Business PerspectivesChoosing Not to Maximize Profits The other day, a client asked me to review some questions from an MBA student studying business ownership. One of the questions was “Are you doing everything possible to maximize profits?” I’ve seen the same question asked in a number … Read More » Extreme Democracy Last week the British government announced that it was naming their new scientific research ship the RSS Sir David Attenborough, acting counter to the people’s selection of “Boaty McBoatface,” despite that name being an overwhelming 3:1 favorite over the next closest choice. … Read More » Time to Grow Up Young industries no longer have the time to grow up. The cycle of maturation has long been accepted as a fact of life when a new concept becomes a business. There are a few pioneers (defined here in Texas as … Read More » |
Exit PlanningAvoiding the "Exit" Word Owners don’t like the “Exit” word. They tell us regularly to change it, or that talking about it is uncomfortable. It’s the elephant in the room. I understand. Anyone selling life insurance or funeral pre-planning knows that you don’t start … Read More » Main Street Business and Middle-Market A 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 Planning When 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 » |
Managing EmployeesThe Dismal Ds and Exit Planning The Dismal Ds are a cynical list of problems that can force your exit from the business, but they are no joke. Read More » Exit Planning When Kids Don't Cut It When passing your business to children, other stakeholders include key employees and offspring who are not involved in the company. Read More » COVID Fatigue Unites Business Owners Dealing with COVID fatigue unites business owners. If that sounds strange to you, let me make my case. I’m not doing this to whine, but I want business owners who don’t have an existing support structure to know that they … Read More » |
Marketing and Sales"Everyone has Gotten So Rude!" Not too long ago, I was leading a group of business owners in a discussion. These were not my peer board members, but rather owners at a breakfast, none of whom I’d met before. To start the conversation, I asked … Read More » Why Do We Hate Salespeople? A recent episode of “Downton Abbey” included a new servant tasked with passing out canapés at a dinner party. “Try one of these,” he quietly suggested to a guest. “I’m told they are quite good.” He was immediately pulled aside … Read More » Reputations are Sticky “We have a great reputation in our industry.” In thousands of hours of coaching and facilitating I’ve never heard a business owner say “We have a lousy reputation.” The myopia of working hard to deliver a product or service leads … Read More » |