pornn

How A Missing Toothbrush Can Cost $37,500 - Keys to Avoid This Mistake

Meeting expectations is the key to satisfying friends, family, colleagues, and employees.  Whether we talk about a company or an individual, experience teaches us that there is often a gap between what is promised and what is delivered and the difference can be expensive.

For example, a friend who travels a great deal forgot to pack a toothbrush.  She was pleased to see one of those “Forgot Something?” stickers on the mirror in her room.  The promise was that the hotel had your back if you had forgotten something simple like a toothbrush or toothpaste.  When she went back to the lobby, she stopped by the desk, explained her situation, and asked for a toothbrush. 

Continue reading
1553 Hits
0 Comments

Want Respect? Look at Character and Competence

We all have multiple roles; and there is a brand that accompanies each of those. We have a brand as a parent, a business owner, a spouse, a trusted advisor, a leader. While the responsibilities are certainly different, there is a common element in how well received each of those “brands” are in their respective marketplace.

That element is Trust. And that trust comes from consistent and predictable behavior on our part. It’s broken more easily than it’s built, but here are some ideas that you can put into practice that will help you in the construction process.

Continue reading
1632 Hits
0 Comments

What is the True Meaning of Survival?

How do you define succession? It’s a mouthful – so be prepared. The definition is “The formal definition is the continuation of success through the next generation of owners and managers through proactive reconciliation of predictable, probable and possible contingencies.” Yes, that is an intense definition, so let’s not dwell on the formal definition any more. So what’s the practical definition of succession? SURVIVAL!

Continue reading
1674 Hits
0 Comments

Success - It is a Shared Thing

As a survivor who has passed the foremost trial of succession, it’s a good time to make an assessment of the things you have done right.  There is no future dwelling on the negative. On the bright side, your survival affirms my theory that as a survivor, there is nothing you do wrong that cannot be many fold reconciled by the things you do right. As expressed earlier, success is not always defined in terms of those thin disguises purchased with prior profits. How many examples have you seen of people with mansions, yachts and jets going bankrupt? Success, which comes from the things you are doing right, is a NOW thing. 

Continue reading
1631 Hits
0 Comments

Does Survival Mean Success?

Hopefully you buy the Right Reconciliation Theory: assuming you have survived, there is nothing you do wrong that cannot many fold be reconciled by the things you do right. I know there are many ways of taking exception to this theory but from a succession planning perspective, it works. There are ten diverse components to the Succession Matrix that give plenty of opportunity to do things right and wrong. We all have our strengths and our weaknesses which from a realistic perspective means that on the norm, we are doing some things right and some things wrong. As an example we could be knocking the market dead with profitability while being totally insensitive to the development of a successor. Or reciprocally we could be so involved in the development of our successor that organizational productivity falls through the basement.

Continue reading
1585 Hits
0 Comments

How to Build Value in Three Forms of Capital Assets

I like to use the words capital and resources interchangeably.  So, from my perspective, there are three kinds of capital and/or resources available to us all the time.  Those three kinds of capital or resources are basically:  People; Time; and Money.

Let’s put people first, so we will begin with building the value of human capital.  There are probably several varieties available, but the more recognizable forms include Leadership Capital, Family Capital, and Culture Capital.

Continue reading
1721 Hits
0 Comments

Let Your Successor Experience It All

Confirming the optimum role for a family member entering the business is an exciting process that takes patience, honesty and proactive aggressive coaching. For the family member to have the opportunity to achieve their ultimate role the most important developmental activity is establishing, monitoring and refining a three to five year on-the-job-training plan that exposes the candidate to most if not all the departments of the business. This development track should offer diversity and challenges that provide sufficient feedback to confirm the optimum job role.

Continue reading
2811 Hits
0 Comments

In-Laws - You Can be a Positive or Negative Force, Your Choice!

The second step to navigating the role of an in-law in the family business environment is to seek to understand the family’s unwritten laws -  if you don’t know them, you will not know whether you are about to break them.  Knowing the laws allows you to discover how to best live within them, and potentially even have a positive influence on those laws over time. However, you must understand as an in-law that no one has asked you to come in and be the rescuer and change all of the dysfunctional dynamics that occur in your spouse’s family.

Continue reading
1789 Hits
0 Comments

Beating the Odds: Four Building Blocks to Create Change

recent survey of 3,199 business owners and executives indicates that only about 30 percent of programs addressing “change” succeed.  Where 30 percent sounds low, that is considerably higher than the success rate of programs addressing generational changes of business ownership or succession.  If both programs involve managing new behaviors, why is the success rate for one so much higher than the other?

Continue reading
1621 Hits
0 Comments

3 Keys to Inspire Change

There are four building blocks that serve as cornerstones for successful change and, by extension, successful business and family transitions.  These four are:  Inspiration; Stake in the Game; Tools; and, Feedback.

A truly rational person, Star Trek’s Mr. Spock, relies on common sense to convince others to move in a certain direction.  This approach, with all its logical merits, often results in misdirected resources of people, time, money, and unintended consequences for one simple reason.

