Selling a company to a third party is an action business owners take for a multitude of different reasons. Sometimes, they’ve fallen out of love with the work itself and are not as engaged or fulfilled as they once were. In situations like this, the business may be more successful in someone else’s hands. Other…
You’ve devoted a significant portion of your life to working incredibly hard to build your business. Whether you’re planning on retiring in the near future or simply want to sell to another entity and remain involved in a more limited capacity, having a plan in place sooner rather than later is one of the best…
Family-run businesses that rely on succession planning to maintain and augment wealth into perpetuity typically require business valuations on an annual or biannual basis. Tracking the various value points over generations provides critical insight into the past and present. It also allows industry leaders to make informed decisions about future business strategies. A business valuation…
It would be an understatement to say that time is of the essence to develop the next generation of corporate leaders. With the average age of a CEO standing at just over 54 years old and with CFOs typically earning promotions around the age of 50, these mostly Baby Boomer leaders are growing increasingly close to retirement…
The foreman of a construction crew buys everyone coffee on Monday mornings. An art director in a marketing firm asks an employee on the graphic design team about their mother’s health. The CEO of a company stops by the IT office to wish a staff member a happy birthday. Some people possess an almost innate…
Millions of Americans have a dream to one day own a business. They also have a soft spot for family owned businesses. Approximately 20% of U.S. small businesses are family owned. We visualize this entrepreneurship as what built this country and made it successful. As a result, some people have a tendency to romanticize family…
We have discussed numerous aspects of succession planning on this blog in the past two years. It’s crucial for business owners to plan for their companies’ future years or even decades in advance if they want the best possible outcome for themselves, their families, and their companies. A smooth transition between leaders is the goal,…
In recent years the public has become more disillusioned with institutions, including government, law enforcement, religious groups, civic organizations, the media, and business. The public’s cratering trust in the people who run these institutions has had a destabilizing effect on society and the economy. In order to build their brands and succeed in the current…
The generation gap is something that people have always talked about, the differences between the younger generations and the older ones. In previous blogs we have discussed some of the complications of transferring a business to the next generation. In this blog we will discuss how the values of specific generations of people play into…
In previous blogs we have discussed how important it is to build the value of your business so that in the short and long term it will prove a good investment. One way to do this is by installing value drivers. These are actions that over time will make the business stronger, more resilient, more…