It is extraordinary for any family to have perfect interactions all the time, and if they say they do they aren’t being honest with themselves. Sibling rivalry, mood swings, personality differences and differing expectations are only a few influences making family communication fun. And the holidays, even though with cheer in the air, are [...]
“You Are like Family” is a phrase many often say to friends. Over time and connectivity, the emotional ties with neighbors, teammates and colleagues grow to feel like family. Bring this dynamic to your business, and the size and complexity of your family begins to grow exponentially. As a result, family dynamics can become [...]
Sale to a compatible third party is a succession option. Dave Versicle , who is chief of editorial operations at Automotive News illustrates this concept in his latest article titled: No more wacky ads: New family to carry on dealer’s legacy. In Dave’s article, Our very own Dan Schneider shares his insight based on [...]
The Perfect Storm. You’ve probably seen the movie and this year, we all probably sense that we are making history from within a Perfect Storm of a pandemic, political and social unrest, and economic turmoil. I’ve read several articles recently that have borrowed that title to describe a different scenario - factors that have [...]
Growth can look different for each multi-unit franchisee operator depending on why you are in business and your appetite for risk. And, strategic planning process is a key way to determine the growth that’s best for your portfolio. In general, we find multi-unit franchisees do a solid job in planning as they launch their [...]
If you are a risk-taking multi-unit franchise owner and looking to grow your business quicker, you may be considering private equity. Before you jump in , consider the following questions for "How do you get IN, and HOW do you get OUT? From the “How You Get In” consider the following questions: What are [...]
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 [...]
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 [...]
