Archives

Your Child May Not be a Good Fit for your Business

August 28th, 2018 by

What are the criteria that leads you to believe that your son or daughter should enter your business? For one thing, there’s a difference between children that come into the business to work and contribute, versus those that rise to the level of leadership. Basically, here’s the question. I’m a mom or dad. I’m 40,

How To Do Less In Your Family Business

August 26th, 2018 by

Most small business leaders are terrible at delegation. Most of you are still clinging to this $50 an hour and sometimes even $5 an hour crap tasks that you do. Your time gets away from you. At the end of the week your 50 or 60 or 70 hours has disappeared, and you’ve really not

The Seeds Of A Company’s Destruction Are Sown In Good Times

August 20th, 2018 by

We’re having good times right now. In just about every industry throughout the U.S. and Canada, things are pretty good right now. There are pockets where the economy hasn’t fully recovered, and certainly there are industries and individual companies that haven’t fully recovered from the great recession. But for the most part, things are pretty

The Four Ways To Transition Your Business

August 15th, 2018 by

People think business succession is complicated, and I suppose it is, but sometimes we make it too complicated. There are actually only four ways to transition a business. What are the four ways? One way is to close the doors. Some people have a lifestyle business. They run it for a number of years. They

Your Spouse Is CRITICAL To Successful Business Planning

August 10th, 2018 by

While you are working on the succession and strategy planning for your business, including your spouse is critical to the planning process, even if they don’t work in the business. Most business owners understand the importance of this, but 10% or 20% object to this idea and don’t understand. First of all, objectivity, if your

Buy-Sell Agreements

August 6th, 2018 by

There’s no such thing as a simple buy-sell agreement. This is because they require you to be thinking about what could happen in a year, or five years, or 10 years, or even 25 years down the road, when you consider how the next generation may be affected. Discussing buy-sell agreements is actually a clever

Avoid Complacency

August 2nd, 2018 by

One of the things about most small businesses, especially successful ones, is they get complacent over time. In a company, people work really hard for 10 or 20 or 30 years, and they finally achieve lift off, and they grow from being a marginal, barely profitable, sort of subsistence family business, at say five million