Ganim Achieves Prestigious Top of the Table MDRT Qualification
Lawrence J. Ganim of Ganim Financial in Bridgeport, Connecticut has qualified for Top of the Table, a coveted milestone achievement for their membership in the MDRT. Ganim’s membership equips Ganim Financial with tools and resources to better serve their local community.
Top of the Table is an internationally recognized mark of excellence reserved for the most successful in the financial services industry. This places Ganim among the top professionals in the intensely competitive global ...
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 ...
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 ...
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 ...
Financial Spring Cleaning for Your Business
Spring cleaning isn't just for your home; it is essential for your business and your future. You made it past tax season. We have endured this extended, cold winter weather long enough. It's time to “Think Spring!” and get your business ready for a big cleanup. These tips also touch on "Turning Your Business Into a Butterfly" section in my Seven Steps to an Effective Ownership Conversion Plan.
Set Goals
Every business owner has ideas and aspirations that may or may not come to fruition. ...
Seven Steps to Your Ownership Conversion Plan™
Creating a consciously designed Ownership Conversion Plan™ (OCP) ensures business owners are in full control of a realistic and timely approach to passing on their businesses. An effective OCP is achieved in seven key steps:
Cement Your Future Vision – Start by assessing your retirement goals. What is your ideal vision for your business, your family, and your retirement?
The Size of the Pot – Take stock of your assets. What is the value of the business and what assets do you have ...
Building Your Ownership Conversion Plan™ Team
Entrepreneurs spend years working on their business and building it up to be a successful venture. When I talk to them about bringing in a team of trusted advisors for succession planning, many want to hide their checkbooks thinking it will be too expensive. However, planning the sale or transfer of your business is no time to cut corners.
Your Ownership Conversion is about selling your life’s work on your terms to outsiders, insiders or family members. It is a strategy comprised of ...
How Preparing for Tax Season Also Helps Your Ownership Conversion Plan™
Are you the kind of business owner who scrambles through a box of receipts once tax season hits or do you have your records organized and ready to go? The latter, obviously makes surviving tax season a whole lot easier but it also is a big part of having a solid Ownership Conversion Plan™ (OCP) for your business.
As I stress in my book, it is equally important to work on your business as it is to work in your business. Therefore, it is vital for you to spend time making sure that your ...
Lasting Relationship Advice for a Family Business
I grew up in a family business. My father began a small nursery which eventually grew into a successful and highly profitable business. However, he never had a business plan. I nagged him for years about it until he finally understood how important a succession plan would be for the business, the employees and our family. He died suddenly just a week after we met to discuss what would happen when he was ready to transfer the business. Unfortunately, none of the ideas we discussed had a chance ...
Planning for Your Business in the New Year
Many people use the start of the new year to set goals personally and professionally. As a business owner, you should also take advantage of this time to plan for your business.
Here are 5 tips to help you get started:
Take Stock -
In my book, Designed Destinations, I talk about “The Size of the Pot” which urges business owners to know the actual current value of their businesses. Do you know the value of your business today in cash? What other income do you have outside of your ...