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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Regardless of the industry, number of employees, annual revenue, or the product or service you offer, if you own a business you have three things in common with every other business owner: You don’t want to pay more taxes than you absolutely must. At some point, you WILL exit your business. When you exit your …
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Many business owners feel shaken by the impact of the pandemic on the business climate and may be questioning whether their vision of the future is still possible. One of the best antidotes to uncertainty is having a solid plan! It’s never the wrong time to start exit planning, and the more lead time you …
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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. A look back at the last few meetings reveals another layer of the group’s value. The events of this year have put businesses and their leaders to the …
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“Expect the best. Prepare for the worst. Capitalize on what comes.” – Zig Ziglar At our July Peer Advisory Board (PAB) meeting on Exit Planning, the discussion was around what business looks like as we re-emerge and get back to business in this phase of the COVID-19 pandemic. We focused on addressing what responsibilities business …
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The sudden and unexpected economic impact of issues surrounding COVID-19 likely has business owners who were considering selling and exiting their business reconsidering their strategy. The influence of these external factors may not be something you’d factored in or for which you have a contingency plan. So now, when it is clear what elements may …
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