Management. This is the backbone of any business and definitely the essence of a family business. Why? The management, whether the knowledge of the business, the “secret sauce”, resides in the sole entrepreneur or in a team of key players, is critical to a company’s long term success. Much of my past posts have focused […]
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Many businesses focus on the immediate issues and the need for daily operational decisions. Some businesses do not have nor make the time to spend on strategic planning for the business. This often can result in great short term operating results at the potential cost of long term longevity for the business. 3 best practices […]
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When you decide that it is time to go, what are your alternative courses of action? You can consider a number of creative and not so obvious means to enable you to gracefully exit the business. These include: – outright sale – sale to management – family members take over the business – strategic partnership […]
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Succession can be a daunting undertaking because it is so significant a task. It need not be a solo effort. You should think about gathering a support team around you to: a) Help plan the succession plan, including setting milestones b) Execute on the succession plan c) Assess and redirect the succession plan when and […]
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What is your philosophy about the most important aspects of your business. I have seen plenty of businesses, may successful, some not so much. However, for the successful ones, there is not only all of the basic business metrics, profitability, branding, process, barriers to entry…the more important competitive strength of a business lies in its […]
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