News
Many business owners take pride in the businesses they’ve built. Some of those owners are so proud and dedicated to their businesses that they’d be happy dying at their desks, doing what they love. They believe that they can wait until they’re ready to begin thinking about what happens when they exit the business, either by choice or otherwise. A few believe that they don’t have to plan for their exits at all. They figure that since they are willing to die in the business, there’s no point in planning for their exits. This might be a flawed mind-set. You may be asking yourself, “If I don’t plan on leaving my business, why would I need Exit Planning?” Many business owners ask us that very... Read More
Across Iowa, we are experiencing a ‘silver tsunami’ of aging baby boomers. One area of our economy we know this will affect is the changing of ownership in family-owned companies. It is well documented that only about 30 percent of family firms make it to Generation 2 (G2) and a tiny 12 percent make it to Generation 3 (G3). These transitions must be planned carefully and proactively to ensure the firm survives. So how do we do that?
Let’s consider a simplified five-step approach to help organize what can be a very challenging process:
1 Communicate Objectives/Goals/Timelines The focus here is on “Communicate”. Existing ownership and the next generation must take the time... Read More
Via Fast Company, by Vivian Giang
Negotiation in the best of circumstances is a delicate balance and often nerve-wracking for all parties involved. But attempting to make deals with difficult, uncooperative parties can quickly escalate to a headache-inducing debacle.
When it comes to dismantling the toughest bargainers, one persuasive tactic William Ury, cofounder of the Harvard Program on Negotiation, writes about in his... Read More
Via Fast Company, by Gwen Morgan
You feel it coming—the malaise, fatigue, irritability, and lack of interest. It’s tougher to motivate yourself to do what you need to do. You’re heading toward full-fledged burnout. But the bad news is that you have zero flexibility to take time off to deal with it.
“When you’re talking about burnout, you’re talking about a spectrum,” says Paula Davis-Laack, founder of the Davis Laack Stre... Read More
We all know the old saying our parents told us – “when you assume, Daniel, (I always knew I was in trouble when my parents used my formal first name), you make an (fill in the blank) out of you and me.
The road to conflict in a family is paved with assumptions. (It’s also paved with perceptions, triangular conversations, and dead beat son-in-laws, but we’ll cover those topics later)
At the very top of the list of Assumptions that kill a family business is this on... Read More
Exit Planning can be complex. Between setting your exit goals and transferring your business, you’ll attempt to build business value, find an appropriate successor or buyer, navigate perplexing tax implications, and keep your key employees onboard. And that’s just a few of the things you’ll do! With so many considerations surrounding your business exit, you may want to consider creating an Advisor Team. Simply put, no single advisor has sufficient expertise to create and implement all of the activities required in a typical Exit Plan. To give yourself the best chance to exit your business on your terms, you’ll likely require the services of several advisors from different fields. These ma... Read More
By Dan Beenken, Advance Iowa program Director
August, 9, 2018
Mixing family and business – is often said to be a dangerous proposition. While that can be true, it doesn't have to be. Iowa’s economy is built on longstanding, family owned firms – so we know it’s not impossible. The key ingredient to harmony? Structure. I know most people don’t like it and would rather float along without it. But in a family-owned company, its crucial. Planning, designing, AND communicating that structure can go a long way toward reducing conflict for the next generation. Stats are often cited that less than 1/3 of all family businesses survive to the 2 nd generation, and of those, less tha... Read More
By Casie LeRette, Advance Iowa Program Assistant
To us, the benefits and importance of family businesses networking together are clear. Our mantra ‘family businesses are different’, is not just a catchy phrase. We believe family businesses are different due to the result of the unique challenges during their start up, and those which continue through the life of the business. While every b... Read More
Exit Planning can be complex. Between setting your exit goals and transferring your business, you’ll attempt to build business value, find an appropriate successor or buyer, navigate perplexing tax implications, and keep your key employees onboard. And that’s just a few of the things you’ll do! With so many considerations surrounding your business exit, you may want to consider creating an Advisor Team. Simply put, no single advisor has sufficient expertise to create and implement all of the activities required in a typical Exit Plan. To give yourself the best chance to exit your business on your terms, you’ll likely require the services of several advisors from different fields. These ma... Read More
By Jason Daley, Magazine Contributor via Entrepreneur
When Jon S. Crowe invited his son, Jon P. Crowe, to take a road trip from their home in Omaha, Neb., to Whitewater, Wis., neither of them had ever, for a second, thought about working together. The elder Crowe was heading east to learn more about the Toppers Pizza franchise business and just wanted his then 25-year-old son, who was working in retail at the time, along for company. “Working with my dad did not cross my mind,” Jon P. says. “I was there looking out for him and our family. I just wanted to put my two cents in.” Jon S. had long known just how suited to running a business his son was. Jon P. was levelheaded.... Read More