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How Business Value Affects Your Future
An accurate business valuation is one of the more important elements of planning for a successful future. But the journey to determine the true value of your business is full of dead ends and pitfalls. In this newsletter, we will...
Read MoreBalancing Opportunities with Risks
There are a few better feelings for business owners than winning a huge contract or being offered an opportunity to expand the business. But these big opportunities could come with unforeseen risks. How can you determine when to pursue...
Read MorePersonal Tragedies and Operating a Business
Running a business is challenging under even the most perfect conditions. But what happens when you, as a business owner, are confronted with personal tragedies or other events that require you to take time away from your business? Can...
Read MoreFinding Talent in a Tight Labor Market
In tight labor markets, it can be difficult to hire the high-quality employees your business needs for continued growth and success. At the same time, your business needs to retain the good employees that you currently have so they...
Read MoreAre You Bottlenecking Your Business?
As you grow your business, you will likely make the biggest, most important decisions about the trajectory of your business. But sometimes, this can create bottlenecks. Your business may require you to delegate more responsibility to...
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The Business Owner's Balancing Act: Growth vs Burnout
For most business owners, growth is good. But there are situations where growth can position the business to fail and business owners to burn out.Let’s look at a fictional but representative example of when growth can get out of...
Read MoreInflation, Costs, and Fear of Rising Prices
External events, like supply shortages and inflation, make running a successful business even more challenging. In today’s inflation market, business owners can be forced to make decisions they’re uncomfortable with, especially in...
Read MoreGood Intentions, Empty Promises
As a business owner, your employees put added stock into the things you say, how you say them, and when you say them. This is why it’s extremely important to avoid making empty promises based on good intentions. Let’s look at some ways...
Read MoreDealing With Complex Co-Ownership Setups
Co-owned businesses come with numerous complexities. One of the biggest challenges for co-owners is determining how to approach the exit of another co-owner, especially when that co-owner cannot or will not exit gracefully. Let’s look...
Read MoreBusiness Value Is More Than a Measuring Stick
Is it possible for a $5 million business to be more valuable than a $15 million business? Let’s look at a fictional but representative story to show how a larger valuation doesn’t always mean that the company is in the right position...
Read MoreNepo Baby Business Planning
The sense of pride in building a business and keeping it in the family can be a huge motivator for business owners. But transferring a business to children for its own sake can have consequential risks for your future, your business,...
Read MoreLogic VS. Legacy in Exit Planning
When planning for your eventual business exit, achieving financial independence is the most important goal. But what happens when the emotional side of planning an exit—namely, ensuring your legacy—conflicts with that most important goal?..
Read MoreWhich Calculated Risks Should You Consider?
Minimizing risks is a goal that many business owners have. But sometimes, there are instances where taking calculated risks becomes a necessity, especially when you are planning for your eventual business exit. Let’s look at three...
Read MorePursuing Trends VS. Using Fundamentals
Differentiating your business is an important element of growing it successfully. But how should you draw the line between pursuing the newest trends and sticking with the fundamentals? Let’s walk through a process that can help you...
Read MoreDon't Be A Pest: Exiting With Grace
Letting go of the business you own may be one of the hardest things you’ll ever have to do. A key goal of Exit Planning is positioning you to exit on your terms. But even when an exit goes perfectly, some business owners remain drawn...
Read MoreHow Involved Should You Be In Exit Planning?
A big hurdle that business owners struggle to get over when creating an Exit Plan is, “I don’t have enough time to do all that.” On its surface, it’s an intuitive argument. Planning for a business exit is indeed a lot of work. It’s...
Read MoreNo Exit Plan? What's the Worst That Can Happen?
When you’re running a successful business, creating a plan for your eventual exit may be the last thing on your mind. “I have way too many responsibilities for that right now.” “I’ll start thinking about that when I’m closer to...
Read MoreThe Missing Link: Business Continuity Instructions
Many business owners are missing a crucial link between their time as business owners and their time after owning their businesses. This missing link is called Business Continuity Instructions, and it could be the difference between...
Read MoreDefeating Boredom in Retirement
Many people have a romantic view of what retirement looks like. Beaches, cruises, road trips, sitting next to a pool with no responsibilities—in reality, many business owners struggle in retirement because they don’t know what to do...
Read MoreBuilding Your Mastermind Group of Business Owners
In a recent article, we discussed how working with an Advisor Team can help you find answers to challenging business questions. In addition to your Advisor Team, you may find it valuable to build a group of business owners with whom...
Read MoreProtecting Your Business & Key Employees With Vesting
Growing your business often relies both on your leadership skills and the ability of your employees to carry out your plans. As your business grows, it can become unwieldy to do everything by yourself. Having a strategy to keep your...
Read MoreThe Power of Dreaming
Dreaming is often the foundation of creating your ideal reality. For many business owners, their success started with a simple dream: "What if I could do things my way?" "What if I didn't have to report to a boss?" "What if I could...
Read More3 Elements of Planning Success
Controlling the controllable and reducing the effects of the uncontrollable are prudent decisions for successful business owners. But how can you know which is which, and where can you go when confronted with a situation you've never...
Read MoreHow To Deal With Unexpected Changes
Unless you're the owner of a multi-billion- or trillion-dollar corporation, your business is likely subject to the whims of a changing marketplace. External changes in the market can sometimes force you to deal with problems you...
Read MoreWhere Do You Find Time For Planning?
One of the biggest sources of friction in planning for a successful future is time. Successful business owners like you aren’t sitting around, twiddling your thumbs, and wondering what to do with all this extra time you have. How can...
Read MoreWhat Makes Your Team Special?
Planning for a successful future both inside and outside of your business generally requires advisors who are specialists. These specialists play specific roles in bringing together what can be a large and complex plan that positions...
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