When a crisis hits the need for succession planning is emphasized that much more. In our country’s current climate there are a lot of questions and concerns as to what the future holds. In a recent conversation with a franchise CPA with Citrin Cooperman and a franchise attorney with Einbinder and Dunn, we collectively [...]
Contemplating our own exit from the business is not an easy thing to do. However, we argue that being a responsible and forward-thinking business owner, it is something you MUST do. To put your life’s work into the business and then not consider the impact of your departure on your family, employees, community, and [...]
If you’ve decided that it’s time for your kids to take over the family business, there’s more to it than simply handing them the keys. You need to have a succession plan. We can’t give you a template, as there’s no single “right” way to do it. But you do need to have a [...]
Creating and maintaining a stronger and more positive work culture, provides a competitive advantage. You are able to recruit and retain the best employees and customers enjoy doing business with you. You create a feeling of trust and security with your customers and your community feels safe because your culture ensures everyone is working [...]
Effective teamwork is imperative to running a productive and strong performing multi-unit franchise operation. As a multi-unit franchisee, it is up to you to set the standard and tone for what management synergy and teamwork look like. In times where there are unknowns and uncertainties, your "team" has so many other personal and self-interest [...]
We are often asked “how do you plan for the unknown? as no one knows what the future holds. At the beginning of 2020 the economy was strong and then, out of the blue came a pandemic that has turned life as we know it on it’s side. Business’ that generally suffer in a [...]
We hear all the "reasons" why multi-unit franchisees do not want to start planning for their "what's next,” which often leaves owner’s way behind the eight ball as it relates to business growth and value. Your multi-unit operation is more valuable and profitable over time. For your business to survive, it is critical to [...]
In Creating More Harmony And Unity In The Family Business, Kendall Rawls discusses the influences impacting relationships and the delicate balance between family and business. Relationships take work when “times are good,” and 2020 has been anything but smooth sailing, which is testing individual emotional tenacity creating stress. Mutually agreed upon Family Business Governance [...]
As we begin to see the first signs of the economy opening from the global pandemic meltdown of the last few months, it makes sense to look at your business through a different lens. Now is the time to plan for the other side. If you wish to come out of this pandemic with [...]
Every organization has a culture. It’s the collective personality of the people who represent you daily. In short, every culture has some appeal, some cracks, and some rough edges. So, how do you patch the cracks and smooth the rough edges? You ask a few simple questions, you unfilter the responses, and you take actions that [...]
