business success

Successful Succession

Apr 8, 2019
kingson tang / Flickr.com https://bit.ly/2U6xQDs

One of the big rules in life and law is that you can’t take it with you. The dearly departed may go to their reward, but all that stuff they amassed while they were here – they leave that all behind. And someone has to own it.

That’s the big idea behind the legal concept known as “succession.”

Any time I address financial issues with a legal component I have to remind listeners that I am not a lawyer, nor do I render legal advice. So please discuss any legal matters with an attorney.

Stressful Succession

Oct 17, 2018
David Clow / Flickr.com https://www.flickr.com/photos/davidclow/2344231998/

Nothing seems more American than the successful family business.

But if you’re a family business owner in the real world, you know it can be quite stressful.

 

Sometimes it seems as if you’re being forced to choose between your family and your business? A broken heart or a broken business? Some choice!

As a family business owner, you know you’re trying to wear two hats – soft hearted parent and hard-nosed business owner. These two sides of you may find themselves in sharp disagreement from time to time. It can be very stressful.

Becky McCray / Flickr.com https://tinyurl.com/ybmdhf5w

Last week I suggested that no small business can be really successful until it is ready to be sold.

 

A sale requires a willing buyer with sufficient resources to buy the business. And most of the time, both the buyer and the resources to buy must be developed by the current business owner, or the business won’t get sold at all. The owner will simply close the door and leave lots and lots of potential wealth in the trash heap of items he said he would “get around to doing one day when I have the time.”

Pacific Fishery Management Counci / Flickr.com https://tinyurl.com/y7ch5t85;

There are a lot of ways to judge the success (or lack thereof) of a small business: how much stuff they sell, their profits, number of employees, years in business or any combination of these things. Each of these factors is important (perhaps irreplaceably so).