Category: Training

How Do You Create a Succession Plan?

March 6th, 2019 by

For the last few weeks, we’ve been addressing the topic of business continuation planning. So how do you create a succession plan? Firstly, it must be viewed as a process, not an event. Like a well-run relay race, the handing over of a company should be graceful, carefully strategized and well-executed to be successful. Work

Why Don’t Most Businesses Succeed in the Long Term?

February 28th, 2019 by

Closely-held businesses are the backbone of America. About 95 percent of all businesses in America are family or privately held. A 2014 study revealed that there are more than 27 million closely held businesses in the United States, and they account for between 70 and 80 percent of all new jobs. Closely held businesses contribute

Succession Planning

February 25th, 2019 by

Types of Succession Plans As we mentioned in last week’s post, there are two types of succession plans – the What-If Plan, and the Best-Case Scenario Plan. What’s the difference? The What-If Plan What would happen if you were killed or no longer able to work? Though no one wants to think about the What-If

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