Keeping It In the Family

Does your family have an heirloom they’ve passed down through the generations? Maybe you have one of your own. The first dollar your business ever made? A ticket stub from the movie your grandparents saw on their first date? These mementos tell your family history, no matter small or large, they represent a legacy. Your business is a part of that legacy. I’m sure that on more than one occasion, your business has felt like another member of the family. You probably talk about your ...

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Bring Joy to Your Business

Preparing for retirement doesn’t have to be miserable. When the leader of a business retires, it affects the entire organization. A positive succession experience can be good for workplace morale, but in the same way a negative exit of leadership can cause strife and stress throughout the business. While retirement can feel like a personal milestone, business succession impacts all who depend on the business, including employees, their families, and the community. 56% of family business ...

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Freeing Yourself From the “Work Trap”

Your commitment to your business is evident every day. The work and effort you put in is what’s made you successful, but beware! The “work trap” may be waiting for you! What’s the work trap? As a hands-on business owner, so much of your time is spent working IN your business, increasing profitability, managing risks, strengthening marketing, managing the day to day responsibilities. None of these are bad things per se, but they can often hinder the time you spend working ON the ...

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The True Cost of Not Having a Business Succession Plan

The new year is a time to enact change. Your resolutions are set, you’re motivated to take action, and you’re excited about the possibilities. It’s the perfect time to turn that enthusiastic attention to your business succession plan, or perhaps the lack thereof. Without timely planning, the odds are against you. The reality of business succession is that it takes longer than you think. Too often planning is left until “tomorrow,” which of course never comes. In ...

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Inspiration for the New Year Ahead

At Ganim Financial, we take pride in our commitment to strong, compassionate leadership, in both our office and our community. We wanted to share some of our favorite inspiring quotes about leadership and success with you. “If you care enough for a result, you will most certainly attain it.” — William James This first quote reminds us to always keep our care and commitment to those we serve at the forefront of our work. This commitment to our clients and our community drives the work we ...

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Luck, Unconscious Planning & Other Concepts You Need to Let Go Of…

I’m sure you can think of specific moments where luck was on your side, where serendipity has helped move your business in the right direction, but I’m sure you wouldn’t contribute all of your success to it. So, it makes sense that you wouldn’t leave the future of your business up to luck either, right? Wrong. The unfortunate reality is that an estimated 63% of business owners lack a written strategic plan for exiting their business, meaning a majority of business owners are leaving ...

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Know Your Destinations: Creating a Map of Your Ownership Conversion Plan

Your designed destination is just that – designed. Very few, if any, business owners can give a finely detailed vision or strategy for their lives after retirement. Even the most mature entrepreneurs may rely on just a feeling or abstract dream that comes to mind when thinking about retirement, still lacking a developed plan to reach that destination. This is why the first step of Ownership Conversion Planning is to develop a clear idea of where you want to go in your business and your ...

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Keep Your Strengths From Becoming Liabilities

I’ve dedicated over thirty years of my career to advising business owners. In that time I’ve come to recognize the qualities that entrepreneurs share – qualities that are often the key to their success, but can also become liabilities if misused. There are three qualities in particular that have a significant impact on the success of not only building and running a business, but also on the success of all Ownership Conversion and monetization strategies. These three qualities are ...

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The Butterfly: Transforming Your Business to Attract a Buyer

Regardless of your Designed Destination, the ultimate goal of your Ownership Conversion Plan (OCP) is to make your business move-in ready. This means taking steps to resolve issues that could potentially reduce the value of your business in the case of both an inside and outside transfer. Think of it this way: you’ve brought your business through the egg, caterpillar and cocoon phase and your buyer is looking for a full-grown butterfly. Taking the time to overhaul the seemingly minor details ...

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The Intersection: Choosing Your Inside or Outside Sale Option

Picture your Designed Destination… in it, have you transitioned your business to family or key employees? Or, did you instead sell or transfer the business to an outsider? Regardless of which option you have chosen, it’s important to allow yourself enough time and necessary resources to optimize your outcome. When you arrive at the intersection of Inside vs. Outside business sale options, keep this in mind: Choosing an Inside Sale. If you decide to transition your business internally, ...

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