The Family Business Center at the University of New Hampshire has put together “Nine Helpful Steps Toward Succession in a Family Owned Business:” You will notice that all of the steps' major components are “human capital” issues. These steps are valid for family owned business but most are also valid for any closely held business. [...]
The New Year always gives us a sense of renewal and focus. It provides us with a time, albeit frenzied, to reflect on what happened last year and what we can do to improve upon our performance, our systems, and our “working on our businesses” as opposed to “working in them.” Many times, when we [...]
My good friend and fellow Certified Business Exit Consultant Kevin Kennedy has a great way to describe exit and succession planning: "Succession Planning is replacing yourself." "Exit Planning is replacing your income." Think about it! You, as a business owner can do one, both or neither. Please consider the consequences of having no exit and/or [...]
Our days are numbered. One of the primary goals in our lives should be to prepare for our last day. ~ Billy Graham What makes greatness is starting something that lives after you. ~ Leonard Bernstein The Reverend Graham’s quotation no doubt refers to larger issues than business management. However, baby boomer business owners would be wise [...]
Companies say they value creativity, and if your company is like most, you're probably among them. The question is, are you really doing everything you can to unlock the creativity within your organization? Are you doing everything possible to ensure that the creativity that your company needs is being accessed and used to its fullest? [...]
As one of the 22 million business owners in the United States, you are likely over 50 years old. According to a 2005 PriceWaterhouseCoopers survey of companies in the $5 million to $150 million of value range, there's a two in three chance that you plan to leave your company in the next 10 years. [...]
1. Focus on increasing cash flow 2. Develop operating systems that improve sustainability of cash flows 3. Improve facility appearance 4. Pay down debt 5. Document sustainability or earnings 6. Implement a strategy to grow the company 7. Build a strong management team and groom a successor
During a recent monthly business review meeting with an executive team of a privately held company we were working through a number of important issues, one of which was succession planning for the firm, a topic people had been deferring for sometime, thinking it was important but not urgent. One of the partners looked around the [...]
In my work with Jim Horan, founder and chief architect of The One Page Business Plan (tm), I have become enamored with his question, "Who does the best thinking in your organization?" This question not only makes leaders think, but often act very differently. Good leaders recognize that if they are the best thinkers then [...]
Can you hear the clock ticking? By the time you finish reading this sentence, a baby boomer business owner will have turned 65. By the time you finish reading this column, five more will have reached the traditional age of retirement. Those business owners probably have big dreams for retirement, such as moving to a [...]