Articles
What Concerns an Exiting Owner, You ask?
It isn't price first and foremost. It's basically 3 things - coming to grips with loss of control; the legacy issue where the owner knows the business is integral to the community; and a paternalistic feeling toward the employees - what's to become of all those families.
Are “Soft Skill” and “Feelings” Essential Business Skills?
It has long been a standard tradition that a professional must possess certain business skills to succeed in the workplace and that businesses should offer continuing education opportunities to help their employees succeed, thereby helping the business flourish and grow. It seems, however, that reading, writing and arithmetic are no longer the sole basis of a solid education. If recent trends are any indication, learning how to cope with one's feelings and emotions and learning how to communicate effectively are just as important in a professional's set of business skills as their business knowledge and expertise. A Shift in Learning [...]
The Annual Strategic Plan is Dead
The Annual Strategic Plan is Dead A good deal of the corporate planning I have observed is like a ritual rain dance; it has no effect on the weather that follows, but those who engage in it think it does. Moreover, it seems to me that much of the advice and instruction related to corporate planning is directed at improving the dancing, not the weather. ~ J. Brian Quinn If you read this column on a regular basis, you know that I have always been a strong proponent of strategic planning. In fact, over the last seven years I’ve probably [...]
Business Succession: What Happens To Your Business if Something Happens to You?
There is a saying that some people live by – the only two things in life that are certain are death and taxes. Both apply to business. Most business owners have the tax side of that equation more than covered, but what about the other part? Let me ask you, if something were to happen to you today, what would happen to your business tomorrow? Most of us don't want to think about it. We don't like to consider our mortality and because of this, we try as hard as possible to avoid thinking about what would happen if we [...]
A Better Way to Plan Business Continuation & Exit Planning
When planning for a year, plant corn. When planning for a decade, plant trees. When planning for life, train and educate people. ~ Chinese Proverb Good fortune is what happens when opportunity meets with planning. ~ Thomas Edison Good plans shape good decisions. ~ Anonymous With an increasing number of owners of small and family owned businesses reaching retirement age, business continuation and exit planning are critical issues for owners, employees, customers and communities. We personally know of at least 400 good paying, stable jobs at risk in local businesses if the owners should retire, die or become disabled. All [...]
Strategic Planning in Turbulent Times
"My success, part of it certainly, is that I have focused in on a few things." – Bill Gates "We wanted Nike to be the world's best sports and fitness company. Once you say that, you have a focus. You don't end up making wing tips or sponsoring the next Rolling Stones world tour." – Philip Knight I'm able to bring business expertise but, more importantly, operating experience. The people here at Google are young. Every day there are lots of new challenges. I keep things focused. The speech I give every day is: "This is what we do. Is [...]