Succession Planning

 
If all you do is match what your competition offers, you give your customer only one criterion on which to base their decision to buy from you – price. And that is a step into the commodity trap, a slow and painful death of lowering prices to get business.   
 
Enter the Monopoly Control concept. ... Read the Full Story

It used to be that wealth was created from physical assets: land, natural resources, and human and machine labor. But the world has changed. 
 
As Chris Snider explains in his book, Walking to Destiny, “Technology has disrupted the entire system.  Today, wealth is created by your ability to create, transfer, assemble, integrate, protect, and exploit... Read the Full Story

How do I create an exit plan?

There are essentially two paths you can take when it comes to transitioning the ownership of your business – an internal transfer or an external transfer.  Each path offers several options.
 
How do you determine which one is right for you? For a family business owner, few questions require as much soul-searching as the issue of whom to transition ownership to when... Read the Full Story

Is your business for sale every day?

The statistics of family business transition success (or lack thereof) are well known: Just 33% make it to the second generation, and only 5% make it to the third.  Rags to riches to rags.
 
Many family owners think legacy is about maintaining the ‘business’ for future generations.  But this thinking is probably the #1 reason... Read the Full Story

One of the biggest traps I see family business owners fall into is the “I’ll sell my ownership when I retire” trap.  Remember, the only reason to get into business is to get out.  And getting out is a lot harder than getting in.
 
There are many family business owners who proudly tell me they have reinvested all the business profits back into the... Read the Full Story

The only reason to get into business is to get out!  That might sound cold, might seem too corporate, might even seem contrary to your core values…but trust me, getting out of your business on your terms is what every owner should have their eye on.  Getting your exit payday for all the blood, sweat, and tears is the reward we all keep working towards. However... Read the Full Story

According to the 2016 Exit Planning Institute survey of middle market business owners:

• 63% of private businesses are owned by Baby Boomers

• 80-90% of their wealth is tied up in their business

• 76% of these owners plan to transition out within 10 years and have no exit plan

• 70-78% of all businesses... Read the Full Story

Most business owners who are asked about their exit plans will reply that they want to exit their business ‘in about 5 years’. In reality, this 5-year window is a subconscious resistance to beginning the process of planning for an exit. This is a true statement evidenced by the fact that the same owner will – almost always – give the same ‘5-year answer’ when you ask them about their plans for... Read the Full Story