Howard Stevenson defines Entrepreneurship as the pursuit of opportunity beyond resources controlled. Typically, we think of entrepreneurs as people who start businesses and are willing to risk loss in order to make money. In reality, an entrepreneur is anyone who spots an opportunity and decides to pursue it regardless of the resources currently at their disposal.
Celebrating Mr. FezziwigSince 2013 I’ve updated this piece about the underappreciated and forgotten boss of A Christmas Carol, Mr. Fezziwig. I hope that you enjoy it. Merry Christmas! Last week was the 180th anniversary of the publication of Charles Dickens’s A Christmas …Read More » Exit Planning - Lifestyle and LegacyLifestyle and Legacy are two very different types of owner transition objectives. When we ask a client “What do you expect as a result of our exit planning?” the answer may be about the money, the time frame, or the …Read More » The AI role in Exit PlanningIs there an AI role in Exit Planning? The media is packed with stories about Artificial Intelligence. According to the stories, because a smart search engine (which is essentially what a Learning Language Model [LLM] is,) can pass a Bar …Read More » Delegation and Depth - Company Readiness for ExitDelegation and depth are critical when presenting your business as a buying opportunity. For many business owners, exit planning means getting the company ready for sale to a third party. There are a number of approaches to enhancing preparedness for …Read More » The Role of a Coach in Exit PlanningDefining the role of a coach on your exit planning team doesn’t just happen. Like any other aspect of working with consultants, you need to set expectations upfront. Many advisors like to characterize themselves as the “quarterback” of a transition …Read More » "Work From Anywhere" Comes Full CircleWork from anywhere was initially a boon for many employees. Now employers are catching up.Read More » The GAAP TrapsGAAP traps often occur when a business owner sells a company to a third party. The transaction is commonly memorialized by a Purchase Agreement. That agreement contains certain representations (or “reps”) and warranties.Read More » Prepared for 2023 - Is This the Year to Exit?What does being prepared for 2023 mean for business owners who are approaching, at, or already beyond normal retirement age? It’s become fashionable to pontificate about the “inevitable” recession in the coming year. There is an argument for not talking …Read More » Owner Obstacles to an Exit PlanOwner obstacles to the implementation of an exit plan are often unconscious, but they can be dramatic. Their attachment to the business can be difficult to break. An advisor spends a lot of time and energy developing the vision for …Read More » Entreprenuers Don't Use Rearview MirrorsEntrepreneurs don’t use rearview mirrors. All business owners are goal oriented. From the day you founded or assumed control of your company, you set targets and achieved them. That is why you are successful. You know how to define a …Read More » Main Street Business and Middle-MarketA common area of confusion among both business owners and advisors is the difference between a “Main Street” business, a “Middle Market” business, and a “Mom and Pop” business. Main Street Businesses The International Business Brokers’ Association and other professional …Read More » Contingency and Continuity PlanningWhen business consultants talk about preparing for unforeseen problems, they frequently commingle the terms contingency and continuity. The terms are not synonymous, and there are important differences between them. Contingency Planning Contingency planning is generally accepted to mean how a …Read More » An Employee Retention CultureDo you have an employee retention culture? Finding and keeping employees is exceptionally tough at present. Some are working remotely and being poached by employers in another state, others are listening to the pundits saying that employment is a seller’s …Read More » Do you Suffer from Decision Addiction?Do you suffer from decision addiction? The typical business owner lives on dopamine. According to WebMD: Dopamine is a type of neurotransmitter. Your body makes it, and your nervous system uses it to send messages between nerve cells. That’s why …Read More » A Boss for the other 364Each year I reprint a post from 2013 about the underappreciated boss of A Christmas Carol, Mr. Fezziwig. I hope that you enjoy it. Merry Christmas! This week was the 178th anniversary of the publication of Charles Dickens’ A Christmas …Read More » |