliatory shrug of the shoulders. 

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When-ing and Then-ing: A Common Succession Planning Pitfall

I recently agreed to be the wingman for Dr. Merlot who was calling on a succession planning prospect, Victor. Doc described this gentleman as a 65-year-old, second-generation owner of 17 dealerships with a son and a daughter employed by the dealerships and another daughter who was not actively employed in the business. 

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Fifty-Fifty, Not So Nifty

As a business succession planner, I encounter the full gamut of dealership business structures, Regular C corporations, S-corporations, partnerships and limited liability companies. I have had clients owned by public corporations and foreign corporations, and even one client who boasted he was the only sole proprietorship dealership in the United States. That relationship was short-lived - he was not pleased with my response.  

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How to Assemble Your Succession Planning Team?

Engaging in the succession planning process can be a daunting task. Being transparent, identifying current and potential issues and developing a plan for the greater good of the business and family requires substantial energy. To add further complexity to this process, getting family and key managers to mutually come together for a shared purpose can seem impossible at times. However, you have decided in order to reach your objective, you’ll need help. So, who should be on your team?  

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Are You Overpaying Your Children? Be Aware of the Potential Long-term Impact

So, in my first two posts, How "Over Giving" to your Kids Can Impact Future Succession Goals, and Did Your Child Earn That Title? The Impact of Giving What One Doesn't Deserve, on this subject I have discussed how a past pattern of giving can have a negative impact on the eventual gifting of business assets.  The previous posts focused on two common areas where business owners "give" to their children, which can create havoc on the business, successor development and family dynamics - giving your child a job or a title without earning them. 

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Did Your Child Earn That Title? The Impact of Giving What One Doesn't Deserve

In my last post How "Over Giving" to your Kids Can Impact Future Succession Goals, I discussed how past gifting behavior can impact and create unnecessary challenges the transfer of business assets to your children. A common first thing given to children, which sets a tone for future gifts is a job, I recommend for you, your business' sake and for the development of your children, they should earn it.

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How "Over Giving" to Your Kids Can Impact Future Succession Goals

The eventual transfer of business related assets to children is a common concern shared amongst family business owners. As a result, client meeting discussions often turn towards evaluating the most effective approach. 

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Feedback – The Breakfast of Champions (and High Performing Cultures)

Feedback is a peculiar animal.  While many of us tell others we want it, we often abuse the messenger brave enough to give it.  Or, if feedback is delivered by a “system”, we look for faults in the way the system was designed to deflect the message and save or rescue ourselves from embarrassment that usually comes with looking foolish.  

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How Do I Build Bench Strength in My Organization?

Talk about bench strength occupies quite a bit of time in board rooms and kitchens all around the world.  I’ve read some articles that talk about the “marriage” between succession planning and successor development; and I’ve read others that talk about how hard it is to find people suited to be the next generation of leaders.  Still others present business owners and leaders with something akin to “silver bullet” coaching that can get people ready overnight.

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Don’t SWOT the Small Stuff

Probably since the beginning of strategic planning, business owners and their key leaders have been sitting around tables talking about Strengths, Weaknesses, Opportunities, and Threats.  Maybe you’ve even done engaged in the SWOT process with your team.  The primary reason for a SWOT analysis is to identify and deal with the critical issues affecting your business.

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OPPORTUNITYISNOWHERE

Take a close look at the letters above. Now, without changing the sequence of the letters, break those twenty letters into a sentence.

If business has been tough or you don't feel passion or commitment from your people, your sentence might read "Opportunity is nowhere." You might be thinking, "What have I done with that list of business brokers? I know it's around here somewhere."

Tempting as that broker search might be, don’t jump at it. Those same twenty letters can create another sentence: "Opportunity is now here." Same twenty letters, same and yet a completely different approach to finding a solution.

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How Financial Independence Can Impact Succession Goals

What is financial freedom? In the context of business succession, financial freedom means accumulating sufficient liquid resources independent of the business whereby the owner doesn’t have to rely on business profits to maintain their standard of living.  Why is attaining financial freedom so important for a business owner in a family business setting?

