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Avoiding Pitfalls of Family Dynamics During Succession Planning

Succession planning for any business can be a delicate situation, but especially so for family-owned businesses. There are a lot of things that go into the process that can make things complicated and even ruffle some feathers, but within a family unit, there are specific challenges one might face.  Family dynamics can shift with any significant ...
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Leaving Your Mark: Leadership Legacy Examples

The legacy you leave behind when you’re no longer part of leadership isn’t just about your accomplishments and accolades. It has to do with how you approach any and all issues that fall in front of you. In the modern business world, leadership legacy is all about moving towards sustainable success. It’s important that companies begin ...
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Succession Planning Part 2: Developing Your Successor Into a Future Success Story

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In Succession Planning Part 1: How to Choose Your Business Successor, we covered the importance of choosing a protege by balancing your business needs and your ideal candidate. Today, we’re talking about developing your successor by equipping you with tips to capitalize on the time between designating your successor and exiting your business. Get Into the ...
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Succession Planning Part 1: How to Choose Your Business Successor

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Business owners often think of succession planning as a task for another day– sometime in the far-flung future when it’s time to retire and reap the fruits of your labor.  That’s not quite the case, though.  As we all know, life is unpredictable. Any number of things could suddenly force you out of your role as owner, ...
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The Due Diligence Phase: Preparing Your Business for Buyer Scrutiny, Part II

Transitioning a business under intensive buyer scrutiny is no easy feat. It takes a lot of work to position your hard work and legacy in such a way that convinces potential buyers that it’s a worthy investment.  We’ve previously covered understanding the buyer’s perspective, achieving financial and operational readiness, and considering the legal and compliance issues ...
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The Art of the Exit: Common Obstacles to Exiting for Small Business Owners

Have you thought about the day you decide to hang up the boots and pass the torch of your business? Most business owners feel pride, relief, and, unsurprisingly, anxiety when considering the common obstacles to exiting that small business owners face. Often, this anxiety leads to decision paralysis surrounding what you will do when the time ...
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Planning for Life After Selling Your Business: A Journey Through the 5 Phases of Grieving

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The decision to sell your business can feel like parting with a cherished friend or family member. As entrepreneurs and business leaders, we become emotionally attached as we invest our time, energy, and emotions into our ventures, transforming simple ideas into thriving enterprises. When the time comes to consider exiting, it’s natural for a whirlwind of ...
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What Is A Business Appraisal and Do I Need One?

You know your small business is worth something, but proving it requires a business appraisal conducted by a certified valuation analyst. Understanding when a business appraisal is necessary and what it can do for your company can help you see future profits and take on transitions with confidence. What is a Business Appraisal? A business appraisal, also known ...
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Should You Hire for Hard Skills or Soft Skills?

The 2019 LinkedIn Global Talent Trends Report found that a staggering 92% of talent and hiring managers believe that soft skills matter as much as or more than hard skills.  A further 89% agree that “bad hires” fail because they lack the soft skills to succeed professionally.  As you work towards building an exit strategy, one of ...
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Small Business Succession Planning: Key Considerations

Small business succession planning is crucial to ensure that your life’s work continues to thrive once you’ve left the helm.  Yet, according to a recent article, an estimated 75-80% of small businesses lack a roadmap for what happens after the current owner is ready to move to the next phase.  4 Key Considerations for Small Business Succession ...
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