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It’ll Never Happen to Me – Business Succession Planning

It’ll Never Happen to Me – Business Succession Planning

The Hit by a Bus Scenario Anyone that owns a business has heard about the hit by a bus scenario at some point in time. The problem is we all deny it will ever happen to us. But, is that a realistic way to look at it? Business succession planning is how you address the ... Read More
 
How to Get Life Independence and Financial Freedom Using Your Business

How to Get Life Independence and Financial Freedom Using Your Business

It’s a new year.  Then economy seems headed in the right direction. And, from all the privately owned business owners I talk with they are aggressively looking to grow this year. These are all good things, but be careful!  If you’re focused just on achieving growth without a reason you could be just as miserable ... Read More
 
How Big Do You Need to Grow Your Business For Self-Sustainability?

How Big Do You Need to Grow Your Business For Self-Sustainability?

In the past few weeks I have had several small business owners who I’ve met with that were interested in creating self-sustainability in their business.  They loved the idea that the freedom and independence which they wanted when they first started their business could be close at hand. They, like most business owners, thought their ... Read More
 
8 Critical Factors for Any Succession Plan

8 Critical Factors for Any Succession Plan

As I presented in my previous post Succession Planning vs. Exit Planning Which Do You Use?, the primary goal of any succession plan is leadership transfer.  So, you can imagine that things can get a little tricky. One of the biggest reasons is that most succession plan checklists out there seem to focus on the ... Read More
 
Succession Planning vs. Exit Planning Which Do You Use?

Succession Planning vs. Exit Planning Which Do You Use?

Often the terms succession planning and exit planning get used interchangeably.  However, there is a definitive difference between the two. It’s important as a business owner that you understand the difference. Succession planning is really identifying, training, and transferring the leadership/management of a company to another person or team of people.  Exit planning, on the ... Read More
 
Successful Succession Planning – 9 Things to Consider!

Successful Succession Planning – 9 Things to Consider!

Succession planning is something too many small business owners think about too late!  Many don’t even think about succession planning because they believe that they will just sell their and that’s the end of it. However, even with the sale of a business succession planning is critical.  The buyer will be your successor instead of ... Read More
 
What’s Your Greatest Challenge in Exiting Your Business?

What’s Your Greatest Challenge in Exiting Your Business?

Is Your Business Ready for You to Leave? Last week I post a question, “What’s Your Greatest Challenge in Exiting Your Business?”, on LinkedIn.  My intent was to get some feedback before writing the next few weeks’ posts on “exit/succession planning.” While I got a few interesting comments, which I plan to write on later.  ... Read More
 
5 Steps to Establishing a Repeatable and Sustainable Business

5 Steps to Establishing a Repeatable and Sustainable Business

In a previous post titled Getting Beyond the “Survival Stage” of Growth in Your Business, I touched on the process by which you begin building systems which your business can operate on its own.  Here I want to focus on how you actually do it. First, the process is pretty simple: Do It Document It ... Read More
 
3 Questions You Must Answer to Successfully Exit Your Business

3 Questions You Must Answer to Successfully Exit Your Business

I attend a lot of meetings and seminars focused on exit planning.  But, most fall short because they only focus on the transactional portion of the process. In fact, if you follow the advice that I’ve been posting for more than 2 ½ years now, you’ll get there!  Then all that transactional stuff will be ... Read More
 
1 Simple Question Can Change You Into an Entrepreneur

1 Simple Question Can Change You Into an Entrepreneur

I was at a networking event this morning for business transition planning.  The statistics were shocking as to how few small business owners really think about transition planning, or more traditionally referred to as exit planning. As the speaker referred to these statistics my recent post Entrepreneurs Build an Asset NOT Just a Job came ... Read More
 
#1 Reason Exit Planning Is So Critical When Starting Your Business

#1 Reason Exit Planning Is So Critical When Starting Your Business

One of the first questions I ask clients when I start working with them is “what is your strategy to exit your business?”  Most of them say “I don’t know” or more frequently “I am just getting started, why would I think about how I will exit my business now?”  A fair question but there ... Read More