Business Vision

7 Keys for Succession or Sale

A lot of self-employed individuals never give a thought to succession or sale of their business. Often sacrificing resources, personal relationships and health to grow a successful consultancy or practice, the end of the business arrives with little fan fare and, unfortunately, often without their families by their side.  It doesn’t have to be this way! I’m using a parent – child analogy to illustrate the 7 keys.  Even if you are not a parent, at one time in your life, you had parents or caregivers who looked after you and raised you until you become 18. The “coming of age” is a similar process to starting up a business and growing it to the point of “18” – with grown up responsibilities. 7 Keys for Succession or Sale: Prepare for the experience from day 1. Keeping in mind that one day you will not be around, you have a vested…

continue

toy bride and groom characters

“In Sickness and Financial Health…”

    If you’re an entrepreneur or thinking about marrying one, this is no joking matter. Sure, lots of engaged couples participate in “marriage prep” courses or programs, but none of them are designed for you to really vet the partner for “fit” if you’re an entrepreneur.Even if your “head” knows you should be having these conversations, your “heart” gets in the way and they rarely, if ever happen prior to tying the knot. Ensure you’re not getting into a relationship without fulling understanding the financial health and circumstances of your future partner. My mother-in-law gave me this sound piece of advice, “Have you checked his wallet?” No one needs the surprises that come along with undisclosed credit card or student debt. Tip: Respect the JOINT finances. Treat your marriage like a business project – dedicate time to it, get on the same page, shared vision and values. Treat your…

continue

Hallowe'en scene business fears

When You’re Scared Sh*tless

  Hallowe’en is just around the corner and a time when zombies roam the streets along side Pokemon, princesses and favourite characters. Entrepreneurs encounter scary situations – and not just when the calendar shows October 31st! Own It! Ignoring your fears don’t make them go away. Remember when you used to hide under the bed or in the closet, thinking that if you couldn’t “see” the bogey man, then you wouldn’t be scared of it either. “Out of sight, out of mind” is a human response to fear. How many of us still hide our eyes when a scary scene arrives on the movie screen? Embrace being Human When we are scared, our brain goes into fight or flight mode. This happens automatically – our nervous system is programmed to protect us from perceived danger. The brain reacts the same way when we are afraid of taking actions, being visible,…

continue

Family around a computer with a piggy bank

Chicken & Egg… Family & Business

  We’ve all heard the adage, which comes first, the chicken or the egg? In our family business, our adage is, “Which comes first – the family or the business?”If you’re involved in a family business, you can likely identify with that statement. I know there are many times when I’ve felt the business came first and the family second. I also know that are just as many times when the family came first and the business came second. I don’t know about you, but it seems easier to remember the times the family played “second fiddle” than the times it was the star. My heart remembers those times, but my head remembers both. Jay Hughes has been working in the field of family wealth and family enterprise for many years. I recently watched a video interview series conducted with Jay. His explanation of family wealth was enlightening. His definition…

continue

One Simple Change to Benefit your Business in 2016

One Simple Change to Benefit your Business in 2016

Tis the time for folks to start thinking about wrapping up 2015, reflecting on the year that was and developing a vision for the year ahead.  Many New Year’s resolutions are for personal change.  Here’s one small change that you can make in your business that will have a significant impact over the year.  Are you ready? Put time aside to work ON your business. This is simple, but not easy for many entrepreneurs to do.  Putting time aside each week to work ON your business is critical for strategic change and growth.  Many entrepreneurs are so busy working IN the business that time is not consistently dedicated to working on the business. You might be wondering what you do to work “ON” your business or maybe feel you are already doing that.  Here’s a list of some ideas to get you started. Review your financial results for the month / year and compare…

continue

Leveraging Your Success