Continue reading
1764 Hits
0 Comments

How and When to Turn Over or Sell the Reins

Today, let’s talk about how you set the stage for a graceful and timely exit.  Depending upon your disposition of the business – sale, family transfer, outside management - some of the steps listed below may take anywhere from a few years to a couple of decades to implement effectively.  So, the sooner you begin this process, the sooner you will be able to begin climbing other mountains. 

Continue reading
1754 Hits
0 Comments

Are You Falling Victim to the "Can't Leave" Syndrome?

In August of 1972, the celebrated childrens’ author Dr. Seuss addressed the issue of succession planning.  His chief character in the book, “Marvin K. Mooney – Will You Please Go Now!” just couldn’t bring himself to get out of the way and let someone else take center stage.  Almost two years later, in July of 1974, Dr. Seuss changed his main character’s name to Richard M. Nixon and sent his revised book to columnist Art Buchwald.  Buchwald received permission to publish the revised lyrics; and nine days later, on August 8, Richard M. Nixon went.

Continue reading
1729 Hits
0 Comments

Goals: Turn Them Into Reality

We probably all know a lot of people and businesses with bold, audacious goals.  Some of them get accomplished.  Some of them don’t.  What happens to those that don’t?

After years of working with individuals, families, and various types of business organizations, I have come to the conclusion that people who realize their goals have a plan for doing so.  They are not content to be “dreamers”; they focus instead on being “doers”.

Continue reading
2000 Hits
0 Comments

I Have No Qualified Family in the Business - What Are My Succession Options?

In previous posts we touched lightly on the staggering statistics that show nearly 75% of all family businesses will have difficulty with perpetuating business success. Continuing business success into another generation is often dependent upon a variety of key managers, especially if you do not have family in the business or your family is unqualified for ownership. In effect, they become the “Succession Bridge” because a committed group of competent, capable, and committed managers can keep the company moving forward.

Continue reading
3936 Hits
0 Comments

What Happens When There Are Multiple Successors and the Eldest is not the Best Qualified?

In many, if not most, family owned businesses, there seems to be at least one member of the next generation who wants to take a crack at being Number One.  What happens when there are multiple successors and the eldest is not the best qualified? 

The wrong choice can, and probably will, have devastating consequences on future family harmony and business success.   Picking a successor simply because (s)he is the eldest or rejecting someone based on gender can be fatal.  Unfortunately, we still see far too many businesses being lead by incompetent sons when highly competent daughters were stereotyped into inferior roles. 

Continue reading
1943 Hits
0 Comments

One Simple Way to Give Your Business a Morale Boost

For the past several months, we have awakened to a steady stream of depressing bad news regarding the economy. Retirement plans have turned from 401(k)s to 201(k)s, people are getting laid off, companies are desperate for bailouts and the list goes on. There is no doubt we are in extremely difficult economic times. If your employees are like others I have recently encountered in other organizations, they are in wonderment about whether they will have a job tomorrow and what the financial implications could be to their families. Have you reassured your employees lately?

Continue reading
841 Hits
0 Comments

Down Economy...Could This Be the Opportunity of a Lifetime?

There is no question, we are in one of the most difficult economies we have faced in decades with oil prices through the roof, rising steel prices, housing market collapse, inflation concerns, political uncertainty, and the list goes on. Surely I do not have to elaborate any further as your business is likely feeling the impact. A decline in profitability is almost never a good thing…that is, unless you are looking to transfer equity in your business to a family member. This indeed could be an opportunity of a lifetime!

Continue reading
1149 Hits
0 Comments

Business and Family Success - Can You Have Both?

One of the mantras around our offices concerns the health of interpersonal relationships in a family owned business.  It’s quite simple, and I really like it.  Are you ready?  Here it is:  No business success is worth a family failure.

Over the years, I’ve come to realize that everyone’s family, my own included, experiences some level of dysfunction.  It can be anywhere from somewhat comical to outright tragic.  Imagine reaching a high level of business and financial success only to learn that your spouse wants a divorce and your children don’t want to be around you. 

Continue reading
1521 Hits
0 Comments

Likability or Accountability - Do You Have the Right People Driving Your Organization?

In my last post, "Effective Leadership - Are Your People Loyal to You or Your Vision," I discussed the idea that there are several businesses with which I’m currently working that are performing and several that are not. The difference between the two is that they either have a culture of likability or a culture of accountability. The immediate differences between the two suggested differences in leadership, people, and focus on results.

Continue reading
1778 Hits
0 Comments

Employee Appreciation - What Message Are You Communicating?

Apathy, skepticism and disgust are sentiments shared by millions of Americans as a result of the greed and selfishness pervading our society today. For some, it is definitely all about the money even if generating business profits is at the expense of others. Others see money and profitability as a measuring stick/scorecard of how well they are leading and operating their businesses or how many lives they are impacting through their businesses. So I ask, which category do you find yourself in?

Continue reading
1539 Hits
0 Comments