Thursday
Small business is the lifeblood of our economy. It should be never be under rated. Its' security is often the lifeblood of our lives and lifestyle as well.
*Does it need Protection?
....of course it does...how it is protected can be as unique as the people involved in its' past, present and anticipated future...
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
*Do I have a Succession Plan? (or)
*Do I have a Liquidation Formula?
*Is my Family interested in it ?
....a more encompassing description might be stated as a 'contingency plan'...So very often we are so captured by the complexities of the present we neglect consideration of the future. Have I thought about disability? Have I thought about what my family would do if I was no longer ready, willing and able?
Do I have the expertise within the business or available to the business to protect my assets..especially my business asset? Is there a workable buy-sell agreement? Are all the conditions in place that were factors at the time of drawing up the agreement?
Are my key employees or family capable and, or do I need an exit strategy?
(think in terms of General Patton...plan the attack...plan the withdrawal...protect the most important assets...people)...Do I have a contingency plan plotted out anywhere besides in my head?
Would my partner (spousal or business) continue in my absence? Ask...the answer might surprise you....and remember to keep the 'yes buts' out of the conversation. Is my 8 year old, let alone my 33 year old offspring capable or perhaps more important...interested??
Do I really have a crystal ball?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
*Does it have Viability in the hands of a new owner ?
*Does it have Value as a 'turn key' opportunity ?
I created this business with devotion, hard work, commitment and more than a little creativity. Are there people in play that can or will have that discipline or energy?
Would I be better off to bring in the right person now so that I can retire and protect my loyal employees? Perhaps I should look at a plan to integrate and assure my key people are there when I might need them most? Does my backup plan have a backup plan?
Who knows the value of my business? Am I too close to be able to sort the trees from the forest?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
*Are there employees who could run it
'successfully' in the future ? Do I have methods
available to determine this ?
Who is in the best position to determine this? Me? What resources do I call upon to determine the answer to these questions? Is it obvious? No...generates one set of 'what ifs'. Yes...sets out another unique set of 'what ifs'.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
*Do I know which or how many of my
professionals I'll need to call upon to determine
my options most effectively ?
*Will I need a Specialist or Professional to assist me that will represent a new or yet unexplored field of expertise.
Where do I turn for help? Is this an area of expertise that my experts have? Is it one individual or several ? Is it possible to coordinate them as a team or will I need a 'coach' to achieve the most desirable results? I know they understand me but do they really understand my business in the way I need them to? Will I need an unbiased opinion to help me get a sense of direction?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
*Do I know what the Value of this Asset actually is ?
Million$ and million$...maybe...probably not!! I know or I think I know...
but nobody else knows? It could be useful if I'm not available? Is it documented and in the right hands and will it be available at a time of critical need? Signing authority? Powers of Attorney? Executors? Wills? Trusts? Guardianship? These are all taken care of so that value of my assets will be protected and maximized?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
*Do I know who or where the best markets are
for making the required moves when the
time comes ?
OK... I know this one!
....................Really?
....Did I share that information so it would be available in a time of need ?
Is my information current? Can my 'people' tell the difference between my good socket set and the cheap ones; the prized calf and the cull; the reason we can't run 'that' ad and why we should advertise in XY and not XZ newspaper; which diamond has the better cut or the most carets; why Mrs. G should be plowed out first and how often? It is important to know how the next hand will be played ...even if someone else has control of the deck.
That responsibility doesn't go on for ever but it is not unlike the baton being passed from one relay runner to the next.
Good timing, speed and coordination ...all together...can make the difference!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
*On a Farm: Who will feed the cattle, sheep,
pigs, chickens etc.?
*A Market Garden: Who will water, maintain and
get this season's crop off ?
*A Print Shop: Who will get that 'XYZ' contract out ?
*A Butcher Shop: Who will cut and wrap that big
order in the cooler ?
* Do I have a Plan ?
Even no plan is a plan. Sadly that is exactly the Plan that many small business owners employ. The expertise lies in running their business. It is not in knowing which Professionals to turn to, nor how to coordinate that expertise to simply and effectively protect every asset and assure its security for now and into the future.
