Owners sign buy-sell (or business continuity) agreements and rely on them to protect their families’ financial security should they die or become disabled. That reliance may be justified when owners periodically update the terms of those agreements for changes in business ownership and value. But relying on an “old” agreement can have consequences that owners […]
Over 30 years, Laverne and Shirley (not their real names) had built a successful manufacturing company. Even during slow years, company revenue growth was constant, and year in and year out, Laverne and Shirley invested and reinvested in their company. During our annual planning meetings, we repeatedly recommended that each owner put some money into […]
In December, our firm presented a workshop about business succession planning through the local chamber of commerce. KC and his wife Lisa (fictional names, of course) indicated that they’d like to meet with us because they knew they weren’t going to stay in their business forever, but they weren’t sure where to begin the process […]
Isolation affects individuals, but it has a special affinity for business owners. During hard times, many owners wonder if anyone can understand what it is like to make the hard decisions day after day, month after month, year after year. During good times, owners fall into the trap of believing that they can do it […]
First, full disclosure: The idea of equating emotions to elephants is not mine. In his book, The Happiness Hypothesis, psychologist Jonathan Haidt suggests that our emotions are like elephants and our intellect their riders. He argues that emotions can be stronger than intellect and can motivate our actions, especially when we don’t acknowledge their existence. […]
