The Four Ways To Transition Your Business

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

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

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

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

Taking Time Off

Many of us, as business owners, don’t really know how to take time off from work. We say, “I’m going to the beach,” but first thing every morning we check our emails, call the office, etc., and that’s not really a day off. If you’re working at all, no matter where you may be, it’s