Critical to maintaining profitability in any business is found in a variety of areas of the business. One which is very important, especially to family-owned business is in clearly identifying who is responsible for doing what. Simply, having a clearly defined organizational chart. As Jeff Bannon outlines in this article, a stronger and more [...]
Employee retention is one of the largest problems for business owners to solve and overcome. In addition, finding good candidates is harder than ever before. Whether the issues relate to a good economy, low unemployment rate, or simply just a lack of talent coming into certain fields, the challenge is real. Add in the [...]
It happens each and every year. We come to the end and turn the calendar to the next one. With each new year we look forward to what might come, as well as worry for the same. For many business owners when the economy is strong, there is little fear for the future. However, [...]
Family in business together is a complicated thing. No matter how hard you try, or how strong the intentions are to avoid it, relationships come into play, for good and bad. When the holidays approach emotions and sensitivities are at their highest. The good news is that it does not have to be a [...]
Why is corporate culture so important for a successful business? Culture is one of the most critical areas to ensure positive business performance and build long-term value. More than ever business owners need to have a focused intentionality into the culture they are creating, and ultimately have. This helps with employee recruitment and retention, [...]
Employee retention is a struggle for a lot of business owners. There does not seem to be one industry immune to losing good talent. Losing our key employees is very costly to the business. You lose the knowledge and experience, but then you have to invest in recruiting and retaining new talent, hoping they [...]
Retaining key employees is a challenging endeavor. When unemployment rates are low, it can be even more challenging. If you do not have a culture that attracts people to stay, or the understanding of what motivates them, you could be at risk of loss. Low unemployment rates and increased competition means your key employees [...]
When the economy is strong, we see an uptick in those newcomers who have money and want to enter the multi-unit franchisee market. It is also a hot market for current franchise owners to diversify and grow their portfolio, too. If you are in either of these buckets, this article brings in expert legal [...]
Undergoing the purchase or sale of a business unit is hard work. Multi-unit franchise owners often consider an external buy/sell as their only option. There is another option. The internal buy/sell. It comes with more challenges, which often deter franchise owners from going down this path. Champ Rawls provides reasons you should consider this [...]
When the franchise industry is going gangbusters and the economy is strong, too, franchise owners often look for ways to expand. Add to it investors who are looking for growth areas who naturally lean into franchises. With any investment, whether you are familiar with the industry or not, there are key considerations to keep [...]
