Tim Kinane

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Interesting Items

Thursday, December 7th, 2017

Why Is Goal Incompatibility Among Business Co-Owners at Exit Practically Inevitable?

EP Fact 12 7 2017

Ironically, growing the business often increases the likelihood and degree of exit-goal incompatibility among co-owners.

It is helpful to understand this from the get-go because co-owners and the people around them (close family members, employees, advisors, etc.) may see the signs of co-owners struggling with exit-goal incompatibility and interpret it to be a relationship problem, which is not always the case.

Goal incompatibility at exit has nothing to do with the quality or duration of the co-owners’ relationships. (It is true, however, that co-owners who already are not getting along well will often experience deeper discord once they realize that their exit goals are in conflict.) Rather, exit-goal incompatibility is a natural, almost predictable event, rooted in the practically unavoidable differences between two or more people. No two business co-owners are exactly the same.
Their biographical and situational differences plant the seeds which blossom into different goals at exit. The following table, taken from A Tale of Two Owners, written by NAVIX founder Patrick Ungashick, lists fifteen owner differences, each of which can lead to incompatible exit goals among co-owners.

Incompat 1

Compat 2

 

This list is not exhaustive—co-owners could experience a variety of personal, cultural, or psychological differences that can contribute to different goals at exit. Most business co-owners will have multiple differences between them, any one of which can lead to incompatible exit goals. As the number of co-owners increases, the number of differences usually increases exponentially. As a result, it should be easy to see why incompatible goals at exit occur so frequently and predictably.

Download The Story of the Paralyzed Partners Case Study (PDF)

This case study highlights the importance of co-owners in a business recognizing their exit objectives may not be aligned. Owners need to plan their exit years prior to the event and work with an experienced team of advisors.

Webinar Register

 

Thursday, November 16th, 2017

Whether you plan for it or not, you will eventually exit your business.

ExitPlanningForTomorrow

 

Whether you plan for it or not, you will eventually exit your business. But like most owners, you must concern yourself with running your business today. As busy as you are, I encourage you to take a few minutes to see how a well-planned exit can have a very positive impact on your current business.

When building a business with the end in mind, it’s not enough to just grow revenues or make more money each year. How you get there becomes as important as the results, because exit planning holds your business up to a brighter light. It forces you to consider not only what you and the business need today, but also what is needed in the future. Taking action to meet those needs creates a potentially better business today.

Assume that we are speaking with an owner who wants to sell his business for the maximum value to a third party. He is pleased to announce that revenues are up 25 percent over prior year. The buyer is likely to say “Great, how did you do this?”

The owner’s answer will impact how much the buyer is willing to pay for the business. Assume the answer is something along these lines“Well, most of the clients know me and have worked with me for a long time. Over the last few years I have really focused on sales, so revenues are up.”

Hearing this answer, that buyer is probably reducing in his head the price he is willing to pay. Contrast the first hypothetical answer with this “fine-tuned” second: “Well, our business development team—headed up by our bright, young VP of Sales—has really established a competitive edge in core markets. Several years of effort are just starting to take off.”

This second answer is probably increasing the business’s price with every passing minute. In both answers, sales were up 25 percent. Yet the revenue increases were accomplished quite differently. In the first answer, results were tied to the owner’s efforts. If that owner exited the business, or just got tired of going on sales calls, it appears much of that revenue could be lost. The second answer unquestionably reveals a better business. That business will grow without its owner going on sales calls and has established competitive advantages that a buyer can build upon.

 

For more information on this  strategy and other examples register for the next upcoming complimentary webinar.

 

Consider another example. Assume for a moment we are speaking with an owner who desires to sell the business to one or more top employees. Most business owners recognize the need to motivate and retain top talent. However, if an owner intends to sell his business to employees, motivating and retaining them becomes far more important.

Let’s give two hypothetical explanations for how this owner might approach this issue. The first is: “My top people are truly loyal to me. They trust that I will take care of them and treat them fairly. As for motivating them, I pay cash bonuses based on how well I feel everybody did.”

Contrast the first hypothetical answer with this approach: “While I have great relationships with my top employees, I feel that it is not enough in today’s competitive marketplace. Several years ago we developed a phantom stock program that ties their rewards to key business results. If the employees quit, they forfeit the phantom stock. If they stay and buy my business, the phantom stock is convertible to cash to help fund a future purchase of the business from me.”

