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.
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 [...]
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 [...]
Jerry was a 20 year old young man who was the son of a very successful small business person who had founded and run a well-regarded construction company for over 30 years. Jerry had a core belief that he was destined to take over the business when his dad retired. This is a common expectation [...]
"Our only security is our ability to change." – John Lilly As I said in last week's article, there’s a tidal wave heading toward the shores of American business. The Baby Boom generation is reaching retirement age and more than 20 million workers – including the executive management team in many businesses -- will retire [...]
"Planning is bringing the future into the present so that you can do something about it now." – Alan Lakein Have you noticed how frequently businesses come and go? You buy a product or service from a good local company for years. Then you hear that the company has gone out of business. Someone else [...]