There’s one thing I know when it comes time to transferring ownership in a family owned business. It’s that you want to have a smooth transition between generations. This is part of what having a sale ready business means. With a sale ready company an internal change of ownership happens and there is no drama around the ownership transfer. When it comes to training the next generation of owners, there’s a strategy I love. I call it the … [Read more...]
Systematize Your Business With These 7 Great Ideas…
You might be curious about why I keep talking about having a sale ready company. It’s not because I want you to sell your company. The reason is simple, a sale ready company is more fun to run and way more profitable. Today we’re going to go into one of the main components of having a sale ready company. That’s systematizing your business. You’ve heard me say it before and it’s worth repeating. When you systematize your company, your employees … [Read more...]
9 Steps To A Sale Ready Company
I talk about having a sale ready business all of the time. Too often I have people tell me it’s just too hard to get there. When I hear that, I cringe. Not because there isn’t some truth in it, but because the person I’m speaking with thinks doing the work that’s necessary is out of their control. When you build a sale ready company you have personal and economic freedom. You have the chance to make choices about how you spend your time and … [Read more...]
80 Year Demographic Cycle
We’re in the middle of the biggest pandemic the world has seen since 1918. I know that you’re upset and are having a hard time figuring out what’s next. Me too, I’m also re-thinking a lot about my life. That’s what happens when we’re in at the middle of an 80 year cycle. In the Book, the Fourth Turning by William Strauss and Neil Howe we learn that every 80 years there is an event that completely changes society. If we go back 80 years ago, … [Read more...]
Innovation Is An Evolutionary Process
I often hear people groan when I start to talk about innovation. This is especially true when I follow that up with innovation should be a systematized process. The truth is innovation is a very sloppy process. You don’t go in one direction and yes, you can have a system to making any innovation process easier than you thought. Today’s video is all about five things that could make your innovation process a … [Read more...]
How To Write An Effective Job Description
I have a confession to make. I hate job descriptions. I find the vast majority of them are useless. Not as useless as performance reviews, but close. I’ve found that over the years we don’t focus on the right things when we’re hiring someone for our company. Instead, we focus on the easy stuff and it’s never the easy stuff that gets you the right person for your company. Today’s video is about how you can ditch the useless job description … [Read more...]
Important Difference Between Profit And Cash Flow
There’s a problem I see over and over again with business owners like you. Too often I see businesses that appear to be doing well and one day they close their doors and disappear from the world. This is something you likely don’t want to have happen in your business. There is one simple reason why this happens. That reason is the topic of this week’s video and it’s one that if you don’t learn could lead to really unhappy experiences in your … [Read more...]
How To Create Clarifying Statements Around Your Values
If you’ve watched many of my videos you’ll have seen at least one where I talk about values and how important they are for you and your company. You also may have heard me talk about what I call clarifying statements. These are the statements that explain what your value terms mean to you. Often people like you will ask me what I mean by clarifying statements. That’s what today’s video is all about. I want you to understand how to build … [Read more...]
The 100 Year Life & Why Loving What You Do Is An Integral Part Of It
I love to have passion projects. You know those are things that might bring you revenue in the future, but it’s not the reason you started doing them. Right now I have this passion project which I’m calling the 100 year life. I started this after I read the book, The 100 Year Life by Lynda Gratton and Andrew Scott. The premise of the boom is pretty simple. With life extension, there’s a good chance that we should be thinking about living to … [Read more...]
4 Stages Of Transition For Being Operationally Irrelevant
The most important thing you can do to help you and your business is to become operationally irrelevant in the day-to-day operations of your business. It’s also the most difficult thing you’re gong to do as you create an economically sustainable business. I’ve become convinced that you aren’t going to sell your business when you’re 65. You may not even transfer ownership and control until you’re 75 or even older. If this sounds true for you, … [Read more...]
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