Sands Timer

You may be wondering, when is the best time to begin thinking about a Succession Plan? As the tried-and-true saying goes, “Don’t put off tomorrow what you can do today.” An astounding 58% of small business owners have no succession plan, according to a 2017 study of 200 privately held businesses, conducted by Wilmington Trust. The last thing any business owner wants is for an unexpected tragedy or unplanned scenario to happen which then forces someone who is not prepared to take over. With no structure or plan in place, the new leader is destined to struggle and likely fail.

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Broken Glass

When it comes to succession planning, thoughtful consideration is imperative in helping businesses remain viable. Review these common mistakes and the suggested success strategies to save yourself and your company from lost profits and leadership woes, and watch the video included!

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More Chess

Did you know 60% of 2nd generation family business owners fail? For 3rd generation owners, it goes up to an astonishing 90%! It goes without saying that deciding whether or not to pass the baton to the next generation requires thoughtful consideration. If you’re wondering how to determine if a family member is the right person for the role you need them to take over, read these success strategies for more insight, and watch the attached video!

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Retention Main Blog Graphic

The best thing you can do to keep your top talent happy is to engage in a bit of reverse psychology. The topic of talent retention is mired in language about having, keeping, holding, and preserving. To retain something means to hold onto it. But after you’ve “captured” a person, so to speak, the goal is to set people free to do what they do best and watch your business thrive.

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Knowledge Management

When it comes to knowledge management (KM), not everyone agrees on its definition or value. Some people believe that KM is a stand-alone program or project, but that is incorrect. Knowledge management refers to the explicit and tacit information life-cycle that runs throughout the entire organization continually.

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Successor Main Graphic For Blog

Many business owners dream that their sons or daughters will take over the family business, but struggle with feeling confident it’s what’s best for the company. In a report from the Family Business Institute, 88% of family business owners said they believed their family would control their business in five years. Yet, according to the report, only about 30% of family-owned businesses survive into the second generation.

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Legos

Do you continue to struggle to find or retain workers? Are you having to deal with rising labor costs simply to hire staff? Is a lack of people power restricting you from taking on new business? Stop the vicious cycle and lean things out.

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Goals Graphic

Would you choose to take steps to strengthen your business and enhance its reputation if it meant improving your organization’s ultimate performance? The goal (no pun intended!) of this blog is to lay out the process you’ll need to do just that. Goal setting is important because it helps outline the specific path that an organization must take to achieve desirable outcomes. It helps provide direction and assess organizational progress.

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Succession Planning Photo Arrows

As a small business owner, you’re crazy busy with everyday tasks that support running a successful company … yet planning for the future is essential to ensure financial stability and growth. This is where Succession Planning comes into the picture.

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