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Think it’s too early to design your next chapter? Think again
Before we start talking about how and why you need to start working on your next chapter, let’s work on what the next chapter is all about.
The next chapter is the life you envision AFTER you step away from running the business every day.
For some, it is truly retirement – in the form of a perpetual vacation, spending more time with... Read the Full Story
Posted by Tom Garrity on October 16, 2019
Most family business owners strive to grow their business and increase their value. What many fail to recognize and act upon is the fact that protecting that value needs to go hand in hand with growing it.
One thing for sure – if you own stock in a closely-held or family business today, there will come a time when you will not own it or control it. The question is, how will you transfer that... Read the Full Story
Posted by Tom Garrity on September 18, 2019
More often than not, when I ask business owners what their lifestyle number is I hear either “I don’t know” or “I THINK I need (X)”.
These are smart people. They have built a business with revenues exceeding 5 million dollars, yet despite their hard work and attention to details, they have not asked the right questions nor have they been guided through the right discovery process to find... Read the Full Story
Posted by Tom Garrity on August 14, 2019
According to a recent survey conducted by the Exit Planning Institute, a staggering 75% of privately held business owners regret selling or transitioning out of their business within 12 months of the transaction.
How is it possible that owners are so disappointed in just one year after what should be the happiest day of their life? There is a disconnect between their head and their heart.
Most... Read the Full Story
Posted by Tom Garrity on July 17, 2019
You have the right people. You have planned a strategy. You may even have adequate cash on hand, yet something is off with your execution.
There are missteps, miscommunications, and lost opportunities.
So what obstacle may be lurking under the surface (or at the water cooler) that is keeping the family business from executing well and producing industry-leading profitability and performance? ... Read the Full Story
Posted by Tom Garrity on June 19, 2019
“Did you hit your numbers?”
“Are we on budget?”
“What’s the Q2 target?”
Familiar questions I’m sure. Everybody loves revenue. It all starts with revenue, but as the title of this article states, “revenue is vanity, profit is sanity, and cash is king”.
Cash is the fuel your growing business needs to scale up and thrive and to take it a step further, the real number to pay... Read the Full Story
Posted by Tom Garrity on May 15, 2019
Family businesses often find themselves very fragmented in what they do and unclear whom they do it for. Trying to be too much for too many leads to mediocre results at best and can spiral into the commodity trap.
If you do not define a specialty and/or narrow your audience (down from everyone) your service or product will be seen as a commodity and your company will struggle to grow.... Read the Full Story
Posted by Tom Garrity on April 19, 2019
Ask yourself this question… “Would I enthusiastically rehire everyone on the team today?” Cringing a little at the answer? Here’s a tool to help you evaluate this question. It is called the Player Grid.
The Concept: place each member of your team into one of the four boxes: A-players, B-players, C-players, and B/C-players. Click here to download the worksheet and watch the Player Grid... Read the Full Story
Posted by Tom Garrity on March 20, 2019
Agendas. Rivalries. Poor communications. Confusion. No clarity. Assumptions. Competing values. There are a lot of factors that can get in the way of successfully growing a family business, and I did not even touch on the 5Ds!
Building a family business is tough. It’s widely known that only 33% make it to the second generation, 12% to the third, and a mere 3% to the fourth. While the statics... Read the Full Story
Posted by Tom Garrity on February 21, 2019
2018 is officially in the books! It’s time to take stock of bright spots and disappointments and start planning for 2019. Some people think this whole practice is a waste of time, but I find that taking time to stop and reflect on the past year is critically important to personal, professional and business growth.
As business people, we’ve all heard the axiom, “you get what you measure... Read the Full Story
Posted by Tom Garrity on January 24, 2019
