We’re now at the end of our series on how you can create a sustainable business. Our first four steps are: Start with having clear value and value statements which lead to a mission statement that is ten words or less and can be answered with a yes or no. Make yourself operationally irrelevant in the day-to-day operations of your business. Create a business that has a recurring revenue source or a predictable sales model that makes … [Read more...]
7 Family Business Secrets You’ll Be Glad To Know
My family has a long history of being in business for themselves. My grandparents started as peddlers selling their wares door to door. My father started in the wholesale tobacco business and during his career he started and closed tons of businesses, but three of them stuck and were successful enough to overcome all of the ones that didn't work. I started down the road of working for myself when I was 7 years old. I would … [Read more...]
Don’t Let This Happen To You…….
I almost waited too long. It was 1995 and I knew the vending business was falling apart. I knew that we were losing manufacturing customers at an alarming rate. I knew that we no longer could service government contracts because there was just no way for us to give an honest count and make money. But still, I kept at it and I almost missed the opportunity to get out with my shirt on. When a reasonable buyer appeared two … [Read more...]
Thinking About Selling Your Business…..You Better Read This First
Public Domain from pixabay Recently I was at a program sponsored by The Sudden Money Institute called Inward Bound. This is one of the programs I do to stay current and be a useful Financial Transitionists.TM During the program, I had a thought about a role I need to play with people who are thinking about or are in the process of transitioning out of their business. This is a role that no one talks about because almost no one … [Read more...]
Want To Retire Someday……Do Some Succession Planning First!
Public Domain from pixabay Business Succession Planning Key to a Successful Retirement You don't even have to have a formal plan, although doing one is better than not doing one. What you do need to do is make sure you know what you need if you ever want to be able to leave your business. Too often I see people like you tell me retirement is five years away. If it's always five years away, you have a problem. That problem is you … [Read more...]
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