Build: Improving Value

Enhancing the value of your business takes on new importance when you are looking at cashing out. How do you secure employees and customers? How do systems and processes affect your sale price? What specific areas of improvement will make your business more attractive?

Is Your Business Built on Individual Heroics?

Great employees are a wonderful gift, but individual heroics aren’t healthy for your business. Someday, you will start thinking about leaving the business. Perhaps you already do. When you begin planning for your transition, what will your company systems sound like …
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Good Customers Can Be Bad

When can good customers be bad? What could be wrong with a customer who buys a lot, pays promptly, and never has a service problem? They might be buying too much. No matter how strong or comfortable a sales relationship is, …
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Selling to Employees: Is Your Exit Strategy Right in Front of You?

When I interview a prospective client for exit planning assistance, we usually explore selling to employees. The first reaction is always “That won’t work. They don’t have any money.” If you have a company with reasonable cash flow, a talented …
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What is the Right Price?

Of all the misconceptions by business owners, the ones surrounding their company’s value are both the most common and often wildly inaccurate. I’ve been working for the last couple of months on the training videos for advisors in our new product, The ExitMap®. …
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The 7 Deadly Sins of an Entrepreneur -- Reprise

I make no claim that using the Seven Deadly Sins as a metaphor for business behavior is original. Of course, the original concept is a codifying of “undesirable” human behaviors, or sins. The work probably comes from the Latin word …
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The Seventh Entrepreneurial Sin -- Pride

Every business owner should be proud of his or her business. If you are the founder, you built every system, and probably landed the biggest customers. If you bought the business, you took what was in place and made it …
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The Sixth Entrepreneurial Sin -- Envy

This week we start on the two remaining deadly sins of an entrepreneur. Envy and Pride are the strategic sins. The first two (Lust and Gluttony) are operational; they interfere with how you function as an owner and leader. The …
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The Fifth Entrepreneurial Sin -- Greed

Few small business owners identify with the bloated income of Wall Street Tycoons. To accuse an entrepreneur of Greed brings up memories of the Gordon Gekko 1980’s, when “Greed is Good” seemed to be the motto of 30-something Boomers focused …
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The Fourth Entrepreneurial Sin -- Wrath

We continue the Seven Deadly Entrepreneurial Sins series that we started here. We’ve covered the two Operational Sins (Lust and Gluttony) that make you less effective as an owner. Sloth is the first of the Tactical sins; those that make …
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The Third Entrepreneurial Sin -- Sloth

This week we begin discussing the tactical sins. They are those habits of a business owner that impact day-to-day operations; Sloth, Wrath and Greed. To read this series from the beginning, start here. Few business owners would acknowledge that they suffer from …
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The Second Entrepreneurial Sin - Gluttony

This is the third in our series about The Seven Deadly Entrepreneurial Sins. You can start from the beginning here. Gluttony is the second of the Operational Sins; those that reduce your personal effectiveness as an owner and the leader of your …
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The First Entrepreneurial Sin - Lust

Last week we described the Seven Deadly Sins of an Entrepreneur. This week, we’ll delve into the first Operational Sin; Lust. The Operational Sins reduce your personal effectiveness as a business owner. They prevent you from being as operationally effective, …
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The 7 Deadly Sins of an Entrepreneur

The Seven Deadly Sins are alive and well in small businesses today. Far from being a hoary religious holdover from the Dark Ages, they are practiced assiduously by entrepreneurs everywhere. There is something to be said for any concept that …
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Not Just Workers...Qualified Workers

A few weeks ago I attended one of Trinity University’s Policy Maker breakfasts. Although living in a large city has its drawbacks, it is great for access to events such as these. It takes substantial ticket sales to justify top-rank speakers, …
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Is Your Business in the "Neutral Zone?"

As Baby Boomers business owners approach retirement (the youngest of them turned 50 this year) they face a unique challenge. The market for small businesses is increasingly a buyer’s smorgasbord A shrinking middle-aged population, corporate competition for talent and less interest …
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