For the love of your business
For the love of your business
Selecting the individual to lead your business after you step down is a huge decision. It’s not merely about finding someone who mirrors your personality or whom you favor personally. Rather, the crux lies in identifying a successor who possesses the right qualifications plus the vision and capabilities to steer your company toward continued success. […]
Read MoreYou’ve put blood, sweat, and possibly a few tears into building your business from the ground up. You’ve got the vision, the drive, and the occasional coffee stain on your favorite tie. But have you thought about what happens to your business once you decide to hang up your entrepreneurial hat? And even more importantly […]
Read MoreAlthough cash is the lifeblood that sustains every business, far too many business owners fail to properly manage their cash flow. And this is despite the fact that statistics consistently show that running out of money is one of the main reasons new businesses go under. Trying to run a business without carefully managing your […]
Read MoreChoosing the person to take over your business after you exit isn’t about selecting someone who’s exactly like you or even selecting someone you like. The most important thing is that you choose someone who’s not only well-qualified for the role, but who also has the vision and skills to lead your company into the […]
Read MoreAlthough you can invest in many different types of insurance to protect your business from lawsuits and other liabilities, one of the greatest liabilities you simply can’t avoid, especially if you are the sole owner of your business, is your incapacity or death. To make certain that your business—and the income it generates for your […]
Read MoreIntellectual Property (IP) is an integral part of many of today’s companies’ overall value. Indeed, studies show that up to 80% of the value of a typical business is IP, and as of 2020, more than 84%—$19 trillion—of the S&P 500’s market cap is represented by intangible assets like IP. However, even the biggest corporations […]
Read MoreYou’ve most likely dedicated significant time and energy to visioning your business, executing your vision, and even writing up a business plan for the growth of your business. Yet far fewer business owners put the same amount of effort into planning for their company’s continued success following their retirement, death, or incapacity. Not planning for […]
Read MoreExiting your business isn’t a decision to be made lightly. It may have been something you were considering before the COVID-19 pandemic hit, or it could have been something that you’ve had to reckon with because of shelter-in-place orders. Maybe your business had already been struggling, and you’ve had to come to terms with your […]
Read MoreThough most entrepreneurs understand the value of effective business planning, fewer are aware of the critical role estate planning plays in their company’s success. Yet considering what would happen to your business upon your death or in the event of your incapacity is one of the single-most important things you can do for your business. […]
Read MoreChoosing a successor to take over your business doesn’t mean selecting someone who’s exactly like you or even someone you like. It’s about choosing someone who’s not only well-qualified for the role, but someone who also has the vision and skills to lead your company into the future. With so much riding on your decision, […]
Read MoreIt seems like every other week there’s another story of a multimillion-dollar family business that falls apart shortly after the current owner steps down or passes away. This sheds light on an ugly truth. Most family businesses are woefully unprepared for the existing owner to depart, especially if it’s unexpected, as is the case with […]
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