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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Maximizing the value of your business is the focus of a good exit strategy. It logically follows that a focus on value optimization should be built into your overall business strategy and how you run your business. Leading management consulting firm, McKinsey & Company, has developed a model for a comprehensive approach to value-based management (VBM). They assert …
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The members of our Exit Planning Peer Advisory Board (PAB) spent a significant amount of time last year learning about, evaluating, and implementing Ownership Thinking into their own businesses – and discussing their challenges, solutions, and progress at our meetings. Each business owner had a different approach to introducing the concept to their employees and …
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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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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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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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