Global economic disruption uniquely affects each business. Whether you are being hit with a hammer or expect to suffer a slow burn, your reaction to changes and proactive planning will play a major role in how your future unfolds. Signals indicate that once we start to get COVID-19 under control, the world economy will begin to recover, business will rebuild, …
Growing Business Value When Times Are Tough
In times of great uncertainty or disruption, some business owners will panic and bury their heads in the sand. Some will sit tight and wait for things to settle down. But others will try to create opportunity and future growth. Which will you be? We’re here to help you be the latter. Minimize Tax Exposure In your annual tax review …
Does Your Spouse Feel Left Out of Key Business Decisions?
Sometimes when planning the next chapter in your life, the most important people somehow feel left out. Deciding to transition out of ownership of your business is one of the most important decisions a business owner can make, so it only makes sense to include your loved ones in that planning. How Will Your Spouse be Affected? Be sure to …
Smoothing Out Friction Between Business Owners
All business partnerships eventually come to an end when one or more partners leave the business, whether by choice or otherwise. Being prepared for the end of the partnership decreases the possibility of unwanted challenges between co-owners down the road. Common Reasons Why Partnerships End Co-owners share a unique relationship. They have built a company together, sometimes out of nothing. …
How to Be Sure You Are Leaving Your Business in Good Hands
Most business owners are considering several options for the future of the ownership of their businesses. If you’re keeping your options open, that is typical. But business owners who end up selling their businesses to an outside, unrelated buyer often report that they wish they had known more about what the sale process would be like, and that they wish …
Thinking of Selling Your Business to an Employee?
Whether it’s because you want to keep the business “in the family” or because you suspect you will not be able to find a good buyer for your business, you may be thinking of selling your business to an employee. The first thing to think about is the kind of employee who can and should take over leadership and ownership. You’re entrusting your business …
Which Planning Process Is the Best Fit for You?
Planning for a successful future isn’t homogenous. It simply can’t be. The needs that you and your business have are likely to be different from every other owner and business out there. So, the question you might ask about planning for future success isn’t, “How should I do this?” Instead, it should be, “Which process is the best for me?” …
Strategies for Reducing Risk and Improving Outcomes
As a business owner, you make decisions constantly that you believe will reduce your risk and/or improve your business outcomes. There are countless ways to do this. In this article, we’ll present ways to leverage your internal strengths to reduce risk and improve business outcomes. We’ll also show you how these strategies can affect your longer-term, post-business planning. An effective …
The 7 Cs of Planning Success
Success can be a nebulous concept. What one business owner considers success might only be a step on the path to success for you. What are some of the guidelines that you can use to foster the kinds of planning that achieve the success you want? Tom Morris—a pioneer of business thinking—proposed the 7 Cs of Success. These seven Cs speak to how …
3 Ways to Position Yourself and Your Family for Future Success
Many business owners support their families through their businesses. If something were to happen to you, such as a sudden death or permanent incapacitation, it may affect both your business and the lifestyles of the people who rely on you. Here are three things you should consider when planning for the future success of your business and your family. Keep …