A silver lining of COVID-19 is everyone is in the same boat as everything is new to all of us. We are in this together. The most critical thing we can do to ease our employees’ anxiety and worry is to communicate clearly and often. It is OK to share [...]
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 of how [...]
Understanding the difference between equal and equitable asset distribution is essential to developing a strong business succession plan and building business value. Working exclusively with successful business owners on their succession plans for more than a decade, one of the questions that I am frequently asked is: “How should I divide my estate?” This can [...]
Developing wealth independent from the business is paramount to an effective business transition. Most business owners reinvest their profits back into the business in an effort to provide working capital and grow the business. These are worthwhile business practices (in some cases, absolute necessities) especially when the business is relatively new and is expanding. However, [...]
Did you say credit continuity? Absolutely! Just because your successor may have the same last name as you does not necessarily mean credit continuity is automatically transferable to your successor(s). Capital is the life blood of a business and oftentimes access to lending capability is predicated upon the financial backing of the current owner through [...]
Football is one of my favorite sports and football season is one of my favorite times of year! It has been said that football is the ultimate team sport. Success on each play requires each player understand their role, work together, communicate effectively and ultimately execute to achieve the desired outcome. The teams that win [...]
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 [...]
Those of you who are franchisees pay close attention! Have you developed a succession plan for your business? If so, I commend you as many of your peers talk about having a succession plan, but have yet to develop formal documentation that reflects their goals and objectives. Now let me ask you another question. Does [...]
Technically, the answer is before you even open your doors for business (why go anywhere without knowing how you are going to get back?). Now I know that is idealistic to many of you as survival is your highest priority. Let’s face it, succession planning is a subject many business owners would rather not face. [...]
Many of you have dedicated a significant part of your working life pursuing the American dream through business ownership. Some of you will pursue succession through family members or key executives and others believe a sale is the best exit strategy option. Selling your business is a viable succession option enabling you to harvest the [...]
