No one can predict the future, but as a business owner, you can manage uncertainties by strategically thinking through the possible, probable, and potential issues impacting your long-term goals. This is where succession planning comes in. A succession plan provides a roadmap outlining growth strategies, contingency plans, governance guidelines, leadership transitions, and strategic plans. [...]
How often have you seen ineffective leaders in senior-level positions? Likewise, how often have we seen a manager that demonstrates exemplary leadership skills? A question many of us probably don't ask ourselves enough is: what is the difference between management and leadership? Without careful consideration, many of us would probably question if there were [...]
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. [...]
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 [...]
We fantasize about the day we start our own business or make our first million. Maintaining success is the ultimate objective that many entrepreneurs fail to consider. But achieving success is only half the battle; sustaining success is the challenge because the only constant is change. We are dealing with continual flux now more [...]
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 [...]
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 [...]
Franchising gives access to owning your own business, and those with an entrepreneurial spirit are attracted to the business model. Friends, spouses, siblings, parents, or other extended family join into partnerships to fulfill their business dreams. Partnerships are common and can feel supportive until a slight disagreement turns into a big problem for the [...]
Owning a business in this highly competitive market is complex. Add in the relational dynamics of partnering with a sibling, parent, cousin, spouse, child, or friend, and the complexities multiply. Studies show 70 percent of businesses with family involved fail or are sold in the second generation, and just 10 percent of companies survive [...]
Summer months often mean vacations with family. Family may be business partners, employees, or those who influence business decisions as a life partner, husband, or wife. The difference between a productive dialogue and a blowout conflict often boils down to choice and awareness on both sides. Timing, environment, preparation, and other dynamics influence an [...]
