A participant at a recent family business workshop was surprised when I said business planning should be part of the succession planning process. This founder’s business had a succession plan but lacked a coordinated plan looking at the future of their business. This founder’s surprise is a Lesson Found for all family businesses. (more…)
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Building a team to turn impossible into possible – and more!
Building a team to turn impossible into possible – and more!
The gravity pull of black holes is so intense it sucks in everything around it – even light. It would then seem impossible to capture a picture of any black hole. But a team of scientist did exactly that. Their efforts offer a Lesson Found in what it takes to create an extremely effective team. (more…)
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The “Screech Method” for Resolving Partner Conflicts
The “Screech Method” for Resolving Partner Conflicts
Childhood friends Adam Lowry and Eric Ryan co-founded and built Method natural cleaning supplies into a $100 million brand. And, like many family and other partnerships, the path toward success was not always smooth. How the two navigated past conflict is a Lesson Found.
Featured on How I Built This with Guy Raz, the friends/partners discussed their path to success and described, as I refer to it, the “Screech Method” of conflict avoidance. (more…)
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Does running your business feel like running a marathon?
Does running your business feel like running a marathon?
Running a business and running a marathon have much in common including both the owner and the runner are in it for the duration. Thus, Des Linden’s “training regimen” leading up to winning the 2018 Boston Marathon offers a Lesson Found for owners.
After ten years of running in Olympic and other major marathons, Linden finished 4th in the 2017 Boston Marathon. Desiring to finally break through to the winning spot, Linden cut short her normal break and quickly returned to training with even greater intensity than before. The result (more…)
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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…)
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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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Branding with a Mission: Could your branding last 300 years?
Branding with a Mission: Could your branding last 300 years?
How many pirates can you name? I’ll bet the first (and maybe only) one is Blackbeard. That is a testament to Blackbeard’s genius at branding! The foundation of this genius is Blackbeard’s consistent alignment of his branding with his “company’s” mission. And Blackbeard’s genius offers us all a Lesson Found. (more…)
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…)