A borrowed portion of a well-known quote by Forbes Magazine founder, Malcolm Forbes, — “…the art of thinking independently together” — is an enlightened way of saying, “Two heads are better than one,” an expression many of us have likely heard all our lives and benefitted from its application. The basic concept is not new …
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If you started 2024 with New Year Resolutions but have struggled to stick with them, there may be good reasons. Some of the reasons people fail at NYRs may also be why business owners might fall short of their goals. These include things like: Too little commitment, not a priority. Not enough time or it …
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Business owners are accustomed to reading and hearing about exit planning, yet there is often a misunderstanding that it is a cumbersome project that will take time away from running a business. Instead, exit planning is simply a component of good business that yields a more comprehensive business plan, clarifies goals, and improves your likelihood …
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A look back at this year brings to light three significant areas in which – as a result of their participation in the Exit Planning Peer Advisory Board (PAB) – our members saw positive differences in their companies and in their growth as business owners. Consider these elements as you build a solid foundation for …
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I recently was asked by a colleague, “When you first engage with a business owner, what’s their perception about how difficult it is to sell a business?” More often than not, selling a business is an overwhelming concept to a business owner and is behind the multiple reasons we hear from owners who argue that …
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In many companies and industries, much has changed in recent years regarding the roles of leaders and employees and how they interact. In general, these relationships have become less “at arm’s length” and more authentic and human. Leaders are more approachable and willing to show vulnerability while employees want to contribute more, take more responsibility, …
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Every business owner will eventually exit their business – one way or another. Being prepared with a vision of how that will look enables you to create and execute a sound plan that is most beneficial for you, your family, and your company moving forward. Yet many business owners don’t start planning well ahead of …
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It would be interesting to have kept a list over the years of all the reasons I’ve heard from business owners for not having started an exit plan. What it boils down to for most is that their exit is something that seems far into the future and doesn’t seem to be a huge priority. …
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Accurate and timely financial statements are critical to all aspects of business, from day-to-day operations to informing major decisions. Yet even the most thorough financial documents are of little benefit if you don’t understand how to read and interpret them. Basic Financial Documents Think of your Financial Statements as a report card that reflects how …
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The Denver-based Business Enterprise Institute (BEI), which specializes in Exit Planning industry research and education, conducts a major survey of business owners every few years. The purpose of the survey is to examine owners’ beliefs, ideas, and actions as they relate to how they intend to plan for the future of their ownership, what steps …
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