Both approaches could work. But in the first approach, motivation and retention is based on personal loyalty. How cohesive and effective will that management team be once the current owner is gone? The second approach clearly creates a better business today, has less risk of key employees leaving early, and compensation is tied to measurable performance. Under the second approach, the owner also has begun to address the difficult issue of how the employees are going to afford his buyout.

We identify seven steps that you need to take today in an earlier blog “Steps That Will Nearly Always Maximize Value at Business Sale”.

So what does an exit plan look like, and why would it add value? By now, you may be convinced that you need an exit plan and should get started on it right away. So, what exactly is an exit plan? According to our research, nine out of ten owners stated they do not have a current, written exit plan. Most owners need guidance on what a sound plan looks like.

A thorough and sound exit plan needs to address six (6) areas. If a plan fails to consider any one of these areas, it could not only miss an issue but possibly cause more harm than good.

1) TAX

  • The plan should be as tax efficient as possible in converting your business ownership into personal wealth.

2) LEGAL

  • The plan should use sound legal tactics and instruments to protect you and your business.

3) FINANCIAL

  • An exit plan accurately models how you achieve your post-exit financial goals, most importantly financial freedom.

4) OPERATIONAL

  • The exit plan should support the business’s current and future operational needs in areas such as management, financial stability, and reinvestment.

5) FAMILIAL

  • The plan should help to maintain family harmony and achieve family goals.

6) EMOTIONAL

  • An exit plan should address whatever else may be important to your peace of mind in post-exit life.

Your plan should be reviewed by your trusted advisors, most importantly your accountant(s), attorney(ies), and financial advisor(s). Exit planning is a multi-disciplinary effort. In this NAVIX Case Study, we demonstrate how an experienced exit planning team can add value by saving the business owner a million dollars twice with proper exit planning implementations.

 

Navix Video Planning Today

 

Call 772-210-4499  or email Tim to find out more about exit planning solutions.

Ask about our complimentary proprietary tools and checklists. All inquiries are confidential.

Monday, November 13th, 2017

Why Must Business Co-Owners Collaborate on Exit Plans

Why-Must-Business-Co-Owners-Collaborate-on-Their-Exit-Plans

About 70% of the six million privately held businesses in the United States have more than one owner, and the average number of owners per business is nearly three. Practically all of them want to successfully exit from their businesses one day, and most of them will find that their path to exiting successfully requires aligning their exit plans with those of their co-owners. This is where the challenge begins.

 
The connection between being a business co-owner and the need for co-owners to create alignment at exit can be understood by imagining a chain with three links upon which a sentence is printed. This conceptual tool that is created for NAVIX Consultants from working with hundreds of business owners, is called the Three-Link Chain.

The first link says:

Business owners cannot achieve their major goals without a successful exit.

Business owners usually share a similar set of desired outcomes for their exit. These most commonly include reaching financial security, having the freedom to do what you want to do, and creating a sustainable business legacy. For most owners, all of these desired outcomes are only realized with a successful business exit. To reach financial freedom, most owners need to unlock the majority of their wealth which is tied up in their business and its supporting assets. To have the freedom to do what you want to do, most owners need to turn the business over to new ownership and leadership. To create a sustainable business legacy, most owners need to successfully exit and demonstrate that the business cannot only survive without them, but actually thrive.

The second link in the chain says:

Business co-owners cannot successfully exit if their goals are incompatible with one another.

When a business has two or more co-owners, some or all of the co-owners cannot successfully exit if their individual goals are incompatible with one another. It is common that one owner’s goals will hinder, disrupt, or outright block one or more of the other owners’ goals. There are many ways this can occur. For example, one co-owner may want to sell the business to an outside buyer, whereas another co-owner wants to pass the business down to family. In other examples, the co-owners could have different exit time frames, or vastly different dollar amounts they want at exit, or conflicting beliefs on who should lead the business going forward. Sometimes the co-owners have goals which are only mildly conflicting. Sometimes the co-owners’ goals appear to be completely irreconcilable.

 

The third link in the chain says:

Goal compatibility can only be achieved with a conscious and ongoing effort to create co-owner alignment.

Goal incompatibility rarely goes away on its own. If anything, waiting makes matters worse because with less time, co-owners will have fewer solutions. Therefore, co-owners must proactively work to create and maintain an aligned approach to exit planning, working together collaboratively to implement strategies and tactics that enable every involved owner to successfully exit.

