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
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
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
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
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