Misconception # 1- “I’m All Taken Care Of “I have it all done.” “My estate and exit strategy are in order.” “My attorney and CPA have me covered.” These are beliefs are commonly expressed by many business owners. While there may be confidence and truth behind these statements, what the [...]
One of the most frequently asked questions I receive is “How long do you think it will take?” Usually, the question is in reference to implementing some recommendations we’ve made about how to positively impact performance. Unless the company is in a survival crisis, our experience indicates that building a high performance culture usually [...]
Succession planning covers a broad range of subjects which may be broadly categorized by legal, financial, and people. Each of these many facets of succession are intimately woven together, interdependent upon each other's outcome. Each of these can be broken down into 10 interdependent subsets. Based on your unique business scenario and your perspective [...]
We often hear the term 'planning with the end in mind' yet in business, we rarely know what 'the end' really means. Since most business owners do not know if or when they want to cut back or exit, they never start planning for that event. Planning for your exit and/or succession will help [...]
In “Whether buying, selling or simply optimizing operations,” Kendall Rawls shares that the changing landscape of the auto industry combined with the gap in leadership is increasing the complexities of an already complicated business. With this comes many questions for dealers concerning remaining competitive and profitable as well as the question of succession. Better [...]
The majority of owner’s we interact with are in what Jeff Bannon refers to in this article as “Succession Limbo.” The most common reasons we see owner's "stuck" is either fear of making a poor decision or lack of clarity on planning options available to them. To provide a way out of succession limbo [...]
Sell or grow is a common question owners wrestle with as they consider what’s next. In this article, Jeff Bannon, along with Renay Winston, who is the president of People Management Solutions, discuss how owners can find clarity. Jeff and Renay suggest owners to consider the following questions: What does the current and [...]
In “Building an HR Department with The Right Recruitment and Development Tools”, Kendall Rawls shares that human resources is a complex environment and we often see the owner or a staff person taking on responsibility for these details on a part-time bases with a slew of other responsibilities. As such, it is easy to [...]
Franchisors are deeply concerned about franchisee’s lack of clarity of a succession plan and preparedness to execute one. To motivate franchisees and to protect their brand, some more seasoned franchisors have created requirements for franchisees to identify their successors who must be formally approved prior to any transition of ownership or executive management. Failure [...]
The start of a new year brings with it the promise of doing things better this year, than we did last. The multi-unit franchise industry has continued to see strong growth, with some struggles along the way. Looking forward into 2019, there could be additional challenges lurking for franchise owners. However if we have [...]
