business-succession-plan

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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if not now, when

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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Man at crossroad

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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Man counting out money.

It’s Not Your Money

More likely than not you expect the money you’ve earned to be your own, but unfortunately, missteps in your Ownership Conversion Plan can result in up to 75% of it going to the IRS. Failing to follow through on focal points of your Ownership Conversion Plan can mean losses for yourself, your family, and the charitable causes you might otherwise support. This is a loss not only for yourself, but for your loved ones and community at large. By having an optimized Ownership Conversion Plan ...

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roulette-wheel

Does the House Always Have to Win?

In roulette, the table odds are set so the house, the casino, wins more than 90% of the time when the ball rolls. This means that with each spin, you have less than a 10% chance of winning. Your betting strategies may change, but the reality is that this will not put you ahead of the odds, and you’ll likely find that the risk was not worth the reward. Take this concept, and apply it to your business, the life you’ve worked so hard to build. Years, often decades of diligence, yet you put ...

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climbing-blocks

Three Essential Steps to Building a Successful Small Business

Dreams versus dreams realized. I note in the preface of my book that the difference, what it takes to continue to build a successful dream realized, is inspired conscious action. Of course, that’s the beginning of the story. How to really start the journey to build a successful business, many of us know, is a little more complicated than that. What are some of those inspired conscious actions? Below, I share three essential pieces I believe are critical on the road to building a successful small business. 1. Understand what it means to know your destination. Having a vision for what you want is the cornerstone to building a successful business. As part of your vision, knowing your desired role, and what capabilities you have and/or need to reach your goals are critical components to think through early, to avoid roadblocks later. Having an understanding of these things allows you to do some of the planning needed to move forward. Realism is critical. In my book, I discuss being realistic largely in Ownership Conversion, but it’s just as important when you start shaping your vision and building the business you want to transform into your legacy. Of course, realism doesn’t mean limiting your ambition. Realism, in this case, is understanding your market, creating a well-thought timeframe as you scale, knowing how to build a team to support you, and understanding your limitations so you can find ways to overcome or minimize them. 2. Invest in Efficiencies Early As entrepreneurial companies develop, operational decisions are subject to ‘fake-it-until-you-makeit’ and ‘if-it-ain’t-broke-don’t-fix-it’ mentalities. While I understand it’s easy to make decisions in this manner, these are good mindsets to abandon early so you can become more efficient as soon as possible....

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