Jeff BannonAll Articles
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 Family Governance Policies for Auto Dealership Succession
Joe emphasizes the importance of proactive automotive succession planning. Neglecting the future sustainability of the business not only harms profits but also jeopardizes the livelihoods of dedicated employees. Succession planning isn't solely about transferring ownership—it's about securing ongoing success for those who rely on the business for their livelihoods. Nepotism, enablement, and resentment often breed dysfunction within family-run businesses. Clearly outlining expectations for family members, management, and critical leaders is essential. This transparency minimizes conflicts that can otherwise undermine business performance and cherished relationships. How We Help You Are you struggling with family business succession [...]
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, [...]
Building a Culture People Want
People are looking for four main characteristics when selecting an employer: Inspiration, Education, Autonomy, and Feedback. In our tight labor market, culture and opportunity for growth are often the deciding factors between someone choosing your company to work versus another. Successful business strategies depend on people. In this episode, Michael Einbinder, with Einbinder and Dunn and The Rawls Group's succession planner, Jeff Bannon, discusses how to nurture a culture that provides what people want to build the team necessary to fulfill business goals. For more insight: Visit the Multi-Unit Franchising: Succeeding [...]
The Power of Succession Planning for the Business, Employees, Families, and Community
Many lives depend upon the business's ongoing success, employees, families, and community. Succession planning is an investment that returns incredible dividends. Whether you are looking to transition ownership or sell for the highest multiple, succession planning ensures you have the right amount of capital, the right people to lead, and the best business strategies to take action. As Joe shares, "You do it once; if you screw it up, you are screwing up your family, business, and employees' livelihood; it isn't fair to them." Resources Succession Readiness Survey: A 7-minute investment in time will put [...]
