Turnover in an organization brings a high cost to the company, which unfortunately, much of that cost can be avoided. Findings from the Saratoga Institute, a group that regularly reviews and updates the financial and organizational costs of turnover, estimate the financial costs range between 12-40% of pre-tax income. This translates to anywhere from [...]
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 [...]
There are really only three resources in any business: People, Time, and Money. The difference between an average performing business and a world-class business most often comes down to the quality of the people and how they spend their time. Look for the right people who fit your organization, versus hiring to fit a [...]
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 [...]
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 [...]
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 [...]
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 [...]
Key challenges franchisees face today is the retention of young talent and the aging out of successful leaders in the organization. In this episode, Jeff and Aicha discuss strategies to position your organization as a talent magnet. Over 11 episodes, Jeff Bannon a Partner of The Rawls Group and Aichia [...]
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