 

Three Link Chain

The Three-Link Chain illustrates the connection between business owners needing to successfully exit one day, and business co-owners needing to work together to make this happen.

Finding co-owner alignment is one part of the exit planning process. Planning for and achieving a successful exit involves a range of financial, tax, legal, and business challenges. Also, most business owners will exit only once and consequently lack experience planning for exit. Therefore, owners and co-owners stand to greatly benefit from engaging a team of advisors knowledgeable and accomplished in this field. The essential advisors are an exit planner, accountant, and attorney. Depending on the co-owners’ exit strategy and time horizon, additional advisors may include a mergers and acquisitions (M&A) professional, commercial banker, financial planner, and business appraiser.

Three Link Webinar

Call 772-210-4499  or email Tim to find out more about exit planning solutions.

Ask about our complimentary proprietary tools and checklists. All inquiries are confidential.

 

Thursday, November 2nd, 2017

Five Years’ Fallacy

5

Much of the conventional wisdom suggests you should start serious planning no earlier than five years before you are ready to exit. This misperception is so common; we call it the Five Years’ Fallacy. This approach gets owners in more trouble than perhaps any other mistake.

 

There are four major flaws with this approach:

1. Selecting the ideal business entity is an important consideration, especially in the event of a sale, because the type of business entity may greatly impact taxes.

For example, owners of C corporations in some cases may reduce taxes upon a sale by converting to S corporation status prior to sale. However, the tax benefits can be lost if the company is subsequently sold within a ten-year holding period after conversion. In another example, the reverse may be true—owners of S corporations seeking to implement an ESOP as an exit strategy may secure tax-free proceeds from the sale if they convert to a regular C corporation. Matching up your exit plan with the appropriate business entity may require years to implement.

  • Owners seeking to pass a business down to the next family generation often desire to make tax-free gifts of business interests to the successor generation. Congress limits the value of gifts that can be made without triggering gift or estate taxes, including annual gift limits. As a result, passing down a large family business can take many years to accomplish. Too little time inhibits the effectiveness of gifts and other family-business transfer strategies.
  • If you intend to sell to a third-party buyer, your business’s intellectual property may be an important factor in driving value at US law sets timelines required to register, file, and protect your intellectual property. If you wait until five years or less to develop an intellectual property strategy, likely you will have forfeited many of the rights and opportunities available to grow value.
  • Owners seeking to sell their business to one or more employees need to hire, train, and groom a key employee or entire team prepared to run your business after your departure.Developing successor leadership may take many years.
  • Many exit tactics benefit from the “miracle of compound growth” on invested assets. For example, funding an income tax deductible retirement plan creates potential future income outside the business. If you have only a few years to implement this tactic, your results likely will be greatly diminished.

Register for our upcoming complimentary webinar!

2. Waiting until the last five years to prepare for exit, reduces your control over many factors that influence the business’s sale price.

Road market conditions, interest rates, capital markets, your industry’s health, and other external forces influence the availability of cash, the cost of capital, and the demand for businesses in your industry or market. Many economists note that these cycles can take as long as seven to ten years to complete. If you are restricted to exiting within a specific time frame such as five years, you may choose a time when your business’s price is lower due to external conditions. Your investment advisor probably has been telling you, “Don’t try to time the market,” when investing in publicly traded stocks, bonds, and mutual funds. But when it comes to selling your business, you must try to time the market. Leaving only a few years’ preparation to sell, may limit the ability to achieve the most favorable external climate.

3. Limiting your exit planning preparations to the last five years is you simply cannot predict the future.

A prospective buyer with a large checkbook may walk through your front door tomorrow. Your industry may go through an unexpected consolidation (often called a “rollup”) which heats up your potential market price, but only for a window of time. You may become seriously disabled and unable to work. You may die. Who guarantees how much time you have? Life happens.

4. The fourth and final reason why you cannot wait to start serious exit planning is that if you have not clearly defined where you want to end up, then you do not know if the decisions you are making today will get you there.

In Stephen Covey’s best-selling book, The 7 Habits of Highly Effective People, the second habit is to “Begin with the End in Mind.” His lesson applies here. To paraphrase Mr. Covey, the successful owner must be able to visualize the desired outcome and concentrate on activities which help achieve success in the end.

Align your business growth plan with your business exit plan. Every day you are making decisions that in some small or big way will impact your success at exit. Making today’s important business decisions without considering the ultimate impact on your exit, causes great difficulties down the road.

