Our topic for May 2020 has been the need for financial planning. Creating a financial plan is a crucial part of building business value and pursuing growth in the present as well as successfully transitioning to new leadership and ownership farther down the line. It may take an investment of time and effort, but it will make all the difference in your eventual outcome.
Our topic for April 2020 has been creating family alignment. Many problems that family businesses confront may seem to business owners like isolated issues but really stem from a lack of alignment between family members. When they correct the alignment problems, the entire business runs more smoothly. If you’re wondering how it’s possible to create better family alignment, read on.
Our topic for March 2020 has been a discussion of the duties of a chief financial officer. Many smaller companies do not have a CFO on staff to advise them about day-to-day operations and financial strategy. If you wonder if your company needs a full-time or part-time CFO or how retaining one might affect its growth and stability, read on.
Our topic for February 2020 has been a discussion of why business owners stay in their companies long past the time it would be best for them to exit. Too many owners are not prepared to exit their businesses, and many haven’t even given it serious consideration. Why not?
Our topic for January 2020 has been business processes and systems. We have gone over what each of these are, why they are useful for increasing productivity and profitability, and why implementing processes and systems is valuable in terms of exit planning.
Our topic for December 2019 has been the need for businesses to have a board of directors or a board of advisors in order to keep the owner or owners accountable and provide the wisdom and support the company needs to thrive.
Our topic for November 2019 has been the need for businesses to have a current and accurate business valuation done. The first step involved in exit planning is committing to the exit planning process, but the second is having a business evaluation performed. This allows the owner to make informed decisions on every aspect of his business moving forward.
Our topic for October 2019 has been buy-sell agreements. We’ve discussed what buy-sell agreements are and why having a well drafted, comprehensive, up-to-date buy-sell agreement will protect both a company and its owners from risk during a trigger event such as the retirement or the death of an owner.
Our topic for September 2019 has been family conflict. We’ve talked about why conflicts between family members in a family business are so complex. We’ve examined the spectrum of conflicts within a company, ranging from mild disagreement to outright war. We also emphasized how important it is to resolve conflicts earlier rather than later to avoid damaging the company and family relationships beyond repair.
Our topic for August 2019 has been building transferable value as it relates to exit readiness. We’ve focused on how owners can and should differentiate between the value their businesses have to them personally and the value that they would have to buyers when put up for sale.