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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
 
Creating Business Systems – Your Key to Self-Sustainability

Creating Business Systems – Your Key to Self-Sustainability

It is amazing how many businesses are stuck in stage 2 – the survival stage of growth.  What is it that causes this to become an obstacle to business owners developing a self-sustaining business?  In a word – MANAGEMENT! If you aren’t already familiar with the stages  of the growth cycle or the main goal ... 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
 
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 generating an on-going annuity for you and your family? This is what separates small business ownership from true entrepreneurship. I picked entrepreneurship as the topic because I am up to my neck in interviews this week.  A client finally admitted he ... 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