 

The Five Years’ Fallacy: Exit Planning Facts vs Fiction

 

Call 772-210-4499  or email Tim to find out more about exit planning solutions.

Ask about our complimentary proprietary tools and checklists. All inquiries are confidential.

Monday, October 23rd, 2017

Exit Magic Number

exit-magic-number-banner-2Your Exit Magic Number is the most important number to you as a business owner. It calculates the net amount you need to achieve financial freedom after you exit your business. It may assume you don’t need a paycheck anymore, whether you retire or not.

Most owners don’t know their Exit Magic Number and most financial advisors miscalculate it. It has nothing to do with your business’s value; if your business’s value is how much you have, your Exit Magic Number is how much you need.

Refer to this eBook to understand the importance and process of calculating the Exit Magic Number, to guide you in determining yours.

Access now

 

Thursday, September 28th, 2017

How Successful is Your Team?

“The only meaningful measure of a leader is whether the team succeeds or fails.”

 

Each month I share a favorite book review from Readitfor.me.

There is never enough time to read all the latest books – this tool is a great way to learn and to stay on top of the latest topics and new ideas.

If you are like my clients, you work hard learning how to grow your company or organization. You invest the time and money to improve your team for better results and increased value.

How successful is your team? Are you leading your team to success?

Read on.

 

Extreme OwnershipExtreme Ownership

by Jocko Willink Leif Babin

Readitfor.me   Review:

“So, there I was.…”

According to the authors of Extreme Ownership, this is how every story told by a Navy SEAL starts off.

“So there I was, pinned down by heavy fire, with only two rounds left in my rifle”. You know, the type of stories that probably would have turned out differently if you or I were the protagonist.

So here I am, trying to boil down some of the best leadership advice I’ve read in a long time into something you can read over your morning coffee. (Luckily, this is about as difficult as things get over here).

As Jocko Willink and Leif Babin tell us, “The only meaningful measure of a leader is whether the team succeeds or fails.” So get ready to take a good hard look at yourself as a leader, and prepare to start thinking differently about how you control your destiny.

 

Principle #1: Extreme Ownership

This section starts off with a story about a mission that almost blows up in their face – literally. Due to miscommunication between the Navy SEALs unit and a Marines unit there was a “blue-on-blue”.Which means that the Marines and Navy SEALs had mistakenly been firing on each other. One Navy SEAL took some shrapnel in the face, but miraculously nobody had been seriously injured or killed.

Situations like this aren’t taken lightly, and Willink thought that his career as a team leader could be coming to an abrupt end as a result. His boss and an investigating officer came in from another camp to dig in and find out what had happened.

Many things had gone wrong, and it would have been easy to point fingers at the people who had made the mistakes that day to try and escape the heat. But that’s not Willink did. He stood up in front of the group, including his commanding officer, and said:

“There is only one person to blame for this: me. I am the commander. I am responsible for the entire operation…And I will tell you this right now: I will make sure that nothing like this ever happens to us again.”

No matter what situation you find yourself in, you alone are responsible for the success or failure of your team. Period. If you do fail, you must accept full responsibility and then develop a plan to win.

As a leader, you not only take ownership of your role, you are responsible for anything that impacts your mission – including your people. If a person under your command is not performing up to par, you must train and mentor them. If they continue to underperform, then you must be loyal to the mission above all else and find somebody who can get the job done.

Principle #2: There are no bad teams, only bad leaders

If you’ve ever watched a video of Navy SEALs going through Hell Week (if you haven’t, hop over to Youtube and search for “Navy SEALs Hell Week”), you’ve seen them inside black inflatable rafts paddling through the ocean.Each class of SEAL recruits are split into teams that compete with one another over the course of the week. Each team is given a leader, who is in charge of getting the best out of his men in gruelling circumstances.

One year, Babin recounts, one of the teams was winning each race (Boat II) and another team was consistently coming in last (Boat VI). So one of the instructors decided to run a little leadership experiment. The leaders of the two teams would switch boats to see if the lacklustre performance of Boat VI could be explained by a lack of leadership.

The leader of Boat VI was understandably excited, because he had been dealt a hand of lousy recruits and simply couldn’t win with such a weak team. The leader of Boat II wasn’t happy, but quietly went to work figuring out how to get them to perform at a higher level than they were used to.

Right on cue, Boat VI was spurred on by their new leader and started to win every race, with Boat II having to settle battling for second place.

