Planning for the Future Has Family-Owned Businesses Falling Short
There are a lot of things that family-owned businesses (FOBs) do better. They’ve made more money and outperformed non-FOBs in the long run, and they’re better at balancing the past and the present. However, when it comes to planning for succession, they are falling short, and without an Ownership Conversion Plan, the future of the business is left uncertain.
A 2012 Harvard Business study found that only 41% of family-owned businesses had an effective CEO succession planning process, ...
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 ...
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 ...
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 ...
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 ...
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 ...
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, ...
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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