Jeff Bannon
Executive AssistantAll Articles
How to Protect and Grow Your Business During Economic Uncertainty
The pandemic impacted us all, causing some to reap the benefits and others to be shut down. And our fickle economy is causing many multi-unit franchisees to wonder what the best strategy is to thrive through next year. As the world evolves and changes, basic principles, such as processes, procedures, marketing, talent, attractive culture, capital, etc., stay the same. Jeff Bannon, a succession planner with The Rawls Group, and Michael Einbinder, a franchise attorney with Einbinder & Dunn LLP, discussed strategies for multi-unit franchisees to protect and grow their business despite inflation, recession, and the next curve ball in [...]
Strategies for Multi-Unit Franchisees to Succeed Despite Economic Uncertainties
Even though Wall Street predicts 2022 and 2023 will have 10% growth in earnings and isn't currently anticipating any slowdown, many multi-unit franchisees have expressed concern over economic uncertainties. Talks of inflation, change in tax law, ongoing supply chain issues, and labor shortages have multi-unit franchisees wondering how or if they need to readjust their business strategy. Some multi-unit franchisees who have focused aggressively on growth have cooled their engines. And then there are multi-unit franchisees sitting on cash, looking to ramp up acquisitions, and looking for good deals. And finally, others are unsure which [...]
Determining Your Best Multi-Unit Franchising Strategy
We are in some interesting economic times, making it difficult to predict the future. As a result, many multi-unit franchisees wonder if it is time to hit the gas or break. We have talked to multi-unit franchisee owners who have the cash and are interested in investing in the future. And then some are tired and considering selling all or some of the business to feel more comfortable. Either approach requires a business succession strategy to ensure you receive the highest multiple or to scale for growth effectively. Depending upon the business's positioning and the [...]
Protect & Grow Your Multi-Unit Franchisee Business Investment
Most entrepreneurs and multi-unit franchisees' long-term vision involves owning a business to build wealth, support a lifestyle and live off the cash after a one-day sale. However, successful owners know this dream can become a reality with the right business succession strategies, starting with the end in mind way before exiting the business. Protecting the business means you have processes, people, and financial capital to ensure the company can continue in your absence. But, unfortunately, we often see a hub and spoke model, where the owner is the center of the universe, calling the shots. [...]
Importance Of Establishing Multigenerational Succession Standards In Auto Dealerships
As Joe shares, it isn't fair to the business's employees for an owner to be lazy and not invest in the future success and sustainability of the company. Therefore, business succession planning isn't just about protecting profits and transfer of ownership; it is also about positioning the business for continued success for the employees who depend upon the company for income. Nepotism, enablement, and resentment are common causes of a dysfunctional culture. Clearly defining expectations amongst family, management, and key leaders eliminates conflict that can debilitate business performance and cherished relationships. Resources Succession Readiness Survey: [...]
Incentives to Attract & Retain People For Multi-Unit Franchising Growth
Labor shortages are impacting businesses of all industries. Finding the right person to fill an open seat in the organization has been a long-time struggle for business owners. Add on the impact of COVID; employers have to step up their recruiting game to retain and attract the best and the brightest. Growth and sustainability depend upon three key factors: people, processes, and financial capital. You may have the cash and processes to scale, but without people, your business strategy lacks the fuel to get you where you want to go. In this episode, Michael Einbinder, [...]
