Is Your Family Business Positioned for Longevity?

A business is typically considered family-owned when two or more family members are involved in its operation and the majority of ownership or control is held within the family. At the other end of the spectrum are Fortune 500 companies that are family-owned and have thousands of employees. The success of family-owned businesses and their …

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Exit Planning Peer Advisory Board – Top Three 2022 Takeaways

The Exit Planning Peer Advisory Board (PAB) provides a safe place for business owners to discuss their challenges and offer support and insights to their fellow members, not only as they relate to exit planning but to their businesses today. A look back at the past year brings to light three significant areas in which …

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What Will You Do Next Year Towards Your Exit Strategy?

Whether you’re well into the exit planning process or just getting started, including goals for your exit strategy is key as you plan for the coming year and beyond. A simple way to get started is to set three specific goals for the year and map out how you’ll achieve those objectives. The specifics of …

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Year-End Planning – What Should You Focus On?

Much of our focus in Q4 is planning for the next year. This year has been an eventful one, yet again, and reiterates the necessity to plan for the unexpected and maintain flexibility – both in your written plan and your company’s literal ability to respond to change. There’s a lot to factor in as …

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Preparing Your 2023 Budget

As we step into Q4, it’s time once again to start planning for next year. One of the key components to strategic planning activities is preparing your budget. While it can seem like a time-consuming task, preparing an annual budget enables you to evaluate your spending, anticipate future needs, and stay on top of profits …

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Take Steps to Make Your Business Recession-Proof

Recessions happen more often than most people might think, and business owners are likely to experience several during their careers. The National Bureau of Economic Research (NBER) defines a recession as a significant decline in economic activity across the economy, seen as a decline in gross domestic product (GDP), real income, and wholesale-retail sales, among …

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Why You Need a Business Continuity Plan  

You’ve worked hard to build a strong, solid business. The ability to keep that business intact – even when an unexpected event happens – is born out of good planning. Although not pleasant to think about, all business owners should consider what would happen if they or a co-owner should die, become incapacitated, or otherwise …

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Planning for a Lasting Legacy

As a business owner, your company is dependent on you and your presence for its success. In return, your business supports your family and your personal goals. Even though you know that one day, you’ll step away from your business, the idea of preparing for a future you’re not yet ready for may be unnerving, …

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Creating an Organizational Chart with Ownership Thinking in Mind

The concept of “Ownership Thinking” is getting a closer look these days by businesses that are seeking solutions to attract and retain quality staffers in response to the Great Resignation. Founded on Brad Hams’ philosophy of building business wealth, the methodology focuses on instilling a mindset of ownership among employees. It can answer, in part, …

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Benefits and Strategies for Transferring Ownership to an Insider

I’ve recently had several clients successfully exit their businesses by transferring to a family member or key employee. Is transferring to an insider a consideration for you? The benefits are many. Most important is that this choice gives you a great deal of control over the exit process and therefore your ability to define your …

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