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  • What lessons does Brexit offer companies on contingency planning? What lessons does Brexit offer companies on contingency planning?

    What lessons does Brexit offer companies on contingency planning?

What lessons does Brexit offer companies on contingency planning?

By now, we’re all tired of hearing about Brexit.  But if you look beyond the political antics, Brexit offers valuable Lessons Found on contingency planning for businesses.  Here are a few examples. (more…)

  • What do Exit Planning & the iPod Touch have in common? What do Exit Planning & the iPod Touch have in common?

    What do Exit Planning & the iPod Touch have in common?

What do Exit Planning & the iPod Touch have in common?

Whether you’re an Apple fan or detractor, all can agree the iPod and iPhone technology are extraordinary successes. The stories of how Steve Jobs and Apple accomplished this are legendary.  Organizational guru Simon Sinek summarizes it in one word: “Perspective”.  When planning exit strategies, business owners should embrace Apple’s perspective to maximize their company’s valuation and sustain their legacy.
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Business Bankers: Getting to the heart of your client’s business

Your annual client meetings are preceded by analysis of their financials and ensuring covenants of loan agreements are still within bounds.  Next you spend time with the clients to ensure their business is on track. But how much time do you put into digging deeper into the long-term general welfare of the client and their business?  Is this even your responsibility since the bank’s investment is protected with collateral and insurance policies?

The answer to the question depends on your bank’s marketing strategy.  If your marketing is (more…)

Financial Advisors: Have you discussed your client’s largest asset with them?

You carefully analyze your client’s needs to create an appropriately balanced portfolio for them.  You then diligently manage the portfolio by continuously monitoring corporate earnings, the markets and the economy.  But for most business owners, their largest single asset is outside your control. That asset is their company.

What is your responsibility for maximizing the value of your client’s company? After all, that is (more…)

Attorneys: You counsel business clients to take action. Are they following your advice?

Have you ever had the situation where you provided a business client exactly the advice needed but wondered if they could successfully implement the business end? Or, maybe you knew implementation would happen but speculated if that implementation would go smoothly and/or maximize the business’ potential?   The question then becomes how much ongoing operational advice and oversight are you able to provide?   Outside of actually conducting onsite and ongoing detailed reviews of their operations, how do you best help your clients? (more…)

What’s your passion?

I recently met a plumber who told me a story I’ve heard many times before.  This plumber started his company because he had a skill he enjoyed, enjoyed using that skill to help others and desired the autonomy of “being his own boss.” Like most of us who have started a company, this owner had the passion and motivation to strike out on his own.

As the plumber’s business grew, he started adding both skilled and office staff to keep up with demand.  Before long, he found himself running a company instead of being engaged in the skill he enjoyed.  (more…)

Going Off-Mission to Stay On Mission

The president of a local company (and now a client) initially said to me: “I’d like to work with you but taking that time would be taking me off-mission.”  That is not the first owner who expressed concern about going “off-mission” and letting things lapse back at the office.  This always leads into a discussion on the different meanings or uses of “mission”: the standard or military definition versus when paired with the word “statement”. (more…)

Family Business: Preparing for the 21st Century

“Family businesses that manage these five innate advantages are well placed to make the 21st century a family business century.”  This assertion is the conclusion of a Harvard Business Review* article I recently discovered.  So, what are these advantages and is your business prepared to fully benefit from them?  Here’s a brief summary of each along with the questions businesses and families need to ask themselves. (more…)

Recognizing & Regaining Perspective

Is the glass half full or half empty?  How you answer depends on your perspective.  For someone who has always received a full glass and now is being told this is all the water available, this picture can be a perilous omen.  On the other hand, someone lost in the desert might describe it as salvation.

Perspective is critical when making decisions within your company.  A distorted perspective can lead to the wrong decision, sometimes with disastrous consequences.  (more…)

Overcoming Decision Fatigue

I was perplexed at the outcome of a recent meeting with a prospective client.  It was with a business owner referred to me from a current client.  This owner clearly was motivated to grow his business but was “stuck in a rut”.  In discussing the terms of engagement, he recognized the value and cost-benefit of my services.  It was a positive meeting resulting in scheduling our first regular client meeting.

Two days later the owner emailed to cancel this next meeting stating he was “just too busy to take the time.”  Needless to say, I was surprised.  Could he have found and hired another consultant?  Or was my fee to steep? My current client who referred this person assured me the owner could afford the fee and had not hired someone else.  My client said this had become a pattern for this owner; identifying potential solutions but never carrying through on them.

This got me thinking (more…)