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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
 
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
 
3 Stages to Rapidly Achieving a Self-Sustaining Business

3 Stages to Rapidly Achieving a Self-Sustaining Business

In the post “What Is a Self-Sustaining Business?” the correlation between the growth cycle and creating a self-sustaining business introduced.  Here I’d like to share how to begin moving toward making your business self-sustaining! Achieving a self-sustaining business is simple enough.  You just have to achieve the goal of each of the first 3 stages of the ... Read More
 
What Is a Self-Sustaining Business?

What Is a Self-Sustaining Business?

I talk about a creating self-sustaining business all the time.  In fact, it’s the core of the Business Growth Simplified business philosophy! Assist small business owners in growing a self-sustaining business. But, what does a self-sustaining business really look like?  And, how do you know that you’ve created one? The test to determine if you ... 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
 
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
 
How to Become an Entrepreneur

How to Become an Entrepreneur

Answer One Question to Change Your Mindset The statistics are shocking as to how few small business owners really think about transition planning, or more traditionally referred to as exit planning. That’s why they are small business owners.  They don’t know how to become an entrepreneur! As I looked at the statistics, my recent post Entrepreneurs ... Read More
 
Build an Asset NOT Just a Job – Entrepreneurship

Build an Asset NOT Just a Job – Entrepreneurship

Do you work your business like a job for a paycheck or do you build an asset which will generate wealth like an on-going annuity for you and your family? This is what keeps small business ownership from true entrepreneurship. I picked entrepreneurship as the topic because I am up to my neck in interviews this week.  A ... 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
 
Nowhere Land – Stuck Between Small Business Survival and Success

Nowhere Land – Stuck Between Small Business Survival and Success

A great family and friends, beautiful home, nice cars, regular vacations, all the material things you could ever want.  Your life is a dream.  Sound familiar or like what you want for your life? I meet small business owners all the time that live this lifestyle.  The problem frequently is they don’t realize how close ... Read More