This highlights one of the most important leadership principles you will ever learn – that leadership is the greatest factor in any team’s performance.

Principle #3: You have to believe if you want to win

The SEAL team the authors fought with was called Task Unit Bruiser, which was the same unit that Chris Kyle – author of American Sniper – belonged to. They had a fearsome reputation as being the most lethal fighting unit in the Iraq War, and possibly ever.So when they were told that in order to run any mission they had to bring along Iraqi soldiers with them, they weren’t too happy. As Willink describes it, heading out into Ramadi (where they were fighting) was dangerous enough.

Imagine one day having another Navy SEAL literally watch your back as you complete your mission, to having somebody you don’t know with inferior training and questionable loyalty take their place.

Willink knew that if he didn’t understand and believe in the mission, his team wouldn’t tow the line either. And that might cost them their lives.

As it turns out, the reason higher ups had mandated that the Iraqi forces join the fight with the SEALs was that if they didn’t get Iraqis “on-the-job” training, they might not ever be able to complete the securing of Iraq. Without that, they might never go home.

So once Willink understood and bought into the “why” behind the mission, he was able to communicate the message with clarity and with confidence to his team. Once they understood why they were being asked to take on more risk and danger during their missions, they were able to move on and get to work.

The same goes for you in your role. If there’s anything that your are working on that you don’t completely believe in, you need to get that resolved – quickly.

As the authors note:

In order to convince and inspire others to follow and accomplish a mission, a leader must be a true believer in the mission.

Principle #4: Check your ego

Because of the need to sometimes blend in with the local population in the Middle East, Navy SEALs are known for growing beards and generally not keeping up a “disciplined appearance.” Unfortunately, they are sometimes also known for being arrogant.The authors tell the story of one Navy SEAL unit being shipped in to work out of a base that was owned and operated by the Army.

They rolled into town wearing baseball caps, cutoff shirts and egos that Donald Trump would approve of. This didn’t mix well with the extremely disciplined routine the Army soldiers were required to follow. The colonel in charge of the base mandated this discipline because they were in the most dangerous part of Iraq, and any slip up in protocol, no matter how small, could cost them their lives.

Not only were these SEALs condescending to the Army soldiers, they weren’t interested in learning what the Army had learned running missions in Ramadi.

Ultimately, the SEAL group was asked to leave the base even though they were very capable and could have greatly helped their cause.

While belief in yourself and your team is crucial, having an outsized ego will only get in your way. It can cloud your judgment and get in the way of taking on constructive criticism.

As the authors point out, the most difficult ego to deal with is usually your own.

Principle #5: Cover and Move.

In the business world, when you hear the word “Teamwork” you might automatically picture some cheesy motivational poster with a group of people all rowing in the same direction. It’s very easy to dismiss the idea of teamwork as a bunch of you-know-what.But in combat, you literally rely on the other people you work with to keep you alive.

When they find themselves taking enemy fire and need to get from one place to another, SEALs operate a tactic called “Cover and Move”. Basically it means teamwork. One section of a team lays down fire on the enemy while another section moves forward and takes some ground. Then the reverse happens so the team who was laying down the fire can get caught up.

As a leader, it is your responsibility to ensure that when your team encounters trouble that their first instinct is to work together to find a way out rather than pointing fingers.

How can you tell if your teams are working together closely or if they are just giving it lip-service? Pay attention to the off-hand comments that they make. If your sales team calls your production team the “order prevention department”, for instance, that might be your cue to dig a little deeper to get things back on track.

There are enough enemies outside of your walls to deal with, right?

Principle #6: Keep things simple

If you are going to accomplish your mission, your people need to understand the plan. Even more important, when things go wrong, your team needs to understand how to fix it. This is almost impossible if your team doesn’t understand the mission, or the strategy you are using to accomplish it.Keeping things as simple as possible is the only way your team is going to be able to understand and execute. Why? Because your plan is almost always more complicated than you think it is. And no matter how well your plan is prepared, things almost always go wrong and decisions need to be made on the fly. If your team doesn’t understand the plan, it crumbles under it’s own weight at the first sign of trouble.

A great example of this in the business world is the commission structure you create for your sales people. If your team doesn’t completely understand how the work they do impacts their bonus level, you will never get the type of behaviour you are trying to encourage.

If your plan requires your sales people to pull out a calculator on every deal to understand what they are going to get paid on an order, it’s too complicated.

Principle #7: Leaders need to prioritize and execute.

