Owning a successful business is a constant exercise in planning. Many successful business owners have already committed to personal financial planning, including investing and providing financial security for themselves and their families. However, fewer business owners have created a business continuity plan. A business continuity plan includes strategies and action items regarding what happens to […]
As your successful business grows larger and matures, you should always be on the lookout for forces that can diminish its value. New companies and competitors constantly aim at the top dog by identifying and exploiting weaknesses. To mitigate this constant threat, you should do two things. Identify what makes your company valuable Protect those […]
One of the most important skill sets that successful business owners have is the ability to be ready for just about anything. The key to doing this is being agile. Let’s look at what an agile framework looks like, why it matters, and the differences between waiting for perfection and being agile in your business […]
Retaining your company’s key employees is one of the most important steps toward your business’ success. Key employees can reduce your workload, noticeably improve company performance and operations, and act as the backbone of a successful business sale in the future. So, how can you keep these employees on board and engaged as you work […]
When you die, how much money do you want to have to pay lawyers to wrangle the complications of your estate? How about the IRS—how much of your life’s work would you like to hand over to them? And if given the choice, would you prefer a smooth and responsible transfer of wealth to your […]
Faced with a barrage of bad economic news, business owners wonder first how they will survive in what promises to be a tough environment and then if they’ll be able to leave their companies when they planned. Before we can help owners to answer that question, let’s look at their three options: (1) hunker down […]
Today, most owners are so focused on cutting expenses and minimizing risk and taxes that they’ve ignored their ultimate goal: creating a company with enough value to leave it for an amount of money that will support them — in style — for the rest of their lives.
In this issue, we discuss how owners of mid-sized businesses are making decisions about their futures in a quickly changing economy. As exit planners, we consistently urge business owners to take the initiative when planning their exits. Today, we apply that perspective to encourage business owners to go beyond panicked headlines and take a clear-eyed […]
“My key employee really is key to my company’s success, but I can’t (or won’t) ask him/her to sign a covenant not to compete. Besides, I’ve heard that covenants not to compete aren’t enforceable.” This dilemma is quite common in the closely held businesses. If, for a moment, you accept a basic tenet of Exit […]
Experts and laymen agree that one constant of successful companies is a stable, motivated management team. This quality not only contributes to corporate success, but it is also key to the business owner’s successful business exit.
