I was traveling with Dr. Merlot while visiting a new client, and I witnessed one of his famous tirades that is worth sharing. Our client was a gentleman in his late 60s and the personification of “old school.” He had been in the same 20 Group for the last 35 years, he did not use [...]
Multi-Unit franchisee owners set out to establish a medium for putting their passion to work, a means to make money, and to establish a legacy for the future of their families. Far from the mind of the entrepreneur when starting out is looking at the end game. Much less is there thought of engaging in [...]
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 well [...]
Culture of an organization is an area in which we are seeing an increased emphasis of importance. The reason it is growing in importance can be traced to the generational changes we are seeing in the workplace, in addition to increased competition for talent. One of the largest areas impacting culture is in recruiting and [...]
Though the economy has shown some signs of slowing, opportunities continue to present themselves to franchise owners looking to exit or grow, as well as those newcomers looking to enter the space. It's important to pursue proper financial due diligence in order to determine the proper value and the fiscal health of the transaction. Engaging [...]
Please forgive us for being academic, but in order to fully understand business succession, we are going to define a few terms. First, an often confused first cousin, business continuity or exit planning: As the term describes, business continuity is the continued existence of a business, as in the business continues. An exit planning [...]
Misconception #5 - A Succession Plan Isn't Needed If I Plan to Sell A common misconception is the thought that plans to sell your business negate the need for succession planning. Unfortunately, this thought process couldn't be more wrong, and has a direct impact on the amount of cash you’ll have in your pocket [...]
Misconception #4 - I'm Too Young to Think About Succession Planning Translation: “I am bulletproof and have no intention of dying prematurely; I am not interested in enhancing business productivity, profitability and teamwork; the business is all about me; and I am not interested in protecting the value of my business and the welfare [...]
Misconception #3 - Succession Planning and Business Growth Aren't Related Succession planning is not about you leaving the business; it’s about building a foundation of success today that will set the course for future generations. Your organization may be in 'growth mode' so you’ve put succession planning on the back burner. But growth without [...]
Misconception #2 – Succession Planning Means Retirement Planning Succession planning often fuels a myriad of emotions. “No one is gonna push me out!” “Succession, that’s all about retirement, and I’m not going anywhere anytime soon!” “I like control; I’m not giving it up!” While all of these are valid emotions [...]
