Multi-unit franchise owners continue to experience growth. As we have discussed in previous articles, one of the keys to developing sustainable growth is DUPLICATION of successful strategies. Another key to growth is the ability to scale effectively which boils down to process, procedures, and PEOPLE. People are one of the most valuable assets to [...]
The Evil King vs. the Hand-Cuffed President - who do you want to be? Our experience has demonstrated that the best way to position yourself and your successor is somewhere in the middle. Certainly, no one wants to run a business without the autonomy to make critical operational decisions. Creating a lasting business structure [...]
Succession Planning Process - Business Structuring Business structures and agreements have a huge influence on taxation, ownership control, transfer on gifts and estates, and shareholder access to cash flow. A critical component of the interdependent areas of the Succession Matrix®, business structures also protect owners by helping to achieve desired outcomes with any partners, [...]
The new year brings change, and with change comes uncertainties – often leading to fear, anxiety, and worry of the unknown. If there is one thing that is for sure, change is imminent. It is the one constant on which we can count. It can get so complex that dealers either don’t engage in [...]
“We are built for this” highlights the story of how two people with vastly different personalities and business beliefs found common ground to grow and successfully transition the business from gen 1 to gen 2. Our very own succession planners Hugh Roberts and Jeff Bannon, along with Howard and Susan Drake of the Casa [...]
When starting out, business owners are not looking at the end game. Much less is there thought of engaging in succession planning. After all, isn't succession planning for when the end in near? That is where most business owners make their mistake, thinking succession is only about exit strategy, estate planning and retirement. And [...]
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 [...]