When you find yourself in a situation where you are taking fire from all sides and everything seems to be falling apart around you, what do you do?Relax, look around, and make a call.

No matter what is going on around you, your job as a leader is to keep moving forward by making the best possible decision, given the circumstances.

The authors give us a step-by-step plan for getting things done when chaos erupts. First, decide what the highest priority problem is. You can only solve one thing at a time, so start with the most important.

Second, in clear and simple terms, tell your team what you’ll be focussing on.

Third, create a solution to the problem, seeking input both up and down the chain.

Finally, direct the execution of that solution, making sure all of your team’s efforts are focussed there until the plan is executed.

Rinse, wash, repeat.

Principle #8: Decentralized Command

In order for your team to execute your plan, teams must be broken down into small and manageable sizes, making sure to decentralize command so that front-line employees are empowered to make decisions.As human beings, we are not equipped to manage more than ten people at any one time, especially when problems come up and decisions need to be made quickly.

There are a few things that need to be in place in order for this to work.

First, senior leaders must communicate constantly and consistently with their front-line to ensure that the have the right information to make the right decisions. Your team must be crystal clear about the mission and strategy at all times.

Second, the front-line team must believe that senior leaders will have their back if they make decisions that are consistent with the mission and the strategy, even when they go wrong. It only takes one situation where a front-line employee doesn’t feel supported to grind decision making to a halt.

Lastly, like we’ve discussed before, the mission and the strategy must be simple so that you avoid the game of “broken telephone” that could easily occur with complex instructions.

Conclusion:

The best leaders practice Extreme Ownership

 

Leadership always comes back to the first principle – you need to practice extreme ownership of whatever happens under your watch. There are many things you need to get right in order to be a great leader, but it all begins and ends with accepting 100% of the responsibility for the results that you and your team produce.

Are you ready to practice Extreme Ownership in your business and life?

Tim Kinane
Call 772-210-4499  or email to set up a time to talk about tools and strategies to lead to better results.
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Wednesday, September 20th, 2017

Why Community Service

Congratulation to Dr. Jack Mitchell who has received two new awards from his involvement in the community. One of the awards is Volunteer of the Year Award from an organization that focuses on providing safe space and assistance primarily to women and children involved in domestic violence. The second new award is from the local Chamber of Commerce. Dr. Jack received the prestigious President’s Award for “dedication, hard-work and commitment”.

There are great reasons and benefits to volunteering:

  • Good for your health
  • Learn new skills
  • Gain professional experience
  • Make a difference/improve lives
  • Get to know your community
  • Challenge yourself
  • Connect with others

Strengthen your Team by Connecting your WHY with volunteering in your community.

 

Tracy Levy, SafeSpace director of Development; Dr. Jack Mitchell, St. Lucie Volunteer of the Year; Janet Farnan-Dyer, SafeSpace Resource & Volunteer Coordinator

Tracy Levy, SafeSpace director of Development; Dr. Jack Mitchell, St. Lucie Volunteer of the Year; Janet Farnan-Dyer, SafeSpace Resource & Volunteer Coordinator

 

We are proud to present our St. Lucie County Volunteer of the Year, Dr. Jack Mitchell. Dr. Jack’s contribution as a Board Member and Advocate in the community creates future financial sustainability to help us save and change lives of victims and their families. Thank you Dr. Jack for your endless dedication to SafeSpace and our mission. We appreciate all that you do!!

 

Why Community Service

A conversation with Dr. Jack Mitchell

Dr. Jack, congratulation on your two new community service awards.

I feel such gratitude, and simply want to give back. I have a strong awareness of how fortunate and how blessed I am in life, an awareness of “why” I am here on earth. Volunteerism simply flows as a result of this gratefulness.

I like the quote by the famous lecturer and writer, Jim Rohm:

“It is the set of the sails, not the direction of the wind that determines which way we will go.”

I draw from this: Know your personal “why” ; set your sail accordingly because the winds of life will challenge all of us;   be grateful for your blessings; and be generous with your time, talent and treasure.

The Why is about how you feel – and we are inspired by that which moves us and connects us to other people. Dr. Jack Mitchell shares his why:

As a volunteer, I am impressed with the dedication and love of so many staff employees.  They give of their time and talent so very generously to their organizations and the people they serve.

My Why is to help people grow personally and professionally.
I have been blessed with exceptional education, corporate and entrepreneurial experiences. I am passionate to use all these to help people. It feels great to give back.

