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As Seen in Digital Dealer Magazine - Four Ways to Keep Peace in the Family Business

As Seen in Digital Dealer Magazine - Four Ways to Keep Peace in the Family Business

Owning a business is hard; owning a family business is even harder. Learn how to prevent and resolve family business conflicts with these four simple steps.

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Juggling Expectations in the Family Business - By Kendall Rawls

Being in the family business is no easy task. You are juggling expectations amongst your loved ones from two different spectrum – family and business– as well as preconceived notions from managers, employees and vendors that you are likely enabled, under-qualified, and of course, grew up with a silver spoon in your mouth. No matter your work ethic, passion, and drive for the business; all family member employees are fighting the nepotism stereotype.

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As Seen in Multi-Unit Franchisee - Turning Today's Employees Into Tomorrow's Leaders

As Seen in Multi-Unit Franchisee - Turning Today's Employees Into Tomorrow's Leaders

One of the biggest challenges of business ownership is attracting good talent - but retaining them is even harder. As a multi-unit franchisee business owner, you look at your strong employees as future leaders. With changing demographics in the workplace creating generational diversity, how do you turn your current and future employees into leaders?

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As Seen in Automotive Buy Sell Report - Vision Conflict: Aligning Visions of a Group’s Growth Among Dealership Owners

As Seen in Automotive Buy Sell Report - Vision Conflict: Aligning Visions of a Group’s Growth Among Dealership Owners

You're a dealer nearing retirement, but the next generation of ownership has big (risky) plans for the business that put your retirement in jeopardy. There are family and business issues to resolve in this scenario. Learn more as Loyd Rawls and his alter-ego, Dr. Merlot, discuss how to navigate this vision conflict in a new article published in Automotive Buy Sell Report.

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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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As Seen in Multi-Unit Franchisee - Benefits Of Employee Engagement Surveys

As Seen in Multi-Unit Franchisee - Benefits Of Employee Engagement Surveys

Dan Schneider writes in Multi-Unit Franchisee on the benefits of using employee engagement surveys to better understand your business's strengths and weaknesses, and how to use the results to improve your work culture and performance.

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As Seen in Multi-Unit Franchisee - Cultural Due Diligence Essential In M&A's

As Seen in Multi-Unit Franchisee - Cultural Due Diligence Essential In M&A's

Check out our article in Multi-Unit Franchisee to learn more about integrating different business cultures during a merger or acquisition.

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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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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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As Seen in Multi-Unit Franchisee - Letting Go Without Giving Up Control

As Seen in Multi-Unit Franchisee - Letting Go Without Giving Up Control

What happens to your blood pressure when someone asks you about your "exit strategy"? As uncomfortable and overwhelming as it may seem, strategically discussing an exit strategy along with business vision and growth goals actually puts you in the driver's seat. Sort of like athletes retiring at the top of their game - you are now in control by choice rather than by chance. Just as the building of your multi-unit franchise business happened over many years, the most effective exit strategy is deployed over time and is unique to your personal and business interests.

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How to Build Teamwork Amongst Key Managers and Family

Your management team and family member employees should form the backbone of your business. Ideally, they know and live your values; they are in alignment with your goals; and they are your boots on the ground interacting with customers, employees, and vendors. At their best they optimize resources to achieve a high level of performance, and drive your business onward to future success. So what happens when your managers and family don’t work as a team, and how can you turn things around?

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Succession Planning: A Tool to Build Business Value by Kendall Rawls

Often times the term succession planning creates a negative feeling for business owners. The reality is, the stigma tied around the word succession is too closely aligned with “death” and “retirement”. In addition, the natural anxiety and emotions that come with the thought of exiting the business can, and do often prevent owners from planning for the future. Entrepreneurs simply do not want to plan for a time that means they are no longer building a business. The reality, however; is that succession planning has a direct impact on the value of the business.

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Is Your Business Vision Working for You?

Did you know that it is impossible to not communicate? In the same way, you can’t be in business without a succession plan. Whether or not you have spent the energy and taken the time to engage a host of experts to help you plan for the transition to the next generation of owners and leaders, you have a succession plan.

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As Seen On Automotive Buy Sell Report - Communication is key when integrating a new dealership into your corporate culture

As Seen On Automotive Buy Sell Report - Communication is key when integrating a new dealership into your corporate culture

Succession Planner Dan Schneider was featured in Automotive Buy Sell Report. He gives great communication tips to minimize conflict and build trust when adding a new dealership to the business.

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As Seen in Dealer Magazine - How Do I Deal With An Employed Spouse Who Causes Management Problems?

As Seen in Dealer Magazine - How Do I Deal With An Employed Spouse Who Causes Management Problems?

Loyd Rawls for Dealer Magazine about the Family Business Conundrum: you cannot run a family like a business and you cannot run a business like a family. But what if you work in the business with your spouse? Learn how to overcome the challenges that marriage and joint business operation present.

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The MAGIC in Succession Planning

During the Christmas season, people still sing about Frosty the Snowman and that old silk hat the children found and placed on his head. For when the kids put it on his head, Frosty began to dance around. There was magic in the air.

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Protect your Future by Planning in the Present

Most people believe that succession planning is synonymous with estate planning; wills, trusts, estate tax, life insurance, franchisor/manufacturer approval or gifts to family members. No doubt estate planning is an important component of succession planning. However, for anyone who has struggled with family squabbles, successor development, retaining and recruiting top talent, and unreasonable strategic partners I can assure you there is more to succession planning than estate planning. The best estate plan on the planet is no assurance of the continuation of business success.

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Getting Comfortable with Your Exit Strategy

Before you can get comfortable, you first need to define your exit strategy. This means being able to define what your exit will look like and the range of options are broad and include:

  • Complete cold turkey break from operations
  • Exiting day-to-day management but continuing to have operational final say
  • Entrepreneur’s retirement: participate when you want to, and delegate decision making power to an individual successor or board of directors
  • Sale of the business
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As Seen in Multi-Unit Franchisee - Trust and Teamwork Build Success

Organizational productivity is dependent upon teamwork, which I describe as two or more people working together for a common goal. Team can be expressed or implied, conscious or unconscious, but regardless, organizational productivity depends upon the effectiveness of interdependent, collaborative effort. Teamwork can be fair, good, or great, but there really is no such thing as bad teamwork. If you think about it, bad-teamwork is actually an oxymoron. To further this point, the English language doesn't have one single word to describe the opposite of teamwork. We generally associate "the opposite of teamwork" with uncooperativeness, inter-organizational competition, backbiting, and under productivity.

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