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  • Overcoming Decision Fatigue Overcoming Decision Fatigue

    Overcoming Decision Fatigue

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…)

  • Business Planning vs. The Alternative Business Planning vs. The Alternative

    Business Planning vs. The Alternative

Business Planning vs. The Alternative

When I think of the need for planning, I’m reminded of the husband who volunteered to plan and prepare Thanksgiving dinner for his wife’s extended family.  Following his well-meaning plan, he started preparations the evening before including taking the turkey out of the freezer.  It was still frozen the next morning when he went to start cooking it.  Needless to say, his wife was not happy.  But at least his plan included ample appetizers, side dishes and desserts.  Imagine what it would have been like had there been no plan!

Businesses are a lot like Thanksgiving dinner.  A poorly thought out plan will result in crisis.  Having no plan leads to (more…)

Management 101: Overcoming Frustrations to Reach Goals

Frustration is a common sentiment I hear from owners first seeking my advice. Their frustration stems from not having been able to achieve goals despite their unwavering efforts. Sometimes the owner had a plan but was not able to deploy it effectively. Or, the owner was always finding “great ideas” but ended up barraging his staff with a never ending list of “great ideas” not understanding why nothing got done. The other end of the extreme is the replication trap of being stuck in an endless do-loop, too busy to even consider alternative plans. These owners come to me for a fresh perspective; a different way of looking at their operations.

I was reminded of the benefits offered by a fresh perspective from an unexpected source: A public school district. (more…)

Topics for Year-End Conversations

I recently broke a promise I made to my wife.  I promised I would not bring up politics at our family’s Thanksgiving Day table.  Well the conversation turned to college football and started to get heated. I quickly changed the topic and asked what everyone thought of our presidential candidate choices.  The tone of the conversation immediately calmed down.

It is amazing which conversation topics turn heated and which are seemingly too uncomfortable to bring up. But some conversations need to be had (more…)

  • Planning:  Don’t put off until tomorrow. Planning:  Don’t put off until tomorrow.

    Planning: Don’t put off until tomorrow.

Planning: Don’t put off until tomorrow.

Do you know a business owner with a good idea for expanding their business but they “don’t have the time” to plan out let alone implement the idea?  This is the reason a client engaged my services. His idea was a good one: A natural extension of his market with little competition.  The owner just never took the time to create an implementation plan in the two years since conceiving the idea.  Then the recession hit and the business’ lack of diversification almost put him out of business.

So what was my client (or any of us) waiting for? (more…)

  • Succession Planning = Business Planning Succession Planning = Business Planning

    Succession Planning = Business Planning

Succession Planning = Business Planning

Business planning is an integral part of the Succession Planning process.  I was reminded of this when I read about a local lumber supply company closing its doors after 155 years of service.  Curious if this was now a common phenomenon for retail lumber yards, a quick internet search revealed five closing announcements since February.  All of them were family owned and, on average, been in business for 90+ years.  One common theme for these closing was competition from big-box national chains.

This is where a good Succession Plan comes into play. (more…)

  • Governance Policies: A Family Constitution Governance Policies: A Family Constitution

    Governance Policies: A Family Constitution

Governance Policies: A Family Constitution

Imagine our country without a Constitution.  Our founding fathers had the foresight to codify a basic framework of beliefs and laws in the form of the Constitution of the United States.   Our Constitution continues to provide structure and unite us even in these times.

Every family owned business should take inspiration (more…)

  • Overcoming Barriers to Succession Planning Overcoming Barriers to Succession Planning

    Overcoming Barriers to Succession Planning

Overcoming Barriers to Succession Planning

Family businesses are on the threshold of a historic transition.  As of a 2007 study, the median age of top executives in family businesses was 50 years old and 40% of them expected to retire by 2017.  Baby Boomer owners are relinquishing the reins of their companies.

So you would expect businesses everywhere to have succession plans in place or to be deep into the planning process.  Yet, (more…)

Succession Planning Done Right: Disney Style

People flock to Disney films for the entertaining comedy and drama. The process for picking Disney next CEO seems downright boring in comparison! And that’s the way it should be.

Based on the New York Times’ (NYT) article Disney Tackles Succession, This Time Without Drama, Disney’s current CEO Robert Igor appears to be addressing the planning process for his succession with abundant prudence and foresight.  The article reports (more…)

  • Business Longevity Insurance (Part 2) Business Longevity Insurance (Part 2)

    Business Longevity Insurance (Part 2)

Business Longevity Insurance (Part 2)

In a previous blog, I pointed out how Succession Plans are insurance for when the unexpected results in the business owner’s absence. The most common response to this I hear from business owners is: “Yes, but that’s not likely to happen to me.” While that may or may not be true, owners also need to ask themselves: “Can my business and my family afford the consequences if the unexpected happens?” Others’ experiences and the research provide a clear answer. (more…)