Planning for your business’ future success is a long-term effort in problem solving. Usually, the problems you’ll try to solve result from the natural evolution of the business. For example, as your business has grown, you may have hired more employees or managers to keep pace. Problems like these are good problems to have. But [...]
Many business owners start their companies as lifestyle businesses to support a certain kind of lifestyle that they want. Some found businesses because they have an urge to create and build. Others want to be their own bosses. Still others want to control their own destinies. Whatever the reason, many businesses start as and evolve [...]
Do not act as if you had ten thousand years to throw away. Death stands at your elbow. Be good for something while you live and it is in your power. –Marcus Aurelius, Meditations Building a successful business likely took you years of deliberate planning. From your initial business plan to now, you’ve built something [...]
As a business owner, you’re likely the most important person in your business. You’re probably the breadwinner for your family. Your employees rely on your leadership and success for their livelihood. A lot of people depend on you. What would happen if, without warning, you were to die or become incapable of running the business? [...]
For many small-to-mid-market business owners, there are few things more important than maintaining control of the company, minimizing risks for the company, and rewarding the employees that make the company successful. Ownership transfers to the company’s most valuable employees can do all of these things with proper planning, but there is a caveat. While it’s [...]
You wouldn't start to plan your retirement 30 days before you retire so why would you exit your business with out comprehensive plan.
According to Paul Simon, there are 50 ways to leave a lover. Not being as creative as Mr. Simon, we’ve only come up with eight ways for owners to leave their companies: Transfer the company to a family member Sell the business to one or more key employees Sell to key employees using [...]
