Larry Grypp, President, Goering Center
For years we have encouraged, even prodded owners of family businesses to have an outside board of advisors, to have non-family members as part of that board, and to recognize the importance of a well-understood succession plan in the event the current CEO is unable to serve.
That may have been a mistake. The error was not in the direction -- all of that still matters -- but to whom it may matter more.
Staying out of the Mediocre Middle
Kara Valz, EVP of Sales & Marketing and Center for Small Manufacturers, TechSolve
How can you get the most out of a limited marketing spend? As consumers we are used to being marketed to and we know good (and bad) marketing when we see it. Because of limited budgets, the “mediocre middle” is where some small companies find themselves. Here are some marketing mistakes to avoid so your marketing efforts can be less “mediocre” and more successful.
Three Tips for Maximizing the Sale of Your Business
Kent D. Pummel, CPA, ABV, CVA, Clark Schaefer Hackett
One of the questions I get most often from business owners is: How can I get my business ready for a potential sale? If you were selling your house, you would want to make it look as nice as possible before the first open house. In the same vein, you’ll want to get your financials in the best possible shape before you negotiate the sale of your business. Here are a three key items that will help maximize the sale price.
How Do I Validate My Life?
Mark Hogan, CWM, Principal and Senior Wealth Advisor, Madison Wealth Management, LLC
Almost everyone is familiar with the standard estate planning documents; wills, trusts, medical and financial powers of attorney, living will, etc. Certainly these legal documents direct how, to whom, and when a person’s assets will be distributed upon their death is of great importance, but they say nothing about the moral and ethical values and wishes a person requests to leave his or her heirs.
Four Sources of Cash Flow to Fund Your Growth, Without Borrowing a Dime
Mackey McNeill, CPA, PFS, IAR, President & CEO of Mackey Advisors
For anything to grow it needs fuel. In business, that fuel is cash. The economic climate for most businesses is positive right now, but that doesn’t mean you aren’t having cash flow challenges. In fact, if you are growing, and especially if you are growing quickly, your main concern day to day may very well be having enough cash to pay your bills and stay in business. Here are some quick ideas that can create new fuel, quickly, without negotiating an increase in line of credit with your banker.