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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 it’s time for you to retire.  ... Read the Full Story
Posted by Tom Garrity on November 7, 2016
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 family businesses don’t survive.  The purpose of the business is to... Read the Full Story
Posted by Tom Garrity on November 1, 2016
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 business.  While this is probably a good idea... Read the Full Story
Posted by Tom Garrity on October 11, 2016
Thirty years ago, Robert Fulghum published a simple credo—a credo that became the phenomenal #1 New York Times bestseller titled All I Really Need to Know I Learned in Kindergarten. The book is spun with Fulghum’s musings on life, death, love, pain, joy, sorrow and where to find the best chicken-fried steak in the USA. If you haven’t read it recently or never did, do yourself a favor and read it... Read the Full Story
Posted by Tom Garrity on September 13, 2016
Business Owner Strategy
As a business owner, you understand commitment. You give up your weekends when there’s work left at the end of the day. Your weekends suffer because of that emergency that can’t wait until Monday. Your sweat is what keeps the company moving along. But are you committed to creating a business that truly supports your life?  In order to run your business instead of allowing it to run you, your... Read the Full Story
Posted by Tom Garrity on August 23, 2016
 The very thing that gets a CEO to the top, can also be an Achilles' heel. The transition from ‘player mode’ to ‘coach mode’ is a mindset that at first glance sounds easy, even refreshing – “Hey, I’m no longer responsible for doing all the work around here.” Yet many CEOs never make that transition; instead they get drawn into ‘doing the work’ as if there were some magnetic force pulling them... Read the Full Story
Posted by Tom Garrity on August 16, 2016
This is in memory of my nephew Sam Garrity.   The following is a reprint from online publication Reddit, written four years ago by G Snow.  Not sure who G Snow is, even if he/she exists really exists.  But this advice is about as good as it gets. The original post simply read: “My friend just died. I don't know what to do.”   Here was redditor G Snow’s moving advice:   Alright, here goes. I'm... Read the Full Story
Posted by Tom Garrity on August 3, 2016
Lady Justice is blindfolded to symbolize fairness as she balances the distribution of law without bias or prejudice. And there is a similar balancing act in family business. On one side, leaders need to be motivated, intense, creative and assertive decision makers. On the other side, they need to nurture and support family harmony along with employee satisfaction. Not an easy scale to keep in... Read the Full Story
Posted by Tom Garrity on July 19, 2016
Progress is impossible without change.  With today’s pace of change happening at an accelerating rate, dealing with change, which has never been easy, is even more challenging.  And as Jack Welsh, former CEO of GE said, “If the rate of change on the outside exceeds the rate of change on the inside, the end is near.” To remain relevant in today’s hyper-competitive marketplace, companies have to... Read the Full Story
Posted by Tom Garrity on June 28, 2016
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, the unfortunate truth is 50% of all... Read the Full Story
Posted by Tom Garrity on June 14, 2016

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