Communication starts by understanding yourself and then listening to others.  How have you used your understanding of Team Strength DISC to help you to be a better volunteer?

The Team Strength DISC profiles and chart, are tools that I can use in every aspect of my life: work, volunteering and personal interactions.  I have been involved with this process and system for more than 30 years. Using these tools has helped me to develop the sensitivity to assess and communicate effectively. This was not always the case, years ago, I would make assumptions, mis-read people and miss opportunities.

I still do day, but hopefully nowhere near what I did years ago. What a powerful tool for all of us today. The more you practice, the better you get. Whether in business, in family matters, or in general communication, the Team Strength DISC Profiles are marvelous help to better communication.

Communication is life’s most important skill- better communication make for a better life.

Full sail

 

 

Set your organizations sails by improving the quality of your teams’s communication. Get started now on your Team Strength- call 772-210-4499 or email for more information or to set up and an account.

Monday, September 11th, 2017

7 Situations Where Business Owners Should Consider Bringing in Outside Investors

You believe your business would grow faster, if you had more cash. Or, perhaps you’d buy out that partner who’s not in sync with the direction the company is going in, if you had more cash. Or, perhaps you’d take some cash home to diversify your wealth and sleep better at night, if you had more cash. Whatever your specific need is, perhaps you’d do it—if you had more cash. That’s just the thing though.

 

READ MORE

How do you get more cash to accomplish your business needs, without giving up  …    read more

 

LEARN MORE

Sign up for the complimentary educational webinar on this topic.
Date: Tuesday September 26, 2017
Time: 2:00 pm – 3:00 pm EDT.

Click Here to REGISTER

 

WATCH MORE:

Watch a short video to learn more about this topic. – Click here    Successful Exit – One of Your Greatest Accomplishments.

Call 772-210-4499  or email to find out more about this webinar and exit planning solutions. Ask about our complimentary proprietary tools and checklists. All inquiries are confidential.

Wednesday, August 30th, 2017

The Two Problems that Come with Not Having an Exit Plan

CompassMost owners do not lack an exit plan because they don’t care about their exit outcomes, or don’t believe in planning for the future. The lack an exit plan for two reasons. One, they are busy growing their companies. Two, they don’t know that waiting to start exit planning causes problems.

Specifically, there are two problems which immediately (they happen right away), universally (they happen to every owner), and incontrovertibly (it is inescapably true that they occur) impact every business owner who lacks a clear exit plan. The two problems are:

 
First, it is impossible to know if the decisions a business owner makes today will help or hurt success at exit. If I don’t know my destination until later, then I won’t learn until later if turning left, right, or going straight now will take me anywhere desirable—and I might learn too late that it didn’t. What should my leadership team look like? Should we emphasize top line revenue growth or profitability? Should I invest in developing our brand? How scalable do our key systems need to be? How should we reward and motivate key employees? How big should we let our biggest customers get? These are a few examples of the countless questions that owners answer every day. Without an exit plan, owners have no way of knowing what answers will drive exit success. To paraphrase, if I don’t know where I want to go, then I don’t know if I am headed the right way.

 
Second, most of the tools and tactics that fuel exit success take years to fully implement, and/or compound with time. The less time an owner allocates to preparing for exit, likely the fewer the options and the lower the return on investment. Building a company that can grow without the owner, pulling money out of the company prior to exit, creating employee incentive plans tied to growth, preparing financial reports consistent with buyer expectations, creating alignment among co-owners—these are a few of countless examples of tools and tactics that the sooner they are implemented, the greater the potential return. To paraphrase, less time to prepare produces less results.

 
Once a business owner understands these two problems, and sees how they are impacting his or her situation, then developing the exit plan becomes a strategic imperative.

 

The Two Problems that Come with Not Having an Exit Plan

Thursday, August 3rd, 2017

How to Reach Financial Freedom When You Sell, and How to Stay There

Time after time, client after client, research study after research study, the answer remains the same — business owners’ number one goal at exit is to achieve their financial win, whatever amount that might be. In our experience, the most common financial goal is to reach financial freedom, which we define as getting to the point where working is a personal choice, not a necessity. Money cannot buy happiness, but business owners who have successfully reached financial freedom seem to smile on a regular basis.

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The same can be said of businesses too. Take two companies from the same industry …  read more

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Date: Tuesday August 22, 2017
Time: 2:00 pm – 3:00 pm EDT.

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