Good timing, speed and coordination ...all together...can make the difference!
*Does it need Protection?
....of course it does...how it is protected can be as unique as the people involved in its' past, present and anticipated future...
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
*Do I have a Succession Plan? (or)
*Do I have a Liquidation Formula?
*Is my Family interested in it ?
....a more encompassing description might be stated as a 'contingency plan'...So very often we are so captured by the complexities of the present we neglect consideration of the future. Have I thought about disability? Have I thought about what my family would do if I was no longer ready, willing and able?
Do I have the expertise within the business or available to the business to protect my assets..especially my business asset? Is there a workable buy-sell agreement? Are all the conditions in place that were factors at the time of drawing up the agreement?
Are my key employees or family capable and, or do I need an exit strategy?
(think in terms of General Patton...plan the attack...plan the withdrawal...protect the most important assets...people)...Do I have a contingency plan plotted out anywhere besides in my head?
Would my partner (spousal or business) continue in my absence? Ask...the answer might surprise you....and remember to keep the 'yes buts' out of the conversation. Is my 8 year old, let alone my 33 year old offspring capable or perhaps more important...interested??
Do I really have a crystal ball?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
*Does it have Viability in the hands of a new owner ?
*Does it have Value as a 'turn key' opportunity ?
I created this business with devotion, hard work, commitment and more than a little creativity. Are there people in play that can or will have that discipline or energy?
Would I be better off to bring in the right person now so that I can retire and protect my loyal employees? Perhaps I should look at a plan to integrate and assure my key people are there when I might need them most? Does my backup plan have a backup plan?
Who knows the value of my business? Am I too close to be able to sort the trees from the forest?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
*Are there employees who could run it
'successfully' in the future ? Do I have methods
available to determine this ?
Who is in the best position to determine this? Me? What resources do I call upon to determine the answer to these questions? Is it obvious? No...generates one set of 'what ifs'. Yes...sets out another unique set of 'what ifs'.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
*Do I know which or how many of my
professionals I'll need to call upon to determine
my options most effectively ?
*Will I need a Specialist or Professional to assist me that will represent a new or yet unexplored field of expertise.
Where do I turn for help? Is this an area of expertise that my experts have? Is it one individual or several ? Is it possible to coordinate them as a team or will I need a 'coach' to achieve the most desirable results? I know they understand me but do they really understand my business in the way I need them to? Will I need an unbiased opinion to help me get a sense of direction?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
*Do I know what the Value of this Asset actually is ?
Million$ and million$...maybe...probably not!! I know or I think I know...
but nobody else knows? It could be useful if I'm not available? Is it documented and in the right hands and will it be available at a time of critical need? Signing authority? Powers of Attorney? Executors? Wills? Trusts? Guardianship? These are all taken care of so that value of my assets will be protected and maximized?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
*Do I know who or where the best markets are
for making the required moves when the
time comes ?
OK... I know this one!
....................Really?
....Did I share that information so it would be available in a time of need ?
Is my information current? Can my 'people' tell the difference between my good socket set and the cheap ones; the prized calf and the cull; the reason we can't run 'that' ad and why we should advertise in XY and not XZ newspaper; which diamond has the better cut or the most carets; why Mrs. G should be plowed out first and how often? It is important to know how the next hand will be played ...even if someone else has control of the deck.
That responsibility doesn't go on for ever but it is not unlike the baton being passed from one relay runner to the next.
Good timing, speed and coordination ...all together...can make the difference!
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
*On a Farm: Who will feed the cattle, sheep,
pigs, chickens etc.?
*A Market Garden: Who will water, maintain and
get this season's crop off ?
*A Print Shop: Who will get that 'XYZ' contract out ?
*A Butcher Shop: Who will cut and wrap that big
order in the cooler ?
* Do I have a Plan ?
Even no plan is a plan. Sadly that is exactly the Plan that many small business owners employ. The expertise lies in running their business. It is not in knowing which Professionals to turn to, nor how to coordinate that expertise to simply and effectively protect every asset and assure its security for now and into the future.
Good timing, speed and coordination ...all together...can make the difference!
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