Developing wealth independent from the business is paramount to an effective business transition. Financial independence affords the owners freedom to transfer some managerial and leadership responsibilities to successors without fear of them burning the entire house down. In essence, you have the opportunity to see your successors in action and determine if and to what extent additional coaching and mentoring may need to take place.

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How to handle non-performers, under-performers, average performers, and super-performers.

As you look around at the people in your company or in your department, you probably have already made a mental note classifying people into either non-performers, under-performers, average performers, or  super-performers.  Hopefully you have the majority of your people in the super performer bucket, but in all likelihood, you've got a mix of all four types.

As the business environment becomes more complex and even more litigious, it's important to know how to deal with each of the 4 for two very different and yet related reasons:  Risk Management and Productivity Management.

Non-performers and under-performers

There are two extremes of non-performers and under-performers.  

1.Culture Challenge: Those who were hired because a role needed to be filled in the worst way, but their attitude and behavior do not fit the cultural environment. Somebody is always better than nobody, right?

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Family Business Issues - It's All About Perspective

"I cannot handle this anymore. Dad does not respect me. He questions my decisions, charges jet fuel and dinners with his friends to our credit card. I cannot stand this any longer." 

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How To: Jerk Proofing Your Business

Nasty people do more than make others miserable.  They create economic problems for your business.  And the problem is more widespread than most people think.  Especially in some occupations driven by a “sales” or “technical” culture.  So, that’s the bad news.

The good news is that your business  culture doesn’t have to become a hostage to jerks and bullies.  In a recent article (By Invitation:  Building the civilized workplace) appearing in The McKinsey Quarterly, Robert Sutton defined a workplace jerk as someone who leaves others feeling “oppressed, humiliated, de-energized, or belittled.”  

Jerks and bullies attack in any number of ways, whether in business or in family settings.  Some of the more common include insulting and sarcastic humor; turf invasions; status slaps; two faced attacks; verbal and non-verbal threats and intimidation; and public shaming or time-honored hazing disguised at team building (remember the Miami Dolphins scandal?).  Nasty interactions like these are more powerful than a locomotive, spread faster than a speeding bullet, and affect people five times more strongly than positive ones.  

These kinds of behaviors, often condoned because the perp is a great “producer” who brings in a wonderful revenue stream, can destroy an organization or a family in several ways.  Walls go up, morale goes down, customers and applicants stay away, and family members have as little to do with each other as possible.  Steven Covey, author of Principle Centered Leadership, talked about behaviors like these as withdrawals from an emotional bank account.    

So how do you prevent these behaviors from happening?  Our experience suggests that a variety of covenants – family, management, and organizational – help set the tone for building a civilized culture. A couple of well known companies like Gold’s Gym, Southwest Airlines, Success Factors, and Netflix have a “we don’t hire or keep jerks” covenant or policy.  It’s communicated in three ways:  verbally, in writing, and – most importantly – in practice.  If you’re not ready to part company with a jerk, don’t say you will when you know you won’t.  Your failure to do so speaks volumes.

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5 Keys to Building Your Personal Influence

Not too long ago, a General Manager and I began working together to enhance his communication skills.  However, as we worked together I realized his real desire was more about influence versus communication.  He wanted to have a 360◦ level of influence.

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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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How to Create a Culture of Excellence – Is Your Environment Appealing?

I have a car dealer client in Colorado with a showroom that is out of this world. It’s a well-appointed living room environment complete with plenty of workstations, wireless internet, salt water aquarium, fireplace, and a well-rounded playlist on their music system – and the music’s loud. I routinely arrive earlier than my scheduled meeting with the client because it’s a very comfortable and engaging place to work.

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How to Create a Culture of Excellence. Have You Defined the Standard?

I recently went to my local Toyota store to get my oil changed. I had called ahead of time to make an appointment. I made the appointment for 7pm because I was told the wait time would be less at that time of day. Unfortunately, that message was not communicated to the service department staff. When I arrived in the service lane promptly at 7pm, I stood by my car and waited patiently for about 10 minutes before the only service advisor in the place worked through the paperwork of the customers in front of me and came to greet me and find out what I needed. Find out what I needed? I called that morning and made an appointment after describing to the person on the phone what I needed. It was as if they weren’t expecting me. No. They clearly weren’t expecting me. As my son is fond of saying – “Epic Fail.”

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