There’s an “I” in hierarchy, which makes it difficult to remove your personal thoughts and feelings about where each employee and each umbrella of your business stands. Stop focusing on the “I.” Focus instead on the primary function of your company and its business model.Read more
Conducting effective interviews helps to ensure you are hiring the best-qualified candidate for the job. As a general rule, information requested and obtained through the interview process should be limited to that which is essential for determining whether an applicant is qualified for the job.Read more
Individual Life Insurance. We know the topic. But what’s the big deal? Do I need It? Why? These are all questions that sit in the back of our minds, and sometimes, get left behind. Let’s touch base on the top five reasons you might be in need of life insurance:Read more
Ownership transition is an issue that many businesses will address in the years ahead (either directly or indirectly). According to the US Census Bureau, nearly two-thirds of the 4 million US companies are owned by baby boomers and many are looking to retire or scale back their work.
Here are five options for succession plans:Read more
Companies with employee ownership cultures might be big or small, booming or staying modest. But for an employee ownership culture to succeed, a company must do two things:
Encouraging a high-involvement culture with open-book management, high levels of employee education and high levels of employee input.
Sharing the company’s equity with employees via some form of broad-based equity ownership program, most commonly an employee stock ownership plan (ESOP).
A high-involvement employee culture encourages and incentivizes employees to participate in the decision-making and management of a company. Leaders rely on forward-thinking ideas from employees to…Read more
If you own a business, you probably fall into one of three camps concerning ownership transition:
1. You want to maintain current involvement and ownership.
2. You want to maintain ownership, but reduce involvement in your business over time.
3. You want to change or reduce ownership in your business.
Even if you are not in Camp #3 yet, you might be in the future. The most likely scenario for a successful business owner is that he or she will live a natural life span, and at some point want to redefine the relationship with the business, to retire, or enjoy other interests.
It might be time to start thinking ahead…Read more
Succession planning is good business! If you or any of your key people were to get hit by a Mack Truck, would your business continue at the same value as it did the day before? Is it clear who would step into your shoes and under what terms and conditions? Would your vision be carried out? Do your clients, customers and associates have confidence that the roles, responsibilities and decision making authority at your organization will continue after your departure?
Here are three tips to make sure these things happen…Read more
The talent for the next generation of leadership already exists within your organization, but it’s difficult to harness it without an effective succession plan. Succession planning is the process of identifying and developing the next candidates for senior leadership within an organization, up to and including a company’s owner.
A succession plan starts with a company appearing and acting larger than it currently is. That said, a succession plan begins with…Read more
Why is this topic considered interesting? First and foremost, we seem to all start with the premise that we are underpaid for the work we do. Wait, are we? Or, are we simply thinking about a comparative of one associate or another? Is my associate being paid at the same level or higher because she has a good relationship with our “boss”? If I become better at promoting my own accomplishments rather than those of our team, will I become valued more, and thus, be paid more? Many people will also state, “I don’t care about the pay, I simply want to be appreciated and have some flexibility in my work schedule.” Well, once provided with…Read more
One of the most important questions clients come to us with is, “How much is my business worth?” When we take a step back and evaluate the big picture, the evaluation process relies on a few key factors.
The first thing we set out to define with our clients is their objective. It’s not always the biggest check possible. For example, some clients simply want to see their next generation…Read more
There are few larger responsibilities than that of someone else’s money. As a qualified retirement plan sponsor, one is considered a plan fiduciary, and thus, their responsibility falls into the category of “someone else’s money.”
As part of this heavy load, we’ve found that it’s imperative that plan sponsors are able to understand not only the funds assigned to their plans, but the associated fees and expenses…Read more